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App’s being accepted for Homebuyer Program in Mason City

The City of Mason City is accepting applications for the Mason City General Homebuyer
Assistance Program funded in part by a HOME Grant through the Iowa Finance Authority. This
Program will assist 8 low-moderate income, first-time homebuyers with purchase of a singlefamily home and bringing that property into compliance with Mason City’s building and housing codes as well as HUD’s Housing Quality Standards. Work to be completed under the Program will include, but not be limited to, general, electrical, plumbing, and HVAC.

Program applications will only be given to those who can provide documentation of all of the
following requirements:

· Meet HUD’s definition of a first-time homebuyer; and
· Meet HUD’s income guidelines; and

Number of Persons in Household – Annual Gross Income
1 – 34,200
2 – 39,050
3 – 43,950
4 – 48,800
5 – 52,750
6 – 56,650
7 – 60,550
8 – 64,450

· Documentation from a mortgage lender that the applicant qualifies for a mortgage meeting the Program requirements (contract purchases are NOT eligible); and
· Documentation that the applicant has completed “Make Your Move” class and counseling through Consumer Credit Counseling Service or equivalent.

The Program will work only with eligible applicants. Eligible applicants will have maximum of 90 days from the date of their eligibility letter to make an offer on a house. Potential applicants are cautioned not to make an offer on a house prior to written approval of the City of Mason City.

Applications will be received on a first-come, first-serve basis.

For more information contact the Grant Administrator, 10 1st Street NW, Third Floor, Mason City,
IA 50401, phone (641) 424-7154.|

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