Assistance program · South Dakota
Fixed Rate Plus
South Dakota state authority mortgage with 3% or 5% of the loan for the down payment and closing costs, as a 0% second mortgage with no payments, repaid when you sell or pay off the home
At a glance
- Kind of help
- Deferred
- Second loan with no payments until you sell or refinance
- First-time buyer?
- Not stated — ask
- The source does not say whether you must be a first-time buyer
- Checked
- November 5, 2026
- Against the program's official page.
Type of help
What it is
- Second loan with no payments until you sell or refinance
What it gives
Source text
If you qualify, you may receive 3% or 5% in downpayment and closing costs assistance to help with financing your mortgage. … The Fixed Rate Plus loan allows for downpayment funds of three (3) or five (5) percent of the first mortgage loan but will include a second mortgage at 0% interest rate, due-on-sale or satisfaction, no payments, and no additional fees. A summary of what the program publishes; not a loan offer or advice. Amounts, limits and funding change without notice.
At a glance
Who qualifies
Each answer comes from the program's page. "Not stated — ask" means its page doesn't make it clear: ask before you apply.
Source text
Ask your lender for more details and to see if you qualify. - First-time buyers only Not stated — ask
- Homebuyer course required Not stated — ask
- Minimum credit score Not stated — ask
- Income limit The source does not mention one
- Price limit Per the program table
- Mortgages it works with Not stated — ask
- Immigration requirement Not stated — ask
- Accepts ITIN? Not stated — ask
- Spanish materials Not stated — ask
- Program status The source does not say whether it is open — ask
- Where it applies All of South Dakota
What its page says about being open
Its page does not say whether the program is open or has funds. Ask the lender or the agency before counting on it. Read on the official page on November 5, 2026.
Your area in numbers
What buying costs in South Dakota
The program covers all of South Dakota. The first column is South Dakota's figure; the second runs from the lowest to the highest among its counties. Limits change by county: check yours.
The typical home value ($257,400) fits within South Dakota's FHA limit ($541,287).
| Figure | South Dakota | Lowest to highest | Source |
|---|---|---|---|
| Typical home value | $257,400 | $52,900 (Oglala Lakota County) to $372,100 (Custer County) | U.S. Census Bureau |
| FHA limit (one-unit home) | $541,287 | $541,287 (Aurora County) to $541,650 (Lawrence County) | HUD |
| Conforming limit (one-unit home) | $832,750 | $832,750 in all 66 counties | FHFA |
| HUD low income (80%), household of 4 | $78,550 | $75,600 (Beadle County) to $95,850 (Stanley County) | HUD |
Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024) · FHA mortgage limits (HUD) (2026 data) · Conforming loan limits (FHFA) (2026 data) · Income Limits (HUD) (Fiscal year 2026)
Step by step
How to use it, step by step
Each step comes from what the program's page says. What its page leaves out is further down, in the questions.
Find a participating lender-
Ask first whether it is open
Its page does not say whether it is open or still has funds. That is the first thing to ask.
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Find a participating lender: state programs do not take applications directly; the lender reserves the assistance while processing your mortgage.
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Compare the total cost before you sign
Ask about the total cost. The mortgage with assistance may carry a higher rate than without it, and some programs charge for the course or a fee.
Before you call
What to ask
Its page leaves 11 points unclear. Write them down for when you talk to South Dakota Housing Development Authority.
What its page does not say
- Is it open now, and does it still have funds?
- What is the most it gives, and how is it calculated?
- Is it only for first-time buyers?
- Do you require a homebuyer course? Which ones do you accept, and what do they cost?
- Is there an income limit for my household?
- Is there a maximum price for the home?
- What minimum credit score do you require?
- Which mortgage types does it work with: FHA, VA, USDA or conventional?
- Which immigration status or residency documents do you ask for?
- Do you accept an ITIN?
- Do you have materials or staff in Spanish?
Worth asking for this kind of help
- When is the second loan repaid: when I sell, refinance or pay off the mortgage?
Against the others
How it compares with South Dakota's other programs
The 2 programs we checked in South Dakota, with the same fields from their official pages. "Doesn't say" means its page does not make it clear.
It is the only one of South Dakota's 2 programs whose page does not say whether you must be a first-time buyer. None of the 2 publishes an amount with the figure in its own wording. It is the only program in South Dakota on our list with "deferred" help.
Swipe the table to see every column.
| Program | Kind of help | Published amount | First-time buyers only | Course required | Accepts ITIN | Where it applies |
|---|---|---|---|---|---|---|
| Fixed Rate Plusthis program | Deferred | Not published | Doesn't say | Doesn't say | Doesn't say | Statewide |
| South Dakota Housing Tax Credit (MCC) | Tax credit | Not published | Yes | Doesn't say | Doesn't say | Statewide |
Sources
How we checked this program
We read the program's official pages on November 5, 2026 and copied their text as it appears on them. We add no amounts or requirements those pages do not state, and a program is listed as open or closed only when its page says so.
We check every program again. If more than 180 days pass without a check, the page says so.
Get free help applying
A HUD-approved housing counselor explains the program's requirements, goes over your numbers and tells you what to ask the lender. They do not sell loans.
Find a counselor (HUD)Read before you apply
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Help and programs
Down payment assistance: how it works
What down payment assistance is, the types that exist (grant, forgivable or deferred second loan, tax credit), who qualifies and where to find it.
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Help and programs
HUD housing counselors: what they do and what they cost
What a HUD-approved housing counselor does, what they help with (buying, renting, missed payments, credit), what they may charge and how to find one.
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Help and programs
Public charge and housing: what the rules say
Public charge: which housing help DHS may consider, who is exempt, how HUD prorates assistance for mixed-status families and where to get free advice.
Your county
Price and income limits depend on the county. Your county page has the typical value, the FHA limit and the counseling agencies that can walk you through the application.