Homeownership Assistance Program

Homeownership Assistance Program is a forgivable loan for homebuyers in Multiple County, Iowa. SWIPCO Homeownership Assistance — up to $24,999 forgivable 5-year 2nd for FTHB at ~120% AMI across 8 SW Iowa counties. HOME-funded. Southwest Iowa Planning Council (SWIPCO) Homeownership Assistance Program provides up to $24,999 in down-payment, closing-cost, and limited rehab assistance as a 0% interest forgivable second mortgage. Forgiven over 5 years (some funding cycles use 10-year recapture) provided the borrower remains in the home as primary residence. HOME-funded across an 8-county SW Iowa service region (Cass, Fremont, Harrison, Mills, Montgomery, Page, Pottawattamie, Shelby). Funding comes from Local, HOME, and State.

Homeownership Assistance Program offers up to $8,000 in assistance. Homebuyer 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.

Homeownership Assistance Program is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Assistance up to 7% of purchase price (max $8,000): first $5,000 is a 5-year forgivable loan (forgiven 20% per year); remainder is a 1% interest loan for up to 5 years. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Homeownership Assistance Program 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. On credit, the program states: Per first-mortgage lender overlays. A homebuyer education course is required, through HUD-approved homebuyer education; required prior to closing. Residency requirement: Property must be located within Cass, Fremont, Harrison, Mills, Montgomery, Page, or Shelby County in Iowa (the 7 counties served by the Southwest Iowa Housing Trust Fund) and used as the borrower's primary residence. Citizenship or immigration status: U.S. citizen or eligible non-citizen per HUD HOME rules. First-time homebuyer required (no homeownership in past 3 years). Household income at or below ~120% AMI for SW Iowa region (~$77,200-$115,650 by household size). Property must be in one of SWIPCO's 8 service counties (Cass, Fremont, Harrison, Mills, Montgomery, Page, Pottawattamie, Shelby) and primary residence. HUD-approved homebuyer education required. 5-year (or 10-year per funding cycle) owner-occupancy / forgiveness covenant.

Homeownership Assistance Program limits household income to 120% of the area median income, which varies by county and household size. ~120% AMI SW Iowa — typically $77,200 (1 person) up to $115,650 (8+ person) by household size; verify current limit by county at intake. 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.

Homeownership Assistance Program caps the purchase price as follows: Per HUD HOME 95% area median purchase price; varies by county. Eligible property types include Single-family detached, condominium, townhouse, manufactured home on permanent foundation (per cycle). New construction is eligible. Manufactured homes are eligible.

Homeownership Assistance 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.

Homeownership Assistance Program serves homebuyers purchasing in Multiple County, Iowa.

Applications for Homeownership Assistance Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Application through SWIPCO Housing program; subject to annual HOME allocation and county-specific funding availability. 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.