Iowa Finance Authority
Programs

Affordable Homeownership

The Iowa Finance Authority (IFA) offers affordable mortgage entry cost assistance, such as down payment and closing cost assistance programs for both first-time home buyers and those who have owned a home previously.

Because IFA is not a direct lender, we have the ability to offer Iowa home buyers our unique programs, such as down payment and closing assistance — plus the convenience of working with a local lender!

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.

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: Offers down payment and rehabilitation assistance that is provided to a subrecipient, and then distributed to individual home buyers.

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.

We are currently renewing our contracts with Participating Lenders for 2014 and will be updating our list as new lenders sign up.  We will notify all interested parties when the complete Participating Lender list is posted again. If you would like to receive notification of this, please request to be added to our IFA news and information mailing list. 

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