Assistance Fund for Iowa Homeowners
The Iowa Homeowner Assistance Fund program provides eligible homeowners assistance with mortgage payments and related property expenses.
Eligibility Criteria for Iowa Homeowners Assistance Fund (IHAF)
Property Ownership Requirement
- Prospective applicants must be property owners, or in the process of legally acquiring the property through a recorded contract or manufactured lot rent payments.
Financial Hardship Criteria
- Applicants should demonstrate a financial setback directly attributed to the COVID-19 pandemic.
- The applicant must be at least 30 days behind on mortgage payments, contract sale payments, manufactured home payments, or property taxes.
Income Eligibility
- Household income must not exceed 150% of the area median income or 100% of the U.S. median income.
- The property must serve as the applicant’s primary residence in Iowa.
Financial Viability Assessment
- Applicants must exhibit the ability to resume future mortgage payments after receiving assistance from IHAF.
- The household housing debt-to-income ratio should be 50% or lower, with gross monthly income at least double the monthly mortgage payment.
Assistance Limitations
- Eligible homeowners can receive a one-time assistance payment of up to $25,000.
- Subsequent applications will not be considered, regardless of approval status, making it crucial to assess precheck eligibility thoroughly.
Eligible Property Types
- Single-family properties
- Condominium units
- 2- to 4-unit properties where the homeowner resides in one of the units as their primary residence
- Manufactured homes permanently affixed to real property and taxed as real estate
- Mobile homes not permanently affixed to real property
Conclusion
The IHAF aims to support Iowa homeowners facing financial challenges due to the pandemic by providing one-time financial assistance to ensure housing stability. It’s imperative for potential applicants to meet the outlined eligibility requirements and consider their circumstances carefully before applying.
