News : ECICOG Announces First-Time Homebuyer Down Payment Assistance Program

Editor's Note: For residents of BENTON, IOWA, JONES AND WASHINGTON Counties.

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The East Central Iowa Council of Governments (ECICOG), in partnership with the Iowa Finance Authority (IFA) and the East Central Iowa Housing Trust Fund, is pleased to announce the availability of the First-Time Homebuyer Down Payment Assistance Program, designed to help low- to moderate-income households achieve affordable homeownership. This program provides down payment assistance of up to $35,000 and may also include minor rehabilitation assistance to eligible first-time homebuyers purchasing homes in Benton, Iowa, Jones, and Washington Counties.

Program Highlights

• Down payment and minor rehabilitation assistance of up to $35,000

• Homes will be subject to inspection, lead-based paint and radon testing, and environmental review

• Funds are provided as a forgivable loan with a required affordability period

Who Is Eligible?

To qualify, applicants must:

• Be a first-time homebuyer (defined as someone who has not owned a home within the last 3 years; 

single parents or displaced homemakers who have only owned a home with a spouse in the last 3 years 

also qualify) 

• Purchase a qualified home that will serve as their primary residence

• Obtain a fixed-rate mortgage with a minimum term of 15 year with no balloon payments due

• Meet income eligibility requirements at or below 80% of Area Median Income (AMI) for household size

• Continue to own and occupy the home as their primary residence for 5–10 years, depending on the amount of assistance received

How to Apply

• Submit a complete application with required income documentation and obtain mortgage preapproval from a qualified lender. Applications are accepted as long as funds remain available. Full program details and application materials can be found here.

Gross total household income must be at or below the following:

For more information or application assistance, contact:

Emma Harkins, ECICOG Grant Specialist

Phone: (319) 289-0931

Email: emma.harkins@ecicog.or

Phone: (319) 289-0931

Email: emma.harkins@ecicog.org