Urban Homestead Loan Program

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Davenport, IA 52801
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Urban Homestead Loan Program

  • Phone:
    563-326-7765

Urban Homestead Loan Program

Contact the city today to be put on our information list for the next round!

 
Through the Urban Homestead Program, the City offers homeownership opportunities to working families. Long-term, low-interest loans with no down payment and no closing costs are made to qualified applicants to purchase the homes available through the program.  These homes have completely new features like siding, windows, HVAC and water heaters, as well as new paint, flooring and cabinets.
 
Qualifying buyers are eligible for a 3% fixed rate 30 year mortgage through the City, with no down payment and no closing costs.
 
To be put on the list to receive information about the next Urban Homestead round,
call 563-326-7765 or email jrhoads@ci.davenport.ia.us
(This list is for notifications purposes only, the City makes no guarantees that you will be notified or be an eligible applicant. There is no guarantee of housing through the Urban Homestead Loan Program.)   
 
 
 
 You are eligible if...
  • Your household’s income is at or below eligible limits (see below for details) and meets the minimum gross yearly income to afford the home.
  • You are at least 18 years old.
  • You receive positive recommendations from your landlords over the past two years.
  • You have a satisfactory credit report, no outstanding liens or judgments, and any bankruptcies have been discharged for at least one year.
  • You have paid your bills on time for the past 12 months.
  • You have income sufficient to pay the loan and maintain the property.
  • Unless the household qualifies as elderly or disabled, at least one adult member of the household has been continuously employed full time for at least one year.
  • No household member has had ownership interest in residential property (including mobile homes) for at least three years.
  • Your housing expense and monthly debt ratios meet program requirements.
  • You must be able to pay the first year of homeowner's insurance prior to closing, which can range from $600-$900.

July 1, 2016 to June 30, 2017 income limits*

1 person   $37,600    5 people  $58,000

2 people   $43,000    6 people  $62,300

3 people   $48,350    7 people  $66,600

4 people   $53,700    8 people  $70,900

9 or more — contact City staff

*Income limits are determined by HUD and are subject to change.

 
 
 
 
 
 
 
Check out the previous round of Urban Homestead Program homes in the media - includes videos and photos of previous program homes!