First-time homebuyers just got a little more buying power, thanks to a pair of popular programs expected to return this summer.
The programs aim to help first-time homebuyers make their dream of homeownership a reality.
“A lot of times these programs will get that payment in the price range they need,” says Jeann Digman, vice president of mortgage lending at Dupaco. “It gives them more buying power, more equity in the home or, if they’re short funds, this helps give them the funds they need to close the deal.”
One returning program is a $5,000 military grant through the state of Iowa. The grant, scheduled to become available June 2, can be used by qualifying buyers to cover closing costs or pay down the loan balance. Another program, expected to return July 1, is a $5,000 interest-free loan through the city of Dubuque that can be used toward the down payment or closing costs.
Dupaco is an approved lender for both of these programs, and others, and can help homebuyers navigate which program best fits their needs.
“First-time homebuyers can use the programs along with the best interest rates Dupaco offers, so they get the best of both worlds,” Digman says, adding that interest rates have remained steady.
Both of these homebuyer assistance programs are offered on a first-come, first-served basis, and the funding is typically depleted within the year, according to Digman.
“The majority of first-time homebuyers are not aware of these programs,” she says. “It’s our philology that we should be here to educate our members about these programs that we have available.”
Those looking to buy their first house should get preapproved before they start house shopping. That way, they’re prepared and know where they stand with both their credit and approved loan amount so there aren’t any surprises when they find the perfect home.
To schedule an appointment with a Dupaco mortgage lender, call 800-373-7600, ext. 204.
By Emily Kittle