What is the Community Development Down Payment Assistance (DPA) Program?
DPA Brochure – Rev. 07-01-10 (pdf)

"The City of Waterloo in Partnership with Participating Lenders"

The Community Development Down Payment Assistance Program provides funds, not to exceed $5,000 to help low-income, first-time homebuyers purchase an “affordable” home within their means. The down payment assistance is in the form of a five-year forgivable loan. Additional assistance may be available to buy new construction homes.

How do you qualify for down payment assistance?
FIRST-TIME homebuyers who wish to receive Community Development Down Payment Assistance must do the following:

• Complete a HUD certified Home Buyer Education Class.
• Secure a mortgage from a Participating Lender.
• Select a home in the Consolidated Urban Revitalization Area (CURA).
• Apply for down payment assistance at Community Development and meet the HUD household income and asset eligibility guidelines.
• The home selected must meet HUD- Housing Quality Standards.

Who Are The Participating Lenders?
Participating Lenders have committed millions of dollars to be used specifically for DPA participants. Each lending partner offers many quality loan products for the first-time homebuyer.

Participating Lenders include:

• BankIowa
• Community National Bank
• Farmers State Bank
• Liberty Bank
• Lincoln Savings Bank
• MidWestOne Bank
• Regions Mortgage
• U.S.Bank
• Veridian Credit Union
• Wells Fargo Bank

Which houses potentially qualify for down payment assistance?
Houses eligible for this program are those located in the Consolidated Urban Revitalization Area (CURA) of Waterloo. This area covers parts of the downtown, northeast and near west sides of Waterloo.

What are the Home Buyer Education Classes?
Participants learn important facts on how to buy a house. A valid class certificate is required in order to receive down payment assistance. Contact one of these local HUD-Certified agencies to sign up for Home Buyer Education classes and counseling services:

Consumer Credit Counseling Services of N.E. Iowa, Inc.
1003 West 4th Street
Waterloo, Iowa 50702
Phone: (319) 234-0661 or (800) 714-4388
Email: waterloo@cccsia.org

Operation Threshold
405 Chestnut Street
Waterloo, Iowa 50703
Phone: (319) 291-2065
Website: www.operationthreshold.org

City Contact Information
Community Development
620 Mulberry Street
Waterloo, IA 50703
Phone: (319) 291-4429
Fax: (319) 291-4431
Office Hours: Monday-Friday, 8:00am-5:00pm