New State Program Helps Home Buyers - News and Weather For The Quad Cities -

New State Program Helps Home Buyers

Updated:
  • Most Popular StoriesMost Popular StoriesMore>>

  • Dress codes: Where should schools set limits?

    Dress codes: Where should schools set limits?

    They're called leggings - popular fashion items that are tight-fitting pants to some, and glorified tights to others.More >>
    They're called leggings - popular fashion items that are tight-fitting pants to some, and glorified tights to others.More >>
  • Hogs On The Loose Cause Concerns

    Hogs On The Loose Cause Concerns

    Tuesday, April 15 2014 11:30 PM EDT2014-04-16 03:30:52 GMT
    Hogs from a local farm have been making their way onto city streets since last summer in Sterling, Illinois, and they're not welcomed by all. City leaders say that although there is a general understandingMore >>
    Hogs from a local farm have been making their way onto city streets since last summer in Sterling, Illinois, and they're not welcomed by all. City leaders say that although there is a general understandingMore >>
  • Changes Coming to Moline Noise Ordinance

    Changes Coming to Moline Noise Ordinance

    Tuesday, April 15 2014 11:13 PM EDT2014-04-16 03:13:45 GMT
    Moline City Council members are taking steps toward changing the city's noise ordinance, which dates back to the 1950s. After consulting with a sound engineer, the Planning Commission found an overhaulMore >>
    Moline City Council members are taking steps toward changing the city's noise ordinance, which dates back to the 1950s. After consulting with a sound engineer, the Planning Commission found an overhaulMore >>

It's a big push by the state to get people buying homes. Iowa governor Terry Branstad announced today a new program to give buyers a leg up when shopping for a new house.

"All of their closing costs will be covered and the remainder can go toward their down payment which will really assist most buyers," Eric Ryden of Quad Cities Iowa Realty says.

The state is offering up to $3500 to buyers, both new and old, to help them buy a home. First-time buyers and veterans can buy anywhere statewide to qualify for the grant, but repeat buyers must buy in specific areas, including Ames, Des Moines, Dubuque, Iowa City, Fort Dodge, Sioux City, Waterloo, and Davenport.

In Davenport, there are two specific areas repeat buyers can look for a house and qualify for the grant, one in the area between Division Street and 5th Street along the river, the other in West Davenport, outlined by West 12th Street, Division Street, and Warren.

Even with the restrictions, realtors say every little bit helps.

"We can give buyers an additional boost to help them get into a property," Ryden says,"A lot of times repeat buyers are not eligible for these programs, it's going to definitely give everyone some assistance."

But there is a catch-- to qualify, your income has to fall below $90,000 a year, and the house has to cost below $289,000 if you're buying in the specific target areas, or $247,000 if you're buying anywhere else.

Realtors say buyers shouldn't feel restricted by the target areas, but there's a lot of options if they do choose to live there.

"We don't have cookie-cutter neighborhoods," Ryden says, "Our homes are varied."

He says, "These are first time buyer type homes. They are somewhere between that $60,000-$120,000 range and most of them are three bedroom homes."

Realtors, along with the state, hope the program will get buyers out there looking at homes and help boost the housing market.

"I think it's a great program," Ryden says, "We are in a lull in our market right now, and this $3500 can be a great help."

He says, "That's what this program's designed for, to help get buyers spurred and ready to purchase again."

To find out more information on whether or not you qualify and how to apply for the grant, go to the following link: http://www.iowafinanceauthority.gov/forms/buyer.cfm