The Scott County Housing Council, NHS of Davenport, and Interfaith Housing, Ltd. announce the availability of first-time home buyer funding to assist with lead paint remediation and minimum code violations, and down payment assistance. Program candidates are first-time home buyers or those who have not owned a home in more than three years, and want to purchase a home in Scott County.
Home buyers must meet income guidelines and qualify for a conventional first mortgage. The program can utilize Iowa Finance Authority (IFA) FirstHome programs and other lending programs offered by local mortgage brokers, banks, and credit unions. Federal Housing Administration (FHA) insured mortgages do not qualify for the program. Perspective home buyers must attend a HUD approved home buyer education program offered by United Neighbors, Inc. or Neighborhood Housing Services.
The funding is awarded as a forgivable loan requiring the homeowners to maintain the property as their primary residence for a period of five or 10 years. If the home buyer leaves the property sooner, a recapture of a portion of the dollars awarded will be required. The monies can assist with re-mediating lead-based paint hazards. If minimum code violations are found during the home inspection, funding can be used to make repairs.
For further information, contact Jennifer at NHS at 563-324-1556 or Rick Schloemer at 563-323-0420.