GreenState H.O.M.E. Loan & Grant Program

What is GreenState H.O.M.E. Loan & Grant Program?

GreenState H.O.M.E. Loan & Grant Program is a grant for homebuyers in Iowa, administered by GreenState Credit Union / GreenState Foundation.

• GreenState's H.O.M.E. (Helping Originate Minority Equity) program is a Special Purpose Credit Program combining flexible mortgage underwriting with down payment assistance grants (up to ~$5,000 via the GreenState Foundation) for people of color, aimed at closing Iowa's racial homeownership gap. As of December 2023 it had originated $532M+ in mortgages to 3,190 families and $980,000+ in DPA grants; the goal was doubled to $1 billion through 2030.
• Up to ~$5,000 down payment assistance grant.
• Modified/flexible loan approval process.
• Special Purpose Credit Program for people of color.
• Available across IA, IL, NE.
• Funding comes from GreenState Foundation (charitable arm of GreenState Credit Union).

How much assistance does it provide?

GreenState H.O.M.E. Loan & Grant Program offers up to $5,000 in assistance.

• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — GreenState Credit Union / GreenState Foundation determines any individual award.

Do you have to pay it back?

GreenState H.O.M.E. Loan & Grant Program is structured as a grant, so it is not repaid.

• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

GreenState H.O.M.E. Loan & Grant Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

GreenState H.O.M.E. Loan & Grant Program sets its income limit as follows: Targeted to people of color living in low- to moderate-income census tracts; home purchase may be in any neighborhood. Specific income thresholds determined by lender at application.

• 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?

GreenState H.O.M.E. Loan & Grant Program can be used for Single Family.

Where does it apply?

GreenState H.O.M.E. Loan & Grant Program serves buyers purchasing anywhere in Iowa.

• The program targets specific areas: Special Purpose Credit Program for people of color (Iowans of color) in GreenState's field of membership across Iowa, Illinois, and Nebraska; designed to close the racial homeownership gap.

How do you apply?

Applications for GreenState H.O.M.E. Loan & Grant Program go through GreenState Credit Union / GreenState Foundation, which publishes the current terms and the application steps on its own site.

1. 1

   Contact GreenState Credit Union / GreenState Foundation to reserve funds

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

2. 2

   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.