Eligibility & Assistance Page

The City of Sioux City has partnered with West Middle, LLC to offer 11 brand new homes for sale on W. 5th Street between Myrtle & Isabella Streets, known as Isabella Square. General guidelines are listed below and if you have any questions, please contact us by email (isabellasquare.siouxcity@gmail.com) or phone (712) 823-8877. 

 

- Sales price of each home is $230,000 - $240,000* 

 

- Cannot currently own a home.

 

- It is important to disclose all household members, sources of income, including income from part-time jobs, temporary jobs, hobby      jobs, etc. on the pre-application form. Any information not disclosed could result in ineligibility. 

 

- You are responsible for obtaining a FHA or conventional 30 year fixed rate loan from a local lender without a cosigner. The financing    must meet the City's underwriting guidelines. The City of Sioux City will provide up to $30,000 in down payment assistance. This          means you would likely have to qualify for a mortgage loan in the amount $200,000 - $210,000. The City of Sioux City will work with    your lender to determine the amount of down payment assistance needed, dependent upon your circumstances.

 

- You must enroll in a Home Buyer Education class by calling Center For Siouxland Consumer Credit Counseling at (712) 252-1861.    

  You are responsible for paying for the class. Certification of Completion must be provided to the City within two weeks prior to closing.

 

- A promissory note and second mortgage will be recorded against the property to secure the deferred payment loan for down  

  payment assistance. A deed restriction will be recorded against the property as well. 

 

- The deferred payment loan will be forgiven at a rate of 10% per year for ten years if you do not move or sell the property. At the end  

  of the ten-year period, if you have not vacated or sold the property, the recorded documents shall be released and your loan will be

  fully forgiven. 

 

- If you move or sell the property within the initial ten-year period, the unforgiven portion of the loan shall be paid back to the City.

 

- Applicant's household income (includes all persons that will be living in the house, not just related individuals) may not exceed the  

  following:

   1 person.... $48,350

   2 person.... $55,250

   3 person.... $62,150

   4 person.... $69,050

   5 person.... $74,600

   6 person.... $80,100

   7 person.... $85,560

   8 person.... $91,150 

 

*Final sales price is based on final appraisal.