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Home Mortgage Loan FAQs

I want to purchase a home, how do I apply for a home mortgage loan through Grow South Dakota (GROW SD)?

GROW SD has an online portal to start the process 

Click here for a step by step guide to begin the application process.   

How much of a home mortgage loan am I eligible for from GROW SD?

There are a number of factors that are affected by the amount you may qualify for. 

  • Items that are taken into consideration include, but are not limited to the applicants/borrowers income, assets, employment, credit history and monthly expenses. An overall risk assessment is compiled based on many different factors.  
  • Other items that are taken into consideration are the lenders mortgage terms of the potential loan, such as interest rate, amortization, total loan amount, property taxes and insurance.
  • GROW SD loan’s will not typically exceed $300,000.

How long does it take to be approved for a Direct loan?

Once GROW SD has received all information to make an eligibility determination, we will respond within 3 days. 

Do I need to have an appraisal completed on the home I would like to purchase?

Yes. Once the borrower has been determined eligible from GROW SD and a Purchase Agreement has been completed, GROW SD will order an appraisal.  An applicant/borrower/seller should not order the appraisal.

The borrower will be required to provide a deposit for the cost of the appraisal prior to GROW SD ordering the appraisal. 

Do I need to take a Home buyer education course?

Yes. You will need to complete an approved Homebuyer Education Course by an eligible organization.  Check with GROW SD first before beginning your class to ensure you are meeting any requirements.   

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A Half-Century of Serving South Dakotans

In 1978, NESDCAP created the Northeast South Dakota Economic Corporation (NESDEC) as a revolving loan fund to focus on small business lending and job creation in 22 counties. In 2007, Grow South Dakota, was formed to provide housing, community and economic development statewide. Through services to individuals, technical assistance to community and economic development agencies, and loans to small businesses and homebuyers, GROW South Dakota has had broad and lasting impact.

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GROW South Dakota

GROW South Dakota
104 Ash Street East
Sisseton, SD  57262
Phone (605) 698-7654
Fax (605) 698-3038