What is the First-Time Homebuyer program?
A program that makes the dream of homeownership a reality for South Dakota first-time homebuyers by providing low interest rate mortgage loans. SD Housing partners with participating lending institutions throughout the state to help borrowers build or purchase an existing home. DO I QUALIFY FOR A FIRST-TIME HOMEBUYER LOAN? You qualify if you have not owned a home in three years. If you owned and lived in a dwelling unit that was not permanently affixed to a permanent foundation (ie. mobile home) it doesn’t count as previous homeownership. Veterans waiver may apply for qualified applicants.
Qualifications are:
Meet income limits
Home will be your principle residence and in SD
Meet purchase price requirements
You have sufficient income and are credit worthy
HOW DO I APPLY FOR A FIRST-TIME HOMEBUYER LOAN? You may contact a participating lender in your area for an appointment to confirm the current interest rates, purchase price limits, income limits, and other SD Housing requirements, and begin the application process.
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