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If you are looking to purchase a new construction home in Polk County, IA there could be down payment assistance available to you. The Polk county Housing Trust Fund will match borrowers down payment dollar for dollar if you or the property qualifies for this program. Funds are limited and must be reserved prior to closing. In order to qualify:Homes must be new construction and located within Polk CountyRequires a dollar for dollar match from borrower so purchaser must have some down payment moneyDown payment assistance is limited to $15,000This is a forgivable loan prorated over 10 yearsIncome limits per household are 1-2 person family $70,000 or 3+ person family $80,500First mortgage must be a fixed rate 30 year or less loanNo bankruptcy within 7 yearsBorrowers must be US citizenMust attend Homebuyer education classBorrower cannot be a party to litigation or lawsuitDebt income ratio must be under 45% of monthly qualifying incomeStandard closing costs plus $150 processing fee for down payment assistance