Dakota Dream Savings Funds - A Dream Come True
Tuesday, February 02, 2016
The process of purchasing a home can be an exciting and rewarding time; but are you aware of the resources available to help you navigate the process? “I contacted GROW South Dakota after I saw a story about a savings fund, not knowing at the time the purpose of this savings fund was to save for a house” said David Souhrada.
David was referencing the Dakota Dream Savings Fund, through GROW South Dakota. The Dakota Dream Savings Fund is a matched savings account, designed to help families and individuals establish a pattern of regular saving, with the end goal of using the saved funds for a down payment on the purchase of a first home
David, and his wife Karyna, were just beginning their housing journey when they contacted GROW South Dakota. ”Before coming to GROW South Dakota, we were living month-to-month while barely paying all of our bills,” stated David. Circumstances beyond their control only allowed David to work, as Karyna was pregnant, and unable to work due to complications stemming from her pregnancy. Although they were not in complete debt, it was a concern at times if they would have enough money available to cover their monthly bills.
With a forever home on their minds, the Souhrada’s were able to put money into a savings fund to begin fulfilling their dream of home ownership. Once they had saved $2,000, GROW South Dakota was able to match it with $6,000; for a $8,000 down payment on their new home In addition to the Dakota Dreams Savings Fund, the Souhrada’s were able to utilize a Homebuyer Education class, also offered by GROW South Dakota. As David said, “The class helped us know what to look for and what to stay away from.”
When asked about the experience, David replied, “Our lives have improved with the ability to afford a house. The savings fund allowed us to put 20% down to lower our monthly payment by $50. If you’re looking to purchase a house, this is a great opportunity to help make that dream come true. The people at GROW South Dakota are great people, and they want to help everyone they can.”
For more information on the Dakota Dream Savings fund, or on Homebuyer Education classes, please contact GROW South Dakota at (605) 698-7654, ext. 128.
*clients must meet eligibility requirements for the program.
Category: Success Stories