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Boone Bank & Trust Co. has received a 2017 Down Payment and Closing Cost Assistance Grant from the Federal Home Loan Bank of Des Moines.
Funds are available on a first-come first-served basis subject to availability. The funds are to assist low income individuals or families with down payment, closing costs, counseling, or rehabilitation. Eligible households can receive up to $3,000.00 in grant assistance.
We are the only bank in Boone County that is part of this program!
Some of the eligibility requirements include:
- Assisted households must be at or below 80% of the area median income.
- Eligible households must purchase an owner-occupied primary residence.
- All eligible households that are first time homebuyers must complete a Financial Literacy Program prior to closing.The ISU Extension Home Buyer Education course will qualify.
- Program is for both first time homebuyers and NON first time homebuyers
- Income eligible households will be determined using the median income for the area as published by HUD (see FHLB website for income guidelines). On the HUD Income guidelines: 80% of Area Medium Income is considered “Low Income” adjusted by household size.
- Homes located in a non-targeted area; the Maximum purchase price is $255,000
- For purposes of verifying income, current income is from all sources received by all adult household members; this includes income received by an adult member even if the household member is not on title. Income from employment of children UNDER the age of 18 is not counted in the calculation.
- Maximum cash back at closing cannot exceed $250.00.
- The assisted Unit is subject to a 5 year deed restriction. If the property is sold within the first 5 years; the property is subject to Recapture. The borrower can refinance the property and have the Deed Restriction subordinated to the new first lien.
- All loan products can be used.
- Home$tart funds MAY NOT BE USED IN CONJUNCTION WITH PROGRAMS UTILIZING FUNDS FROM COMPETITIVE AHP AWARDS (OTHER FHLB PROGRAMS) BUT MAY BE UTILIZED WITH THE IFA GRANT, MILITARY GRANT, AND MCC IF OFFERED AGAIN BY IFA.
For more information regarding specifics of the program give us a call at 515-432-6200 or contact us.