SDHDA Interior Banner First Time Homebuyer's Program + Benefits

Interest Rates

Government
(FHA, VA and USDA Rural Development)
Government
(FHA, VA and USDA Rural Development)
WITH REPEAT HOMEBUYER PROGRAM
Conventional
(PMI Insured and Uninsured)
Conventional
(PMI Insured and Uninsured)
WITH REPEAT HOMEBUYER PROGRAM
Fixed Rate Government 1 Fixed Rate 1: N/A Government 2 Fixed Rate 1: N/A Conventional 1 Fixed Rate 1: 3.375%*
1% Origination Fee
1% Discount Point
Conventional 2 Fixed Rate 1: 3.875%*
1% Origination Fee
1% Discount Point
Government 1 Fixed Rate 2: 3.125%*
1% Origination Fee
0% Discount Point
Government 2 Fixed Rate 2: 3.625%*
1% Origination Fee
0% Discount Point
Conventional 1 Fixed Rate 2: 3.625%*
1% Origination Fee
0% Discount Point
Conventional 2 Fixed Rate 2: 4.125%*
1% Origination Fee
0% Discount Point
Fixed Rate Plus
(3% Gift Funds)
Government 1 Fixed Rate Plus: 3.625%*
1% Origination Fee
0% Discount Point
Government 2 Fixed Rate Plus: 4.125%*
1% Origination Fee
0% Discount Point
Conventional 1 Fixed Rate Plus: 4.250%*
1% Origination Fee
0% Discount Point
Conventional 2 Fixed Rate Plus: 4.750%*
1% Origination Fee
0% Discount Point

Fixed Rate

Government

(FHA, VA and USDA Rural Development)

Government 1 Fixed Rate 1: N/A
Government 1 Fixed Rate 2: 3.125%*
1% Origination Fee
0% Discount Point

Government

(FHA, VA and USDA Rural Development)

Government 2 Fixed Rate 1: N/A
Government 2 Fixed Rate 2: 3.625%*
1% Origination Fee
0% Discount Point

Conventional

(PMI Insured and Uninsured)

Conventional 1 Fixed Rate 1: 3.375%*
1% Origination Fee
1% Discount Point
Conventional 1 Fixed Rate 2: 3.625%*
1% Origination Fee
0% Discount Point

Conventional

(PMI Insured and Uninsured)

Conventional 2 Fixed Rate 1: 3.875%*
1% Origination Fee
1% Discount Point
Conventional 2 Fixed Rate 2: 4.125%*
1% Origination Fee
0% Discount Point

Fixed Rate Plus - 3% Gift Funds

Government

(FHA, VA and USDA Rural Development)

Government 1 Fixed Rate Plus: 3.625%*
1% Origination Fee
0% Discount Point

Government

(FHA, VA and USDA Rural Development)

Government 2 Fixed Rate Plus: 4.125%*
1% Origination Fee
0% Discount Point

Conventional

(PMI Insured and Uninsured)

Conventional 1 Fixed Rate Plus: 4.250%*
1% Origination Fee
0% Discount Point

Conventional

(PMI Insured and Uninsured)

Conventional 2 Fixed Rate Plus: 4.750%*
1% Origination Fee
0% Discount Point

Updated 11/7/17 @ 9:00 a.m.

*Interest Rates are subject to change without prior notice. 

Advertised rates are for a 30-year fixed rate mortgage.

This is not a commitment to lend. SDHDA does not lend money directly to consumers. We use approved Participating Lenders to qualify consumers and make all mortgage loans. Homebuyers interested in applying for financing should contact one of our Participating Lenders. This is not an advertisement for credit as defined in Regulation Z; contact a Participating SDHDA Lender for Annual Percentage Rate ("APR") information.

Terms you should know when considering SDHDA's Interest Rates:

Government versus Conventional

Interest rates are usually quoted in terms of "Government" or "Conventional." "Government" type loans are those that are either insured or guaranteed by an entity of the federal government where as "Conventional" type loans either have private mortgage insurance (PMI) or with a 20% downpayment are not insured at all. The insurance or guarantee protects the mortgage holder against loss due to non-payment or foreclosure of your loan. There is a cost to you and your Participating Lender that will explain each type and help you choose which one is best for you.

Fixed Rate Plus

The "Fixed Rate Plus" rate option provides downpayment and closing cost assistance (3% of the loan amount as a gift at the loan closing). This gift is never repaid! It does require a slightly higher interest rate.

Tax Credit (MCC)

Program Temporarily Suspended
"Tax Credit" refers to the interest rate option that allows you, through a Mortgage Credit Certificate (MCC), to convert some of your mortgage interest into a tax credit each year. This "Tax Credit" is a dollar-for-dollar reduction in your tax bill and the remaining interest paid is still eligible for the home mortgage interest deduction.
 

Locking-In

SDHDA's interest rates are subject to change anytime and generally rates are locked (Reserved/Committed) at the end of the processing period prior to loan closing.


Find a Lender Click here

Latest News

  • Face-to-Face Board Meeting Scheduled for November 21, 2017 at 10:00 a.m. CST +

    The call-in information and agenda is below for people who may not be able to attend.  Join online meeting  https://meet.sdhda.org/sheila/TTFCB3QL  Read More
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6