First time buyers looking to purchase your home prior to your “big day” or couples who are “just married” and wanting to use some wedding money on purchasing your first home – listen up!
Effective this morning, South Dakota Housing Development Authority made some changes to the program:
- They are no longer charging the 1% Discount Point on loan commitments dated on or after February 18, 2011 (this is a huge savings).
- The new rate for the SDHDA Step Rate Program is Year 1 – 3.125%, Year 2 – 3.625%, Year 3 – 4.125%, Year 4 – 4.625% and years 5-30 – Fixed at 5.125%
- The new rate for the SDHDA Fixed Rate Program is 4.125%
- The new rate for the SDHDA Fixed Rate PLUS Program is 4.625% (this is the program that will gift you 3% for your down payment).
- And lastly, the new rate for the Advanced Tax Credit Second Loan Program Option (available to members of the Armed Services Only) is 4.25%
Income restrictions have remained the same – questions?? Call/text me at 605-360-2574 or email me at Jackie@hegg.com – I will help you in any way I can!