Community Home Improvement Program (CHIP)
Interest Rates
The interest rates for this program are 1.9%, 3.9% or 5.9% depending on the applicant's income. CHIP loans have level monthly payments and are amortized over a term up to 7 years.
Additional Requirements
There are no origination fees, discount points, surveys, appraisals, or title searches required with this loan program. A borrower does not need to have equity in the property or meet certain Loan to Value requirements to qualify. The maximum loan is $15,000.
Funding Source
This program is funded with Participating Lender funds and Homeownership Bond Reserves.
How to Apply
Contact any one of the following lenders:
- BankWest, Inc.
- CorTrust Bank
- Dacotah Bank
- First Dakota National Bank
- First Fidelity Bank
- First Bank and Trust – Brookings
- First National Bank South Dakota – Yankton
- First Western Bank
- Great Western Bank
- Home Federal Bank
- Security Bank
- State Bank of Alcester
Program Description
This program provides low interest loans for eligible borrowers for the improvement, repair, or addition to the borrower's present single family home.
Income Limits: Effective February 22, 2008
The borrower's gross annual income may not exceed certain income limits which vary by county in which the home is located.
County of Residence |
Interest Rates |
||
|
1.9%
|
3.9%
|
5.9%
|
Brookings |
$31,500 | $50,400 | $59,850 |
Brown |
$29,300 | $46,900 | $55,670 |
Codington |
$29,350 | $46,950 | $55,765 |
Custer |
$28,600 | $45,750 | $54,340 |
Davison |
$28,850 | $46,150 | $54,815 |
Hughes |
$33,500 | $53,600 | $63,650 |
Lake |
$28,650 | $45,850 | $54,435 |
Lincoln |
$32,550 | $52,100 | $61,845 |
McCook |
$32,550 | $52,100 | $61,845 |
Minnehaha |
$32,550 | $52,100 | $61,845 |
Pennington |
$28,700 | $45,900 | $54,530 |
Stanley |
$30,550 | $48,900 | $58,045 |
Turner |
$32,550 | $52,100 | $61,845 |
Yankton |
$28,550 | $45,700 | $54,245 |
All Other Counties |
$28,250 | $45,200 | $53,675 |
|
|||
Effective February 22, 2008 |
|||
