Loan Eligibility
Iowa Able may provide direct loans and loan guarantees for borrowers who are:
1. Current residents of the State of Iowa;
2. Individuals with a need for assistive technology or those with disabilities or disabling conditions; as well as their legal representatives, guardians, family members, advocates, employers (Telework Only) or authorized representatives;
3. Legally able to enter into a binding contract with a lending institution;
4. Able to demonstrate use of loan funds to purchase home modifications, assistive technology and related equipment that are appropriate and authorized by program policy; and
5. Able to demonstrate the ability to repay the loan.
Alternative Financing Program To qualify for the Alternative Financing Program, the assistive technology device or services must enable the applicant to become more independent and/or productive.
Telework Program To qualify for the Telework Program, the assistive technology device or services must enable the applicant to work as an employee or contractor or to become self-employed on a full-time or part-time basis from home or other remote sites. For Telework loans to fund self-employment, eligibility factors will also include, but not be limited to repayment ability, equity, liquidity, break-even analysis, efficiency of operations, credit history, market analysis, competition, management structure, and collateral.
Through information provided in a pre-application, the following factors will be considered:
- Type of residence- Does the applicant own or rent his or her own residence? Have payments been made on time for at least the previous twelve months?
- Length of time at the residence- Generally, the applicant should have a minimum of one year’s length of stay, unless:
a. A recent move was necessitated by a job change, promotion or effort to improve quality of life (e.g., moving out of an institution); or
b. the individual's disability necessitated a recent move (examples: need for a more accessible living situation, need for public transportation, lower income required less expensive residence, etc.).
- Source of income- Applicants must be in stable employment or working toward adequate employment or self employment. Unemployed applicants who have the ability to repay loans, are creditworthy, have stable living arrangements and a current relationship with a financial institution will be considered.
- Deposit relationships- Applicants have a current relationship with a financial institution in the form of an active and open checking or savings account that reflects a positive balance for the past twelve months.
- Credit history- A minimum of two years of current and favorable credit history is recommended. Credit experiences such as bankruptcy, foreclosure, repossessions, judgments and collection accounts will be weighed against the applicant. An applicant who lacks acceptable credit may provide a qualified co-signer; and applicants with a questionable credit history will require additional information and verification.
- Debt to income ratio- The program will generally consider up to a 45% debt to income ratio (monthly debt payments cannot total more than 45% of monthly gross income) if the applicant can adequately document sufficient cash flow to make loan payments.
No applicant will be denied funding or services based on age, race, creed, gender, religious affiliation, sexual preference, geographic location in Iowa, or type or nature of disability.
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