Mortgage Leveraging Program
About the Program
This program allows Habitat Iowa to act as a secondary lender for Habitat mortgages in Iowa. Affiliates pledge their homeowners’ mortgages and monthly payments to the program. In return, affiliates get a portion of the cash value of the mortgage right away, rather than having to wait 20 to 30 years for a return of all payments. Affiliates then use this cash to accelerate home building, acquire land for large-scale projects, and leverage support from other parties. Loans are available on a first-come, first-served basis.
Important notes about this program:
We are currently accepting loan requests up to $100,000
The interest rate is set at or below the lowest rate used by Iowa Finance Authority’s First Home Program.
A minimal closing fee may be required to cover costs, e.g. attorney fees or appraisal fees, if a new appraisal is required
Who to contact
Contact Christine Hall at 515-266-6886.