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Home$tart and Home$tart Plus

Home$tart® and Home$tart Plus

Affordable Housing Program – Down Payment Subsidy

 
  • $17.5 million available for reservation, nationwide
 
  • Up to $5,000 per application for the purchase of owner-occupied units
 
  • Up to $10,000 for applicants currently receiving public housing assistance
 
  • Can be used for:
 
    • Down Payment
 
    • Closing Costs
 
    • Home Ownership Counseling (up to $250 for 8 hours or $450 for over 8 hours)
 
  • First-time home-buyers must complete a Financial Literacy Program
 
    • In Person – Please contact Iowa Trust for a list of providers
 
    • Online Courses Available
 
  • Borrower household income must not exceed 80% of the area median income
 
    • $51,500 – 4-person family: Appanoose, Davis, Monroe & Wayne counties
 
  • Maximum purchase price of $255,000
 
  • Deed will be subject to a 5-year restriction
 
  • Required Documentation
 
    • Income calculation workbook with supporting verification documents
 
    • Proof of financial literacy program completion for first-time home-buyers
 
    • Signed Purchase Agreement
 
 
 

Made possible by the Federal Home Loan Bank Des Moines