These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

South Dakota

Hey there! If you're thinking of buying a home for the first time, and haven't saved up for a down payment, you still might be able to get it done.

Before I jump into the programs, let me briefly explain how down payment assistance works.

How it works

Down payment assistance comes in two forms: a grant, or a loan

A grant doesn't require repayment.

A loan does require repayment, but there are 3 different ways:

Monthly repayment. This is where they charge you interest and a monthly payment until the loan is paid off

Silent second. This is where they don't charge you interest, they don't charge you monthly payments, they just require that you pay it back when you sell the home.

Forgivable. This is where they forgive the loan as long as you meet certain criteria. A common requirement is that you live in the home as your primary residence for a set number of years. Once you've completed the timeframe, they forgive your loan and you don't need to pay it.

Approved lenders only

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

Now that we have that out of the way, let's jump in! Below are the local programs available to help make homeownership more accessible.

South Dakota Housing Development Authority (SDHDA) Fixed Rate Plus Program

  • Assistance: Provides up to 3% of the loan amount for down payment and closing costs.

  • Terms: No repayment required unless the home is sold or refinanced within the first three years.

  • Eligibility: First-time and repeat homebuyers using an SDHDA first mortgage; income limits vary by county and household size.

  • More Information: SDHDA Fixed Rate Plus Program

Governor’s House Program

  • Assistance: Provides affordable homes with low down payment options for qualifying buyers.

  • Terms: Standard mortgage repayment terms.

  • Eligibility: Low-to-moderate income households meeting income and asset requirements; income limits based on HUD guidelines.

  • More Information: Governor’s House Program

GROW South Dakota – Down Payment and Closing Cost Assistance

  • Assistance: Provides loans ranging from $5,000 to $7,500 for down payment and closing costs.

  • Terms: 0% interest deferred payments over a 30-year term; repayment required upon refinancing, sale, or if the property ceases to be the primary residence.

  • Eligibility: Eligible homebuyers across various counties.

  • More Information: GROW South Dakota

Sioux Falls – Public Safety Down Payment Assistance Program

  • Assistance: Designed to provide homeownership opportunities for police officers, firefighters, and other public safety employees in Sioux Falls.

  • More Information: Sioux Falls Public Safety Assistance

Additional Resources

Homes Are Possible, Inc. (HAPI)

  • Services: Offers down payment and closing cost assistance programs in multiple counties, including Brown County.

  • More Information: HAPI Assistance Programs

Program availability and terms can change, so it's essential to verify the most current information directly with the administering agencies

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.