First Premier Bank Invests In South Dakota Homebuyers

First Premier Bank has recently invested $200,000 in South Dakota ’s Loan Assistance Program (LAP) revolving loan pool to assist low-income homebuyers in achieving the dream of homeownership.

“LAP is another resource potential homebuyers can and should access,” said Don na Pottebaum , Vice President of Mortgage Loans. “We are happy to be able to provide this investment, allowing more South Dakotans a chance at homeownership.”

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 Premier Bank. LAP offers a low 5% interest rate with a term ranging from 5 -10 years and loan amount ranging from $2,000 - $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.

“First Premier Bank strives to offer innovative homeownership opportunities to South Dakotans ,” concluded Pottebaum.

First Premier Bank has offices in Sioux Falls , Watertown , Castlewood, Kranzburg, Lake Norden , and Wakonda.

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, handicapped, familial status or national origin.

Pictured from left to right is Donna Pottebaum, Vice President of Mortgage Lending at First Premier Bank in Sioux Falls and Dar Baum, Executive Director for the South Dakota Housing Development Authority.

Loan Assistance Program (LAP) Income Limits
			Family Size
County	% Area Median Income	Maximum Loan Amount	1	2	3	4 or more
Beadle	80%	$2,000-$10,000	26,950	30,800	34,650	38,500
Brookings	80%	$2,000-$10,000	31,200	35,650	40,100	44,550
Brown	80%	$2,000-$10,000	28,950	33,100	37,200	41,350
Clay	80%	$2,000-$10,000	28,550	32,650	36,700	40,800
Codington	80%	$2,000-$10,000	28,350	32,400	36,450	40,500
Custer	80%	$2,000-$10,000	28,600	32,700	36,800	40,900
Davison	80%	$2,000-$10,000	28,200	32,250	36,300	40,300
Deuel	80%	$2,000-$10,000	25,750	29,450	33,100	36,800
Grant	80%	$2,000-$10,000	26,400	30,150	33,900	37,700
Hamlin	80%	$2,000-$10,000	26,750	30,600	34,400	38,250
Hanson	80%	$2,000-$10,000	29,600	33,850	38,100	42,300
Hughes	80%	$2,000-$10,000	32,750	37,450	42,100	46,800
Hyde	80%	$2,000-$10,000	26,550	30,350	34,150	37,900
Kingsbury	80%	$2,000-$10,000	26,650	30,450	34,250	38,100
Lake	80%	$2,000-$10,000	28,200	32,250	36,300	40,300
Lawrence	80%	$2,000-$10,000	25,600	29,250	32,900	36,550
Lincoln	80%	$2,000-$10,000	33,650	38,450	43,250	48,100
McCook	80%	$2,000-$10,000	27,550	31,500	35,400	39,350
Meade	80%	$2,000-$10,000	26,900	30,700	34,550	38,400
Minnehaha	80%	$2,000-$10,000	33,650	38,450	43,250	48,100
Moody	80%	$2,000-$10,000	26,900	30,700	34,550	38,400
Pennington	80%	$2,000-$10,000	29,000	33,150	37,300	41,450
Stanley	80%	$2,000-$10,000	29,900	34,200	38,450	42,700
Turner	80%	$2,000-$10,000	28,450	32,500	36,600	40,650
Union	80%	$2,000-$10,000	34,500	39,400	44,350	49,300
Yankton	80%	$2,000-$10,000	28,050	32,050	36,050	40,100
All Other	80%	$2,000-$10,000	25,400	29,050	32,700	36,300