PIERRE, S.D. – August 26, 2015 – (RealEstateRama) — Due to the demand for housing in South Dakota the South Dakota Housing Development Authority (SDHDA) introduced a new program to financially assist repeat homebuyers statewide. The Repeat Homebuyer Loan Program provides downpayment and closing cost assistance with competitive interest rates for those purchasing homes beyond their first time.
The Repeat Homebuyer Loan Program offers affordable interest rates with a 30-year fixed rate mortgage and down payment assistance. The program can also be used for those who do not meet the requirements of the First-Time Homebuyer Program but meet certain other income and purchase price limits.
“The Repeat Homebuyer Loan Program is another option that Participating Lenders can provide to their customers. With lower costs and higher limits, now second time homebuyers can enjoy the benefits of SDHDA programs,” said Brent Adney, director of Homeownership Programs.
SDHDA’s program allows for up to three percent of the loan amount being gifted for downpayment and closing costs assistance. In addition, borrowers will benefit from lower private mortgage insurance (PMI) rates than they would with a standard home loan.
Requirements for participation in the Repeat Homebuyer Loan Program include:
Household income of $77,640 or less for families of two or less
Household income of $90,580 or less for families of three or more
A new home purchase price limit of $305,800 or less
South Dakota Housing Development Authority (SDHDA) was created by the South Dakota legislature in 1973 with a stated mission to provide decent, safe and affordable housing to low- and moderate-income South Dakotans. SDHDA is a self-supporting, nonprofit entity that uses no state tax dollars to fund its operating budget. SDHDA utilizes housing bonds, tax credits and other federal and state resources to fund housing programs that provide mortgage and downpayment assistance, housing construction and rehabilitation, homelessness prevention and rental assistance. SDHDA does not discriminate against any person because of race, color, creed, religion, sex, disability, familial status or national origin. For more information, visit www.sdhda.org.
The South Dakota Housing Development Authority…Building a Better Quality of Life