Down Payment/Closing Costs Assistance Available
Tuesday, September 15, 2015
Currently, the GROW South Dakota office, located in Sisseton, SD, has funding available for Down Payment/Closing Costs for individuals and families looking to purchase, or construct a home. These funds are available to individuals in the Rapid City and Sioux Falls areas, as well as all other residents in South Dakota.
The Down Payment/Closing Cost assistance program can provide eligible homebuyers purchasing or constructing a home in South Dakota with two opportunities:
- Rapid City or Sioux Falls Residents- up to $10,000 down payment/closing cost, 0% interest deferred mortgage, for the purchase of their owner-occupied principal residence.
- All Other South Dakota Residents- up to $5,000 down payment/closing cost, 0% interest deferred mortgage, for the purchase of their owner occupied principal residence.
Mobile homes will not be funded unless placed on a permanent foundation with ownership to the property. These deferred mortgages will not have to be repaid until the property is refinanced, the sale or exchange of the residence takes place, the property ceases to be the principal residence of the homeowner, or the first mortgage and note reach maturity. Generally the note and mortgage will mature on the same date as the first mortgage note, but in no event will the mortgage and promissory note extend longer than 33 years from the date of closing. At no time will the GROW South Dakota mortgage loan exceed the actual down payment/closing costs as determined by the lender. No cash may be returned to the homeowner. This program will not consider the refinancing of homes.
Category: GROW SD