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:

• 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.
• The Loan Assistance Program (LAP) provides income-eligible homebuyers with a 5.0% loan for downpayment and closing cost assistance.
  • 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.

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.