Dubuque First-Time Homebuyer Loan Program
Financial Assistance for Homebuyers in Iowa
Available Assistance
This program provides long-term, zero-interest loans of up to $5,000 to help cover down payment and closing costs associated with purchasing a new home. In the case of household income less than 30 percent of the area median income (AMI), individuals may also receive up to $25,000.
Loans in the amount of $5,000 are repaid over a maximum 8-year term, while those in the amount of $25,000 are deferred for 5 years and then $60/month for a 35-year term. All Assisted Housing participants are eligible for a deferred loan for 5 years.
Eligibility Requirements
All borrowers must contribute at least 3 percent of the purchase price toward the down payment; 1 percent must be their own money, while 2 percent can be gifted money. Any individual applying for the program must be a first-time homebuyer and must fall under 80 percent of the AMI. Repayment terms are based on how far under the income limit an applicant is (<30, <50 or <80 percent of the AMI).
Property Guidelines
Eligible applicants can receive assistance for an owner-occupied, single-family or duplex home, located anywhere in the City of Dubuque. All properties must be inspected by the City’s Rehabilitation Programs Inspector prior to the loan approval. In the case of any code violations, the homebuyer must fill out the inspection sheet regarding repairs and submit bids if required. All properties using federal funds must be lead-safe or free of deteriorated paint.
Income Limits
1 person household: $37,200
2 person household: $42,500
3 person household: $47,800
4 person household: $53,100
5 person household: $57,350
6 person household: $61,600
7 person household: $65,850
8 person household: $70,100
Note: These figures were accurate at the time of publication and may no longer be current - visit the program website for updated information.
Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
Down Payment Grants in Iowa
Cedar Rapids First Time Home Buyer Program
The City of Cedar Rapids offers individuals down payment assistance in the form of the First Time Home Buyer Program. Funds are available on a first come, first served basis, and applications are reviewed in order.
Dubuque First-Time Homebuyer Loan Program
This program provides long-term, zero-interest loans of up to $5,000 to help cover down payment and closing costs associated with purchasing a new home. In the case of household income less than 30 percent of the area median income (AMI), individuals may also receive up to $25,000.
FirstHome Plus
In an effort to assist individuals achieve their homeownership goals the Iowa Finance Authority offers the FirstHome Plus program, which provides down payment assistance to eligible first-time home buyers who are purchasing a primary residence in Iowa.
Home$tart and Home$tart Plus Programs
In an effort to help families achieve their homeownership dreams, the Federal Home Loan Bank (FHLB) of Des Moines offers individuals the Home$tart and Home$tart Plus Programs, which assist by providing down payment and closing cost assistance.
Waterloo Down Payment Assistance Program
The Waterloo Down Payment Assistance Program provides applicants with assistance funds via a forgivable, second mortgage. If an applicant chooses to sell the home in under five years, the loan amount is recaptured and used to replenish the loan fund.
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