Celebrating Homeownership in June
Monday, June 04, 2018
June is National Homeownership Month. It’s a time to celebrate the positive effect homebuying can have on household wealth and neighborhood stability as well as our region’s overall economic health.
Homeownership is a part of the quintessential American Dream. But for many people, the idea of buying a house is daunting. There are many common misperceptions about the homebuying process. One of the most prominent is that buyers must save 20 percent for a down payment. In reality, the majority of first-time homebuyers put down 6 percent or less.
GROW South Dakota has long been a valuable resource for homebuyers. The organization offers homebuyer education and counseling. Staff help simplify the complex and often confusing process of buying a home.
“A lot of people don’t realize there are programs to help them buy a home,” says Brenda Waage, a housing loan officer at GROW South Dakota.
People of low and moderate incomes can apply for financial assistance for down payment and closing costs. For those who don’t qualify for traditional loans, the nonprofit also offers direct loans of up to $175,000.
Loan officers sit down and review an applicant’s credit history and help determine what type of a loans or financial assistance they may qualify for. “People can call us or come in and visit with us and we can determine what we can do for them. We tailor our help to each individual client,” says Waage.
GROW South Dakota has several programs to help with down payments and closing costs. Qualified applicants can get loans for up to $10,500. These zero percent interest loans are deferred, which means they’re repayable down the road when the house is sold or refinanced. Applicants are required to complete a homebuyer education class as a part of the process, which includes an array of essential information.
Waage estimates GROW South Dakota will help 200 people move forward on the path to homeownership this year.
If you’ve always dreamed of owning a home, June is a great time to spring forward into homeownership! Fill out the prequalification packet on GROW South Dakota’s website to get started. http://www.growsd.org/growsd/housing