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MyPad Down Payment Assistance Program

Sioux City, Iowa

Last verified
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Income limit

80% AMI

Of area median income; varies by county and household size

Price cap

$185,000

Highest purchase price the program allows

Repayment

Forgivable

Forgiven after 5 years

What is 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.

Do you have to pay it back?

MyPad Down Payment Assistance Program is forgiven after 5 years, so a buyer 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.

Who qualifies?

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

The program requires

  • First-time homebuyer — the program sets its own definition
  • The home is occupied as a primary residence
  • On credit: Per first-mortgage lender overlays
  • A completed homebuyer education course, through HUD-approved homebuyer education through Center For Siouxland or other City-approved counseling; required prior to closing.
  • Residency: 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.

The program excludes

  • Manufactured homes
  • Purchases above the $185,000 price cap
  • Households above 80% of area median income

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

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.

What kind of home can it be used for?

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.

Is there eligibility for specific groups?

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.

Where does it apply?

MyPad Down Payment Assistance Program serves buyers 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.

How do you apply?

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.

  1. Take a homebuyer education course

    Required by the program, through HUD-approved homebuyer education through Center For Siouxland or other City-approved counseling; required prior to closing..

  2. Contact the administering agency to reserve funds

    Funds are reserved through Application through Sioux City Housing Division; subject to annual allocation., and are subject to availability.

  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.

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