STATEWIDE PROGRAMS

Homes are Possible, Inc. (HAPI)

Assistance Available:
If you are purchasing property outside Brown County, HAPI is currently offering $3500 in downpayment and closing cost assistance that is forgivable.

If you are interested in purchasing property in Brown County, you can receive a non-forgivable $3500 loan to be repaid at the time of the sale, refinance, or transfer of the property.

Qualifications:
The income limits are according to HUD’s 80% AMI per household size and county. You must complete a homebuyer education course prior to closing.

Homeownership Downpayment Assistance

Assistance Available:
The South Dakota Housing Development Authority is offering Fixed Rate Plus Loans in the form of 3% of the purchase price. You can get a second mortgage at zero rate interest repayable when the property is sold.

Qualifications:
You must be a first time homebuyer (have not owned a home in the past 3 years). Owning and living in a property not permanently affixed to a foundation (ie. mobile home) does not qualify as previous ownership. Income limits change annually. Limits are based on the county in which the property is located. The maximum purchase price is $275,000. but may vary according to county. There is a Veteran’s Waiver Program.

CITY AND COUNTY PROGRAMS

City of Sioux Falls
Homebuyers Assistance Program

Assistance Available:
The City of Sioux Falls Community Development offers a Homebuyers Assistance Program for low and moderate income residents in the form of up to $5000. These are zero interest, deferred loans payable upon the sale of the property or vacancy of the owner. Second mortgage liens are placed on the property until the loan is satisfied.

Qualifications:
Your annual income cannot exceed 80% of the area median. Child support is included in the income calculation. You must be a first time homebuyer (have not owned a home in the past 3 years). You must meet the requirements for obtaining a first mortgage. Your liquid assets cannot exceed $10,000 at the time of closing. You must contribute $500 in personal funds. You must complete a homebuyer education course.

$184,000 is the maximum purchase price. The home must be located in the designated program area. Single family homes are eligible. Mobile homes are ineligible. The property must be inspected prior to closing, and the borrower is responsible for correcting any defects. Contracts for Deed are ineligible.