Dana Halverson Gloe: First Home Creates Lasting Memories

Fifteen years after she utilized SDHDA's First-time Homebuyer Program, Dana Halverson Gloe was ready to sell the modest Pierre home where she had raised her two children. The kids were in college and she had remarried. It was time for a change. What surprised Gloe was the emotional connection her children had to the house. "They were devastated that I was going to sell it. It wasn't grand, but it was their home," Gloe recalled. "My daughter even talked about finding a way to buy it."

Her children's reactions were reminders for Gloe that a home is more than a building where you sleep and eat. It is a place where you build your life. "Back in 1993, I could not have afforded to buy the home it if it wasn't for the First-time Homebuyer program," stated Gloe. She and Ryan, 12, and Brittney, 8 were living in a rented house. Homeownership seemed out of reach; however her landlord wanted her to purchase the house. He urged her to look into SDHDA's First-time Homebuyer Program.

Gloe met with her banker and qualified for the program. She was able to secure a 30-year mortgage at a 6 percent interest rate, well below the market rate in 1993. She also utilized the Mortgage Assistance Program to help with the downpayment costs. Gloe became a homeowner. Her mortgage payments were less than the monthly rent she had been paying.

Over the years Ryan and Brittney learned the details of homeownership. They helped with maintenance, repairs and painting.

"It was no mansion by any means, but the house served our needs," said Gloe. "I'm proud of myself and my kids. Not everyone has the opportunity to do what we did."