Skip to content
Purchase Mortgage Loan
Get Pre-Approved

First-Time Buyer loans in South Dakota

Quick answer

First-time buyers in South Dakota can use FHA (3.5% down), conventional 97 (3% down), VA or USDA loans, plus programs from South Dakota Housing. On a $236,800 home, 3% down is about $7,104.

By Purchase Mortgage Loan Editorial Team Checked against official sources per our editorial standardsLast updated

First-Time Buyer loan snapshot for South Dakota

ItemEstimate
Minimum down payment0%–3.5%
Minimum credit score580–620
Typical SD home value$236,800
3.5% down on typical home$8,288
20% down on typical home$47,360
Avg. effective property tax1.09%/yr (~$216/mo)
Income for typical home (31% rule)$76,000

Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.

Which South Dakota programs pair with First-Time Buyer loans?

  • First-Time Homebuyer Program: Fixed-rate loans for first-time buyers within limits.
  • Fixed Rate with Down Payment Assistance: A first mortgage paired with assistance for down payment and closing costs.

Details and current limits: South Dakota Housing.

Compare first-time buyer loan options

LoanMin. downMin. creditMortgage insurance
FHA3.5%5801.75% upfront + annual MIP
Conventional 97 / HomeReady / Home Possible3%620PMI, removable
VA0%Lender-set (~580–620)None (funding fee)
USDA0%~6401% upfront + 0.35% annual

Who counts as a first-time home buyer?

Under HUD and most agency definitions, you're a first-time buyer if you haven't owned a principal residence in the last three years. Single parents and displaced homemakers who only owned with a former spouse may also qualify.

First-Time Buyer loans in South Dakota cities

First-Time Buyer in Sioux FallsFirst-Time Buyer in Rapid CityFirst-Time Buyer in AberdeenFirst-Time Buyer in BrookingsFirst-Time Buyer in WatertownFirst-Time Buyer in MitchellFirst-Time Buyer in YanktonFirst-Time Buyer in HuronFirst-Time Buyer in PierreFirst-Time Buyer in SpearfishFirst-Time Buyer in Box ElderFirst-Time Buyer in VermillionFirst-Time Buyer in Brandon

Frequently asked questions

Yes. First-Time Buyer loans are available statewide in South Dakota through approved lenders, subject to county loan limits where they apply.

Often yes. South Dakota Housing and local programs frequently pair assistance with FHA, conventional, VA or USDA first mortgages. Eligibility depends on income, price and program rules.

Answer a few questions on Purchase Mortgage Loan and we'll match you with lenders and loan officers in our network who serve South Dakota.

Get matched with First-Time Buyer lenders in South Dakota

Answer a few quick questions and get matched with purchase mortgage lenders in your area. Free, and it won't affect your credit score.

Get My Matches

Figures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.