First-Time Homebuyer Loan Program (City of Dubuque)

What is First-Time Homebuyer Loan Program (City of Dubuque)?

First-Time Homebuyer Loan Program (City of Dubuque) is a deferred second loan for homebuyers in Dubuque, Iowa, administered by City of Dubuque Housing & Community Development Department.

• A long-term, no-interest (0%) loan from the City of Dubuque to help income-qualified first-time buyers cover down payment and closing costs for a home anywhere within city limits. Standard loan is $5,000; buyers at or below 30% AMI may receive up to $25,000. A companion First-Time Moderate-Income program serves buyers earning >80% but at or below 100% AMI with a $5,000 loan.
• 0% interest loan up to $5,000 (up to $25,000 for households at/below 30% AMI).
• $5,000 repaid over up to 8 years; $25,000 deferred 5 years then $60/month over 35 years.

How much assistance does it provide?

First-Time Homebuyer Loan Program (City of Dubuque) offers between $5,000 and $25,000 in assistance.

• Award tiers: $5,000 standard (<=80% AMI); up to $25,000 for <=30% AMI; repayment terms tiered by <30/<50/<80% AMI.
• Buyer contribution: Minimum 3% of purchase price toward down payment; at least 1% from borrower's own funds, up to 2% may be gifted.
• Amounts are the program's published maximums, not an offer — City of Dubuque Housing & Community Development Department determines any individual award.

Do you have to pay it back?

First-Time Homebuyer Loan Program (City of Dubuque) is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Repayable: $5,000 amortized over up to 8 years; $25,000 deferred 5 years then $60/month for 35 years.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

First-Time Homebuyer Loan Program (City of Dubuque) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

First-Time Homebuyer Loan Program (City of Dubuque) limits household income to 80% of the area median income, which varies by county and household size.

• First-time buyers at or below 80% AMI; up to $25,000 for households at/below 30% AMI. Separate moderate-income program serves >80% to <=100% AMI. Specific current dollar chart to be confirmed with City.
• The limit applies to total household income, not only the borrower&rsquo;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.

What kind of home can it be used for?

First-Time Homebuyer Loan Program (City of Dubuque) can be used for Single Family and Duplex.

Where does it apply?

First-Time Homebuyer Loan Program (City of Dubuque) serves buyers purchasing in Dubuque, Iowa.

• Targeted neighborhoods: City of Dubuque limits.

How do you apply?

Applications for First-Time Homebuyer Loan Program (City of Dubuque) go through City of Dubuque Housing & Community Development Department, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Finally Home! homebuyer education.

2. 2

   Contact City of Dubuque Housing & Community Development Department to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.