Polk County Homebuyers Gain Access to Increased Down Payment and Home Repair Assistance
Homebuyers in Polk County, Iowa, now have increased access to financial assistance for purchasing homes and completing necessary repairs, thanks to expanded programs from Neighborhood Finance Corporation (NFC). The nonprofit has increased its loan amounts for both down payment assistance and home repair loans, aiming to remove barriers to homeownership and improve housing stability in the region.
Increased Loan Amounts
NFC has raised the cap for down payment assistance from $10,500 to $15,000. Similarly, the maximum forgivable home repair loan has been increased from $10,000 to $15,000. These increases provide homebuyers with greater purchasing power and the ability to afford essential home improvements.
Program Details
The NFC Neighborhood Reinvest Down Payment Assistance Loan Program provides a $15,000, 30-year deferred loan at 0.00% interest (APR 0.00%) for down payment assistance to eligible homebuyers in Des Moines, West Des Moines, Windsor Heights, Urbandale, and Cedar Rapids, Iowa. The loan does not need to be repaid until the home is sold or refinanced.
To qualify for the down payment assistance, homebuyers must earn below 100% of the area median income and complete eight hours of homebuyer education. NFC also offers an Advantage Loan, which includes an additional forgivable loan of up to $15,000 for renovations.
Polk County Down Payment Assistance Program
In addition to NFC’s programs, Polk County offers its own down payment assistance. A $5 million grant from Polk County allows eligible homebuyers to receive a $30,000 deferred loan for down payment assistance. This program is administered by NFC and is available to households earning less than 80% of the area median income.
To be eligible for the Polk County program, homebuyers must complete eight hours of homebuyer education before closing on the loan, own no other property at the time of closing, and obtain eligible fixed-rate first mortgage financing through a participating lender.
Additional Resources and Contact Information
For more information about NFC’s programs, call 515-246-0010 or visit the NFC Resources Page. Homebuyers in Polk County/Des Moines can also contact HOME, Inc., and those in Linn County/Cedar Rapids can contact Horizons.
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