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Carnegie Town Hall Affordable Housing Division (605) 367-8180 Monday–Friday 235 West Tenth Street, P.O. Box 7402 8 a.m.–5 p.m. Sioux Falls, SD 57117-7402

Homebuyers Assistance Program

Please answer all questions thoroughly—use additional sheets if necessary.

Applicant Age Social Security No. Current Address U.S. Citizen? Yes   No Do you currently reside in subsidized housing? Yes No Home Phone ( ) Occupation Years Employed Phone:  Cell     Work  ( ) Employer’s Name and Address Email

Co-Applicant Age Social Security No. Occupation Years Employed U.S. Citizen? Yes   No Employer’s Name and Address Phone:  Cell     Work  ( ) Email Dependents (attach an additional sheet if necessary) Name Age Social Security No. Name Age Social Security No. Name Age Social Security No. Name Age Social Security No. Other residing in household Age Social Security No. Relationship to Applicant U.S. Citizen? Yes   No Occupation Years Employed Phone:  Cell     Work  ( ) Employer’s Name and Address Email

Gross Income: (Specify how income is received.) Annually Monthly Bimonthly  Biweekly Weekly

Applicant Spouse/Other Wages $ Wages $

Social Security $ Social Security $ Pension $ Pension $ Interest $ Interest $

Child Support $ Child Support $ Welfare $ Welfare $

Other Income or Assistance $ Other Income or Assistance $

Assets: Applicant Spouse/Other Checking at $ Checking at $ Savings at $ Savings at $ Certificate(s) of Deposit at $ Certificate(s) of Deposit at $ Stock(s) at $ Stock(s) at $ Bond(s) at $ Bond(s) at $ IRA(s) at $ IRA(s) at $

Liabilities:

Loan at Monthly Payment $ Unpaid Balance $ Loan at Monthly Payment $ Unpaid Balance $

Credit Card Monthly Payment $ Unpaid Balance $ Credit Card Monthly Payment $ Unpaid Balance $ Credit Card Monthly Payment $ Unpaid Balance $

Child Support Monthly Payment $ Unpaid Balance $

APPLICATION

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Will you occupy the property purchased as your principal residence? Yes    No

Will only those persons listed on this application reside in the property in the first six months? Yes    No

Are you delinquent on any of your financial liabilities including, but not limited to, loans, credit cards, child support, judgments, or unpaid county aid liens?

Yes    No

Do you currently have ownership of any other real estate or manufactured housing? Yes    No

Have you owned a house in the last 36 months? Yes    No

If yes, please complete the following.

Are you a displaced homemaker? Yes     No Are you currently living in manufactured housing? Yes     No Are you currently living in housing not feasible for rehabilitation? Yes     No

Address: Market Value: $ Address:

How did you find out about the Homebuyers Assistance Program?

City Website School District   CityLink—Cable Channel Flyer/Handout Other: (TV/Radio) Nonprofit Agency (please specify) LSS Housing Resource Center Realtor (please specify) Sioux Empire Housing Partnership Lender/Banker (please specify) Family/Friends Other (please specify)

Please Note: The following demographic data is optional and is obtained for statistical purposes only. Data will not be considered by any local or federal office in determining eligibility. If you choose to provide this information, please answer all three questions.

Ethnicity—Please check one: Race—Please check one: Hispanic or Latino American Indian or Alaska Native   Not Hispanic or Latino Asian

Black or African-American Native Hawaiian or Other Pacific Islander   White American Indian or Alaska Native AND White Asian AND White

Disabled? Yes     No Black or African-American AND White American Indian or Alaska Native AND Black or African-American Other—more than one race

Certification by Applicant(s): The Applicant certifies that all information in this application, and all information furnished in support of this application, is given for the purpose of obtaining assistance under the Single-Family Housing Rehabilitation Loan Program, and is true and complete to the best of the Applicant’s knowledge and belief. Verification of any of the information contained in this application may be obtained from any source named herein. Date: Signature of Applicant: Date: Signature of Applicant: Warning: Section 1001 of Title 18 of the United States Code (Criminal Code and Criminal Procedure) shall apply to the foregoing certification. Title 18 provides, among other things, that whoever knowingly and willfully makes or uses a document or writing containing any false, fictitious, or fraudulent statement or entry, in any matter within the jurisdiction of any department or agency of the United States, shall be fined not more than $10,000 or imprisoned not more than five years or both.

Return completed application and general release form to:

Attention: Al Roettger Community Development

Carnegie Town Hall 235 West Tenth Street

P.O. Box 7402 Sioux Falls, SD 57117-7402

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The applicant identified below has applied for federal financial assistance through one of the programs administered by this office. The information that you provide is for the confidential use by this agency and will be used for the purposes of determining eligibility. The applicant by signing the following statement has authorized the Department of Community Development to obtain the information requested.

Applicant Social Security No.

Applicant Social Security No.

Address

City/State Zip Code

I/We hereby authorize the Sioux Falls Department of Community Development or its designated agents to obtain and receive all records and information that they request for the purposes of determining eligibility for assistance through programs that are administered through their office. This information may include, but is not limited to, the following: employment, income (including IRS returns), mortgages, indebtedness, credit, residency, benefits, and banking records. This authorization hereby gives the Sioux Falls Department of Community Development the right to request information from all persons, companies, or firms holding or having access to such information on any matter referred to above. I/We agree to have no claim for defamation, violation of privacy, or otherwise against any person or firm or corporation by reason of any statement or information released by them to the Department of Community Development. The term of this authorization shall commence on the date of signature and be valid for a period of two years.

Name Date (Signature of Applicant)

Name Date (Signature of Applicant)

General Release Form

Sioux Falls Department of Community Development 235 West Tenth Street

Sioux Falls, SD 57117-7402 Telephone: (605) 367-8180

TTY (605) 367-7039 (Hearing Impaired) An Equal Opportunity Office

Application No.

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COSTS COVERED BY THE PROGRAM  

The minimum down payment required by the primary mortgage lender. 

An origination fee of 1 percent of the amount of the first mortgage. If the buyer chooses to obtain a mortgage from a lender that will charge an origination fee in excess of 1 percent of the loan amount, the buyer shall be responsible for the difference. 

Upfront mortgage insurance and mortgage insurance reserves deposited with the lender as required by the first mortgage provider. The amount provided by Community Development will be limited to that which is reasonable and customary. 

Property taxes deposited with the lender as required. The amount provided by Community Development will be limited to that which is reasonable and customary. 

Program funds may not be used to buy down the interest rate of the first mortgage to qualify for this program.  

The maximum loan provided by this program shall be $5,000. The minimum loan provided shall be $1,000.  

                             

Information provided herein is summary in nature. More information is available online at www.siouxfalls.org/hba. Contact Community Development for complete program details, or with any questions. 

All information is current through the date listed below, but is subject to change. 

Pamphlet26 Last Modified 1/20/2014 

  

HOMEBUYERS ASSISTANCE PROGRAM 

  

     

235 West Tenth Street P.O. Box 7402 

Sioux Falls, SD 57117‐7402 (605) 367‐8180 

(605) 367‐7039 Hearing Impaired http://www.siouxfalls.org/hba 

 

  

EQUAL HOUSING OPPORTUNITY 

  

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 The Homebuyers Assistance Program seeks to promote more home ownership in the core neighborhoods of Sioux Falls.   The program also increases home ownership opportunities for low‐income households of Sioux Falls. Home ownership can give a household a measure of security and control over their living situation that rental housing may not provide.  Community Development’s Affordable Housing Division provides deferred payment loans toward down payment and closing costs under its Homebuyers Assistance Program.  

  

TERMS OF THE LOAN  

The assistance is provided in the form of a deferred payment loan. 

A second mortgage will be filed against the property to secure this loan.  

There are no payments as long as the buyer owns and occupies the house. 

The deferred payment loan shall become due and payable, without interest, when the buyer sells or discontinues occupancy of the property purchased.  

If the buyer’s loan were to be terminated for noncompliance, the deferred payment loan would become due and payable with 8 percent interest. 

The loan provided by Sioux Falls Community Development may not be assumed.  

HOUSEHOLD ELIGIBILITY REQUIREMENTS  

Gross household income may not exceed the limits below. Gross household income includes all income from all sources for all adult household members. 

Size Maximum Annual Income

1  $40,450 

2  $46,200 

3  $52,000 

4  $57,750 

5  $62,400 

6  $67,000 

7  $71,650 

8  $76,250 

 

Applicants cannot have owned a home in the previous three years. Exceptions are permitted for displaced homemakers or households living in manufactured housing or housing not feasible for rehabilitation. 

Applicants must not have any outstanding delinquent financial obligations within six months of application submittal. 

Applicants shall obtain a fixed‐rate first mortgage from a commercial lender. The interest rate shall be within 1.5 points of the fixed‐rate option offered by the South Dakota Housing’s First‐time Homebuyer Program.  

Cash assets, at the time of the loan closing, shall not exceed $10,000. 

Applicants shall contribute a minimum of $500 toward the transaction. 

Applicants must successfully complete homebuyer education provided by a Homeownership Education Resource Organization (HERO). 

PROPERTY ELIGIBILITY REQUIREMENTS  

The property selected for purchase shall be located within the designated program area defined online at www.siouxfalls.org/hba. Exceptions may be granted for affordable housing developed by Affordable Housing Solutions or Sioux Empire Housing Partnership. 

The purchase price shall not exceed $137,000. 

The property selected shall not generate income from rent of any part of the property or structure. 

The structure must be affixed to a permanent foundation  

The ability must exist for a mortgage to be filed against the property to secure the loan. 

Properties shall be inspected by an independent home inspection business. Serious health and safety deficiencies must be corrected prior to the loan closing. 

Properties constructed prior to 1978 must pass a visual assessment for deteriorated paint conducted by a visual assessment professional. Any house failing the visual assessment is ineligible unless corrective actions are undertaken. 

Properties used as rental properties in the last 12 months are ineligible unless the seller can provide documentation that the last tenant vacated the property voluntarily. 

Any purchase involving a contract for deed is not eligible. 

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