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.
Applicants must fall within specified income limits.These limits apply to all members of the household who are at least 18, regardless of whether or not they are on the mortgage.
Other programs in Iowa:
- Home$tart and Home$tart Plus Programs
- Military Homeownership Assistance Program
- Dubuque First-Time Homebuyer Loan Program
- Cedar Rapids First Time Home Buyer Program