Waterloo Down Payment Assistance Program
Financial Assistance for Homebuyers in Iowa
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 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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