FirstHome Program Lender Information

FirstHome and FirstHome Plus Brochure

Application process
A lender using the IFA FirstHome funds offers borrowers a fixed rate mortgage at a low interest rate.

IFA and Countrywide Home Loans, the IFA master servicer and program administrator, must approve lenders originating FirstHome loans.
Lenders may use FirstHome funds with conventional, government or rural development loan products. Examples of these include Fannie Mae MyCommunityMortgage, FHA or VA and USDA RHS loans.
Underwriting requirements generally default to the stricter of IFA or loan product guidelines.
Borrowers must meet income and purchase price eligibility requirements, based on HUD Area Median Family Income (AMFI).
Lenders must register a FirstHome loan at the Countrywide Platinum Web site in order to reserve funds and lock in the interest rate.
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.

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

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