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1st-time
Home Buyer Down Payment and Closing Cost Revolving Loan Fund.
This 0%
interest loan of up to $3,500 is to assist a first-time home buyer
with the down payment and/or closing costs of
purchasing a home in Oskaloosa. The definition of a first-
time home buyer is a borrower that has not owned a home
in Mahaska County in the past three years; or, is proposing
to purchase a home constructed or rehabilitated under the Single-family
Construction Loan Program or one that has
been purchased and rehabilitated by the Oskaloosa Housing
Trust Fund.
The
loan is matched by the family and is repayable over a 10-year
period by automatic account withdrawal. The costs involved in
borrowing funds through this program is a one-time $75 processing
fee and the city's filing
fees.
The
borrower must attend and participate in a first-time
homebuyer education course prior to loan closing. Applications
for this program are completed by the
borrower's participating lender. The
first mortgage must be obtained from one of the
following participating lenders:
- Bank
Iowa
- Community
1st Credit Union
- First
National Bank Midwest
- MidWestOne
Bank
- USDA
Rural Development
Borrowers incomes shall not exceed the USDA Rural Development
Guaranteed Housing Program Income
Limits as defined annually by the United States Department
of Agriculture.
For additional information, or request a brochure on this program
contact the Oskaloosa Housing Trust Fund at 641/673-8361 or e-mail:
laura.russell@oskaloosaiowa.org
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