Waterloo Housing Authority Down Payment Program

What is 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.
• This is a federal program, so it is available beyond a single state or city.
• Funding comes from Waterloo Housing Authority; up to $5,000 closing-cost assistance tied to conventional financing.

How much assistance does it provide?

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.

Do you have to pay it back?

Waterloo Housing Authority Down Payment Program is forgiven after 5 years, so a buyer 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.

Who qualifies?

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

What are the income limits?

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.

What kind of home can it be used for?

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

Is there eligibility for specific groups?

Waterloo Housing Authority Down Payment Program names buyers 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.

Where does it apply?

Waterloo Housing Authority Down Payment Program is a federal program, so it is not limited to Iowa.

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through Home Buyer Training via Operation Threshold or Family Management; Money Smart classes; eHomeAmerica..

2. 2

   Contact Waterloo Housing Authority to reserve funds

   Funds are reserved through Applications at the Waterloo Housing Authority Office; tied to homebuyer education sessions., 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.