Iowa Finance Authority
Programs

Military Homeownership Assistance Program

The Military Homeownership Assistance Program provides eligible service members and veterans with a $5,000 grant that may be used toward entry cost assistance, such as down payment and closing cost assistance on a qualifying home purchase. Eligible service members may access the Military Homeownership Assistance Program to be used with a qualifying mortgage or cash purchase transaction.

  Eligibility

  • Have served 90 days active duty between August 2, 1990 and April 6, 1991 or September 11, 2001 to present. Active duty need not be consecutive; it may be cumulative. Inactive Duty Training, Annual Training and Active Duty for Training may not count toward active duty; or
  • Is a federal status injured service person having served in active duty August 2, 1990 and April 6, 1991 or September 11, 2001 to present; or
  • Is a surviving spouse of said eligible service person, all who have had a discharge other than dishonorable.

AND

  • Receives prior approval before closing on a qualified home.
  • Utilizes an IFA Participating or Facilitating Lender and IFA first mortgage (if financing the purchase).
  • Utilizes an IFA Participating Lender to receive a non-IFA first mortgage if IFA deems it economically feasible and financially advantageous. At this time, IFA will approve a grant with non-IFA financing if the lender demonstrates that such financing is a fixed rate, permanent, fully amortizing mortgage loan that is at least 25 basis points lower APR* than the most comparable IFA mortgage product available at the time the applicable Good Faith Estimate is issued.
  • *NOTE:  IFA does not use the APR listed on the TIL since it excludes certain financing costs. Instead, in making its analysis of whether a non-IFA loan qualifies, IFA will use the APR calculator found at www.bankrate.com
     

  Eligible Homes

  • The home must be located in the state of Iowa and must be purchased by the eligible service member.
  • The home must be immediately occupied by the service member/spouse as the borrower’s primary residence.
  • Single-family residences (including “stick-built” homes, modular homes or manufactured homes, provided the home is attached to a permanent foundation and is taxed as real estate).
  • Condominiums
  • Townhomes
  • A property containing up to four units, if one of the units will be the primary residence of the service member
     

  Application Process

Contact a Participating Lender today to determine eligibility and begin the application process.

Typical forms usually needed to establish military service include:

  • A copy of a valid DD Form 214 (Member 4 Form or higher)
  • Four months of leave and earnings statements or other documentation that may be required and government issued photo ID. Cash financing is also available, please contact the military homeownership team for details.

  More Information

Funding for this program is provided by state appropriation and is subject to funding availability. Assistance is awarded in the order in which completed applications are received. Assistance awarded pursuant to the program is personal to their recipients and may not be assigned. An eligible service member shall receive assistance only once, and only one award per home purchase.

Notice Notices
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As of 9:20 PM, October 1, 2014
Mortgage Rates starting at: 3.625 %
 
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 1. PREPARE
Use our eligibility quick check to determine which of our safe, affordable mortgage finance programs is right for you.


 2. PREQUALIFY
Visit a
Participating Lender to prequalify for a loan.

 3. APPLY

  • After you've signed a purchase agreement on the home you wish to purchase, you can apply for a loan! Be prepared to provide your loan officer with all of the necessary documentation.
  • Once you've applied, the processor will review your credit report and verify your assets, income and payment history. A home appraisal - paid for by the borrower - will be performed during this phase of this process.
  • The underwriter at your lending institution will make sure you qualify for the loan.

 4. CLOSE

The closing process means you're almost there. After you sign the required paperwork, you'll receive the keys to your new home!

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