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First Time Homebuyer Assistance
Assistance for New Homebuyers
This program includes a zero percent interest loan of up to $3,500 to assist a first-time home buyer with the down payment and/or closing costs of purchasing a home in the City of 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.

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 $100 processing fee.

Requirements
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
  • MidWestOne Bank
  • TruBank
  • 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:

City Clerk/Finance Department
Ph: (641) 673-9431

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