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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Waterloo Down Payment Assistance Program

Financial Assistance for Homebuyers in Iowa

The Waterloo Housing Authority recognized that many individuals need help paying initial, upfront costs in a mortgage transaction. In an effort to increase homeownership opportunities for these first-time home buyers who are least likely to apply for a mortgage, the Waterloo Down Payment Assistance Program was created.  

Available 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.

Eligibility Requirements
To be considered eligible for the Waterloo Down Payment Assistance Program, all applicants must meet certain requirements. They must have established residency in Waterloo for at least one year, and their annual household income may not exceed 80 percent of the area median income (limits shown below). Applicants must be first-time homebuyers (those who have no ownership in a home or title to a mortgage within the last three years) and they may not own any other residential property.

Homebuyer Education
All applicants are responsible for completing a Home Buyer Training course provided by Operation Threshold, or Family Management, and if possible, they should be able to cover the closing costs of a mortgage with their own funds.

Income Limits
Household income is defined as all income received by household members (18 years or older) who will be living in the home, even if they are not on the mortgage.

1 person household - $39,150
2 person household - $44,750
3 person household - $50,350
4 person household - $55,900
5 person household - $60,400
6 person household - $64,850
7 person household - $69,350
8 person household - $73,800

(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.

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