Iowa Finance Authority
Programs

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?

Important Freddie Mac HFA Advantage Down Payment Assistance Notes:

Combine with other IFA Down Payment Assistance Options

The Freddie Mac HFA Advantage down payment assistance can be combined with IFA’s other programs! IFA has a grant or a second loan option that are available through the FirstHome and Homes for Iowans programs. 

Grant

The down payment assistance grant provides home buyers with a $2,500 grant to assist with down payment and closing costs.

OR

2nd Loan:

The 2nd Loan program offers a 0% loan of up to 5% of the home’s sale price or $5,000, (whichever is less) and is repayable at time of sale, refinance, or when the first mortgage is paid full. No monthly payments required!

Military Homeownership Assistance Program
The Military Homeownership Assistance program provides a $5,000 grant to eligible service members and veterans for down payments and closing costs on qualifying homes.


Additional Benefit!

Mortgage Credit Certificate Program
The program offers eligible home buyers a savings of up to $2,000 on their federal taxes, every year for the life of their mortgage, as long as the property remains their primary residence

Notice Available Funds
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Effective 8.15.19
 
Military Homeownership Assistance (MHOA)$189,000

Mortgage Credit Certificate allocation: $48,194,546
 
 
Our regular down payment assistance programs have funds available on a consistent basis
 
 
Notice CONTACT
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Single-Family Team | 800-432-7230