Whether you’re a first-time homebuyer or a second- or third-, financing can be a struggle. But you’re in luck, because the South Dakota Housing Developing Authority (SDHDA) offers financial assistance to individuals and families who qualify by meeting certain income and purchase-price standards.

Check out the variety of assistance options at your fingertips.

First-Time Homebuyer Program

If you need some help in purchasing your first home, SDHDA has a program tailor-made for first-timers. Low-interest, fixed-rate mortgages are available for eligible homebuyers that meet certain income and purchase-price standards. Participating Lenders work with SDHDA to provide these loans to residents with financial restrictions.

Click here to see if you’re eligible.

The requirements for the program include:

• Not having owned a home in the past three years
• A household income at or below established limits
• A home purchase price of less than $275,000

Downpayment Assistance Program

If the idea of putting up a large chunk of your savings for
 a downpayment is unnerving or if you don’t have quite enough to get the ball rolling, SDHDA offers downpayment assistance to eligible residents. Through the Fixed-Rate Plus interest rate option offered through SDHDA, a buyer can receive as much as 3% of the loan amount to help pay for your downpayment/closing costs.

Find a Participating Lender today.

The program was made for people who:

• Need to maintain savings funds for other purposes
• Are short the amount they need to afford a downpayment
• Are open to the idea of a slightly higher mortgage interest rate

Repeat Homebuyer Loan Program

Assistance doesn’t just come for the first-timers. SDHDA offers the opportunity for assistance for repeat homebuyers as well. These loans feature a low, fixed rate, downpayment and closing-cost assistance when needed, reduced mortgage insurance and less paperwork.

Click for answers to frequently asked questions.

The requirements for the program include:

• A minimum credit score of 620
• A household income of less than $93,360 for a family of two and $105,420 for a family of three
• A home purchase price of at or less than $336,000

Don’t feel alone in your home-financing process – there are major resources to you from SDHDA that will get you moving!