South Dakota First Time Home Buyer Program: 5 Important Things To Know

TIM THOMAS TIM THOMAS Learn more

South Dakota's median home price is lower than the national average.

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But in 2021 and 2022, they increased rapidly. Fortunately, South Dakota offers valuable programs, such as special mortgages, down payment assistance, and tax advantages, to aid first-time home buyers.

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Five Things to Know about the First-Time Home Buyer Program

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First-time homebuyers in South Dakota who do not meet the qualifications for a conventional mortgage still have other options for buying a home.

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1. South Dakota First-Time Home Buyer Loan Programs

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First–time buyers in South Dakota can get a conventional loan with a low-interest rate and a 20% down payment.

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South Dakota homebuyers can often purchase a new home with a 3% or even 0% down payment using Conventional 97, FHA Loan, and VA Loan.

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2. South Dakota First Time Home Buyer Program

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The South Dakota Housing Development Authority (SDHDA) offers special mortgages to all first-time buyers across the state.

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These provide a mortgage credit certificate and the option of competitive interest rates or down payment help (MCC).

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