HOME Downpayment

Assistance Program

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 

Important Documents

Habitat for Humanity of Iowa

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Email: info@iowahabitat.org

Phone: 515-266-6886

Address: 809 8th Street SW Suite F Altoona, Iowa 50009

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