AHEAD Regional Housing Trust Fund Down Payment Assistance Program

AHEAD Regional Housing Trust Fund Down Payment Assistance Program is a deferred second loan for homebuyers in Ottumwa, Iowa, administered by Area 15 Regional Planning Commission / AHEAD, Inc. The AHEAD Regional Housing Trust Fund (RHTF) Down Payment Assistance program provides low-interest second-mortgage loans to qualified employed first-time homebuyers for down payment and/or closing costs on a home located inside an incorporated city in the six-county Area 15 region (Davis, Jefferson, Keokuk, Mahaska, Van Buren, Wapello). Administered as a revolving loan fund. Fixed 3% interest second-mortgage loan for 10% of purchase price, up to $10,000, for down payment and/or closing costs. Funding comes from Iowa Finance Authority State Housing Trust Fund; AHEAD RHTF revolving loan fund.

AHEAD Regional Housing Trust Fund Down Payment Assistance Program offers up to $10,000 in assistance. Amounts are the program's published maximums, not an offer — Area 15 Regional Planning Commission / AHEAD, Inc. determines any individual award.

AHEAD Regional Housing Trust Fund Down Payment Assistance Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Repaid in full if ownership/occupancy changes during the loan term; otherwise amortized over 5, 7, or 10 years. The assistance is recorded in Second position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

AHEAD Regional Housing Trust Fund Down Payment Assistance Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. Residency requirement: Property must be inside an incorporated city in Davis, Jefferson, Keokuk, Mahaska, Van Buren, or Wapello County. At least one homebuyer must be employed and have filed Form 1040. AHEAD listed as loss payee on homeowner's insurance for life of loan. Property must occupy/maintain for life of loan.

AHEAD Regional Housing Trust Fund Down Payment Assistance Program limits household income to $100,000. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

AHEAD Regional Housing Trust Fund Down Payment Assistance Program can be used for Single Family. New construction is eligible.

AHEAD Regional Housing Trust Fund Down Payment Assistance Program serves homebuyers purchasing in Ottumwa, Iowa. Targeted neighborhoods: Incorporated cities within the six-county Area 15 region.

Applications for AHEAD Regional Housing Trust Fund Down Payment Assistance Program go through Area 15 Regional Planning Commission / AHEAD, Inc., which publishes the current terms and the application steps on its own site. Funds are reserved through Continuous intake while funds available; reviewed within 30 days. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.