South Dakota Down Payment Assistance Programs

South Dakota down payment assistance programs
South Dakota down payment assistance programs

South Dakota has several down payment assistance programs that allow people to purchase homes by providing access to cash, grants, credits and loans to buy now rather than waiting for a later date. There are several programs in South Dakota with varying levels of down payment assistance. Each program has different guidelines.

People buying homes for the first time may take advantage of the South Dakota down payment assistance. Like in many other states, for first time home buyers to qualify for the program, they must have owned a property for the last three years. This is also open for all who have owned a property for the last 3 years.

Statewide Programs, for instance, the Governors House program that provide affordable homes income qualified families and individuals. The Down Payment Assistance Program in South Dakota is good news for the people who want to own a home for the first time but lack the assistance in terms of down payment and closing cost. Want to own a home in South Dakota? Try the Down Payment Assistance Program in South Dakota.

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Fixed Rate Plus Program Fixed Rate Plus Program in South Dakota offers government and conventional loans at low fixed rates to qualifying first time buyers through their network of lenders, as well as a 3 percent gift to help offset the costs of the South Dakota down payment and closing costs. Income and purchase price limits apply.


Regardless of which type of down payment program, you will first need a mortgage. Below are mortgages that require low or no down payments:

No Down Payment Mortgages – mortgages that require no down payment

USDA Rural Loan – the purpose of the Single Family Housing Direct Home Loan is to assist low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. There is no down payment. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income.

VA Home Loan – VA helps Service members, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy. There is no down payment as long as the sales price doesn’t exceed the appraised value.

 

Low Down Payment Mortgages – mortgages that require up to 3.5% down payment

FHA Mortgage Loan – the purpose of the FHA Home Mortgage Loan is to provide mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD. A down payment of just 3.5 percent is required and may consist entirely from “gift funds.” The credit score requirement is 580.

Home Possible® Advantage Mortgage – the purpose of the Home Possible® Advantage mortgage by Freddie Mac is to offer low down payments for low- to moderate-income homebuyers or buyers in high-cost or underserved communities. Down Payment can come from a variety of sources, including friends and family, employer-assistance programs and secondary financing.

The HomeReady™ Mortgage – the purpose of the HomeReady™ mortgage by Fannie Mae is to provide flexibility for applicants buy home with down payments as low as 3%, below market mortgage rates, co-borrower flexibility, additional income sources and reduced mortgage insurance costs.

More places to find assistance on down payment:

HUD Programs

The US Department of Housing and Urban Development (HUD) offers the following programs:

Good Neighbor Next Door Program

The Good Neighbor Next Door Program was created by U.S. Department of Housing and Urban Development (HUD) to help law enforcement officers, pre-Kindergarten through 12th grade teachers, firefighters and emergency medical technicians buy homes. The biggest benefit of the Good Neighbor Next Door Program is the 50% discount of the home’s list price. The only catch is that the home owner must commit to live in the property for 36 months as their sole residence.

To learn more about the Good Neighbor Next Door Program, click here.

Section 184 Loan – The Indian Home Loan Guarantee Program

The Section 184 Indian Home Loan Guarantee Program is a mortgage for American Indian and Alaska Native families, Alaska villages, tribes, or tribally designated housing entities. In 1992 Congress created this program to help Native American Communities with homeownership.

Section 184 loans helps borrowers buy homes with a low down payment and flexible underwriting. Moreover, the loan does not need to be used only on properties on native lands. Purchase of an existing home for single-family residences. Also allowed are new construction, rehabilitation, and refinance.

To learn more about Section 184, click here.

South Dakota Housing Agencies

South Dakota housing agencies are your best resource for down payment assistance programs. Through funding from HUD, the purpose of these agencies is to ensure that affordable housing is available for everyone.