Work Session - Informal Gathering for Open House Tour of 396 W. Locust St. Copyrighted
December 3, 2018
City of Dubuque Work Session - Top # 1.
ITEM TITLE: 5:00 PM Informal Gathering for Open House Tour of 396
W. Locust Street
SUMMARY: City staff and HEART Project partners will conduct an
open house of the rehabilitation project at 396 W. Locust
Street.
SUGGESTED DISPOSITION:
396 W. Locust Street
Special lending guidelines, for income -eligible homebuyer. All are encouraged to inquire and apply!
SINGLE-FAMILY HOME
PRICE: $145,500
BEDROOMS: 3
BATHROOMS: 1 & 1/2
TOTAL SQUARE FEET: 1700
HIGHLIGHTS: LARGE HISTORIC
HOME. This property has been
completely rehabilitated including new
mechanicals. New everything with built
-in china hutch. Fantastic opportunity
to own your first home or your forever
home! Buyers to meet income
guidelines. Must be owner occupied.
HOME Workshop Certificate required.
PURCHASE INCENTIVES: $25,000 in
assistance, based on household size
and income. See Program Sheet for
details.
CONTACT: Pamela Hemler, American
Realty 563-213-2636 or
captpamela@mchsi.com
Financial Incentives
Example:
$145,500 purchase price
$ 25,000 City Incentive (if income eligible)
$ 5,000 Lender incentive (Check with lender)
$115,500 1st Mortgage needed
Requirements
Complete Homeowner Workshop - Buyers
are required to complete the Home Ownership
Made Easy (HOME) Workshop. Contact the
Housing and Community Development
Department at 563-589-4239 for details or visit
www.cityofdubuque.org/housing.
Additional Requirements - The borrower
must contribute at least 3% down payment.
This is based on the purchase price of the
home. 1`)/0 of the money must be the
borrower's, 2% can be gifted money. The IFA
FIRSTHOME Plus Down payment/Closing
Cost/Repair Assistance Program or any other
grant program cannot be counted towards the
owners' requirement of 3%.
The lender is to provide us with the following
information:
• Verification of borrowers 3% down payment
• Bank Application
• Accepted Purchase Agreement (signed by
all parties)
• Bank Commitment Letter
• Verification forms regarding your
employment, savings, checking and rental
history
• Credit report
• Title Opinion
THE CITY OF
DU1btJE
Masterpiece on the Mississippi
INCOME GUIDELINES
Dubuque
kxttri
All-AmelicaCtty
11111!
2007 • 2012 •2013
Household Size <30% MI <50% MI <80% MI
1
2
3
4
5
6
7
8
$22,200
$22,200
$25,530
$25,530
$25,530
$25,743
$27,506
$29,506
$25,900 $41,450
$29,600 $47,350
$33,300 $53,250
$37,000 $59,150
$40,000 $63,900
$42,950 $68,650
$45,900 $73,350
$48,850 $78,100
For more information regarding the
incentives program, please contact
the City of Dubuque Housing &
Community Development
Department at 563.690.6094 or
kneyen@cityofdubuque.org
www.cityofdubuque.org/housing
EQUAL HOUSING
OPPORTUNITY