Program Summary

The Waterloo Housing Authority partnered to reach non-traditional first time homebuyers. Targeted particularly are those low to moderate income households under represented and least likely to apply, to enable them to enjoy the benefits of homeownership within the jurisdiction of the Housing Authority.

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A forgivable 2nd mortgage in the amount of the grant is required of each homebuyer, and any recaptured amounts will be used to replenish the loan fund if the homebuyer decides to sell in less than 5 years.

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Eligibility Requirements

• An applicant must have successfully completed Home Buyer Training provided by Operation Threshold, or Family Management.

• An applicant must be a current resident of Waterloo for at least one (1) year.

• An applicant must be a first time homebuyer defined as neither party head or having ownership in a home or title to a mortgage within the within the last 36 months.

• An applicant may not own other residential property.

• If possible the homebuyer should cover closing costs from their own funds.

• Total family income cannot exceed 80% of median income for the MSA based on family size.