5 Things You Should Know About the South Dakota First Time Home Buyer Program

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South Dakota's median home price is lower than the national average. But in 2021 and 2022, they increased rapidly.

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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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SDHDA and local non-profit organizations have many homebuyer programs that help first-time buyers during the home-buying process. Here are five things related to the programs that buyers must know.

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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. Additionally, buyers do not have to pay for private mortgage insurance (PMI).

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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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3. South Dakota First-Time Home Buyer Grants

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