Casa Reynoza Buyer Resources

First-Time Home Buyer Education in Sioux Falls

Buying your first home comes with a lot of new terms, steps and decisions. This guide walks through the process from start to finish, so you know what to expect and what questions to ask along the way.

Whether you’re just starting to think about buying or you’re ready to get pre-approved, Casa Reynoza is here to guide you step by step, in English or Spanish.

See the Home Buying Process

The Home Buying Process, Step by Step

Every transaction is different, but most first-time purchases follow this general path.

1

Check Your Credit & Set a Budget

Review your credit report and get a realistic sense of what you can comfortably afford, including a monthly payment you’re confident with.

2

Get Pre-Approved for a Mortgage

A lender reviews your income, credit and debt to tell you how much you can borrow. Pre-approval also makes your offer stronger once you find a home.

3

Choose a Realtor You Trust

Your agent represents your interests, helps you understand the market and guides you through every step that follows.

4

Search & Tour Homes

Narrow down your must-haves and start touring homes that fit your budget and needs.

5

Make an Offer

Your agent helps you decide on price and terms, and submits your offer to the seller.

6

Schedule a Home Inspection

Once your offer is accepted, a licensed inspector evaluates the property’s condition before you finalize the purchase.

7

Finalize Financing, Appraisal & Insurance

Your lender orders an appraisal, and you finalize your loan and homeowners insurance before closing.

8

Close on Your Home

You sign the final paperwork, pay closing costs, and get the keys to your new home.

Key Terms Every First-Time Buyer Should Know

A quick reference for terms you’ll hear throughout the process.

Pre-Approval

A lender’s written estimate of how much you can borrow, based on a review of your credit, income and debt.

Earnest Money

A deposit that shows the seller you’re serious about the offer, credited toward your purchase at closing.

Appraisal

A licensed appraiser’s estimate of the home’s value, required by your lender before final loan approval.

Contingency

A condition that must be met for the sale to move forward, such as a satisfactory inspection or financing approval.

Closing Costs

Fees paid at closing beyond the purchase price, including lender fees, title fees and prepaid items like insurance and taxes.

Escrow

A neutral third party that holds funds and documents until all conditions of the sale are met.

PMI

Private Mortgage Insurance, typically required when your down payment is below 20 percent of the purchase price.

Title Insurance

Protects you and your lender against claims or disputes over ownership of the property.

First-Time Buyer Programs to Ask About

South Dakota Housing (the state’s housing finance agency) offers several programs aimed at first-time buyers. Eligibility and terms vary, so ask your lender which of these you may qualify for:

  • Low-interest first-time homebuyer loans
  • Down payment & closing cost assistance (3% or 5% of loan amount)
  • Mortgage credit certificate (up to $2,000/year in federal tax credit)
  • Free HUD-approved homebuyer education classes
  • Governor’s House Program for income-qualified buyers

See current programs at South Dakota Housing

Homebuyer Education & Counseling Resources

Taking a homebuyer education class or counseling session early in the process can help you understand financing, budgeting and the full timeline before you start house hunting. These are resources Casa Reynoza has recommended to clients in the past.

Sioux Empire Housing Partnership

Hugo Barron, Education Director

Hablo Español

605-339-0942

200 N. Phillips Ave. Suite 200, Sioux Falls, SD 57104

Visit Website

LSS Center for Financial Resources

Sara Ramirez, Counseling Director

Hablo Español

605-444-7768

705 East 41st Street, Suite 100, Sioux Falls, SD 57105

Visit Website

NeighborWorks® Dakota Home Resources

A HUD-approved provider offering homebuyer education for South Dakota residents, including online and group class options.

Visit Website

If any of these feel like a good fit, let us know and we’re happy to help you get connected.

Questions to Ask Before You Start House Hunting

✓What is my realistic monthly budget, including taxes and insurance?
✓Am I pre-approved, or only pre-qualified?
✓How much should I budget for closing costs?
✓What first-time buyer programs might I qualify for?
✓How long do I plan to stay in this home?
✓Which neighborhoods and school districts fit my needs?
✓What is my realistic timeline to move?
✓Do I want an inspection contingency in my offer?
✓Where is my down payment coming from?

How Casa Reynoza Helps First-Time Buyers

Buying your first home shouldn’t feel overwhelming. I walk first-time buyers through each step, in English or Spanish, from getting pre-approved to picking up the keys, so you always know what’s happening next and why.

That includes helping you understand your offer, coordinating your inspection and insurance timelines, and answering the questions that come up along the way, even the ones that feel too basic to ask.

Ready to Start Your First-Time Home Buying Journey?

Schedule a buyer consultation with Casa Reynoza and let’s talk through your budget, timeline and next steps.

Schedule a Buyer Consultation