Buy A Home With No Money Down Rapid City SD

How To Buy A Home With No Money Down In Rapid City South Dakota

There is one loan program, that most people are aware of that allows home buyers to buy a home with no money down in Rapid City South Dakota and that is the VA Home Loan.

Another mortgage program to buy a home with no money down, is available if you are looking outside of Rapid City. This program is called Rural Development, which has specific areas for no money down homes, there are also income limits.

If you do not qualify for either of these home loans, and you need to buy a home with now money down, consider looking into down payment assistance programs in South Dakota. Not all lenders have these resources available to them, so make sure you find the right lender.

The first program is South Dakota Housing first time home buyer assistance. You can get a gift that gives you up to 3% of the loan amount. A first time home buyer is someone that has not owned a home in the last 3 years.

The second program is Federal Home Loan Bank Grant Money. With this program you can get up to $5000 for down payment if you qualify.

To find out if you do qualify for these or other programs that are available contact Jesse Herrington 605-399-0990 with First National Bank in Rapid City. Be sure to mention that you heard about the programs from this article.

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