About the Program
This program offers up to $35,000 in downpayment assistance to eligible homebuyers at or below 80 % AMI purchasing new or rehabbed homes. The subsidy is secured by a five to fifteen-year, zero interest forgivable second mortgage. Income verification is essential to this program. Funding is available on a first-come, first-served basis. Once funding is approved, Habitat Iowa will charge a service fee calculated at 10% of the award amount.
Important notes about this program:
The homebuyer is required to provide a minimum downpayment of $500.
The homebuyer must take 8 hours of pre-purchase counseling from a HUD-approved agency
A preliminary title opinion must be completed
The primary mortgage and downpayment assistance are calculated using the program underwriting worksheet
Who to contact
Contact our Christine Hall at 515-266-6886