One of the biggest obstacles facing many First-time Homebuyers is obtaining the funds necessary for the downpayment and closing costs associated with buying a home.
SDHDA offers the following for Downpayment Assistance for these homebuyers:
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The Employer Mortgage Assistance Program (EMAP) is available to homebuyers who work for a participating employer. This Program provides homebuyers with a 2.0% loan for downpayment and closing cost assistance.
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The Loan Assistance Program (LAP) provides income-eligible homebuyers with a 3.0% loan for downpayment, closing costs, and gap financing.Homebuyers who obtain a LAP loan must obtain Homebuyer Education through a Homebuyer Education Resource Organization (HERO).
- A gift from South Dakota Housing Development Authority through the Fixed Rate Plus interest rate option.
Click on the links at the top of this page to learn more about each of these Programs.
These Downpayment Assistance Programs require a minimum investment of $500 from the borrowers.
Buying a home is one of the most important purchases many people will make. That is why SDHDA strongly recommends that all individuals attend a Homebuyer Education class before they purchase their first home.
