Great Western Bank joins Loan Assistance Program partners Great Western Bank has invested $100,000 South Dakota's newly established Loan Assistance Program (LAP) revolving loan pool.
"One of the biggest challenges for potential homebuyers today is their ability to come up with the necessary up-front money," said Jeff Erickson, president, Great Western Bank. "When we found out about this new homeownership assistance opportunity for residents of South Dakota, we did not hesitate with our decision to invest."
LAP, administered on behalf of private lenders and investors by the South Dakota Housing Development Authority (SDHDA), provides down payment, closing cost assistance and gap financing in connection with a home purchase financed by approved SDHDA Participating Lenders, like Great Western Bank. LAP offers a low 5 percent interest rate with a term ranging fr re are no purchase price limits with this program. Income limits, which vary based on family size and the county in which the home is located, do apply.
"Additional opportunities to achieve homeownership for South Dakotans are vital in continuing the efforts of community stabilization and economic growth. The Loan Assistance Program is a prime example of an opportunity Great Western Bank offers to enable homebuyers to fill that upfront cash gap enabling them to fulfill their dream of homeownership," said Erickson.
Great Western Bank, formerly F&M Bank and Rushmore Bank & Trust, offers a broad scope of financial services in their 23 bank locations and 27 ATM locations across South Dakota.
The South Dakota Housing Development Authority (SDHDA) is an independent, quasi-public agency that finances and develops affordable housing opportunities for low and moderate-income residents throughout South Dakota. SDHDA is totally self-supporting and receives no tax money, appropriations or other funding from the state. SDHDA does not discriminate against any person because of race, creed, color, religion, sex, handicap, familial status or national origin.