First Time Homebuyer Assistance

Forgivable grant program for new homebuyers

The Oskaloosa Housing Trust Fund is offering a forgivable grant up to $2,500 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.

There is no required match nor required repayment if the home remains under ownership of the participant for five (5) years or more.  The costs involved in receiving funds through this program is a one-time $100 processing fee. This program is offered by the Oskaloosa Housing Trust Fund to promote and increase home ownership within the city of Oskaloosa.

Requirements

The borrower must attend and participate in a first-time homebuyer education course prior to loan closing and may not be utilizing any other financial assistance program for the home purchase or mortgage loan.  Applications for this program are available at, and completed by, the borrower’s participating lender. The first mortgage must be obtained from one of the following participating lenders:

Borrowers total household income shall not exceed the "Homes for Iowans" Program Household Income Limit as established by the Iowa Finance Authority.  A quick check for possible income eligibility is available here.

For additional information, you may review the program plan below or contact one of the participating lenders above.

Program Documents

  1. First time homebuyers program plan revised 20210301.pdf
  2. Trust fund ownership affidavit 2-11-21.pdf