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South Dakota First Time Home Buyer

Real Estate Market News

South Dakota first time home buyerThe South Dakota housing market is improving and home prices have gone up over 15% in the last year. The top 5 appreciating cities include Wentworth, Ipswich, Gary, Faith, Waubay, and Wilmot. The average price of a home is about $165,000 and you can purchase your first home in this price range with no money down and a mortgage payment which is slightly higher than the $1,150 average cost to rent a home or apartment. Brookings and Sioux Falls are among the best places to live. Some of the best small towns to live are Yankton and Spearfish which are both eligible for the zero down loan program. Unfortunately, the supply of affordable homes are not keeping up with demand so you need to be ready to move on a home when it hits the market. A good real estate agent in your corner may increase your chances of finding a home and getting an accepted offer from the seller.


South Dakota First Time Home Buyer Programs

Get Pre-Approved Now!  Apply Now
USDA Rural Development Loan

USDA 100% Financing Program
Zero down payment
640 minimum credit score
Property must be located in targeted area. Check property eligibility.
Email Dream@Firsthomebuyers.net with property address if you want us to check if the home is eligible.
Income restrictions apply. Check income eligibility.  
Seller can pay 6% of purchase price toward closing costs

FHA Loan Program

FHA Program
Low down payment
620 minimum credit score
Check single family, condo, and 2-4 unit property loan limits
FHA approved condos eligible
Kiddie condo option: Parents or family member can co-sign on loan
Lower down payment than standard FHA program is available in Alabama, Florida, Georgia, Illinois, Indiana, Kentucky, Mississippi, North Carolina, South Carolina, Tennessee if you purchase FHA Foreclosure
Down payment can be 100% gift or down payment assistance or grant funds
Seller can pay 6% of purchase price toward closing costs

HomeReady Program

HomeReady Program
Fannie Mae Conventional Program
Low down payment and more flexible sources of funds
620 minimum credit score
Loan designed for low to moderate income borrowers
Lower mortgage insurance options

good-neighbor

Good Neighbor Next Door
Get home at 50% discount on home in target areas. Search homes now.
Must be law enforcement, police officer, teacher, firefighter, or emergency medical technician to be be eligible for this program
Low Down Payment Option available in HUD Participating Communities.

teacher first time home buyer

Home Possible Neighborhood Solution Program
You may be eligible for this program is you are a Teacher, Law Enforcement Officer, Firefighter, Healthcare Worker, Nurse, Emergency Medical Technician (EMT), or Military Personnel
620 Credit Score
Reduced mortgage insurance which means lower monthly mortgage payment
Flexible Qualification Guidelines

va-first-time-home-buyer

VA Loan
0 down payment Great fixed rate loan program with 0 Down Payment for veterans or active military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard. Reservists eligible with 6 years service.
620 minimum credit score
No maximum loan limit
Single family home-VA Approved Condos-townhome

203k rehab loan

FHA Streamline 203k Renovation Loan
Repairs which range from $5,000-$35,000+ may be included in loan amount.
Great program to fix up foreclosures. 
Visit 203K Loan for more details on Streamline 203k program

no-pmi

PMI Buster
Low down payment
NO PMI or mortgage insurance
720 minimum credit score


Rent Versus Own
Rents are moving up and you need to stop paying your landlord. When you own a home you build up wealth, get tax breaks, and experience the pride of homeownership. Try rent vs own calculator now and find out why owning a home is better than renting.

10 Steps To Buying A Home
Don't know where to start the process? View video on how to buy your first home.Today it is tougher to buy a house and you need a roadmap to navigate the home buying maze. You can't miss a step or it could spell disaster and wreck your chances of owning a home.


Search for homes in your area.
Start working with a Realtor and get the lastest property listings emailed to your email inbox. The inventory of homes on the market are down so it is important that you take action and set up an appointment to see the home you like as soon as possible. In most cases, you should use a Realtor to increase your chances of getting your offer accepted on the home you have your heart set on.

Down Payment Assistance
Community Development Block Grant Program provides 1st homebuyer grants in targeted Alabama communities.
Dream Makers Grant Program -Grant program which matches your contribution three-to-one up to maximum $5,000. Military personnel (Active Duty, Reserve, National Guard, Veteran) are eligible for this program. FHA, VA, USDA programs available. There are maximum income limitations.

Don't Know Where To Start?


Equal Housing Lender

FirstHomeBuyers.net

(847) 516-5743
dream@firsthomebuyers.net

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