SDHDA helps people become homeowners by providing a variety of programs that assist low and moderate-income South Dakotans. Below-market interest rates, closing cost assistance, downpayment assistance programs, the Governor's House and home improvement loans are all part of SDHDA's goal of Building a Better Quality of Life.
First-time HomebuyersThe First-time Homebuyer Program provides low interest mortgage loans to eligible homebuyers purchasing a home in the state of South Dakota. There are several Interest Rate Options available.New for First-time Homebuyers in 2009-2010 a tax credit up to $8,000.
Second-time Homebuyers
Eligible Veterans who have been honorably discharged from active military duty, or have reenlisted subsequent to the date they would have been honorably discharged, and have owned a home within the past three years may obtain mortgage financing through SDHDA's First-time Homebuyer program under a "Veteran's Waiver."
Downpayment Assistance
The Advance Tax Credit Loan Program is the newest program available to assist with downpayment and closing costs. The program allows the borrower(s) to utilize a portion of their Federal First-time Homebuyer Tax Credit for these costs in conjunction with a SDHDA First-time Homebuyer Loan. This program is available for First-time Homebuyers that enter into a purchase contract by April 30, 2010 and close the mortgage loan before July 1, 2010.
The Loan Assistance Program (LAP) provides income-eligible homebuyers with a 3.0% loan for downpayment, closing costs, and gap financing.
The Employer Mortgage Assistance Program (EMAP) is available to homebuyers who work for a participating employer and provide a 2.0% loan for downpayment and closing cost assistance.
Home Improvement
The Community Home Improvement Program (CHIP) provides low interest loans for home repair and improvement.
