Employer Mortgage Assistance Program (EMAP)
Quick Links |
Program Description
This program provides downpayment and closing cost assistance in the form of a second mortgage for homebuyers employed with a participating employer.
Income Limits
The borrower's gross annual income may not exceed certain income limits which vary based on family size and the county in which the home is located.The income limits for EMAP are the same as for the First-time Homebuyer Program.
>Printable List of Income Limits
Purchase Price Limits
For eligible homebuyers receiving a First-time Homebuyer Program loan, the property must not exceed certain purchase price limits which vary based on the county in which the home is located. For homebuyers who are receiving other financing for the first mortgage, there are no purchase price limits. The purchase price limits for EMAP are the same as for the First-time Homebuyer Program. Click here for the purchase price limits
Interest Rate
The Interest Rate for the EMAP Loan is 2%. EMAP loans have level monthly payments and are amortized over a term of 5 years.
Funding Source
This program is funded with participating employer funds and Homeownership Bond Reserves.
Current Participating Employers
- Avera McKennan
- Beck Motors, Inc.
- Business Aviation Services
- Citibank (South Dakota), N.A.
- CorTrust Bank, N.A.
- Dacotah Bank
- First Premier Bank/Premier Bank Card
- Haugo Broadcasting, Inc.
- John Morrell and Co.
- Midwest Railcar Repair
- Northeast South Dakota Community Action Program
- Northern Hills Federal Credit Union
- Prostrollo Motor Sales, Inc.
- Raven Industries
- Sands Drywall
- Showplace Wood Products
- Sioux Pottery
- St. Joseph's Indian School
- Valley Bank, N.A.
How to Apply
Contact one of SDHDA's Participating Lenders and Participating Employers for eligibility requirements. If your employer is not an EMAP participant, then this indicates that they may not know about EMAP and should contact SDHDA for more information.
Frequently Asked Questions about EMAP
Use our simple loan calculator to help figure your mortgage payments.
>E-mail Brent Adney, Director, Homeownership Programs
Phone: (605) 773-5157
