Located in the midwestern United States, South Dakota is the 40th state in the Union and is nicknamed The Mount Rushmore State. It is known for its natural beauty and has more shoreline than the state of Florida.
The state’s capital and largest city is Sioux Falls. With a population of nearly 900 thousand people, South Dakota boasts a homeownership rate of 70.8% (2022-U.S. Census Bureau).
DPA programs across the country continue to make homeownership possible for many. Below is a list of programs available in the state of North Dakota Also, combining programs may be possible, so be sure to inquire.
South Dakota Housing Development Authority
First-Time Homebuyer Program
“You may be eligible for a South Dakota mortgage if you are a first-time homebuyer. The purchase price must be $385,000 or less.”
Repeat Homebuyer Loam Program
“You’re ready for a change and we’re here to help. Over 75,000 families have trusted us to finance their first home. Now we have a way to help repeat homebuyers get into their next home with ease – and for less money out of pocket. Ask your lender about our Repeat Homebuyer Loan Program and take advantage of this great opportunity.”
Down Payment Assistance Program
“The Fixed Rate Plus loan allows for downpayment funds of three (3) or five (5) percent of the first mortgage loan but will include a second mortgage at 0% interest rate, due-on-sale or satisfaction, no payments, and no additional fees.”
Governor’s House Program
“South Dakota Housing’s hallmark program, the Governor’s House, offers this very feeling—a low-maintenance dwelling that’s attractive, reasonably sized and budget-friendly for those who are income-qualified. There are two- and three-bedroom varieties of Governor’s House properties—the two-bedroom style currently costs $71,400*, while the three-bedroom runs $85,400*.”
Closing Cost Assistance
“Currently, HAPI has a $5,000 Down Payment/Closing Cost non-forgivable loan. These funds are used to cover expenses such as: Origination fee. Title Search & Insurance, Survey, Appraisal, and Closing Fee. This loan is paid back to HAPI interest-free at the time you sell your home, take a cash back refinance or transfer title.”
HAPI Homes
“HAPI sells first-generation, move-in-ready homes in its subdivisions and throughout the Aberdeen community. Silent Second Mortgages of $20,000 or $30,000 are non-interest bearing loans available on homes sold by HAPI.”
Down Payment or Closing Cost Assistance
“GROW South Dakota can provide potential homeowners with down payment or closing cost assistance, (DPA) on the purchase of their home. DPA loans are dependent on funding availability and range typically between $5,000 to $10,500.”
Home Mortgage Loans
“GROW South Dakota’s direct loan program supports individuals and families making their dream of homeownership come true with the financing of a home purchase. Our experienced staff will be with you every step of the way. Our loan program provides funds for the purchase of a new or existing home in the state of South Dakota. GROW SD will finance loan amounts up to $300,000.”
Governor’s House Program
“GROW South Dakota is a local marketing representative for this affordable pre-built energy efficient home that comes in a variety of floor plans including 2-bedroom and 3-bedroom homes.”
Down Payment and Closing Costs Loan Programs
“We offer a variety of Down Payment and Closing Costs Loans to help you buy your home. Deferred (no payments, no interest)) and payable (interest and monthly payments) loan programs.”
States/Territories served: Alaska, American Samoa, Hawaii, Guam, Idaho, Northern Mariana Islands, Iowa, Minnesota, Missouri, Montana, North Dakota, Oregon, South Dakota, Utah, Washington, Wyoming
Home$tart Program
“Through our Home$tart program, eligible households may receive up to $7,500 in down payment and closing cost assistance. You must apply through a member institution.”
Native American Homeownership Initiative (NAHI)
“Through our Native American Homeownership Initiative (NAHI), eligible households may receive up to $15,000 for down payment and closing cost assistance. You must apply through a member institution.”
Single Family Housing Direct Home Loans
“Also known as the Section 502 Direct Loan Program, this program assists 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. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time.”
Habitat Home
“We believe that everyone should have a safe, affordable place to call home. To carry out our vision, we partner with individuals and families from application through construction to when the keys are handed over.”
Up next, we will explore down payment assistance programs in Tennessee.
A Community Land Trust (CLT) is a nonprofit organization that holds land in trust for the benefit of the community. The primary purpose of a CLT is to provide affordable housing, although some CLTs also manage land for other community needs such as agriculture, commercial spaces, or conservation.
Explore down payment and homebuyer assistance programs in the U.S. Virgin Islands.
Explore down payment and homebuyer assistance programs in Puerto Rico.
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