Purchase

About Marion Community Build

Marion Community Build is a project led by Marion Economic Development Corporation in partnership with the Marion Independent School District, Linn-Mar Community School District, and the City of Marion.

Income Qualification

Marion Community Build partners with East Central Iowa Council of Governments to prequalify all buyers. Interested buyers must complete the following income qualification application and meet all HUD income requirements as stated in the application. Any and all offers considered by Marion Community Build, LLC must be contingent on buyers meeting HUD income requirements.

DOWNLOAD INCOME QUALIFICATION APPLICATION

Financing Structure

Marion Community Build has partnered with local lending institutions to underwrite and provide buyer financing for the purchase of the Marion Community Build property (see participating lender list below).

Lending partners agree to finance up to 90% of the home price for qualified buyers. Buyers must receive financing from one of the lenders listed below.
Qualified buyers will be eligible to receive a $20,000 grant from the Housing Fund for Linn County to support closing cost and down payment assistance. This financial support is offered in the form of a 6-year forgivable loan at 0% interest. Loan will be required to be repaid should owner not stay in the residence as an owner occupied property based on the following forgiveness scale.
- After year 1 - 15% forgiven
- After year 2 - 30% forgiven
- After year 3 - 45% forgiven
- After year 4 - 60% forgiven
- After year 5 - 75% forgiven
- After year 6 - 100% forgiven