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Sioux Falls Homebuyer Assistance Program

South Dakota

Available Assistance

Eligibility RequirementsIn order to be considered eligible for the Sioux Falls Homebuyer Assistance Program, all applicants need to meet the following requirements:The annual income (income of all household members from all sources before taxes and withholding, including child support) must fall under 80 percent of the AMI.All applicants must be first-time homebuyers (cannot have owned a home in the previous three years). Exceptions are made in the case of displaced homemakers, households living in manufactured housing, and households living in housing not feasible for rehabilitation.All applicants have to be current with their financial obligations, and have a history of being financially responsible. If individuals have been disapproved for not meeting this requirement, they may reapply six months after repaying all debts, or six months after denial of the first application, whichever occurs later.Borrowers must be secure a fixed-rate first mortgage from a commercial lender, with an interest rate not more than 1.5 percentage points above the current fixed rate of South Dakota Housing’s First-Time Homebuyer Program.Applicants with a debt ratio of more than 43 percent, and housing expense ratio of more than 31 percent of their income are not eligible.Applicants’ cash assets at the time of closing cannot exceed $10,000, and they must be able to contribute at least $500 toward the transaction.All borrowers must complete a homebuyer education administered by the Homeownership Education Resource Organization (HERO).

Eligibility Requirements

The Sioux Falls Homebuyer Assistance Program is only applicable in cases where the borrower is purchasing a single-family detached home affixed to a permanent foundation in the designated program area, not exceeding the purchase price of $137,000. These homes must be inspected by an independent home inspection business licensed or registered by the State of South Dakota.

Property Guidelines

None

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