This Monday, I sat down with Danielle Engels and we talked about the Grants for Grads program with South Dakota Housing Development Authority. More information can be found at

- - Good mornin, Shane here from the Brookings Home Team powered by Century 21. Danielle Engles from Dakotaland Federal Credit Union. It is 8:15, Monday morning, means it's our Monday Morning Mortgage Tip. So, good morning.

- Good morning.

- How ya doin today?

- Good. - A little chilly out.

- It is a little cold out.

- And I feel short here, I'm in a, I'm in a shorter chair so. - I should shrink.

- You gonna shrink down a little bit. But, you're gonna talk a little bit about the Grants for Grads. We've had some questions about that, so I'll let you take it over.

- The Grants for Grads program started, I think it's probably been in force for probably a little over a couple months now. And Dakotaland is a participating lender. So there are a few requirements for those that are thinking about trying to get that program, or use that program. It does follow South Dakota Housing income limits. So if you qualify for South Dakota Housing then you would potentially be able to qualify for this grant. Which means that you have to be a first time home buyer, meaning you haven't owned a home in the last three years. You have to have it as your primary residence. It has to be under a 250,000 dollar, that's $250,200.00 purchase price to be exact. - Exact. - Yep. And it is a grant so it's not money you have to pay back. And the grant is five percent of the purchase price. So, it is based off of what your purchase price is. And then you have to obviously have a degree. So you have to bring in a copy of that. You have to have graduated in the last five years from an accredited post secondary educational facility.

- Which SDSU is one of those right?

- Check.

- Alright.

- Yep. So then you just have to bring in a copy of your, yeah your diploma.

- Diploma, degree.

- Yep your degree.

- Okay.

- And it can be paired with other South Dakota Housing programs or Grow programs or some other Grow programs that have been just put out there kind of recently too. So, you can pair it with something if you would qualify for any other programs. And I think that is about it. There is a couple, one other comment I guess, there is two different kind of interest rates for it. So the interest rates do change a little bit, versus if you go with South Dakota Housing Rural Development or if you do South Dakota Housing Conventional and put the three percent down. So they do have a little bit of changes in the interest rate.

- Okay.

- But you can always give us a call anytime and we can walk through that process with you, and see if you would qualify.

- Perfect. Okay and as usual we'll have Danielle's information on the top or on the bottom, on the sides, wherever your device will allow you to see it. Feel free to give her a call, or Emmy here too at Dakotaland. They'd be happy to talk to you more about this program if you are a recent grad lookin for a home, this might be a great fit here for ya. So, thank you for that information.

- Yeah, thank you.

- Monday morning. And next week is a holiday so, I want to remind you that Tuesday will be our Monday morning version on a Tuesday of the Monday Morning Mortgage Tip. So keep a look out for that. We won't be on Monday morning we'll be on Tuesday next week. So, as always guys give us a holler if you have any questions. Reach out to us, we'd be happy to help you. If you have questions that you would like answered on the next episode please mention them right here and we'd be happy to talk about that at our next episode. So, anything else with the grants? Anything else to add with that?

- I don't think so. I would just take advantage while you can, of course it's something that we probably don't know, you know, there's no expiration but I suppose they can pull it any time that they choose. So, if you are thinking about trying to utilize it, take action now.

- You bet. Alright, there you have it. Thanks guys, have a great week. We'll talk to you next week.

- Thank you.

- See ya.

- Bye, bye.

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