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.

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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 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 35-year term. All Assisted Housing participants are eligible for a deferred loan for 5 years.

Income Limits
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).

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.

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.

Property Guidelines
Eligible applicants can receive assistance for any 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.

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.

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!