Ready to buy a home? Grants are available up to $37,500!
Are you ready to buy your own home? If you can answer yes, you need to check out SIMPCO’s Pathway to Purchase down payment assistance and home rehabilitation program. Grants are available up to $37,500!
Last year, SIMPCO applied for a grant to assist with new home ownership and was awarded through the HOME program. The grants (maximum of $37,500) are made to individuals that are purchasing their first home or haven’t owned a home within the last three years.
Ida County Economic Development Director Rita Frahm said, “The big deal is that funding can be utilized with this program for rehabilitation. That is a first. Normally not one dollar of purchase money funded through the First Time Homebuyer program can be used for that purpose.
It truly is a great opportunity for someone to purchase a home that needs fixing up and have up to $37,500 in grant money available to them.
Applicants may qualify for additional grant assistance that can be utilized in addition to this grant program. It has been over a decade since Ida County has had access to this amount of grant funding for applicants to take advantage of. We last utilized HOME funds with new home construction with the Galva Holstein Down Payment assistance program. It had a significant impact of increasing population within our communities.”
A few highlights of program guidelines are as follows:
- Applicant must purchase a single-family dwelling located within Ida County.
- Home to purchase must be owner-occupied with no tenant occupancy during the previous 1 year prior to purchase.
- Homebuyer must contribute at least $500 towards the purchase of the home (no cash back at closing).
- Single family detached, attached, condominium, cooperative homes are eligible (manufactured homes are eligible with additional conditions that will apply).
- Applicant must not currently own a home or have owned a home in the last three years.
- Purchase price limit in Ida County is $120,000. New construction limit is $227,000.
- Ida County’s income limit for participation is $38,500 for one person; $44,400 for two people; $49,950 for three people and $55,500 for four people. This is a one-time income qualification.
Frahm said she would be happy to assist persons interested in this program learn about the program and apply for funding. She said, “It is a “first come first serve” program and I believe SIMPCO can only provide assistance for five to seven homes within our multi-county region.”
Please feel free to contact Rita Frahm with questions at 712.371.9438 or firstname.lastname@example.org.