Washington Neighborhood Homeowner Purchase Program

Financial Incentives
Special lending guidelines apply for homeowners at any income level.  All are encouraged to inquire and apply.

  • Iowa Finance Authority offers down payment and closing cost assistance of up to $2,500 (please contact your lender for details).
Requirements for City of Dubuque Financial Incentives 

1. Location - Any owner-occupied, single-family or duplex home, in the Washington Neighborhood. (11th Street to 22nd; Elm to Central)  *Citywide opportunity for <30% MI households.

2. Eligibility for this program is based upon household size and gross annual income of the household.
3. Loan Amounts - Varies based on household size and income (see below).

4. Loan Terms - Household income <30% Median Income (MI):  $25,000, 0% interest; $60/mo; 35-year term
                          Household income <50% Median Income (MI):  $20,000, 0% interest; $60/mo; 28-year term
                          Household income <80% Median Income (MI):  $15,000, 0% interest; $60/mo; 21-year term
                          Household income >80% Median Income (MI):  $10,000, 0% interest; $60/mo; 14-year term

5. Interest Rates - No interest is charged.

6. Complete Homeowner Workshop - Buyers are obligated to complete the HOME Workshop. Contact the Housing and Community Development Department at 589-4239 for details.

7. Additional Requirements 
  • The borrower must contribute a 3% downpayment, this is based on the purchase price of the home. 1% of the money must be the borrowers, 2% can be gifted money. The IFA FIRSTHOME Plus Downpayment/Closing Cost/Repair Assistance Program cannot be counted towards the owners’ requirement of 3%.
  • The property must be inspected by our Rehab Inspector prior to the City’s loan approval. If any code violations are noted the new buyer must complete the inspection sheet regarding repairs and submit bids, if required.
  • As of September 2001, all properties using federal funds must be lead safe or free of deteriorated paint.
8. Application - Once you’ve met with your lender and applied for a loan, the lender is to provide us with the following information: 
  • Verification of borrowers 3% down payment
  • Bank Application
  • City Application
  • Accepted Purchase Agreement (signed by all parties)
  • Bank Commitment Letter
  • Verification forms regarding your employment, savings, checking and rental history
  • Credit report
  • Title Opinion
For more information on the Federal Tax Credits, visit www.federalhousingtaxcredit.com.

For additional information on the Washington Neighborhood Homeowner Purchase Program, contact the Housing and Community Development Department or call 563.589.4239.