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Types of Loans

Conventional Loans

The most traditional way to finance a new home is through a fixed-rate conventional mortgage. Down payments vary depending on the loan program, and terms can range from 10 to 30 years.

South Dakota Housing Development Authority (SDHDA)

If you haven’t owned a principle residence in the last three years, you might qualify for the SDHDA first-time homebuyer program, which provides below-market rates to borrowers who qualify. Income limits and purchase price limits do apply. Find more details, current limits and rates on the SDHDA’s website.

Government Loans

Federal Housing Administration (FHA) loans are available to first-time homebuyers, offering a low down payment.

VA loans are available to veterans, active duty military personnel and National Guard members who meet the service requirements. This loan is guaranteed by the Department of Veterans Affairs and requires no down payment.

Rural Development (RD) loans are available to assist borrowers with a home purchase in rural communities. The U.S. Department of Agriculture guarantees the RD loan and requires no down payment.

Other programs may be available to help with minimum down payments.

Home Construction Financing

When building a new home, a short-term loan can be obtained to provide financing for construction costs.

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