First Time Homebuyer Programs Helping Local Families

The East Central Iowa Housing Trust Fund recently received funding to offer up to $35,000 in down payment and/or closing costs assistance for low-to-moderate income (LMI) first time homebuyers, with the ability to use some of that assistance for minor repairs. This program is unique, offering a higher amount of assistance across a wider service area than any other program in the region.

ECICOG also assisted the Housing Trust Fund of Johnson County and the Housing Fund for Linn County to secure funding for first time homebuyers. The program uses the HUD definition of first time homebuyer (FTHB), which includes any individual who has not held ownership in a principal residence during the last three years. FTHBs also include single parents or displaced homemakers who have only owned a home with a former spouse, or persons who have only owned a mobile home not permanently affixed to a foundation.

To date, the trust funds have had two closings. One of the homebuyers was a single parent of young kids, now settled in a house of her own in her hometown. The other homebuyer is a young professional who was able to purchase a home near her mother and grandmother. Three additional program participants are to close on their new homes within the next month.

First time homebuyers interested in purchasing a home in Linn, Benton, Iowa, Jones, or Washington counties can check out the ECICOG website or contact ECICOG Grant Specialist Emma Harkins for more information.