As a first time homebuyer one of the biggest challenges most people face is the ability to come up with the downpayment and funds for closing costs. South Dakota Housing Development Authority has made it easy. By choosing an interest rate option called the "Fixed Rate Plus" you will be entitled to a gift for the downpayment and/or closing costs equal to 3% of the loan amount. The "Fixed Rate Plus" interest rate option is a little higher than interest rates without this assistance but you never have to pay the gift back. You should discuss this and other interest rate options with a Participating Lender to see which is the best product for you.