Special Loans For 1st Time Buyers In SD
Looking to purchase your 1st residence in South Dakota but find yourself at a loss as to where to turn for a mortgage loan? Look no further. First time home buyer loans in South Dakota are provided by the South Dakota Housing Development Authority (SDHDA). Not only do they provide below-market rates on your mortgage loan, they also provide other programs for 1st time home buyers.
Here are some details on SDHDA’s loan program:
First-Time Homebuyer Participating Lender List
SDHDA Participating Lenders originate, process and close all SDHDA First-time Homebuyer Program loans.
Most lenders will pre-qualify you before you purchase a home. Whether you are being pre-qualified or actually applying for a First-time Homebuyer Program loan, it is important to be prepared for the loan interview. The lender may require such things as a copy of the purchase agreement (if applicable), bank statements, pay stubs, tax returns, and names and addresses of your creditors. The exact requirements may vary from lender to lender, and you may want to ask what documentation is needed when you call for an appointment.
Income and Purchase Price Limits
The Income Limits generally change on an annual basis. The limits may vary based on the county in which the home is located. Total gross household income is used for income limit purpose.
Purchase Price Limits
The current Purchase Price Maximum Limit is $250,200.
The Purchase Price Limits may vary based on the county in which the property is located.
For complete details on this loan, including contact information and instructions on how to apply, please visit this SDHDA home loan page.
More South Dakota First Time Buyer Resources
In addition to the above first time homebuyer loan from SDHDA, there are resources available as well. Be sure to visit South Dakota down payment assistance, as well as our page that shares details about grants available in SD to purchase your first home.