Taking the Leap into Homeownership with Dubuque’s Program
Turning Dreams into Reality: The City of Dubuque’s First-Time Homebuyer Loan Program. The City of Dubuque stands as a steadfast ally for those who dream of homeownership but face the formidable challenge of accumulating the upfront costs associated with a mortgage. To make this journey more accessible, Dubuque proudly presents the First-Time Homebuyer Loan Program, a beacon of hope for potential homeowners.
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Available Assistance
The First-Time Homebuyer Loan Program extends a helping hand through long-term, zero-interest loans. Homebuyers can access loans of up to $5,000, specifically designated to cover down payment and closing costs for their new homes. In cases where household income is less than 30 percent of the area median income (AMI), individuals may qualify for an impressive $25,000 in assistance.
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For loans of $5,000, repayment occurs over a maximum 8-year term. However, loans of $25,000 are deferred for 5 years, followed by a manageable monthly payment of $60 for a 35-year term. Importantly, all Assisted Housing participants are eligible for a deferred loan for 5 years, which further eases the path to homeownership.
Eligibility Requirements
The First-Time Homebuyer Loan Program comes with eligibility criteria designed to ensure responsible and sustainable homeownership. Borrowers are expected to contribute a minimum of 3 percent of the purchase price toward the down payment, with 1 percent being their own money and 2 percent eligible as gifted funds. Additionally, applicants must qualify as first-time homebuyers and fall within the 80 percent AMI bracket. Repayment terms are determined by how far below the income limit an applicant falls (<30, <50, or <80 percent of the AMI).
Property Guidelines
The program’s reach extends to owner-occupied, single-family, or duplex homes located anywhere within the City of Dubuque. To maintain the integrity and safety of these properties, all homes must undergo inspection by the City’s Rehabilitation Programs Inspector before loan approval. If any code violations are identified, the homebuyer is required to complete an inspection sheet detailing necessary repairs and submit bids if necessary. Furthermore, properties funded through federal sources must be certified as lead-safe or free of deteriorated paint.
Income Limits
Household income is calculated as the total earnings received by household members aged 18 or older who will be residing in the home, irrespective of their mortgage status. Here are the income limits based on household size:
- 1 person household: $37,200
- 2 person household: $42,500
- 3 person household: $47,800
- 4 person household: $53,100
- 5 person household: $57,350
- 6 person household: $61,600
- 7 person household: $65,850
- 8 person household: $70,100
With the City of Dubuque’s First-Time Homebuyer Loan Program, homeownership becomes more than a dream—it becomes an achievable goal. Don’t let upfront costs deter you; seize this opportunity to establish your home in the vibrant community of Dubuque.
