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South Dakota
First-Time Home Buyers Program
24 Hour
Recorded Information
for First-Time Buyers:
800-741-8634
ext. 6609
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More FREE Buyers Recordings:
call Anytime, 24 Hours a Day
"Avoid 10 Common Potentially Devastating Mistakes
First Time Home Buyers Make."
1-800-741-8634 ext. 6119
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Your Own!"
1-800-741-8634 ext. 6219
Secrets Lenders Don’t Want You to Know! Read This
11-Point Report Before You Sign Anything!
1-800-741-8634 ext. 6419
“Hiring A Real Estate Agent”
1-800-741-8634 ext. 6109 |
Commonly known as the "First-time
Homebuyer Program", this program provides
below-market fixed interest rate mortgage loans and
cash assistance for homebuyers purchasing a
residence in the state of South Dakota.
Participating Lenders originate, process and close
the loans.
The borrower's gross annual income may not exceed
federally imposed income limits, which vary based on
family size and the county in which the home is
located. Currently that income for Pennington County
is $53,500 for 1-2 family size or $61,525 for 3 or
more. Meade County is slightly less.
The property must not exceed the federally-imposed
maximum purchase price limits which vary based on
the county in which the home is located. Currently
the price limit for Pennington County is $204,432
for new or existing homes. Meade County price limit
is also $204,432.
SDHDA offers either a Fixed Rate option for 30 years
or the Step-Rate Option. The interest rate, with the
Step-Rate Option, starts at a predetermined
affordable rate and increases one-half of one
percent per year for the first four years and then
becomes fixed at the beginning of the fifth year,
where it stays for the remaining term of the loan.
Currently the interest rate for the fixed loan is
5.375%.
The borrower must meet lending standards of
creditworthiness, occupy the home as the principal
place of residence within 60 days and meet certain
other eligibility requirements. All loans must be
insured or guaranteed against default by the Federal
Housing Administration (FHA), Veteran's
Administration (VA), USDA Rural Development or
insured by a private mortgage insurance (PMI)
company (Mortgage Insurance is not required if your
down payment is 20% or more).
All single family residences must be owner-occupied,
one to four family units. Dwellings with two to four
family units must not be newly constructed.
This Program is funded by Tax-exempt Mortgage
Revenue Bonds.
All Information as of
November 06, 2007
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