download a brochure here - Greater Iowa Credit Union

Greater Iowa Credit UnionHelping the first-time homebuyerGreater Iowa Credit Union has a limited number of Urban First-time Home Buyer Grants (UFT) available for thepurchase of qualifying properties in Ames or Des Moines. These properties are not eligible for Rural Development loansin these cities. Under the UFT program, funds may be used toward the down payment or closing costs by first-timehome buyers. A recorded $5,000 deed restriction is required to cover the amount of the grant, but these funds will beforgiven at the rate of 20% per year for a period of five years. The home-buyer is required to establish residency in theproperty for five years for the grant to be forgiven. If the residency requirement is not met, the funds will be proratedand will be required to be repaid to the Federal Home Loan Bank.REQUIREMENTSFirst-time homebuyersMust use property as primary residenceLocation of propertyAmes or Des Moines (must meet above specifications and be approved byGreater Iowa Credit Union)Income (maximum household)Ames: $61,900 (1-2 person); $71,200 (3+person)Des Moines: $59,600 (1-2 person); $68,500 (3+person)Employment historyTwo years required for self-employedMaximum purchase price $247,000Maximum loan-to-value 95%Minimum down payment 5%Escrow accountRequired for taxes and insuranceInterest rateVaries depending on credit history.Standard alternative credit may include: rental history documentation,utility bills, phone billsPrivate Mortgage Insurance (PMI) Required for loan-to-value greater than 80%Homebuyer education*Home-buyer education course required prior to closing*See reverse side for homebuyer courses offeredContact one of our mortgage specialists:Matt KoehlerMortgage Loan OfficerNMLS #499999801 Lincoln WayAmes, Iowa 50010515.956.3037mkoehler@greateriowacu.orgEric KriegerMortgage Loan OfficerNMLS #5000001630 22 nd StreetWest Des Moines, Iowa 50266515.954.1620ekrieger@greateriowacu.orgLimited time offer, some restrictions apply. Applications will be processed in the order received. Applicants must meet specific underwritingcriteria. Greater Iowa reserves the right to deny any request that does not fit the Urban First-time Home Buyer Grant program.

Greater Iowa Credit UnionHomebuyer Education ProgramsThe following agencies are certified and provide homebuyer education. You will need to provide a certificate showingcompletion of a homebuyer education course. Any costs can be reimbursed with the grant funds, some limitations doapply.Consumer Credit Counseling Servicewww.cccsn.org6200 Aurora Ave., Suite 504WUrbandale, Iowa 50322Phone: 515.225.2227 or 888.388.2227Consumer Credit Counseling Servicewww.cccsia.org1608 S. Duff Ave.Ames, Iowa 50010Phone: 515.296.1968 or 866.723.7468• Classes held monthly• Cost is $100Neighborhood Finance Corporationwww.neighborhoodfinance.org1912 6th Ave.Des Moines, Iowa 50314Phone: 515.246.0010• Free classes held every Thursday from 6 to 8 p.m. Maximum class size is 20. Must call to register.• Anyone willing to drive to Des Moines can take the class.• They also offer a 4-week series of classes on Tuesday nights from 6 to 8 p.m..Iowa State University Extension Servicewww.extension.iastate.edu/homebuyer• Online course – available 24/7• Fee is approximately $45• Counties served: alleHome Americawww.eHomeAmerica.org• Online course – available 24/7• Fee is $50• Counties served: all