Buying a home in South Dakota
If you're buying a home in South Dakota, you can use any of the nationwide mortgage programs that provide affordable, accessible home loans. That includes government-backed mortgage programs like:- USDA loans: allow 0% down in qualified rural areas
- VA loans: allow 0% down for eligible veterans
- FHA loans: let you put just 3.5% down
- The South Dakota First-Time Homebuyer Program
- The HUD’s resource on down payment and homeownership assistance in South Dakota
- The GROW program for homes up to $175,000
Refinancing a home in South Dakota
South Dakota has very few state laws that stand in the way of a homeowner refinancing. So, unlike in some other states, you don’t:- Need an attorney
- Have to show a tangible net benefit (TNB) that results from your refinancing (read on for more about those)
- A lower monthly payment
- A lower mortgage rate
- A shorter term (you might swap your existing 30-year loan for a 10-, 15- or 20-year one)
- A fixed-rate mortgage to replace your existing adjustable-rate mortgage (ARM)
- A check on closing because you’re doing a cash-out refinance