South Dakota Housing Development Authority (SDHDA)
South Dakota Housing provides opportunities for quality, affordable housing for South Dakotans. Utilizing housing bonds, tax credits, and other federal and state resources to fund housing programs which provide mortgage and down payment assistance.
Product Features:
Primary Purchase only - 30yr Fixed rate
Min Credit Score 620
Max DTI 50%
Manual UW allowed for Government loans (Conv - requires a DU Approve/Eligible)
Not required to be a 1st time homebuyer
Can combine with MCC (must be a 1st time buyer)
Conv - Reduced Mortgage Insurance (MI) rates are only available with loans at 80% Area Median Income (AMI) or less, using Fannie Mae’s Income Limits. Loans over 80% are at Standard MI rates.
Co-signors allowed (On Conventional the Co-Signer’s income used to qualify will be subject to income limits)
Homebuyer Educations - Conv required when all borrowers are first-time homebuyers, then at least one borrower must take an approved Homeownership Education.
Note: This program has purchase price and income limits that are determined by the county, household size, and FTHB status. If borrowers are FTHB, but exceed the purchase price and income limit for the FTHB program, they may be approved using repeat homebuyer guidelines.
Eligible property types:
1 to 4-unit properties (must O/O 1 of the units within 60 days)
Condos (agency approval required)
PUDS
Manufactured Home
The Fixed Rate Plus Loan - 2nd lien:
0% interest rate,
due-on-sale or satisfaction,
with no payments or additional fees
Options for the DPA amount
3% of the total 1st loan amount, drop the cents
5% of the total 1st loan amount, drop the cents
For additional information please visit:
Note: Training is required - Link to Register