Contact one of SDHDA's Participating Lenders for an application and interview.
Can I build a home?Yes, SDHDA financing can be used for the purchase of existing homes or new construction.
How much can the house cost?There are Purchase Price Limits for existing and newly constructed homes. The Purchase Price Limits may vary by county.
What is the required downpayment?It depends on the type of mortgage insurance, but usually it's somewhere between 3% and 20%.
Is a co-signer allowed?SDHDA will permit a co-signer with no ownership interest in the property (does not take title or execute the Mortgage) to execute the Mortgage Note and, thus become liable for repayment of the obligation.
Can I buy a home in the country?SDHDA can only finance the residence and the land required to reasonably maintain the basic livability of the residence. The land cannot provide a source of income, the property cannot be subdivided in the future, and outbuildings cannot be financed with the proceeds of a mortgage loan.
Can I finance improvement and/or repairs?Yes, the lender must provide signed bid estimates or copies of final bills.
Are the income limits based on gross or net income?Annualized gross income from any and all income sources.
Is overtime, bonus, and commission pay included when determining income?
