What services does the program provide?
Homeowners can qualify for up to $50,000 in home loans for major home repairs, all or part of which may ultimately be forgiven, subject to the loan terms.A portion of the assistance may need to be repaid subject to loan terms. Funds are available as a 0% interest deferred loan for 20 years. At year 20, the deferred loan converts to a forgivable loan. The forgivable loan will be forgiven at 10% a year over 10 years. If the deferred loan is less then $20,000, it will be forgiven at 20% a year over 5 years.
Who is eligible?
The household's income must be at or below 80% of area median income. No loan to value (LTV) limit applies for this program. The property must be current on property taxes. The home must be the primary residence of the owner or a home being purchased as the owner's primary residence. The owner may not own any additional housing units. Homes being purchased on contract are not eligible.
How does someone apply?
You must first inquire with one of these affordable housing organizations who are working in a collaborative effort to provide this service. Neighborhood Finance Corp (NFC), City of Des Moines Improving Our Neighborhoods (ION), Habitat for Humanity, Rebuilding Together, City of West Des Moines Metro Home Improvement Program (MHIP), or Polk County Emergency Repair.
Provided by Neighborhood Finance Corporation and partner organizations.
Please note: This information was last reviewed on Sun Dec 01 2024 00:00:00 GMT+0000 (Coordinated Universal Time). Program policies and guidelines may change, and this listing may not include all details. Always contact an individual program directly for the most complete, current information.
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