First Time Home Buyers
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First Time Home Buyer

 Programs in South Dakota

Complete First Time Home Buyer Programs Available in South Dakota.

The state agency created by the legislature in South Dakota to offer first time home buyer programs is the South Dakota Housing Development Authority. Here is a summary of the current first time home buyer programs that are offered:

American Dream Downpayment Intiative (ADDI)

The objective of the American Dream Down payment Initiative Program is based on the needs identified by the South Dakota Housing Development Authority (SDHDA). SDHDA will provide upfront down payment and closing costs financing assistance for qualified low-income families who are first-time homebuyers. SDHDA has set aside these funds to be used in tandem with mortgage loans made on Indian reservations.

First Time Home Buyer Grants in Every State

Up To $10,000 Down Payment Assistance

CLICK HERE


First Time Homebuyer Program

Commonly known as the "First-time Homebuyer Program", this program provides below-market fixed interest rate mortgage loans for homebuyers purchasing a residence in the state of South Dakota. Participating Lenders originate, process and close the loans. On behalf of SDHDA, five Master Servicers collect mortgage payments and otherwise service the loans.

For complete details on these first time home buyer programs available to South Dakota residents, visit the South Dakota Housing Development Authority website.

It is highly recommend that you also visit the First Time Home Buyer Grants page for free assistance with the down payment. This will make it possible for many people to qualify for a first time home buyer loan who wouldn't have qualified without the grant assistance.


Best Lender For First Time Home Buyer Loans

Unfortunately, some lenders do not like to work with first time home buyers (due to not having a track record), and prefer instead to only provide mortgages to people who have previously owned a home. If you do not need help with the down payment and are not in need of any state program, search for a lender that has great rates, an easy online application, and welcome first time home buyers. Additionally find one that has not been as severely hurt by the subprime mortgage crisis and are still approving the majority of applications.

 

Other First Time Home Buyer Programs & Resources


   
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