Homebuyer Down Payment Grant Program

What is Homebuyer Down Payment Grant Program?

Homebuyer Down Payment Grant Program is a grant for homebuyers in Davenport, Iowa.

• Davenport Homebuyer Down Payment Grant — up to $5,000 TRUE GRANT for FTHB at 80% AMI in Davenport city limits. CDBG/HOME-funded; classified as grant per program docs.
• City of Davenport Homebuyer Down Payment Grant Program provides up to $5,000 as a TRUE GRANT (no repayment, no lien on grant amount) toward down-payment and closing costs for first-time homebuyers at or below 80% AMI purchasing in Davenport city limits. CDBG/HOME-funded but classified as a grant per program documentation.
• Funding comes from Local, CDBG, and HOME.

How much assistance does it provide?

Homebuyer Down Payment Grant Program offers up to $10,000 in assistance.

• Buyer contribution: Per first-mortgage lender overlays.
• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

Homebuyer Down Payment Grant Program is structured as a grant, so it is not repaid.

• Repayment is triggered by True grant - no repayment required. Grant is up to 50% of the minimum required down payment plus up to 100% of reasonable closing costs, to a maximum of $10,000.
• The assistance is recorded in N/A (grant - no lien) position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Homebuyer Down Payment Grant Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Homebuyer Down Payment Grant Program limits household income to 80% of the area median income, which varies by county and household size.

• 80% AMI Scott County (Davenport MSA) — typically $50,150 (1 person) up to $94,550 (8+ person) by household size.
• The limit applies to total household income, not only the borrower’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?

Homebuyer Down Payment Grant Program caps the purchase price as follows: Per HUD HOME 95% area median purchase price; verify with City.

• Eligible property types include Single-family detached, condominium, townhouse.
• New construction is eligible.
• Manufactured homes are not eligible.

Is there eligibility for specific groups?

Homebuyer Down Payment Grant Program names veterans, active-duty service members, reservists and National Guard members, and surviving spouses among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

Homebuyer Down Payment Grant Program serves buyers purchasing in Davenport, Iowa.

• The program targets specific areas: Davenport may offer enhanced grant amounts in targeted neighborhoods (verify current with CED).

How do you apply?

Applications for Homebuyer Down Payment Grant Program go through the administering agency, 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 HUD-approved homebuyer education; required prior to closing..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Application through Davenport Community & Economic Development; subject to annual allocation., 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.