An increase in federal income guidelines will qualify more South Dakotans for homeownership. “Across the state, income guidelines increased by over $3,000 to $4,000 depending on the county of residence,” said Executive Director Mark Lauseng. “Increasing the income limits will qualify more people for our First-time Homeownership Program and should have a positive effect on the housing market.
Most states are experiencing mild to severe housing sales slumps nationwide. However, South Dakota is an exception and the housing market is stable and continues to do well. While home sales dropped across the nation, sales of existing homes increased in South Dakota. “We are fortunate to have a stable housing market in our state,” said Lauseng.
Income limits vary by county. Applicant must be a first-time homebuyer to qualify.
For more information, First-time Homebuyers should contact their local lender. Interest rates, income limits, qualifications and list of participating lenders can be found on the SDHDA website at: www.sdhda.org
For more information and qualifications you may request more information by calling 605.773.3181, or writing to SDHDA at P.O. Box 1237, Pierre, SD 57501-1237.
The South Dakota Housing Development Authority (SDHDA) is an independent, quasi-public agency that finances and develops affordable housing opportunities for low and moderate-income residents throughout South Dakota. SDHDA is totally self-supporting and receives no tax money, appropriations or other funding from the State. SDHDA does not discriminate against any person because of race, color, creed, religion, sex, disability, familial status or national origin. SDHDA is a proud partner of the State’s 2010 Initiative to “Brand and Develop South Dakota’s Quality of Life as the Best in America.” For more information, visit www.sdhda.org or www.2010initiative.com.
The South Dakota Housing Development Authority…Building a Better Quality of Life.