Iowa Finance Authority

Affordable Homeownership

The Iowa Finance Authority (IFA) offers affordable mortgage and down payment assistance programs for both first-time home buyers and those who have owned a home previously, in partnership with our local Participating Lenders.

The FirstHome and Homes for Iowans Programs offer eligible first-time and repeat home buyers affordable, fixed rate mortgages for the purchase of a primary residence in Iowa. The Iowa Finance Authority offers a variety of down payment and closing cost assistance to help home buyers. The grant and second loan options are available through FirstHome and Homes for Iowans and the respective programs' eligibility requirements apply.

FirstHome  - Down Payment Assistance Options 

1. FirstHome Plus Grant: $2,500  

2. 2nd Loan: Up to $5,000*  NEW!

Homes for Iowans - Down Payment Assistance Options 

1. Homes for Iowans Plus Grant: $2,500

2. 2nd Loan: Up to $5,000*  NEW! 

*The loan can be up to 5% of the sale price of the home or $5,000, (whichever is less) and is repayable at the time of sale or refinance.

The Freddie Mac HFA Advantage down payment assistance is now available to assist eligible home buyers.

  • $2,500 in down payment and closing cost assistance is available to home buyers with incomes of 50% of the Area Median Income or less
  • $1,500 in down payment and closing cost assistance is available to home buyer’s with household income between 50.01% - 80% of the Average Median Income

View Freddie Mac HFA Advantage product information and program eligibity here

IFA also administers the Military Homeownership Assistance Program, which provides eligible service members and veterans with a $5,000 grant for down payment and closing costs. The Military Homeownership Assistance grant may be combined with a Plus grant for a total of $7,500 of down payment and closing cost assistance for borrowers who qualify for both programs. However, an individual borrower is limited to one-time use of a Plus grant and one-time use of a Military Homeownership Assistance grant.

Other Homeownership Resources

Iowa Title Guaranty: Home buyers may request an Iowa 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, Iowa Title Guaranty becomes the borrower’s free legal defense. This coverage is available for free, so long as 1) the lender selects Iowa Title Guaranty Coverage; 2) the home is the borrower's primary residence; and 3) the home is valued at less than $500,000.

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.

As of 2:49 AM, January 27, 2020
Mortgage Rates starting at: 3.250 %
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