Bootcamp For Buyers

First Time Homebuyer Programs in South Dakota

South Dakota offers several programs through the South Dakota Housing Development Authority (SDHDA) to assist first-time homebuyers. These programs provide financial assistance, competitive mortgage options, and resources tailored to new buyers.

First-Time Homebuyer Loan Program

The First-Time Homebuyer Loan Program offers affordable fixed-rate loans for eligible buyers.

  • Provides 30-year fixed-rate loans with competitive interest rates.
  • Income and purchase price limits apply based on household size and location.
  • Available for FHA, VA, USDA, and conventional loans.

Down Payment Assistance Program (DPA)

The DPA Program helps buyers cover upfront costs like down payments and closing costs.

  • Offers up to 3% of the loan amount for down payment and closing cost assistance.
  • Structured as a 0% interest second mortgage, repayable only when the home is sold or refinanced.
  • Must be used with an SDHDA first mortgage product.

Governor’s House Program

The Governor’s House Program provides affordable housing options for low- to moderate-income buyers.

  • Features energy-efficient homes priced below market rates.
  • Eligibility includes income and purchase price limits.
  • Must meet program guidelines for first-time homebuyers or targeted buyers.

South Dakota’s first-time homebuyer programs are designed to make homeownership more accessible and affordable. Explore these opportunities to find the perfect fit for your needs and take the first step toward owning your dream home in the Mount Rushmore State.