Navigating the Path to Homeownership: Understanding Loan Options Available through South Dakota Housing
Home Loan Options Available through South Dakota Housing
Becoming a homeowner is a significant milestone and for many, it's a dream they've been working towards for years. However, the journey to homeownership can be a daunting one, especially when financing your home purchase. Fortunately, South Dakota Housing offers a range of loan options to help prospective homebuyers achieve their homeownership goals. Let’s explore different loan options and shed light on how they can make the path to homeownership more accessible and affordable.
Available Programs for Homebuyers
First-time Homebuyer Program
This program through SDH is offered to those who meet the following criteria:
Are a first-time homebuyer, meaning you have not owned a home in the past three years.
Have an income at or below the prescribed South Dakota Housing Income Limits.
The purchase price must be $385,000 or less.
Learn more about the First-Time Homebuyer's program HERE.
Repeat Homebuyers
SDH offers this program to those who are ready for a change and ready to become repeat homebuyers. We offer low fixed rates, downpayment and closing cost assistance, reduced mortgage insurance, and less paperwork
See if you qualify for the Repeat Homebuyer's program HERE.
Downpayment Assistance
This program through SDH is called a Fixed Rate Plus loan. It allows for downpayment funds of three (3) or five (5) percent of the first mortgage loan, but will include a second mortgage loan at 0% interest rate. Due-on-sale or satisfaction, no payments, and no additional fees.
Ask your lender for more details to see if you qualify for SDH’s Fixed Rate Plus Loan.
Governor’s House Program
This is SDH’s hallmark program - a low-maintenance dwelling that’s attractive, reasonably sized and budget-friendly for those who are income-qualified. Read all about the Governor’s House Program HERE to see if you qualify and contact a sales representative with your Governor’s House questions.
Navigating the path to homeownership can be challenging, but South Dakota Housing is committed to making it more accessible for residents of our state. The range of loan options caters to various needs and financial situations, from first-time homebuyers to veterans and those interested in rural living.
By understanding these loan options, prospective homeowners can take the first step toward achieving their dream of owning a home. Consult with a Participating Lender to determine which loan program is the best fit for your specific circumstances. With the right guidance and support, homeownership in South Dakota can become a reality for you.
