Affordable Homeownership Made Easy with Waterloo’s Support
Expanding Homeownership Horizons with the Waterloo Down Payment Assistance Program. The Waterloo Housing Authority has a clear vision: to break down the barriers that stand in the way of individuals and families achieving their dream of homeownership. Recognizing that many aspiring homeowners face the daunting challenge of covering upfront costs in a mortgage transaction, they introduced the Waterloo Down Payment Assistance Program. This program is tailored to provide crucial support to first-time homebuyers who might not otherwise consider applying for a mortgage.
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Available Assistance
The Waterloo Down Payment Assistance Program offers eligible applicants a lifeline in the form of assistance funds through a forgivable second mortgage. Here’s how it works: If an applicant decides to sell the home within five years, the loan amount is recaptured and used to replenish the program’s loan fund. It’s a forward-thinking approach that ensures assistance continues to reach those who need it most.
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Eligibility Requirements
To be eligible for the Waterloo Down Payment Assistance Program, applicants must meet specific criteria. These include having established residency in Waterloo for at least one year and maintaining an annual household income that does not exceed 80 percent of the area median income (as detailed below). Furthermore, applicants must fit the profile of first-time homebuyers, which means they have not owned a home or held title to a mortgage within the last three years. Importantly, they must not possess any other residential property.
Homebuyer Education
Knowledge is power, and the Waterloo Down Payment Assistance Program encourages all applicants to empower themselves through a Home Buyer Training course offered by Operation Threshold or Family Management. Additionally, applicants should aim to cover the closing costs of a mortgage with their funds, demonstrating their commitment to responsible homeownership.
Income Limits
When it comes to income limits, household income encompasses all earnings received by household members aged 18 or older who will be residing in the home, regardless of their status on the mortgage. Here are the income limits based on household size:
- 1 person household: $39,150
- 2 person household: $44,750
- 3 person household: $50,350
- 4 person household: $55,900
- 5 person household: $60,400
- 6 person household: $64,850
- 7 person household: $69,350
- 8 person household: $73,800
With the Waterloo Down Payment Assistance Program, homeownership becomes more than a dream; it becomes a tangible goal for those who may have once believed it was out of reach. Don’t let upfront costs deter you—seize the opportunity to build your future in the welcoming community of Waterloo.
