"Oh, there's no place like home for the holidays," the song says -- and the City of Iowa City would like to add a verse that states that there's no time like now to buy!
Five homes in the City's Single-Family New Home Program remain available for sale to income-qualifying buyers, all of which are duplexes in the Saddlebrook Meadows development. Four of the duplexes are 1,192 sq. ft. three-bedroom, one-bath units with double garages, priced at $150,000. The fifth unit is a 1,215 sq. ft. two-bedroom, two-bath duplex with a one-car detached garage, priced at $130,000.
Buyers who qualify for the New Home Program will be eligible for down payment assistance totaling 22.5% of the sale price of the home. For the $150,000 homes, the down payment assistance would be $33,750. The remaining $116,250 would need to be borrowed from a bank through a traditional mortgage program. The down payment would be set up as a forgivable loan, and homebuyers who stay in the home for five years or more would not have to repay the downpayment loan.
Income guidelines apply. For the $150,000 homes, the income limit for a one-person household is $42,750. For two people, the income limit is $48,850; for three people, $54,950; and for four people, $61,050. The income guidelines required to purchase the $130,000 duplex are slightly higher.
For an application or for more information on the program, including design plans, addresses of the properties for sale, builders, or income level requirements, visit www.icgov.org/newhomes or call Community Development Planners at 319/356-5230. E-mails may also be directed to [email protected].