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Down Payment Assistance

Getting the Most from Your Down Payment

Your down payment is a significant cost factor in purchasing a home, but there are many programs that can help you with this cost. Participants who complete our pre-purchase homebuyer education program may receive discounts on their closing fees, but there are many other programs that may fit your financial situation.

The Federal Home Loan Bank's Rural Homeownership Fund provides up to $5,000 for first time home buyer or $2,500 for non-first time home buyer. Money can be used for down payment assistance or closing costs. The applicant must complete home buyer education and meet financial requirements.

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South Dakota Housing Development Authority Programs

Fixed-Rate Plus Option gives the borrower a 3% gift to be used for down payment or closing costs. This option slightly raises the loan interest rate.

City of Sioux Falls

The City of Sioux Falls offers a Community Development homebuyers assistance program which involves interest free down payment assistance for properties within the designated program area.

Home Improvement

There are a number of programs designed to help current low-to moderate-income homeowners improve their properties.

South Dakota Housing Development Authority’s Community Home Improvement Program — Provides low interest loans for eligible borrowers to improve or repair the borrower's present single family home.

City of Sioux Falls Single-Family Rehabilitation Assistance — Provides financial assistance to low- and moderate-income homeowners to maintain their properties in a decent, safe and sanitary condition.


Phone: (605) 339-0942


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