couple with house keys in front of new house

Purchasing a home is one of the biggest financial decisions a person can make, and for first-time homebuyers, the process can be especially daunting. However, with the right resources and support, the dream of homeownership can become a reality. South Dakota Housing's First-Time Homebuyer Program offers a range of benefits that can help make the home-buying process more accessible and affordable for those who are eligible.

As a leading affordable housing provider in South Dakota, South Dakota Housing offers a variety of programs and services to help first-time homebuyers make a home purchase. One of our most popular programs is the First-Time Homebuyer Program, which provides various benefits to eligible participants. In this blog post, we will highlight some of the key benefits of this program.

Downpayment and Closing Cost Assistance: One of the biggest barriers to homeownership for first-time homebuyers is downpayment and closing costs. The First-Time Homebuyer Program can include assistance with these costs, making the purchase more affordable for first-time buyers.

Credit Counseling: The First-Time Homebuyer Program offers education and counseling services to help participants understand the home-buying process and make informed decisions. Pre-purchase counseling assists buyers in understanding the home buying process, while post-purchase counseling helps them maintain their home and avoid foreclosure.

Wide Income Range: Another benefit of the program is that it is designed to serve a wide range of income levels. It provides assistance to low-and moderate-income households, which can help to ensure that homeownership is accessible to all South Dakotans, regardless of their income level.

Low-Interest Rate Mortgages: The program offers low-interest mortgage rates, which can save participants thousands of dollars over the life of the loan.

Eligibility for Federal Tax Credits: Participants in the First-Time Homebuyer Program may also want to enhance their loan with a federal tax credit, the Mortgage Credit Certification, which can further reduce the cost of homeownership. The Mortgage Credit Certificate increases the federal tax benefits of owning a home and helps first-time homebuyers offset a portion of the amount they owe in income tax.

Homebuyer Education: Homebuyers may want to consider completing a homebuyer education course. Attending a homebuyer education class not only takes the fear out of the process but also guides you on your journey as a responsible homeowner.

One-on-One Assistance: The program provides access to great lenders and education partners who provide one-on-one assistance to help participants navigate the home-buying process and ensure they understand all of the options available to them.

South Dakota Housing's First-Time Homebuyer Program can make buying a home easier and more affordable for first-time buyers. The program helps first-time buyers buy a home by providing financial assistance, education, counseling, flexible underwriting guidelines, and low-interest mortgage rates.

If you're a first-time home buyer in South Dakota, consider taking advantage of this program to help make your homeownership dreams a reality. Learn more about our First-Time Homebuyer Program, check out our First-Time Homebuyer Calculator, or contact us for more information.