Temporary Grant Program Offers $1,500 to First-Time Buyers, June 15, 2017
Certificate from CFR Class is Part of Qualifying
South Dakota Housing and Development Authority has released a new but temporary grant program that offers $1,500 towards first-time buyers’ closing costs. Qualifying buyers need to make less than 80% of the Area Median Income for their county and be using an SDHDA conventional mortgage as a part of their first-time buyer program. These new grant funds may be used in addition to SDHDA’s Fixed Rate Plus gift program. Participating loans must be closed on or before December 31st, 2017.
“This is a great program for new buyers,” says Breck Miller, Community Relations Coordinator for the Center for Financial Resources (CFR). “These funds could, in effect, reduce out of pocket closing costs, increase down payment, or even be used to buy down the interest rate on the mortgage, saving the buyers money in the long run. And as a grant, it’s free money.”
In addition to the above requirements, buyers must also complete free home buyer education and receive the HERO Certificate. As a HERO partner, CFR offers monthly classes in person and by video conference or one-on-one classes with CFR counselors. Class schedules and registration information are available on their website at www.LssSD.org.
Lutheran Social Services is a private non-profit social service agency. Last year, 52,001 lives were touched through a variety of services offered through LSS statewide. Core services offered by LSS include adoption, pregnancy counseling, foster care, kinship services, childcare & education, disaster response, mental health counseling, Fatherhood & Re-entry Services, Center for Financial Resources, residential services for children & youth, alternatives to detention, independent living services for young adults, mentoring, Better Together and Center for New Americans. LSS serves people of all ages, races, faiths and economic levels with professional, confidential and affordable services. LSS services are licensed by the State of South Dakota and accredited by the Council on Accreditation. LSS is a United Way agency.