Dubuque First-Time Homebuyer Loan Program
Financial Assistance for Homebuyers in Iowa
In an effort to help individuals achieve their dreams of homeownership, the City of Dubuque offers the
First-Time Homebuyer Loan Program. This helps potential homebuyers overcome the hurdle of saving for the hefty, upfront costs associated with a mortgage transaction.
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 Grants in Iowa
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.
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 $25,000.
In an effort to assist individuals achieve their homeownership goals the Iowa Finance Authority offers the FirstHome Plus program, which provides down payment assistance to eligible first-time home buyers who are purchasing a primary residence in Iowa.
In an effort to help families achieve their homeownership dreams, the Federal Home Loan Bank (FHLB) of Des Moines offers individuals the Home$tart and Home$tart Plus Programs, which assist by providing down payment and closing cost assistance.
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.
FREE CREDIT SCORES From All 3 Bureaus
Do you know what's on your credit report?
Learn what your score means.
FHA.com Reviews
FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier. Take a look at some of the reviews from other FHA.com visitors!
