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The First-time Homebuyer Program provides low interest fixed rate mortgage loans and cash assistance for homebuyers purchasing their first home.

You may be eligible for a South Dakota mortgage if you:

-Are a first-time homebuyer, meaning you have not owned a home in the past three years,
If a homebuyer owned and lived in a dwelling unit that was not permanently affixed to a permannent foundation (ie; a mobile home) it doesn’t count as previous home
  • Household income cannot exceed $44,660 for couples or individuals and $51,040 for families of three or more.*
  • For families and individuals under the age of 62, net worth must be less than $90,000 and less than $70,000 in liquid assets. For families and individuals age 62 and older, net worth must be less than $175,000 and less than $100,000 in liquid assets.
  • The house must be used as the homebuyer’s only residence.
  • The house must be placed within South Dakota and be owned by the individual(s) living in the home.

Downpayment Assistance Programs

Fixed rate plus loans provide down payment and closing cost assistance (3% gift) to the borrower. This gift is never repaid! it is a slightly higher interest rate.