SD Housing 1st Time Homebuyer

The First-time Homebuyer Program provides low interest fixed rate mortgage loans and cash assistance for homebuyers purchasing their first home. A South Dakota Housing loan can be used in combination with Conventional, FHA, VA and Rural Development loans. In order to determine which is best for your financial goals, please contact us!

Eligibility Requirements:

  1. You must be a first-time homebuyer, meaning you have not owned a home in the past three years. However, there are exceptions as outlined below:
    • If a homebuyer owned and lived in a dwelling unit that was not permanently affixed to a permanent foundation (ie; a mobile home), it doesn't count as previous homeownership.
    • Ask your lender about our Veterans Waiver to see if you qualify.
  2. Have an income at or below prescribed South Dakota Housing Limits
  3. The purchase price must be less than $250,200.

PLEASE NOTE: The only way to know for sure if you qualify or not is to apply by contacting us for an application and interview.

PLUS Program

SDHDA ‘PLUS’ program is one of the outstanding features of South Dakota Housing. If you chose this program, SDHDA will help you with your down payment or closing costs up to 3% of the loan amount for the loan you chose. Although your rate for this program is higher than a normal SD Housing loan, this can help you when it is difficult to save for a down payment.

What is an MCC?

An MCC or Mortgage Credit Certificate allows you to deduct the costs of interest even if you do not itemize when you file your taxes. This can save you money at tax time. We will review your previous year’s taxes to determine if this is a program that will benefit you.

SDHDA Active Link to MCC Brochure:

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