Housing - Available Funds (RLF)

Downpayment Assistance (Housing Revolving Loan Fund (H-RLF))

The SICOG H-RLF Program was created to help first-time homebuyers (persons who have not owned or purchased a home in the last three years) meet the need for a down payment on a home. At the onset of the program it was determined that the lack of sufficient down payment was a major obstacle for first-time homebuyers. To help close the gap:

  •  Loans up to $5,000 can be made with a dollar for dollar match of the homebuyer's own down payment funds 
  • The funds available are for down payment assistance only
  • The interest rate on the SICOG H-RLF loan is a very attractive fixed rate of 2% 
  • The length of the loan is seven years, but the first two years are deferred of interest and payments. By deferring repayment of the principal, the private lenders will have a less risky loan and may be more willing to loan funds to the homebuyers.

SICOG H-RLF loans are available to eligible homebuyers in SICOG's eight-county region where a 25% local match of the loan amount has been provided by the county, the city, a development group, a lending institution, or other individuals or businesses. Providing local match funds is a positive way for local governments, employers or others to encourage potential homebuyers to remain within their communities as homeowners, help create a stable workforce, and to bring to the community the benefits of homeownership among citizens who might otherwise not be able to purchase their first home. 

If you are interested in further information about this program, please call the SICOG office at (641) 782-8491.