2015 First Time Home Buyer Programs for South Dakota Community Home Improvement Program (CHIP) Community Home Improvement Program (CHIP) offers low interest rates on loans up to 10 years. Loan sizes range from $500 to $25,000. There are no LTV requirements and minimal costs associated with obtaining a CHIP loan. It appears that this program has no first time buyer requirement or even a buyer versus owner requirement. Qualified buyers in South Dakota may apply. South Dakota Mortgage Credit Certificate If you use the tax credit with the First Time Homebuyer Program, the $750 fee to get the credit will be reduced to $250. The lender may also charge a fee up to $250. If you sell your home within nine years and your household income no longer meets the guidelines, you may be subject to a recapture tax payable to the Internal Revenue Service. If that happens, the state will reimburse you. Can use it up to 40 percent, capped at $2,000. Qualified buyers in South Dakota may apply. VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score. USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing closing costs. FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing. Governor’s House Program Governor’s House Program sells modest homes to people who meet income restrictions or are elderly or have a disability. To be eligible, your household income must be less than $45,220 for yourself or yourself and one other person, or $51,680 for yourself and two or more people. If you're younger than 62, your net worth must be less than $90,000 and you must have no more than $70,000 in liquid assets. If you're older than 62, your net worth must be less than $175,000 and you must have no more than $100,000 in liquid assets. Qualified buyers in South Dakota Fixed Rate Plus Program Fixed Rate Plus Program in South Dakota offers government and conventional loans at low fixed rates to qualifying first time buyers through their network of lenders, as well as a 3 percent gift to help offset the costs of the down payment and closing costs. Income and purchase price limits apply. Qualified buyers in South Dakota may apply.
To apply visit http://buyerprograms.net/South-Dakota