First Western Bank Invests in Western South Dakota Homeownership Opportunities

First Western Bank has recently shown their commitment to improving homeownership opportunities for the residents of western South Dakota.  Their investment of $100,000 to the newly established Loan Assistance Program (LAP) revolving loan pool will assist potential homebuyers in achieving the dream of homeownership.
"LAP is another resource potential homebuyers can and should access," said Bruce Rampelberg, President of First Western Bank in Rapid City.  "We are happy to be able to provide this investment, allowing more South Dakotans a chance at homeownership."

First Western Bank has offices in Belle Fourche, Black Hawk, Custer, Deadwood, Edgemont, Hill City, Hot Springs, New Underwood, Rapid City, Spearfish, Sturgis, and Wall.

"First Western Bank strives to offer innovative homeownership opportunities to South Dakotans," concluded Rampelberg.

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 First Western Bank. LAP offers a low 5% interest rate with a term ranging from 5 to 10 years and loan amount ranging from $2,000 to $10,000. There 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.

For more information on the Loan Assistance Program, visit SDHDA's website at www.sdhda.org. 

Pictured from left to right are: Bruce Rampelberg, President, First Western Bank of Rapid City; Dar Baum, Executive Director, SDHDA; Norbert Sebade, President, First Western Bank of Wall; and John E. Johnson, President, First Western Bank of Sturgis.