Waterloo Down Payment Assistance Program

Residents of Waterloo may be eligible for the Waterloo Down Payment Assistance Program, which offers a forgivable second mortgage to help covers costs associated with the down payment. In the event that the applicant sells their home in within 5 years, the loan amount must be paid back.

Applicants must be residents of Waterloo for at least a year, be first-time homebuyers, and have a total household annual income less than 80% of the area median income. Homebuyer education is required. Ideally, borrowers should be able to pay for the closing costs using their own funds.

As of 2020, the income limits are:

  • 1 person household - $39,150
  • 2 person household - $44,750
  • 3 person household - $50,350
  • 4 person household - $55,900
  • 5 person household - $60,400
  • 6 person household - $64,850
  • 7 person household - $69,350
  • 8 person household - $73,800

These limits apply to all members of the household who are at least 18, regardless of whether or not they are on the mortgage.

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