Homeownership
Settle down with your family in your home.
Owning a home provides security for you and your family, and helps you build equity. It can also be the ultimate sign of independence for an individual. We can connect you with resources to become a homeowner.
You are eligible for an IDA if you:
• Are a Veridian member with all loans here paid current
and other Veridian accounts not overdrawn
• Earn 80% or less of the Area Median Income (AMI)
• Have not previously received an IDA match
You can use the funds in an IDA to:
• Buy your first home, including a down payment or closing cost
• Pay down debt to decrease your debt-to-income ration and
qualify for a mortgage
• Pay off collections to increase your credit score to qualify
for a mortgage
To receive your savings match, you must:
• Deposit between $25 - $350 monthly
• Save for 6 - 12 consecutive months, including the month you
open the account
• Complete a Veridian-approved Homebuyer's Financial
Education Program
Veridian Individual Development Account (IDA)
Save money in an IDA and Veridian will match it
dollar for dollar up to $2,000 to help you work towards
home ownership.
Partner:
Veridian Credit Union
Partner:
Iowa Heartland
Habitat for Humanity
Blueprints
Blueprints provides free financial coaching to participants working towards homeownership. Participants may be eligible for $15,000 in down payment assistance and a 2% home improvement loan for up to $15,000.
To qualify for the program, you must:
• Make 120% or less of the Area Median Income (AMI)
• Complete a series of homebuyer education classes offered by
Habitat for Humanity
• Meet monthly for financial counseling
Partner:
24/7 BLAC
Project HOME
African American participants who are mortgage ready will receive a personalized action plan to address individual barriers to homeownership. Upon completion, they will have access to $2,500 in grant funds.
To qualify for the program, you must:
• Complete a homebuyer workshop
• Receive individual financial coaching
• Secure a qualified mortgage
Partner:
City of Waterloo
Homebuyer Assistance Program
The Homebuyer Assistance Program from the City of Waterloo Community Development helps low-to-moderate income households with homebuyer and closing cost assistance to purchase their first home. To participate, you must provide a minimum contribution of $1,000 towards the purchase price of the home. If eligible, you may receive up to $25,000 in homebuyer assistance after seller concessions and lender credits.
Funding is available on a first-come, first-served basis in the form of a 0% interest deferred forgivable loan. Escrow funds, professional inspections and other items paid outside of closing may count towards your minimum contribution.
Partner:
House of Hope
Framing Hope
In collaboration with Iowa Heartland Habitat for Humanity, Framing Hope provides a pathway to home ownership for single mothers. As a participant, you will receive assistance from House of Hope to find stable employment and financial mentoring. If you are eligible, you’ll be referred to Habitat’s homeownership program.
