Current South Dakota Mortgage Rates and Statewide Home Buyer Programs
South Dakota is home to the historic Mount Rushmore, and is bisected by the beautiful Missouri river. The West River and East River areas of the state, as they are known, are both home to small, friendly communities. Whether you want to live close to the Black Hills or near the banks of the great river, you can make that dream come true with a home loan at low SD mortgage rates.

SD mortgage interest rates are determined by many different factors. A qualified lender can assist you with understanding mortgage rates and how they’ll affect your future loan payments. South Dakota mortgage interest rates are also a major factor in the size of the mortgage you'll be able to afford.

SD Mortgage Rates and First Time Home Buyer Programs
The South Dakota Housing Development Authority (SDHDA) is in charge of several programs that help residents of the state realize the great American dream of becoming homeowners. One of their flagship programs is the First-Time Homebuyer program.

This program is exclusively for families or individuals who have not purchased a home in SD within the last three years. Participants in the program must live in the home they purchase as their primary residence.

One major feature of the First-Time Homebuyer Program is that it offers rates lower than current South Dakota mortgage rates.

Down Payment Assistance and Low South Dakota Mortgage Interest Rates
The SDHDA offers several options for South Dakota residents who want to get into a home but don’t have the funds for a down payment. If you want to obtain financing to take advantage of low SD mortgage interest rates, any one of these three down payment assistant programs offered by the SDHDA can help you to do so:

• Advance Tax Credit Loan Program: This program allows buyers to use part of their Federal First-Time Homebuyer Tax Credit for the down payment on their home purchase.

• Employer Mortgage Assistance Program: This program offers buyers an extremely low interest rate second position mortgage to cover closing costs and down payment requirements of the first mortgage lender.  Loan funds are provided in part by participating employers, and made available to employees of those companies.

• Loan Assistance Program: This program is available to those who meet certain income qualifications. Eligible participants can expect a low-interest loan for a down payment, closing costs and gap financing. These rates are typically better than current South Dakota mortgage interest rates.