SD Housing First-Time Homebuyer Program
The South Dakota Housing First-Time Homebuyer Program offers 30-year fixed-rate mortgages and optional down payment help for eligible first-time buyers. Often called the bond program, it works with FHA, VA, USDA, and conventional loans. Jeff Buum, a licensed mortgage loan officer with Fairway Home Mortgage in Sioux Falls, helps buyers see if they qualify.Key Benefits of SD Housing Financing
Low-interest, 30-year fixed-rate mortgages
Down payment and closing cost help of 3% or 5% of the loan amount
Assistance comes as a 0% second mortgage with no monthly payment
Works with FHA, VA, USDA, and conventional loans
Option to buy down your rate with a 1% discount point at closing
Do You Qualify for the SD Housing Program?
Buyers who haven't owned a home in the past three years and have household income at or below South Dakota Housing's* limits are purchasing a primary residence in South Dakota priced at $410,000 or less.
**South Dakota Housing program terms, rates, income limits, and purchase price limits are subject to change. Not all buyers will qualify.
VA Loan Questions, Answered
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Jeff Buum reviews your credit, income, and household size during pre-approval and checks them against the current South Dakota Housing income and purchase price limits. You'll know if you qualify before you start shopping.
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Yes, but not monthly. The assistance is a 0% interest second mortgage that is repaid when you sell or refinance the home, or when the first mortgage is paid off.
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Yes. The program covers homes in cities, small towns, and rural areas across South Dakota, as long as the home is your primary residence and stays under the purchase price limit.