Commonly known as the "First-time Homebuyer Program", this program provides below-market fixed interest rate mortgage loans and cash assistance for homebuyers purchasing a residence in the state of South Dakota. Participating Lenders originate, process and close the loans. On behalf of SDHDA, five Master Servicers collect mortgage payments and otherwise service the loans. Cash assistance is available for downpayment and closing cost assistance with the Fixed Plus Rate Option.
The borrower's gross annual income may not exceed federally imposed income limits which vary based on family size and the county in which the home is located.
| First-time Homebuyer Income Limits | ||
|---|---|---|
County of Residence |
Maximum Family Income
|
|
|
2 or less
|
3 or more
|
|
|
Brookings
|
$59,300
|
$68,195
|
|
Brown
|
$55,300
|
$63,595
|
|
Codington
|
$55,300
|
$63,595
|
|
Custer
|
$53,900
|
$61,985
|
|
Davison
|
$54,300
|
$62,445
|
|
Hughes
|
$63,100
|
$72,565
|
|
Lake
|
$54,100
|
$62,215 |
| Lincoln |
$62,800
|
$72,220 |
|
McCook
|
$62,800
|
$72,220 |
| Minnehaha |
$62,800
|
$72,220 |
| Pennington |
$53,500
|
$61,525 |
|
Stanley
|
$57,900
|
$66,585
|
|
Turner
|
$62,800
|
$72,220
|
|
Union
|
$55,700
|
$64,055
|
|
Yankton
|
$53,800
|
$61,870
|
|
Targeted Areas*
|
$63,960
|
$74,620
|
| All Other Counties |
$53,300
|
$61,295 |
|
*Parts
of Bennett, Buffalo, Corson, Dewey, Jackson, Lyman, Shannon, Todd, and
Ziebach Counties are considered targeted areas |
||
|
Effective March 26,2007
|
||