GROW SD Offers Home Buyers Down Payment Assistance
Monday, June 05, 2017
June is National Homeownership Month, and it’s a great time to get into a home. GROW SD makes that easier for home buyers by offering down payment and closing cost assistance.
Some people who have the income to make monthly mortgage payments nevertheless find it difficult to save the money necessary to make a down payment on a home. Because of this, they may be denied the opportunity. Down payment assistance provides a solution. GROW SD offers income-qualified home buyers loans they can use to cover a down payment and closing costs. These loans are paired with first mortgages. The down payment loans are in the form of deferred second mortgage and are due upon the sale of the home, refinance, or when the first mortgage is repaid.
Over the past year, GROW SD has received funding to capitalize its down payment assistance lending capital. Grants from the Capital Magnet Fund, a program of the U.S. Treasury’s Community Development Financial Institution Fund, and the South Dakota Housing Development Authority’s Housing Opportunity Fund are being used to support down payment assistance. Additional funding will be coming online soon.
Category: GROW SD