Home Ownership & Loans

Education

With our education programs, NeighborWorks® can help you turn your dream of home ownership into a reality.

The following home owner education courses are offered as a free service:

  1. Home Buyers Education

    Monthly pre-purchase counseling by certified personnel at several locations

    2 classes – 4 hours each – must attend both for certificate

    Have you dreamed of owning a home but don’t know if or how to begin the process? This class takes you through the pre-qualifying with a lender, budgeting for a home, working with a realtor, what your credit score means, appraisals, insurance and more. Many lenders require this class. In addition, NWDHR is able to share the programs they have to offer which include down payment and closing costs, low interest loans and more.

  2. Individual Consultation

    One-on-one consultations to help with credit, budget and home purchase.

  3. New Home Buyers Education

    We are now offering free online home buyer education classes. The classes are offered through ACCE (American Center for Credit Education). It is a local, Rapid City based company that provides the same service through other counseling agencies. The course is HERO approved and accepted by all banks and financing organizations. To Register call 605-578-1401

NEIGHBORHOOD LENDING SERVICES PROGRAMS

purchase-loan-product-matrix

  1. NLS- Down Payment and closing cost program

    Eligibility
    • Applicants income must be 100% or below the area medium income (AMI)
    • Completion of Home Buyer Education
    • Applicants must pay $500.00 out of pocket
    • See program guidelines for additional information

    Down Payment and Closing Cost Program.pdf

  2. HOF- Housing Opportunity Fund Down Payment and Closing Cost Program

    Eligibility
    • Applicants income must be 115% or below the area medium income (AMI)
    • Completion of Home Buyer Education
    • Applicants must pay $500.00 out of pocket
    • See program guidelines for additional information

    Housing Opportunity Fund Loan Program.pdf

  3. Neighbor Next Door Program

    Expanded Guidelines for Law Enforcement officers,  teachers, firefighters, EMS, Registered Nurses and Military who reside in the community that they service.

    Eligibility
    • Applicants income must be 150% or below the area median income(AMI)
    • Completion of Home Buyer Education
    • Applicants must pay $500.00 out of pocket
    • See program guidelines for additional information

Neighbor Next Door Down Payment And Closing Cost Loan Program.pdf

Getting started

How do I know if I’m ready to buy a home? You can find out by asking yourself some questions

  • Do I have a steady source of income (usually a job)? Have I been employed on a regular basis for the last 2-3 years? Is my current income reliable?
  • Do I have a good record of paying my bills?
  • Do I have few outstanding long-term debts, like car payments?
  • Do I have money saved for a down payment?
  • Do I have the ability to pay a mortgage every month, plus additional costs?

If you can answer “yes” to these questions, you are probably ready to buy your own home.