We are a participating lender for this program and one of the top lenders in the state of South Dakota for South Dakota Housing. The South Dakota Housing program is designed to help First Time Home buyers purchase a home with low down payment requirements and subsidized rates. The maximum loan amount for South Dakota Housing is $385,000 and income limits apply. Another requirement for the South Dakota Housing program is that you haven’t owned a home for the previous 3 years. Every participating lender in South Dakota offers the same rates and fees for this program. The only difference between participating lenders of the South Dakota Housing is the service that they provide. As a former Realtor, my biggest frustration was not being able to ask lender questions on nights or weekends. I will make myself available to you via phone to answer any questions you might have. In addition, we promise that we will take the time to provide you with the information you need to make an informed home purchase. The difference is Service!
Other Loan Programs
South Housing Loans can be combined with FHA, VA, RD and Conventional Financing. We will review which option is best for your financial situation and compare all options.
PLUS Program
SDHDA ‘PLUS’ program is one of the outstanding features of South Dakota Housing. If you chose this program, SDHDA will help you with your down payment or closing costs up to 3% of the loan amount for the loan you chose. Although your rate for this program is higher than a normal SDHDA, this can help you when it is difficult to save for a down payment.
What is an MCC?
A common misconception among homeowners with mortgages is that they are always able to deduct their mortgage interest. This only applies when you are able to itemize your deductions. (Please always check with a tax advisor in regards to tax advice.) An MCC or Mortgage Credit Certificate allows you to deduct the costs of interest even if you do not itemize when you file your taxes. This can save you money at tax time. We will review your previous year’s taxes to determine if this is a program that will benefit you.
SDHDA Active Link to MCC Brochure:
http://www.sdhda.org/home-ownership-docs/fthb-1/3-the-sdhda-tax-credit-mcc/file.html
SDHDA Repeat Homebuyer Program
The SDHDA Repeat Homebuyer program meets the needs of clients who need assistance with down payments when purchasing their next home. There is no time requirement for previous homeownership and the income limits are higher for this program than the standard SDHDA 1st Time Homebuyer loan.
Buying a home is one of your biggest financial decisions you can make and if this is your first time purchasing a home, we want to be considered your trusted partner to help you with the process. To learn more, please call or click on link below that will take you directly to SDHDA!
