FirstHome and FirstHome Plus Brochure

Application process
A lender using the IFA FirstHome Plus program for down payment assistance, closing costs or repairs as specified in the appraisal report will work directly with IFA to make application for the funds on behalf of the borrower and to receive reimbursement for the funds expended on behalf of the borrower.

• Underwriting requirements and process are the generally the same as for FirstHome.
• Borrower total household income must not exceed 80 percent Area Median Family Income (AMFI) which is $46,800 or as stated by HUD.
• The lender will complete the Request for FirstHome Plus Assistance (MRB 18)
• At the time of closing, the lender will send IFA the completed MRB 18, along with a photocopy of the Pre-Approval Letter completed and signed by Countrywide and the signed HUD-1. Please e-mail or send these documents to:
  Iowa Finance Authority
  Attn: FirstHome Plus
  2015 Grand Avenue
  Des Moines, Iowa 50312
  Or fax to: 515.725.4901
• The lender will receive email notification that the Request for Assistance has been received by IFA.
• Only after the loan has been purchased will IFA send a check to reimburse the lender for the approved amount of assistance. Checks may NOT be sent prior to loan purchasee.
• The U.S. Census Bureau has identified specific targeted areas, which are defined as locations in need of capital improvements, in some Iowa cities. The entire city, however, is not a targeted area. Borrowers who use the FirstHome or FirstHome Plus program to purchase homes in targeted areas do not need to be first-time home buyers.

Settlement statement

• The amount to be paid by IFA is shown on the first page of the HUD-1 as a credit and entered as “FirstHome Plus Grant”
• Cash returned to the borrower in excess of actual out-of-pocket payments made at or prior to closing will not be reimbursed by IFA. Examples of eligible reimbursements include application fee, earnest money and hazard insurance premium. Ineligible items will be deducted from the reimbursement requested.
• NOTE: Application for reimbursement is made to and paid directly by the Iowa Finance Authority.

To learn more, send us an e-mail or call 800.432.7230.