User uShare Login | Register
Login
Register

Along with posting photos, videos, and stories, your uShare account lets you post Classified Ads, recipes on What's For Dinner, and Announcements.


76° View Weather Current Conditions Sioux Falls Change Location
Set Weather Options

RADAR LOCATION

TEMPERATURE LOCATION

News

[0] My Saved Articles
Back to all news

Business

Find local businesses
on the KELO Pages!

 

More Help For First-Time Homebuyers

January 20, 2014, 10:01 PM by Angela Kennecke

More Help For First-Time Homebuyers
SIOUX FALLS, SD -

First-time homebuyers flooded the market during the special tax credit for them from 2008 to 2010.  But since then, purchases from first-time buyers have slowed.

A new program from South Dakota Housing is designed to get more people into their first homes.

A lot of new apartments have been going up around Sioux Falls, but a new program is aiming to turn renters into home owners by removing one big financial obstacle. 

"I meet with people every day and the number one road block first time homebuyers have is, 'Where am I going to come up with the money for the down payment?'" Mortgage Loan Officer Brian Spaans said.

South Dakota Housing Conventional Fixed Rate Plus Program will provide first-time buyers with three percent of the loan balance to help with the down payment. 

"The most exciting part of the new program is the gift piece of it. It is a gift that does not have to be paid back," Spaans said.

That was always available for FHA loans, but now is available on conventional loans too, which have lower private mortgage insurance rates.  And that will reduce the monthly house payments as much as $25 a month.

"Just to keep their house payments down, where they can buy a little more house; especially in the first-time homebuyers are trying to keep their payments down to what monthly rent is," Realtor Brad Hanisch said.

In the Sioux Falls area, the income limit to qualify for the program is $83,000 a year for a family of three or more.  The home must be $250,000 or less.  For more information on the program online. 

Buyers who used fixed-rate plus will pay a slightly higher interest rate, around a half a percent.

Previous Story

Next Story


Comments







 
Find Local Businesses on KELO Pages!

View business

You may also like

Sioux Falls No Longer Best Small City

7/25/2014 11:12 AM

Sioux Falls is no longer the nation's best small city for business and careers.

Full Story
Iowa Town Bracing For Closure Of Tyson Foods Plant

7/27/2014 3:31 PM

One small northwest Iowa town is preparing to deal with the loss of 450 jobs this fall when the Tyson Foods plant in Cherokee closes, and business own...

Full Story
Simply Mac Coming To Sioux Falls

7/28/2014 1:12 PM

Apple users will soon have another option for sales and service support.

Full Story
Dawley Farm Village Expands

7/25/2014 10:10 PM

If you don't live on the Sioux Falls east side, or haven't taken a drive over there lately, you may not have noticed all the new businesses.

Full Story | Watch
New General Motors Recalls

7/23/2014 2:24 PM

General Motors has issued six more recalls, involving more than 700,000 vehicles.

Full Story


Events