BETTER HOUSING FOR EVERYONE
For many rural Iowans, the dream of homeownership is just a dream. We've worked hard to find solutions to help rural Iowans realize their dreams and improve the quality of living in our region. It's why we formed Homeward, Inc., a not-for-profit housing organization of rural cooperatives in Iowa.
Through Homeward, we offer eligible individuals and families several low-interest loan products.
- HomeOwner Loan. Take pride where you reside with a low-interest loan for home improvements. Borrow as much as $7,000 for home improvements. The home must be owned by the applicant and be his or her primary residence. Borrower's income must not exceed 80 percent of the area median income levels. This is only available with our Housing Trust Fund Grant/Loan Program.
- HomeBuyer Loan. Assistance is available to help you purchase a home, whether it's in a community or acreage in rural Iowa. Communities with populations in excess of 20,000 are not eligible. The sale price of the home can not exceed $176,620. Maximum amount to borrow is $7,000. Borrower's income must not exceed 115 percent of the area median income levels. This is also available with our Housing Trust Fund Grant/Loan Program where the income levels cannot exceed 80 percent of the area median income.
- Energy Efficiency Loans -- just for Prairie Energy Cooperative member-owners. These loans may be used for energy efficiency improvements such as: windows; doors; insulation; electric water heaters and energy-efficient heating & cooling equipment. Members can borrow from $1,000 to $5,000. Interest rates: 3% for a 3 year loan and 5% for a 5 year loan.
-
Geothermal Tax Credit Loans -- just for Prairie Energy Cooperative member-owners. This is for member-owners installing geothermal heat pumps that qualify for the federal tax credits for renewable energy. Maximum loan amount is $7,000 at 3%. Principal and interest are due on May 15th of the following years.
-
Well and Septic Loans-- just for Prairie Energy Cooperative member-owners. This loan is for member-owners installing private well and/or septic systems for existing homes. Maximum loan amount is $7,000. Interest rates: 5% for a 5 year loan and 6% for a 10 year loan.
Monthly loan payments must be automatically withdrawn from an account the borrrower has with a bank or lending institution.
Homeward, Inc. does not discriminate on the basis of race, color, national origin, religion, age, sex, disability, familial status or sexual orientation. Homeward, Inc. encourages women and minorities to apply.