Down Payment Assistance for FIRST-TIME Home Buyers
What is the Community Development Down Payment Assistance Program?
The goal of the Community Development Down Payment Assistance Program is to provide funds to help low-income, first-time home buyers purchase an existing, affordable home. This also includes new construction, if guidelines are met. The down payment assistance program offers a$5,000, five-year, forgivable loan. This program is available until June 30, 2019 or when balance of fund account is depleted, whichever comes first. Funding is limited and is offered on a firstcome, first serve basis. Clients need to have made an offer on an eligible home. In order to receive an application the client will need to provide a photo ID, a pre approval letter from the bank, a purchase agreement and a Homebuyer Education certificate.
How do you qualify for down payment assistance?
- Complete a HUD certified Home Buyer Education Class.
- Secure a mortgage from a Participating Lender that is in good standing with the Community Development Department.
- Select a home in the Consolidated Urban Revitalization Area (CURA).
- Apply for down payment assistance at Community Development and meet the HUD household income eligibility guidelines.
- The home selected must meet HUD - Housing Quality Standards.
Which houses potentially qualify for down payment assistance?
Houses eligible for this program are those located in the Consolidated Urban Revitalization Area (CURA) of Waterloo. This area covers parts of the downtown, northeast and the near west sides of Waterloo. The house must be owner-occupied or vacant for 90 days prior to a closing.
How are the Participating Lenders involved?
Participating Lenders have committed millions of dollars to be used specifically for down payment assistance participants. Each lending partner offers many quality loan products for the first-time home buyer.
- Collins Community Credit Union
- Farmers State Bank
- Lincoln Savings Bank
- MidWestOne Bank
- Regions Mortgage
- U. S. Bank
- Veridian Credit Union
- Wells Fargo Bank
- Dupaco Community Credit Union
- Consumer Credit Counseling Services
- Family Management
For more information contact:
Carnegie Annex, Suite 202
620 Mulberry Street
Waterloo, Iowa 50703
Phone: (319) 291-4429
Or Visit our website at: http://www.cityofwaterlooiowa.com/departments/community_development/down_payment_assistance.php
*Guidelines are subject to change
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