1st-Time Homebuyer Programs

For many, one of the largest obstacles to homeownership is coming up with money to close the loan. If you're a first time home buyer and meet the program's income qualifications, you may be eligible for down payment assistance and a below-market fixed interest rate mortgage loan. 

Benefits of the 1st-Time Homebuyer Programs are:

• Low interest rates
• Up to a 3% "Gift Program" available for qualified buyers from South Dakota Housing
• Sellers are allowed to pay up to 3% toward your closing costs
• Can be combined with other loan options to obtain 100% financing
• Can be used on existing properties or on new construction

To qualify for a 1st-Time Homebuyer Loan:

• You cannot have resided in a home in which you own during the previous three years. For the purpose of determing prior homeownership, residing in a dwelling unit that was not permanently affixed to a permanent foundation is not considered prior homeownership. Additionally, Veterans who are 2nd-Time Homebuyers may qualify under a "Veteran's Waiver".

If you are in the market to purchase a new home and would like to work with a Highmark "Preferred Realtor", contact us today for a referral.

All loans must meet lending standards of creditworthiness and be insured or guaranteed against default by the Federal Housing Authority (FHA), Veterans Administration (VA), USDA Rural Development or insured by a private mortgage insurance (PMI) company. Mortgage Insurance is not required if your downpayment is 20% or more.

Your total household income cannot exceed the federally-imposed Income Limit for the county in which the property is located. (Maximum Family Income by Family Size for the Black Hills region as of January 3, 2012:  2 or less = $63,800  3 or more = $73,370)

To expedite the processing of your mortgage loan request, please provide us with the following information:

• Completed Loan Application - online/paper
• W2's for the last 2 years
• Most recent paystub(s)
• If self-employed include last 2 years of completed tax returns with all schedules
• Most recent 2 months bank statements for all listed in the assets section of your application

If you are purchasing a home, please include the following documentation:

• Signed purchase agreement with all pages including Realtor's name and phone number, if you have already made an offer on a property.

Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $150,000 with closing costs of $3,000. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $500,000 with closing costs of $10,000. Your actual APR may be different depending upon these factors.