Real Estate Blog

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. Today he talked about how the Repeat Home Buyer program through South Dakota Authority.  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 

- All right, good morning everybody. Shane here from the Brookings Home Team, powered by Century 21. And Justin here from Fairway Mortgage. It is, I guess, a little after 8:15, so, our bad, we're too busy chatting here offline and watching this crappy snow out here, so. Today is Monday, and again, it's a little after 8:15, so that's our Monday morning mortgage tip. And Justin is here to talk a little bit about the Repeat Homebuyer Program through South Dakota Housing.

- Yeah.

- Thanks again for being here today.

- Definitely, thanks for having me, Shane. Like Shane said, I wanted to talk a little bit about the Repeat Homebuyer Program. Reason being is that--

- As of recently, that the customers I was working with, they either made too much money for the First-time Homebuyer's Program, or whatever the case may be, that they didn't qualify for that program, so we ended up looking at this Repeat Homebuyer's Program, which is a very good program in and of itself. And, essentially what it is, is it's a program very similar to the First-time Homebuyer Program that South Dakota Housing Authority offers, and there's a little bit higher income limits. For example, the income limits for the First-time Homebuyer Program, if you have two people or less in your household, is 69,000 in Brookings County, whereas the Repeat Homebuyer's is 82,800. And if you have three or more people living in your house, it goes from 79,350 up to 96,600. So those income limits are quite a bit higher and the Repeat Homebuyer Program, much like the First-time Homebuyer Program, offers some down payment assistance and closing costs assistance, so if you need to use that. Or maybe you have purchased a house before, but you are still in need of some of those grant programs, or closing costs assistance programs, those are available. The other nice thing with it is the purchase price limits are a little bit higher. And instead of 250,200, the purchase price limit goes up to 305,800. And the main difference that you see with those increases is an increase in your interest rate, excuse me, increase in your interest rate

- Say that twenty times.

- Exactly, right? And typically it's about a half of a percent higher than the First-time Home Buyer program. And so, if you have any more questions about that program, feel free to, as Shane says, comment on the post anywhere it shows up, or feel free to reach out to myself or Shane and we'd be happy to answer any questions.

- Perfect, yep, and it just makes sense with those increase in limits and everything, I mean, obviously, you've established yourself hopefully,

- Yep.

- So it increases that there. Yeah, if you have any questions about this or anything else, feel free to reach out to Justin. Again, information on top, on the bottom, on the sides, wherever your device allows you to see it. And if you do have any other additional questions for us that you'd like answered here, please reach out to one of us, to comment below, instant messages, whatever it takes to get to you, and we'll be happy to answer that on our next episode. So, there you have it. Monday morning mortgage tip for today. Until next Monday, thanks for watching guys, and stay warm. We'll see you guys later.

- Thank you.

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!