MyPad Down Payment Assistance Program

MyPad Down Payment Assistance Program is a forgivable loan for homebuyers in Sioux City, Iowa. Sioux City MyPad DPA — up to $25,000 (target neighborhoods) or $5,000 (citywide) forgivable 5-year 2nd for FTHB at 80% AMI in city limits. $185,000 max purchase price. Sioux City MyPad Down Payment Assistance Program provides up to $25,000 in MyPad-designated targeted neighborhoods (or $5,000 elsewhere in city limits) as a 0% interest forgivable second mortgage. Forgiven over 5 years provided the borrower remains in the home as primary residence. HOME-funded. Sioux City city limits only. Funding comes from Local, HOME, and CDBG.

MyPad Down Payment Assistance Program is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Forgiven over 5 years and full or pro-rata repayment if borrower sells, refinances, or vacates within 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.

MyPad Down Payment 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 through Center For Siouxland or other City-approved counseling; required prior to closing. Residency requirement: Property must be located within Sioux City city limits and used as 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 80% AMI for Woodbury County (~$51,800-$97,700 by household size). Maximum purchase price $185,000. Property must be in Sioux City city limits and primary residence. HUD-approved homebuyer education required. 5-year owner-occupancy / forgiveness covenant. Higher tier ($25,000) only available in MyPad-designated targeted neighborhoods.

MyPad Down Payment Assistance Program limits household income to 80% of the area median income, which varies by county and household size. 80% AMI Woodbury County / Sioux City MSA — typically $51,800 (1 person) up to $97,700 (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.

MyPad Down Payment Assistance Program caps the purchase price at $185,000. Eligible property types include Single-family detached, condominium, townhouse. New construction is eligible. Manufactured homes are not eligible.

MyPad Down Payment 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.

MyPad Down Payment Assistance Program serves homebuyers purchasing in Sioux City, Iowa. The program targets specific areas: MyPad-designated targeted neighborhoods qualify for the enhanced $25,000 assistance tier; remaining city receives $5,000 tier.

Applications for MyPad Down Payment 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 Sioux City Housing Division; subject to annual allocation. 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.