Polk County Down Payment Assistance Program

What is Polk County Down Payment Assistance Program?

Polk County Down Payment Assistance Program is a deferred second loan for homebuyers in Polk County, Iowa, administered by Neighborhood Finance Corporation (NFC) on behalf of Polk County.

• Polk County committed $5 million to a down payment assistance program enabling eligible low-income homebuyers to receive a $30,000 deferred loan at 0.00% interest. The deferred loan is paired with a fixed-rate first mortgage from a participating lender, and is administered by Neighborhood Finance Corporation (NFC). The loan requires no payments and is not repaid until the home is sold, is no longer the owner's primary residence, or in some instances when refinanced. Available as long as funds remain.
• $30,000 down payment assistance.
• 0% interest.
• Deferred (no monthly payments).
• Repaid only on sale/non-occupancy/refinance.
• Paired with fixed-rate first mortgage.
• Funding comes from Polk County ($5 million commitment).

How much assistance does it provide?

Polk County Down Payment Assistance Program offers up to $30,000 in assistance.

• Amounts are the program's published maximums, not an offer — Neighborhood Finance Corporation (NFC) on behalf of Polk County determines any individual award.

Do you have to pay it back?

Polk County Down Payment Assistance Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Repaid when the home is sold, is no longer the owner's primary residence, or (in some instances) when refinanced.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Polk County Down Payment Assistance Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

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

• Household annual income at or below 80% of the area median income (specific dollar limits by household size are published in the program's income-limit table).
• 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?

Polk County Down Payment Assistance Program can be used for Single Family.

Where does it apply?

Polk County Down Payment Assistance Program serves buyers purchasing in Polk County, Iowa.

How do you apply?

Applications for Polk County Down Payment Assistance Program go through Neighborhood Finance Corporation (NFC) on behalf of Polk County, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program before funds are reserved.

2. 2

   Contact Neighborhood Finance Corporation (NFC) on behalf of Polk County to reserve funds

   Funds are reserved through Apply through a participating first-mortgage lender, 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.