SDHDA helps people become homeowners by providing a variety of programs that assist low and moderate-income South Dakotans. Low interest rates, closing cost assistance, downpayment assistance programs, the Governor's House and home improvement loans are all part of SDHDA's goal of Building a Better Quality of Life.
The First-time Homebuyer Program provides low interest mortgage loans to eligible homebuyers purchasing a home in the state of South Dakota. There are several interest rate options available. Eligible Veterans who have been honorably discharged from active military duty, or have reenlisted subsequent to the date they would have been honorably discharged, and have owned a home within the past three years may obtain mortgage financing through SDHDA's First-time Homebuyer Program. Ask your lender about our Veterans Waiver to see if you qualify.
The Repeat Homebuyer Loan Program provides downpayment and closing cost assistance with competitive interest rates for those purchasing homes beyond their first time. The program can also be used for those who do not meet the requirements of the First-Time Homebuyer Program but meet certain other income and purchase price limits.
Fixed rate plus loans provide downpayment and closing cost assistance (3% of the first mortgage loan but will include a second mortgage at 0% interest rate, due-on-sale or satisfaction, no payments and no additional fees.) to the borrower.
The Community Home Improvement Program (CHIP) provides low interest loans for home repair and improvement.