Currently this program is no longer available through Community Development but there are available programs through Iowa Finance Authority – click here to find out more
What is Waterloo Housing Partnership (WHP)?
WHP Brochure-Rev 4-28-09.pdf
"The City of Waterloo in Partnership with Participating Lenders"
The WHP Down Payment Assistance Program provides 7% of the purchase price of the home , not to exceed $5,000 for down payment assistance. The down payment assistance is in the form of a five-year forgivable loan. Additional assistance may be available to buy new construction homes.
How do you qualify for down payment assistance?
Individuals who wish to receive the WHP Down Payment must do the following:
- Complete the Home Buyer Education Classes sponsored by the City of Waterloo.
- Secure a mortgage from a Participating Lender.
- Purchase a home in the Consolidated Urban Revitalization Area (CURA).
- Purchase a home that meets HUD-HQS standards.
- Be a first time home buyer.
- Meet HUD Household income and guidelines.
Participating Lenders involved?
Participating Lenders have committed millions of dollars to be used specifically for WHP participants. Each lending partner offers many quality loan products for the first time home buyer.
Who Are The Participating Lenders?
- Community National Bank
- Liberty Bank
- MidWestOne Bank
- Regions Mortgage
- Veridian Credit Union
- Wells Fargo Bank
- Farmers State Bank
- Lincoln Savings Bank
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 near west sides of Waterloo.
What are the Home Buyer Education Classes?
Classes are scheduled each month. Each session is a series of 4 classes and the fee is $20.00 per household. Participants learn important facts on how to buy a house. Completion of these classes is required in order to receive down payment assistance.
620 Mulberry Street
Waterloo, IA 50703
Phone: (319) 291-4429
Fax: (319) 291-4431
Office Hours: Monday-Friday, 8:00am-5:00pm