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.
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: