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