Are you buying your first home? Or has it been more than three years since you owned a home? Then you may qualify for a South Dakota Housing and Development Authority First-Time Homebuyer Loan.
As a first-time buyer, you’ll have more options. Depending on your personal financial circumstances, it’s possible to buy a home with little or no down payment. You could get low interest on a 30-year fixed rate mortgage. Plus, the SDHDA offers down payment assistance. You may also receive a tax credit—a dollar-for-dollar reduction you can claim when you file your annual federal income taxes.
Do I Qualify for a First-Time Homebuyer Loan?
You must meet the following criteria to qualify:
- You must not have owned a home in the last three years. If you owned a mobile home, you can still apply.
- The home you’re purchasing must cost less than $250,200. This price may vary by county and year, so check with your mortgage banker for the most up-to-date information.
- You must not go over the South Dakota Housing and Development Authority income limits. The limits take your total gross household income—the amount you make before taxes—into account. These limits vary by county and year. Check with your mortgage banker for this year’s limits.
We recommend taking a first-time homebuyer class to learn more about all your options. Taking this class may also result in a discount on your mortgage expenses.