Prairie View Addition
Country View Estates & Diamond Estates
VIEW AVAILABLE LOTS
| ||Photo features a typical plan in the County View Estates development. |
Three unique floor plans are available in the Diamond Estates development.
About the Program
The Grundy Center Development Corporation, in cooperation with area contractors, businesses, the City of Grundy Center and the Iowa Northland Regional Council of Governments (INRCOG), is excited to offer TWO subdivision developments in Grundy Center.
The Country View Estates development features completed homes starting at a price of $121,500 PLUS a rebate of up to $10,000! Homebuyers are able to choose from four basic house plans provided by Spahn and Rose Lumber Co., which can be customized to fit their needs. Local contractors will be assigned to work on the new homes. Available floor plans include nearly 1,100 square feet of living space, a full-unfinished basement, 2-stall garage, sod and an upgradeable selection of flooring, cabinets, and fixtures.
The new Diamond Estates development offers home builders three unique floor plans beginning under $140,000. House plans range from 1200-1500 square feet of customizable living space.
Lots are available now on a first-come, first-committed basis. For both developments homebuyers will be given a rebate of $10,000 that will be applied to their mortgage principal if the buyer remains in their home for five years. The money, based on the table below, will be applied to the principal of your loan five years from the date of purchase. This $10,000 towards the principal amounts to a savings of $32,000 over the course of a normal 30-year loan! A partial rebate may also be applied if the homebuyer remains in the home longer than two years from the date of purchase. The rebate schedule is as follows:
|Number of years in the home: || |
|Amount applied to mortgage principal: || |
How will you know if you qualify to purchase a home?
All homebuyers must have a household income below a certain amount, depending on household size to qualify. The maximum income amounts per household size are shown below:
Maximum Income Level
*2009 amounts. These are updated annually.
Note: INRCOG will verify all income and asset information.
How does the process work?
Contact the Grundy Center Development Corporation for an application at 319-825-3838, fill out and return to INRCOG. After your income and asset information is verified, you will receive a letter informing you that you are eligible to participate. Upon receiving this letter, you should contact a lender to secure financing for your new home. You will need to contact the Grundy Center Development Corporation and produce verification of lender approval. At this time you will be able to choose your lot and building plans. A down payment of $1,000 is required for earnest money and will be applied to the purchase price or rebated back to you at the time of your home’s completion. We will be happy to work with you throughout this process. Please contact us with any questions or concerns. We look forward to working with you and making your dream of a new home come true!
Lots Now Available
Under Plan B, buyers purchase the lot and then are free to come up with their own floor plan and hire their own contractors. The value of the house cannot exceed 2.5 times the homeowner's gross income and must comply with the covenants and other guidelines of the development. Because of the reduced lot price, there are no available rebates with this plan.
- Fill out application and submit it to INRCOG for approval.
- Once approved, contact a lender for financing.
- Purchase a lot in the Country View for either $7500 or $12,500 depending on lot choice. Lot prices in the Diamond Estates development range from $12,500-$16,500.
- Come up with your own floor plan and hire your own contractors.
- Condition of the sale:
- Building permit within 30 days.
- Start construction within 4 months.
- Substantial completion within 9 mths.
- Occupancy within 12 months.
- If guidelines are not met, GCDC will purchase the lot back for $3750.
- No available rebates with this program.
Country View Estates - lots are 140 by 80 feet.
|Grundy Center Development Corporation |
La Rae Randall, Executive Secretary
705 F Avenue
Grundy Center, IA 50638