SD Housing First-Time Homebuyer Program
Fairway Heartland, a branch of Fairway Home Mortgage in Sioux Falls, helps first-time buyers across South Dakota use the South Dakota Housing First-Time Homebuyer Program. Often called the bond program, it offers 30-year fixed-rate mortgages and optional down payment help, and it works with FHA, VA, USDA, and conventional loans.Key Benefits of SD Housing Financing
30-year fixed-rate mortgages at low interest rates
Down payment and closing costs are equal to 3% or 5% of the loan amount
Assistance is a 0% second mortgage with no monthly payment
Pairs with FHA, VA, USDA, and conventional loans
Rate buy-down option with a 1% discount point at closing
Do You Qualify for the SD Housing Program?
Buyers who haven't owned a home in the past three years and have household income at or below South Dakota Housing's* limits are purchasing a primary residence in South Dakota priced at $410,000 or less.
**South Dakota Housing program terms, rates, income limits, and purchase price limits are subject to change. Not all buyers will qualify.
VA Loan Questions, Answered
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A Fairway Heartland loan officer reviews your credit, income, and household size during pre-approval and checks them against the current South Dakota Housing limits. You'll know if you qualify before you start house hunting.
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No. It is a 0% interest second mortgage with no monthly payment. It is repaid when you sell or refinance the home, or when the first mortgage is paid off.
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Ask our team. Heartland Heroes is a separate Fairway Heartland program for veterans, healthcare workers, educators, and first responders, and we review eligibility for each separately.