Every Monday Morning at 8:15am, join me on my Facebook page as I sit down with a local lender, and do a live interview and talk about a Mortgage Tip that may help YOU with your next Real Estate Purchase. 

This morning I sat down with Justin Froiland from Fairway Mortgage. Brand New change from South Dakota housing and their grant program. What does that mean to you? You can reach Justin at 605.695.1429 or justin.froiland@fairwaymc.com.  His office is located at 412 5th St., Brookings SD 57006 or on the web at www.BrookingsMortgage.com 

New Change From South Dakota Housing

- Hey everybody, good morning. It's Shane here with the Brookings Home Team powered by Century 21, and it is Monday morning 8:15 right on the dot, we're not late this morning or anything.

- We nailed it.

- Way to go, Justin. Appreciate it. Usually it's me that, technical difficulties. 8:15, it means it's Monday Morning's Mortgage Tip. I've got Justin here from Fairway Mortgage. He's got kind of an exciting little tip here this morning that's just brand new, excited to share that with everybody and see if it maybe falls into your wheelhouse, so there you go, Justin, take it away.

- Perfect, thank you, Shane. Today I wanted to spend a little bit of time talking about some changes that have taken place today that are effective as of today with South Dakota Housing and the First Time Home Buyers Program. The changes have to do with the down payment assistance and closing cost assistance that they offer, a program that they call the Plus Program. What it does is it offers, previously they offered 3% gift funds to put towards your down payment or closing costs as you needed it. Those funds never had to be repaid. It was a grant or a gift, and the change that's been made is now that has changed from a grant or a gift to a second mortgage that is done. Those funds are still available to help with the down payment and the closing costs, but the difference is when you go to sell your house down the road, you actually end up having to pay those funds back to South Dakota Housing. On the bright side of things, with that change, they were able to lower their interest rates. Previously, you're interest rate rose from about 1/2 of a percent if you chose to do that option. Now, that's dropped down to roughly 1/8th of a percent that it increases. That option's still available, but there's some changes that have been made with it that go into effect today. As far as qualifying for that program, you still have to qualify by the income limits and the purchase price limits. If you have any questions on what those are, or maybe if you qualify for this type of program, feel free to reach out to me. I'd be happy to answer any questions that you might have. I just wanted to touch base on that change that's taking place today here.

- Great, some exciting things there with that. Brand new today, he said, so this is the first I've heard about it. Of course, there's a little bit more that goes into with that. We just can't explain it all here in just the couple minutes that we have, so feel free to give Justin a call here anytime. I'll have all of his information as you know on the sides, on the top, on the bottom, wherever your device allows you to see that. Feel free to reach out to him. He's very easy to get ahold of, and only once when I called that I got his voicemail. He's always answered on the first call, so that's awesome. Give him a call anytime, and he'll be happy to help you. If you know of anybody that would benefit from this information, feel free to share this video, or tag them in it as well. Other than that, have a great week, it's a busy week. Be ready for next week. We'll be back next Monday, there's no vacations or anything, so back next Monday for our next Monday Morning Mortgage Tip.

- Actually, Shane, sorry to interrupt, but I thought about one other thing I should mention real quickly. The Grants for Grads Program that South Dakota offers for recent graduates that have graduated in the last five years, that's not gonna change at all, so that's still gonna be a true gift or a grant that you never have to repay back for those of you that have graduated from a college or a tech school in the last five years, that program is still available and remains unchanged, so just wanted to real quickly mention that.

- Perfect, sounds great, all right everybody. Have a great week.

- Thank you.

- We'll talk to you later.

Thinking of selling and/or moving to Brookings, Volga, or any surrounding areas? Got questions? I’m here to help! Visit BrookingsHomeTeam.com for more details!