Iowa Finance Authority
Programs

Affordable Homeownership

ATTENTION!
  

Now Available: New conventional mortgage product with 3% down and no mortgage insurance! Learn more about HFA Preferred Risk Sharing.

The Iowa Finance Authority (IFA) offers affordable mortgage and entry cost 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. FirstHome Plus and Homes for Iowans Plus (the "Plus" Programs) offer these same home buyers the option of pairing a grant of up to $2,500 to help with down payment and closing costs with an affordable, fixed rate mortgage.

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.

Home Financing Options

FirstHome program: Offers first-time home buyers affordable, fixed rate mortgages.

FirstHome Plus program: Offers pairing a grant of up to $2,500 to help with down payment and closing costs with an affordable, fixed rate mortgage. An individual borrower is limited to one-time use of this program and the program is not available to borrowers who have previously used a Plus grant.

Homes for Iowans program: Offers both first-time and repeat Iowa home buyers affordable, fixed rate mortgages.

Homes for Iowans Plus program: Offers pairing a grant of up to $2,500 to help with down payment and closing costs with an affordable, fixed rate mortgage. An individual borrower is limited to one-time use of this program and the program is not available to borrowers who have previously used a Plus grant.

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. Grant subject to a one-time use.

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.

Interested home buyers must apply for this financing by contacting an IFA Participating Lender. The IFA Participating Lender takes the loan application, collects verification of eligibility and funds the loan at closing. After closing, the lender provides all the necessary documentation to IFA for delivery and purchase of the mortgage. This program provides home buyers with all the benefits of our mortgage financing programs with the convenience of working with a local lender.

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.

As of 11:55 PM, March 5, 2015
Mortgage Rates starting at: 3.375 %
 
Notice Notices
Close
Notice SUCCESS
Close
Notice Contact
Close