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.

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. Homebuyer 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.

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.

First-Time Homebuyer Loan Program (City of Dubuque) 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. A homebuyer education course is required, through Finally Home! homebuyer education. Must complete Finally Home! education; first-time homebuyer.

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.

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

First-Time Homebuyer Loan Program (City of Dubuque) serves homebuyers purchasing in Dubuque, Iowa. Targeted neighborhoods: City of Dubuque limits.

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. 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.