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 - $73,800
These limits apply to all members of the household who are at least 18, regardless of whether or not they are on the mortgage.
Other programs in Iowa:
- Home$tart and Home$tart Plus Programs
- Military Homeownership Assistance Program
- Dubuque First-Time Homebuyer Loan Program
- Cedar Rapids First Time Home Buyer Program