Check the full purchase file behind an SD Housing program name
SD Housing offers mortgage programs through participating lenders, a repayable assistance option, education resources and a separate Governor’s House purchase route. Use the city directories above to compare providers, then follow the official links for the requirements of the actual loan or property. Mortgage Firm is an independent directory; inclusion does not establish SD Housing participation or approval.
Match ownership history and current requirements to a participating lender
The First-Time Homebuyer Program generally requires no home ownership during the previous three years. SD Housing describes an exception for a previously owned dwelling that was not permanently affixed to a foundation and directs veterans to ask about its waiver. Have the lender review the actual ownership record. Repeat Homebuyer is a separate program with its own income, purchase-price and credit requirements; do not substitute one program's limits for the other.
SD Housing's eligibility FAQ uses annualized gross income from all sources and explains that overtime, bonus and commission income involves averaging prior-year and current-year records. Ask the participating lender which household documents and calculation apply to your file. SD Housing does not originate these mortgages directly. Confirm participation through its official lender directory and ask the loan officer to identify the exact program before comparing loan estimates and remaining closing cash.
Include the assistance balance in a future sale or mortgage-payoff plan
Fixed Rate Plus provides downpayment and closing-cost assistance through a second mortgage. The dedicated assistance page describes no payments and repayment when the home is sold or the first mortgage is satisfied. This is a loan obligation, so obtain the note and ask how sale, refinancing or an early first-mortgage payoff would affect the remaining balance. An absence of monthly payments does not establish a grant or forgiveness.
Ask for estimates for the proposed mortgage with and without assistance, including the first-loan rate, fees, cash needed at closing and the separate assistance balance. Confirm eligibility and current availability with the participating lender. An assistance percentage alone cannot show the cost of the whole financing package, and neither a lender-directory entry nor a course completion commits funds to a buyer.
Confirm the education rule for the loan, then choose a suitable HERO service
The eligibility FAQ ties required homebuyer education to conventional mortgage products in both First-Time and Repeat Homebuyer programs; for First-Time it specifies attendance by at least one borrower or co-borrower. Ask the lender who must attend for the selected product and what completion record it needs. SD Housing's HERO resources list group, one-on-one and online education options. Confirm the provider, format, cost and certificate handoff before enrolling, along with any separate local assistance course rule.
The HERO counseling directory distinguishes services such as pre-purchase workshops and individual financial-management or budget counseling. Use the listed service descriptions to find an agency that handles your question, then confirm its service area and appointment format. A class completion record and an individual budget discussion serve different purposes. When estimating readiness, discuss the expenses beyond principal and interest, including insurance, utilities, maintenance and other costs of the proposed property.
For a Governor’s House, budget the prepared site alongside the home
The Governor’s House program requires the home to be placed in South Dakota and used as the purchaser's only residence, with income and asset review. The purchaser is responsible for securing the lot, obtaining a building permit, preparing the foundation, connecting utilities and providing floor coverings and appliances. Build a written project budget that includes those responsibilities rather than treating the house price as the total cost of a completed home.
The official page lists area representatives by county. Contact the representative for the proposed site to review eligibility, placement requirements, the current order and delivery schedule, and items included in the purchase. Coordinate site-work estimates and financing with the lender before relying on a move-in date. A program description or floor plan does not establish that a particular lot is ready or that the complete project is financed.
Published by Mortgage Firm, an independent directory. Program administrators and lenders determine current availability and eligibility. Our editorial approach