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First Dream Home+ Grant Program

MidWestOne Bank recently introduced the MidWestOne First Dream Home+ mortgage loan plus grant program.  The grant, funded in part by the Federal Home Loan Bank of Des Moines, will provide $1,500 towards down payment and closing cost assistance to qualified buyers in Iowa.   Assisted households must be below 80 percent of the area median income. The program is available for a limited time to those who qualify on a first-come basis.

“This innovative program can really help jumpstart an individual or family to achieve the American dream of homeownership,” said Charlie Funk, MidWestOne Bank President & CEO.  “An online homebuyer education curriculum is required and it covers a lot of great information that everyone should know when they are about to make the largest purchase of their lives.”

Under the program, the buyer can borrow up to 97% of the appraised home value with required mortgage insurance with the maximum home price up to $250,000.  It must be the primary residence of the borrower and condos, manufactured homes, and construction loans are not eligible.

“The rules set this program up to be a win-win for the buyer and the community as a whole,” added Funk.

Anyone interested in learning more about the MidWestOne First Dream Home+ program may contact a MidWestOne Mortgage Banker at any of the 25 bank locations in Iowa, or by calling 800-247-4418. 

This article was posted on July 6, 2015.  Grant availability is subject to change without notice.