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NeighborWorks Dakota Home Resources Down Payment and Closing Costs Loan Program

NeighborWorks Dakota Home Resources · Deadwood, South Dakota

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Income limit

115% AMI

Of area median income; varies by county and household size

Repayment

Deferred

No payments until the home is sold or refinanced

What is NeighborWorks Dakota Home Resources Down Payment and Closing Costs Loan Program?

NeighborWorks Dakota Home Resources Down Payment and Closing Costs Loan Program is a deferred second loan for homebuyers in Deadwood, South Dakota, administered by NeighborWorks Dakota Home Resources.

  • NeighborWorks Dakota Home Resources, a HUD-approved housing counseling agency and NeighborWorks America affiliate in Deadwood serving western South Dakota (including the Rapid City / Black Hills area), offers Down Payment and Closing Costs Loans to help income-eligible households buy a home. Both deferred (no payments, no interest) and payable (interest and monthly payments) loan structures are offered.
  • Down payment and closing cost assistance loans (deferred or payable structures).
  • Free HUD-certified housing counseling and homebuyer education.

Do you have to pay it back?

NeighborWorks Dakota Home Resources Down Payment and Closing Costs Loan Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

NeighborWorks Dakota Home Resources Down Payment and Closing Costs Loan Program sets its eligibility rules through NeighborWorks Dakota Home Resources, and does not restrict applicants to first-time buyers.

The program requires

  • DRAFT (dpa-gap-finder 2026-06-14): pending review. Eligibility by household income and family size (up to 115% AMI; up to 150% AMI for first responders, teachers, firefighters, police). Loan terms/conditions/availability subject to change; site directs applicants to call for current details. Could not confirm from primary source: exact assistance amounts/caps, interest rate on payable option, forgiveness/repayment terms on deferred option, min credit score, max DTI, max purchase price, first-time-buyer requirement, eligible property types, education mandate.

The program excludes

  • Households above 115% of area median income

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

NeighborWorks Dakota Home Resources Down Payment and Closing Costs Loan Program limits household income to 115% of the area median income, which varies by county and household size.

  • Eligibility by household income and family size: up to 115% AMI for the county, or up to 150% AMI for first responders, teachers, firefighters, and police.
  • Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Is there eligibility for specific groups?

NeighborWorks Dakota Home Resources Down Payment and Closing Costs Loan Program names educators, law enforcement officers, and firefighters among the groups it serves.

  • Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

NeighborWorks Dakota Home Resources Down Payment and Closing Costs Loan Program serves buyers purchasing in Deadwood, South Dakota.

How do you apply?

Applications for NeighborWorks Dakota Home Resources Down Payment and Closing Costs Loan Program go through NeighborWorks Dakota Home Resources, which publishes the current terms and the application steps on its own site.

  1. Contact NeighborWorks Dakota Home Resources to reserve funds

    Funds are reserved with the provider and are subject to availability.

  2. Work with a lender who handles the program

    Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.

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