The FirstHome and Homes for Iowans programs offer first-time and repeat home buyers affordable, fixed rate mortgages. The FirstHome Plus and Homes for Iowans Plus grants provide up to $2,500 to help eligible borrowers with entry cost assistance, such as down payment and closing costs.
IFA also offers additional products, like the Military Homeownership Assistance Program, which provides eligible service members and veterans with a $5,000 grant, and Take Credit, which allows a participating home buyer to claim 30% of their mortgage interest, up to a maximum of $2,000, as a federal income tax credit each year for the life of the mortgage, up to a maximum of 30 years.
Home Financing Options
FirstHome program: Offers first-time home buyers state-sponsored, affordable, fixed rate mortgages.
FirstHome Plus program: Provides up to $2,500 in cash assistance to help eligible borrowers with entry costs including down payment and closing costs. The grant must be used in conjunction with the FirstHome program and the same income limits apply.
Homes for Iowans program: May assist both first-time and repeat Iowa home buyers, who are not eligible for the FirstHome program.
Homes for Iowans Plus program: Provides up to $2,500 in assistance to help eligible first-time and repeat home buyers with entry costs including down payment and closing costs.
Military Homeownership Assistance program: Provides eligible service members and veterans with a $5,000 grant that may be used toward down payment and closing costs.
Take Credit: Eligible home buyers may reduce their household's federal tax liability every year for the life of their mortgage through the Take Credit program.
Please review the programs details and eligibility quick check, then contact a Participating Lender near you and ask about IFA's programs that you could benefit from.
Other Homeownership Resources
Title Guaranty: Home buyers may request a free Title Guaranty Owner’s Certificate at loan closing. This Certificate protects the borrower’s interest in the property’s title, even after the home is sold. If a title defect is identified, Title Guaranty becomes the borrower’s free legal defense. This coverage is available only in Iowa!
Onsite Wastewater Assistance Program: If you purchase a home with a septic system, the Iowa Finance Authority's Water Quality Division can provide you with affordable financing for system repair or replacement.
HOME Program: Funds down payment and rehabilitation assistance programs administered by eligible non-profits and governmental entities ("Subrecipients") which in turn distribute funds to individual home buyers based on the Subrecipient’s rules or guidelines. To access these funds, individual home buyers/owners should contact a Subrecipient for more information.