FirstHome Program Brochure

This program helps you obtain an affordable, fixed interest rate on your mortgage loan if you are purchasing a home in the state of Iowa.  Over the past 25 years, more than 50,000 Iowa families and individuals have been able to purchase their first homes, thanks to this successful public-private partnership.

• FirstHome may be used to finance mortgages on new and existing single-family homes, including condominium units, modular and manufactured homes with permanent foundations on owned land, or on rented land with a long-term lease. Contact a participating lender for details.
• The interest rate is fixed for 30 years.
• There is no prepayment clause, so the borrower may make a larger payment in order to pay off the mortgage in a shorter period of time.
• The FirstHome Program may not be used to refinance your current mortgage.
• Public housing authorities have the discretion to allow Section 8 vouchers to be used for homeownership in conjunction with FirstHome Program.  Potential borrowers should contact their local public housing authority (PHA) for additional details.  A list of PHAs can be found at http://www.hud.gov/offices/pih/pha/contacts/states/ia.cfm

• You must be a first-time home buyer, meaning you have not owned a home in the last three years.
• There is an exception to the first-time home buyer rule if you purchase a home in a targeted area. A participating lender can tell you where the targeted areas are located. Targeted areas are identified by census tract number.
  • Targeted Area Census Tracts
• Your annual household income must fall within IFA's Maximum Household Income Limits.  
• The home you want to purchase may not exceed IFA's Maximum Purchase Price Limits.  
• The homeonwer must occupy the home.
• You must demonstrate your ability to repay the loan.
• You need an acceptable credit history.

To learn about how you can become a first-time homeowner with FirstHome, send us an e-mail or call 800.432.7230.