February 8, 2008 – To remain competitive in today’s financial market, interest rates have been lowered again for First-time Homebuyer Loans through The South Dakota Housing Development Authority (SDHDA). On February 6, 2008, the SDHDA Board of Commissioners lowered the First-time Homebuyers Program Step Rate to 3.95%. The Fixed Rate was lowered to 4.95% and the Fixed Rate Plus option was reduced to 5.425%.
“This is the second time in five months that the Authority has lowered interest rates for mortgage loans,” said Executive Director Mark Lauseng. “These lower rates will help more South Dakotans achieve homeownership.”
The Authority’s Step Rate option of 3.95% increases one-half percent per year until it reaches 5.95% and remains at that rate for the balance of the 30-year term. The Fixed Rate Plus option, at 5.425% rate, remains fixed and offers a 3% gift for downpayment and closing costs.
Income limits and purchase price 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.