Historic West Des Moines Housing Fund - Down Payment Program

Historic West Des Moines Housing Fund - Down Payment Program is a deferred second loan for homebuyers in West Des Moines, Iowa, administered by City of West Des Moines Community & Economic Development (with IFA and Neighborhood Finance Corporation). The Historic West Des Moines Housing Fund's Down Payment Program provides loans and grants to help buyers purchase a home within the Historic West Des Moines neighborhood, in partnership with the Iowa Finance Authority and Neighborhood Finance Corporation. Qualified homebuyers may receive up to $2,500 in closing cost and down payment assistance. The fund is a 3-year pilot backed by Polk County and six area banks. Up to $2,500 down payment / closing cost assistance. Loans and grants available. Targeted to Historic West Des Moines neighborhood. Partnership with IFA and NFC. Funding comes from Historic West Des Moines Housing Fund (Polk County $1M; six area banks ~$620K); 3-year pilot anticipated $3-4M.

Historic West Des Moines Housing Fund - Down Payment Program offers up to $2,500 in assistance. Award tiers: Loans and grants offered. The program can be combined with Iowa Finance Authority and Neighborhood Finance Corporation programs. Amounts are the program's published maximums, not an offer — City of West Des Moines Community & Economic Development (with IFA and Neighborhood Finance Corporation) determines any individual award.

Historic West Des Moines Housing Fund - Down Payment Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. 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.

Historic West Des Moines Housing Fund - Down Payment Program is open to homebuyers who will live in the home as their primary residence. Residency requirement: Property within the Historic West Des Moines area map boundary. Deferred loan per NFC structure (repaid on sale/refinance/loss of primary residence).

Historic West Des Moines Housing Fund - Down Payment Program sets its income limit as follows: Income-based per program guidelines (guidelines PDF is CMS-gated). Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Historic West Des Moines Housing Fund - Down Payment Program can be used for Single-family residence within Historic West Des Moines neighborhood.

Historic West Des Moines Housing Fund - Down Payment Program serves homebuyers purchasing in West Des Moines, Iowa. The program targets specific areas: Eligibility limited to the Historic West Des Moines neighborhood (city area map).

Applications for Historic West Des Moines Housing Fund - Down Payment Program go through City of West Des Moines Community & Economic Development (with IFA and Neighborhood Finance Corporation), which publishes the current terms and the application steps on its own site. Funds are reserved through Apply via Neighborly Software portal; partnership with NFC. 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.