GROW SD Awarded Down Payment Funds
Monday, June 22, 2015
The South Dakota Housing Opportunity Fund (HOF) has awarded GROW South Dakota $550,000 for the purpose of expanding GROW South Dakota’s Down Payment/Closing Cost Assistance Program and to build a program that will foster sustainable homeownership statewide and assist qualified homebuyers to purchase or construct a home. Two down payment/closing cost loan products are available:
RAPID CITY or SIOUX FALLS RESIDENTS | A $10,000 down payment/closing cost, 0% interest deferred mortgage, for the purchase of their owner occupied principal residence.
ALL OTHER SOUTH DAKOTA RESIDENTS | A $5,000 down payment/closing cost, 0% interest deferred mortgage, for the purchase of their owner occupied principal residence.
Homeownership clients assisted by GROW South Dakota have the capability of making monthly mortgage payments, but often times have not had the means to save for the down payment or closing costs required to purchase the home of their dreams. Down payment/closing cost assistance programs are an investment in the future of our communities by supporting sustainable homeownership. A down payment/closing cost loan coupled with pre-purchase homebuyer education and counseling is a winning combination that links two very critical components of homeownership to create asset building, success, and sustainability for residents of South Dakota.
“This down payment/closing cost program will provide additional assistance to help individuals and families on the path to home ownership,” stated Wade Veflin, Housing Loan Officer.
GROW South Dakota staff leading the Down Payment and Closing Costs program pictured in the first row are Wade Veflin, Housing Loan Officer; and in second row (left to right) are Lori Moen, Chief Operating Officer; and Maureen Nelson, Project Director.
To apply for the down payment/closing cost assistance program, please visit our website at www.growsd.org or call (605) 698-7654. GROW SOUTH DAKOTA is an Equal Opportunity Lender, Provider, and Employer.
Category: GROW SD