Historic West Des Moines Housing Fund - Down Payment Program

What is 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.

How much assistance does it provide?

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.

Do you have to pay it back?

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.

Who qualifies?

Historic West Des Moines Housing Fund - Down Payment Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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

Where does it apply?

Historic West Des Moines Housing Fund - Down Payment Program serves buyers purchasing in West Des Moines, Iowa.

• The program targets specific areas: Eligibility limited to the Historic West Des Moines neighborhood (city area map).

How do you apply?

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.

1. 1

   Contact City of West Des Moines Community & Economic Development (with IFA and Neighborhood Finance Corporation) to reserve funds

   Funds are reserved through Apply via Neighborly Software portal; partnership with NFC., 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.