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