Housing Assistance Center Offers Down Payment Assistance
SIOUX CITY, IA – March 2, 2011 – (RealEstateRama) — MyPad Down Payment Assistance Program was created to overcome the greatest barrier to homeownership, down payment. MyPad provides an opportunity for qualified low to moderate income individuals and families to purchase affordable homes by receiving money from the Home Investment Partnership for down payment on a home. Homebuyers will never have to repay the gift from MyPad as long as the home purchased remains owner occupied throughout the 5 year period of the deferred payment loan.
Dreaming of your first home? If you plan to purchase in Sioux City, you may be one step closer to your dream. If you plan to purchase in certain neighborhoods, we’ll sweeten the deal by doubling the amount of down payment available!
MyPad provides for $5,000 in down payment assistance to home purchasers whose family incomes are at or below 80% of the median income for Sioux City, Iowa. For a family of four that is $46,700. Applicants who purchase a property located within the City designated Urban Renewal Areas of Rose Hill and Jones Street may be eligible for $10,000 in down payment assistance.
The Housing Assistance Center will be partnering with Center For Siouxland, where applicants will be required to complete a comprehensive pre-purchase and post-purchase counseling/education program.
Additional eligibility requirements include:
• An initial screening including a credit and budget review to determine mortgage readiness with the Center For Siouxland prior to completing an application for eligibility with the Housing Authority.
• Applicants must not currently own a home and the family must purchase a home within Sioux City city limits.
• Potential applicants must NOT have an accepted offer on a home prior to completion of pre-purchase counseling and the Home Buyer Education class offered by Center For Siouxland.
• The home purchased must pass a Housing Quality Standards Inspection conducted by the Housing Assistance Center, at no direct cost to the applicant.
• Home purchased must be owner occupied through the 5 year period of the deferred payment loan.
• The sale price cannot exceed $100,000.
• Post purchase counseling must be completed within 6 months of closing date or entire deferred payment loan will be called due on the 181st day.
“The Housing Assistance Center is excited about the Home Investment Partnership funding agreement for City-Wide down payment assistance,” said Amy Tooley, Housing Services Division Manager. “Our goal is to expand housing opportunities and promote the value of homeownership as the foundation for building strong communities and individual prosperity. By partnering with Center For Siouxland, the Housing Authority is also giving applicants the tools they need to successfully purchase their home and reduce the risk of foreclosure.” Tooley said.
Funding is limited and will be granted on a first come first serve basis. For more information, please contact Brenda Miller, MyPad Program Coordinator at 279-6256. Home and happiness is only an application away. MyPad – You’re almost home.
It is the policy of the Housing Assistance Center to provide services without regard to race, color, religion, national origin, ancestry, age, sex, familial status, physical handicap or disability.
Contact:
Amy Tooley or Brenda Miller
Amy – 712-279-6348 Brenda – 712-279-6256
