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DES MOINES, IOWA – It is a national push for minorities to become homeowners across the country. 

According to the 2019 U.S. Census Bureau, homeownership among white Americans was higher compared to any other race. Meanwhile, the Iowa Finance Authority reported from 2017 to 2019, about 12% of homebuyers were minorities. 

However, a national program called the Minority Down Payment Assistance Pilot Program will assist minority homeowners with $5,000 for a downpayment or closing costs.

The President of the Iowa Mortgage Association believes this grant is helpful. 

“In a lot of cases, [the] credit [is] really good, incomes really good,” said the Iowa Mortgage Association President Chuck Simmons. 

“But one of the main obstacles has been saving up for that downpayment. So this sort of bridges that gap.”

According to the Iowa Finance Authority, this grant can be paired with the FirstHome program mortgage. The pilot program ends once there are no funds left. 

People can apply for the pilot program through their lender if they are affiliated with the Iowa Finance Authority.