Interested in purchasing your first home?
Iowa Heartland Habitat for Humanity is looking for qualified homebuyers to build and purchase homes through our program.
Families must be low income living in inadequate housing and/or cost burdened housing, where their rental costs are greater than 30% of their income.
Ability to pay:
The family must demonstrate they can afford the reduced cost of a Habitat home through the no interest payments provided by the Habitat mortgage.
Willingness to partner:
Families must demonstrate a willingness to become a full partner in the project. They will commit to completing 300 hours of ‘sweat equity’ and must successfully complete 13 hours of financial counseling classes.
The first step to a Habitat home is submitting an application complete with all sources of income verification.
Participation in the Habitat program requires the family be within federally established income guidelines shown here.
There are a few ways to prepare yourself to become a home buyer and help you qualify for Habitat’s Program:
1. You must be a resident of Black Hawk, Bremer or Butler County and have steady employment for at least 6 months prior to making an application.
2. Save three months of income verification; including check stubs, child support documentation, and Social Security benefit statements.
3. Start establishing a payment plan to reduce derogatory debts and medical collections. All judgments need to be paid in full.
4. Get help from a certified credit counselor if needed.
5. Establish positive credit by staying current on monthly bills. Try to avoid taking on new debts.
6. Apply for a home loan (mortgage) through a bank or credit union. If you are denied, you will need to submit a copy of your denial letter with your application for the Habitat homeownership program. If you qualify for a home loan, but the amount is too low to purchase a home that will meet your family's needs, keep a copy of your acceptance letter to turn in with your Habitat application.
7. Attend our home buyer education classes. Call for class schedule.
Please contact Mandy Mahncke, Program Director
or call (319) 235-9946
Farmers State Bank
131 Tower Park, Suite 115, Waterloo, IA
****Inquire about the programs Homes for Iowans or First Home for down payment assistance.
Veridian Credit Union
1827 Ansborough Ave, Waterloo Iowa
***Inquire about the Waterloo Housing Partnership Loan for down payment assistance.