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Repeat Homebuyer Program

Statewide, South Dakota

Last verified
See what you qualify forOfficial program site →
Assistance

5%

Of the purchase price, as the program sets it

Income limit

$143,080

The household income limit the program publishes

Price cap

$460,000

Highest purchase price the program allows

Repayment

Deferred

No payments until the home is sold or refinanced

What is Repeat Homebuyer Program?

Repeat Homebuyer Program is a deferred second loan for homebuyers in Statewide, South Dakota.

  • SDHDA 30-year fixed first mortgage with optional amortizing DPA second up to 5% of loan amount for REPEAT homebuyers (no FTHB requirement). 620 FICO, 50% DTI, higher income / purchase price limits than FTHB Program. Statewide.
  • SDHDA's Repeat Homebuyer Program provides a 30-year fixed-rate first mortgage paired with optional Down Payment Assistance (DPA) up to 5% of the loan amount (typically $7,500-$10,000) for buyers who DO NOT need to be first-time homebuyers. The DPA is structured as an amortizing second mortgage at a slightly higher rate than the first mortgage, with the same 30-year term. Funds may be applied to down payment and closing costs. Higher income limits ($122,640 1-2p / $143,080 3+p) and higher purchase price limit ($460,000) than the First-Time Homebuyer Program. 620 minimum FICO. Available statewide in South Dakota.
  • Funding comes from State and Bond.

How much assistance does it provide?

Repeat Homebuyer Program provides assistance worth 5% of the purchase price, as set by the program.

  • The program asks buyers to contribute $1,000 minimum borrower investment (may be gifted).
  • The program can be combined with other assistance, subject to the rules of each.
  • Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

Repeat Homebuyer Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

  • Repayment is triggered by 30-year amortizing monthly payments. Balance due on sale, refinance, transfer of title, or non-owner-occupancy.
  • The assistance is recorded in 2nd Lien position.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Repeat Homebuyer Program is open to buyers who will live in the home as their primary residence.

The program requires

  • The home is occupied as a primary residence
  • On credit: 620 minimum representative mid-FICO across loan products (lower than First-Time Homebuyer Program's 640).
  • A completed homebuyer education course, through SDHDA-approved homebuyer education provider (NeighborWorks Dakota Home Resources, GROW South Dakota, Homes Are Possible Inc., Framework, eHome America, or HUD-approved counseling agency).
  • Residency: Property must be located in South Dakota and serve as borrower's principal residence.
  • Citizenship or immigration status: U.S. citizen, permanent resident alien, or qualifying non-permanent resident alien per first-mortgage product overlays.
  • No first-time homebuyer requirement (open to repeat buyers). Owner-occupied principal residence in South Dakota. Annual household income within SDHDA Repeat Homebuyer limits ($122,640 1-2p / $143,080 3+p by county). Purchase price within SDHDA Repeat acquisition cost limits (up to $460,000). 620 minimum representative mid-FICO. 50% maximum DTI. $1,000 minimum borrower contribution (giftable). SDHDA-approved homebuyer education required.

The program excludes

  • Purchases above the $460,000 price cap
  • Households above $143,080

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?

Repeat Homebuyer Program limits household income to $143,080.

  • The limit applies to total household income, not only the borrower’s.
  • Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Repeat Homebuyer Program caps the purchase price at $460,000.

  • Eligible property types include Single-family detached, condominium, townhouse, PUD and manufactured home on permanent foundation per servicer overlays.
  • New construction is eligible.
  • Manufactured homes are eligible.

Is there eligibility for specific groups?

Repeat Homebuyer Program names veterans, active-duty service members, reservists and National Guard members, and surviving spouses 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?

Repeat Homebuyer Program serves buyers purchasing in Statewide, South Dakota.

How do you apply?

Applications for Repeat Homebuyer Program go through the administering agency, which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program, through SDHDA-approved homebuyer education provider (NeighborWorks Dakota Home Resources, GROW South Dakota, Homes Are Possible Inc., Framework, eHome America, or HUD-approved counseling agency)..

  2. Contact the administering agency to reserve funds

    Funds are reserved through Reserved by approved participating lender via SDHDA Lender Online portal at time of rate lock., and are subject to availability.

  3. 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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