Waterloo Housing Authority Down Payment Program

Waterloo Housing Authority Down Payment Program is a forgivable loan for homebuyers in Waterloo, Iowa, administered by Waterloo Housing Authority. The Waterloo Housing Authority administers a down payment assistance program to expand homeownership for non-traditional, low-to-moderate-income first-time homebuyers. Assistance is a forgivable second mortgage recaptured only if the home is sold within 5 years. Eligible buyers using conventional financing may also access up to $5,000 in closing cost assistance. Applicants must be Waterloo residents for at least one year and complete homebuyer training. Forgivable 2nd mortgage DPA. Up to $5,000 closing cost assistance with conventional financing. 5-year forgiveness. Section 8 Homeownership Voucher option also available. Funding comes from Waterloo Housing Authority; up to $5,000 closing-cost assistance tied to conventional financing.

Waterloo Housing Authority Down Payment Program offers up to $5,000 in assistance. The program can be combined with Conventional first mortgage; up to $5,000 closing cost grant. Amounts are the program's published maximums, not an offer — Waterloo Housing Authority determines any individual award.

Waterloo Housing Authority Down Payment Program is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Recaptured amounts apply if homebuyer sells in less than 5 years; recaptured funds replenish the loan fund. The assistance is recorded in Second position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Waterloo Housing Authority Down Payment Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time = no ownership/title to a mortgage in the last 36 months. On credit, the program states: Must be able to qualify for a mortgage; elderly/disabled families exempt from income/employment but must still qualify for financing. A homebuyer education course is required, through Home Buyer Training via Operation Threshold or Family Management; Money Smart classes; eHomeAmerica. Residency requirement: Applicant must be a current resident of Waterloo for at least one year. Forgivable 2nd mortgage recaptured only if sold within 5 years. 1-year Waterloo residency required.

Waterloo Housing Authority Down Payment Program limits household income to 80% of the area median income, which varies by county and household size. Total family income cannot exceed 80% of the median income for the MSA based on family 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.

Waterloo Housing Authority Down Payment Program can be used for Single-family residence.

Waterloo Housing Authority Down Payment Program names homebuyers with disabilities 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.

Waterloo Housing Authority Down Payment Program serves homebuyers purchasing in Waterloo, Iowa.

Applications for Waterloo Housing Authority Down Payment Program go through Waterloo Housing Authority, which publishes the current terms and the application steps on its own site. Funds are reserved through Applications at the Waterloo Housing Authority Office; tied to homebuyer education sessions. 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.