Navigate Your Path to Homeownership: GROW SD's DPA Program Explained!

Curious about eligibility for GROW SD's DPA program? Secure financing from our approved lenders, meet income requirements, and complete a Homebuyer Education Course. Check out all the criteria here.  #SDRealEstate #GROWSD 

Eligibility Criteria for GROW SD’s DPA Program

Several factors are affected by the amount you may qualify for, such as whether you are purchasing in a rural or urban area, what your household income is, and what funds GROW SD currently has available. For instance:

• You must have secured financing from a GROW SD-approved First Mortgage Lender (https://www.growsd.org/housing).
• The loan terms must meet specific criteria, such as no adjustable rate mortgages, which cannot exceed 30 years (exception only for USDA RD loans). 
• You must have a fully executed purchase agreement in place.
• You must meet the specific DPA income eligibility requirements (generally 80% AMI for the county of purchase). Some programs may vary.
• You must complete an approved Homebuyer Education Course by an eligible organization. Check with GROW SD before beginning your class to ensure the appropriate class is conducted based on DPA funding source requirements. (HUD Approved Course/ duration of the course and the provider is approved)

Find out more here!