Upper Explorerland RPC is excited to announce that they are the recipients of HOME funds through Iowa Finance Authority. These funds will be used to assist 10 First Time Homebuyers with down payment and rehabilitation assistance in the City of Oelwein. The award of the HOME funds was matched with a local commitment from the City of Oelwein.
Upper Explorerland RPC realizes first time homebuyers must make sacrifices to save enough for a down payment on a home, but for some it seems impossible to be able to find the funding to close on the desired home. With the award of the HOME funds homebuyers can receive up to $24,999 in assistance for rehabilitation and down payment assistance. The home must meet Iowaï¿½â„¢s Minimum Housing Standards upon completion. This program is an affordable way for homebuyers to realize their dream of homeownership. Assistance is in the form of a 10 year receding forgivable loan. Applicant must be able to obtain financing in the form of a 15 year fully amortized, fixed-rate mortgage. No adjustable rate or balloon payments will be allowed. Homebuyer education classes are required, please call 563-864-7551, ext. 106 to sign up.
Applications will be accepted beginning August 15th, 2012.
Below are the income guidelines by household size:
- Household Size 1: Gross Income-$33,250
- Household Size 2: Gross Income-$38,000
- Household Size 3: Gross Income-$42,750
- Household Size 4: Gross Income-$47,450
- Household Size 5: Gross Income-$51,250
- Household Size 6: Gross Income-$55,050
- Household Size 7: Gross Income-$58,850
- Household Size 8: Gross Income-$62,650
If you are interested and meet the qualifications outlined above we would like to hear from you. Applications can be picked up at the Oelwein City Hall or by calling Lori Brockway at Upper Explorerland RPC, at 563-864-7551 ext.106. Applications can also be accessed by clicking below.