South Dakota’s First-Time Homebuyer Program

South Dakota Housing was created by the South Dakota Legislature with a stated mission to provide opportunities for quality, affordable housing for South Dakotans. They offer different programs such as Down Payment Assistance, Home Improvement, Repeat Homebuyer, and First-Time Homebuyer.

What is the First-Time Homebuyer program?

The program makes the dream of homeownership a reality for South Dakota first-time homebuyers by providing low-interest-rate mortgage loans. The program is specifically designed for individuals and families purchasing their first home. It offers competitive interest rates and low downpayment requirements, making homeownership more attainable for those just starting on their homeownership journey.

Key Benefits

• Low downpayment options.
• Competitive interest rates.
• Potential for downpayment assistance.
• Educational resources and counseling to help first-time buyers make informed decisions.
• Loan options include FHA, Conventional, VA, and USDA Rural Development.
• Some First-Time Homebuyers may also use a Mortgage Credit Certification (MCC), which reduces the amount of federal income tax you pay.