{"id":19202,"date":"2021-05-28T22:51:22","date_gmt":"2021-05-29T03:51:22","guid":{"rendered":"https:\/\/unitedresourceconnection.org\/cannon-ball-nd-58528\/sdhda-announces-new-options-for-first-time-and-repeat-homebuyers\/"},"modified":"2021-05-28T22:51:22","modified_gmt":"2021-05-29T03:51:22","slug":"sdhda-announces-new-options-for-first-time-and-repeat-homebuyers","status":"publish","type":"post","link":"https:\/\/unitedresourceconnection.org\/cannon-ball-nd-58528\/sdhda-announces-new-options-for-first-time-and-repeat-homebuyers\/","title":{"rendered":"SDHDA announces new options for First-Time and Repeat Homebuyers"},"content":{"rendered":"
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PIERRE \u2013 South Dakota Housing Development Authority (SDHDA) is announcing two exciting changes that will provide both first-time and repeat homebuyers with additional opportunities to achieve their dream of buying a new home.\u00a0<\/span><\/p>\n

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It is currently a seller\u2019s market in many South Dakota communities, as low inventory is causing housing prices to skyrocket. However, interest rates remain at an all-time low, making it a great time to buy for many. In an effort to provide additional assistance to buyers, SDHDA is now offering two new enhancements to its mortgage programs: elimination of an origination fee and additional downpayment assistance.<\/span><\/p>\n

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Effective with all loan commitments dated on or after May 14, 2021, the 1% SDHDA origination fee will be waived. For example, on a $200,000 loan, an origination fee of 1% would be $2,000. This change will allow borrowers to pay less in upfront closing costs.<\/span><\/p>\n

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In addition, SDHDA will be providing borrowers an additional option for the Fixed Rate Plus loan. Currently, borrowers are eligible for a loan that equals 3% of the first mortgage amount for downpayment and closing costs assistance. After May 14, 2021, a loan option that equals 5% of the mortgage will be available, in addition to the 3% option. Some borrowers may need the additional funds to fill the gap created by the seller\u2019s market.\u00a0<\/span><\/p>\n

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The elimination of the 1% origination fee and the additional Fixed Rate Plus loan option are intended to make it easier for borrowers to come up with the required downpayment and closing costs.\u00a0<\/span><\/p>\n

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Borrowers must meet certain qualification requirements, including income and purchase price restrictions. The income limits vary by county and can be found on <\/span>SDHDA\u2019s website<\/span><\/a>.<\/span><\/p>\n

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Homebuyers interested in assistance can begin the application process by visiting a lender offering SDHDA homebuyer products. A list of participating lenders can be found on <\/span>sdhda.org<\/span><\/a> or by calling 800.540.4241.<\/span><\/p>\n

The post SDHDA announces new options for First-Time and Repeat Homebuyers<\/a> first appeared on Native Sun News Today<\/a>.<\/p>\n

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Visit Original Source<\/a><\/p>","protected":false},"excerpt":{"rendered":"

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PIERRE \u2013 South Dakota Housing Development Authority (SDHDA) is announcing two exciting changes that will provide both first-time and repeat homebuyers with additional opportunities to achieve their dream of buying a new home.\u00a0 \u00a0 It is currently a seller\u2019s market in many South Dakota communities, as low inventory is causing <\/p>\n

Read More<\/a>
Shared by Native Sun News Today<\/a> May 28, 2021<\/p>\n

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