Wealthy Living

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

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

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

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

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.

1. South Dakota First-Time Home Buyer Loan Programs

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).

2. South Dakota First Time Home Buyer Program

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

3. South Dakota First-Time Home Buyer Grants

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