October 17, 2007 — While the temperatures are dropping, so are the interest rates for First-time Homebuyer Loans through The South Dakota Housing Development Authority (SDHDA). Today the SDHDA Board of Commissioners lowered the First-time Homebuyers Program Fixed Rate to 5.375% and the starting Step Rate is now 4.375%.
“These low rates benefit more than just the homebuyers,” said Executive Director Mark Lauseng. “New homeowners provide economic benefits to communities and this also creates a stable environment for families.”
Conventional mortgage loan rates are ranging from about 6.25% to 6.375%.
The Authority’s Step Rate option of 4.375% increases one-half percent per year until it reaches 6.375% and remains at that rate for the balance of the 30-year term. The Fixed Rate Plus option is at a 5.85% rate.
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.