For Home Buyers
IFA Homeownership Programs
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Home Financing Options
Whether you’re a first-time or repeat home buyer, you’ve come to the right place! The Iowa Finance Authority (IFA) offers affordable mortgage financing through two homeownership programs, FirstHome and the Military Service Member Home Ownership Assistance Program. IFA is not a direct lender, but we offer these programs through our network of Participating Lenders around Iowa. Let IFA help make your dream of affordable homeownership a reality!
Why use an IFA loan product?
- Our interest rates are usually lower than the market rate.
- Our interest rates are fixed for 30 years.
- You may take advantage of IFA’s homeownership programs even if you have owned a home previously.
- Our loans may require a very low down payment or no down payment at all, and lender fees are restricted, resulting in a lower-cost loan.
- Mortgages may be conventional loans or loans backed by the federal government.
- Our interest rates do not change based on the qualified borrower’s credit rating.
Title Guaranty can protect your biggest investment!
Borrowers who use IFA’s homeownership programs may request a free Title Guaranty Owner’s Certificate. 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. Learn more about how Title Guaranty can benefit you!
$8,000 First-Time Home Buyers Federal Tax Credit
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify. This tax credit CAN be used in conjunction with IFA’s FirstHome, FirstHome Plus and Military Service Member Homeownership Assistance programs. Please talk with your tax advisor or learn more here.
Low-Cost Septic System Financing
If you purchase a home with a septic system, IFA’s Water Quality Division can provide you with affordable financing for system repair or replacement. Iowa's time of transfer septic system inspection law took effect July 1, 2009. The law requires that every home/building served by a septic system have an inspection prior to the sale or deed transfer for the home. Read more about the new requirement and IFA’s On-Site Wastewater Assistance Program here.
