Lenders

SD Housing / Partners / Lenders

The success of SD Housing's mission relies heavily on our partnerships with leaders throughout the state. As a major source of information for homebuyers, SD Housing works closely with these lenders, financing new homes, housing developments, and more.

If you are interested in becoming a participating lender, check out our new lender eligibility requirements.

Programs Administered By SD Housing

With The Help Of Lenders Statewide

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Community Home Improvement Program (CHIP)

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Co-op Advertising

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Housing Tax Credits

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HOME Investment Partnership

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First-time Homebuyer Program

SDHDA Tax Credit (MCC) Option

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Repeat Homebuyer Program

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The Governor's House

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Bond Financing

Co-op Advertising Plan

SD Housing is pleased to offer all Participating Lenders an opportunity to jointly advertise with SD Housing. The Homeownership Advertising Co-op Plan is designed to encourage and promote Homeownership Programs offered by SD Housing. SD Housing-approved Participating Lenders are eligible to receive reimbursement of 25% of the cost of the print media ad, not to exceed $1,000 per Lender per location. Production charges are not reimbursable through the Co-op Plan.

The following are co-op plan requirements:

  • 50% of the ad space must be devoted to a specific SD Housing product:

    • First-time Homebuyer Program

    • SD Housing Tax Credit -MCC

    • Community Home Improvement Program (CHIP)

  • Ads must include the SD Housing and Equal Housing Opportunity logos.

  • SD Housing’s logo must be legible and proportionately scaled.

  • Ads listing current program interest rates must include a disclaimer stating rates may change at any time, and to contact the Lender for current rates.

All Co-op Plan requests must be approved prior to publishing. Please allow 3 business days for ad review and approval.

email: amanda@sdhda.org

Reimbursement Requests

To request reimbursement, you must provide the following documents within 10 days of the date of publication:

  • Fully completed Co-op Advertising Form

  • Copy of the media invoice

  • Tear sheet or photocopy of the advertisement with publication date

Reimbursement requests will take 10 to 14 days to process.

SD Housing reserves the right to change or discontinue this Plan at any time.

New Lender Eligibility Requirements

Participating Lenders are key to the success of SD Housing programs especially the First-time Homebuyers Program.

With the support of our Participating Lenders, SD Housing has been able to provide a variety of affordable housing programs to the citizens of South Dakota. There are many benefits to being a SD Housing Participating Lender, one of which is the net profit margin as well as the ability to meet CRA lending requirements and provide financing for communities to stabilize neighborhoods by increasing homeownership opportunities.

The SD Housing First-time and Repeat Homebuyer Programs offers Participating Lenders access to a 24/7 internet-based system for processing SD Housing loan reservations. This system features online program documents, forms, manuals and lender management reports. SD Housing also provides yearly training to all of its Participating Lenders to keep them up-to-date with all of the latest program enhancements.

A Participating Lender must be approved by SD Housing's Master Servicer and be approved by SD Housing.

Qualifications include:

  • In general a Participating Lender is any bank, trust company, savings bank, national banking association, savings and loan association, building and loan association, life insurance company or other financial institution authorized to transact business within the State which is an FHA/VA approved Mortgage, or qualified to sell mortgages to the Federal National Mortgage Association or to the Federal Home Loan Mortgage Corporation, or any agency or instrumentality of the United States or the State, making or holding a Mortgage Loan, whether for its own account or as agent of SD Housing, and approved by SD Housing;

  • In addition:

    1. Lender shall be regulated by, and in good standing with FDIC, OTS, CUNA, the Federal Reserve or other federal regulatory agency;

    2. Lender, and all originators employed by the lender, shall be registered with the National Mortgage Licensing System (NMLS);

    3. Lender shall maintain an office in the State of South Dakota;

    4. Lender shall have a net worth of no less than $1,500,000;

    5. Lender shall maintain minimum errors and omissions coverage of $500,000;

    6. Lender shall maintain a fidelity bond coverage of no less than $500,000;

    7. Lender shall have operated a mortgage origination office in South Dakota for 3 years prior to applying to be a SD Housing Lender or the Lender shall have operated a mortgage origination office in South Dakota for 2 years and employ staff with experience originating/processing/underwriting SD Housing loans;

    8. Each calendar year Lender shall originate a minimum of 10 loans and successfully sell such loans to SD Housing;

    9. Lender shall annually attend training, as required by SD Housing; and

    10. Applications to be approved, as a Participating Lender, shall be accepted from December 1 of each calendar year through March 31 of the following year.

A $500 application fee must accompany the signed SD Housing Mortgage Participating Lender Agreement.

READY TO BECOME A NEW SD HOUSING LENDER?

To get started call or email Tammy Jund, Director of Homeownership Programs.