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IDED Down Payment Assistance for Qualified HomebuyersThe City of Dyersville, in conjunction with the Iowa Department of Economic Development (IDED) and East Central Intergovernmental Association (ECIA) is again offering the New Production Down Payment Assistance Program. Eligible applicants are offered down payment assistance of 25% of the purchase price of a newly constructed home in the City of Dyersville in the form of a five-year forgivable loan. There will be 7 new homes constructed and available for sale under this program, ranging in price from $150,000 to $180,000.
Rules of the Program & Eligibility Requirements:
1. You must meet the income guidelines which are based on the number of persons in your household and the county in which the new home is located. The guidelines are set each year by the Federal Dept. of Housing and Urban Development.
2. You must obtain your mortgage from an approved lender in the City of Dyersville.
3. The purchase price of the home can not exceed $180,000.
Applications are being accepted now and are available at the Dyersville Economic Development Corporation (DEDC), 1100 16th Ave Ct. SE in Dyersville or at the ECIA office, 7600 Commerce Parkway in Dubuque. DEDC offices are located next to the National Farm Toy Museum and Total Fitness Rec Center. Email jrahe@dyersville.com for an electronic version.
Sample funding scenario
Purchase Prices are $150,000 $170,000 $180,000
25% Grant Assistance: $ 37,500 $ 42,500 $ 45,000
Mortgage Amount:** $112,500 $127,500 $135,000, respectively.
** This amount may be reduced by personal finances used to purchase the home.
*Floor plans and elevations are also available at the DEDC offices and can be forwarded online.
Questions can be directed to : Jacque Rahe, Dyersville Economic Development Corporation, jrahe@dyersville.com, 563-875-2311.
Posted: 7/22/10