First Time Buyer Grants From The Iowa Finance Authority

The Iowa Finance Authority (IFA) provides down payment and closing cost grants up to $7,500 to first time home buyers through their FirstHome Plus and Military Homeownership Assistance programs.

Iowa First Time Home Buyer GrantsThe FirstHome Plus Program provides 25 or 30-year, fixed rate mortgages PLUS up to $2,500 of grant funds to help with down payment and closing costs for first-time home purchasers who meet the program income and purchase price limits. This Iowa first time home buyer grant is available to first-time property buyers who are purchasing a primary residence in Iowa. An individual borrower is limited to one-time use of this program and the program is not available to borrowers who have previously used a Plus grant.

Interested home buyers must apply for this financing by contacting an IFA Participating Lender. The IFA Participating Lender takes the loan application, collects verification of eligibility and funds the loan and grant at closing. After closing, the lender provides all the necessary documentation to IFA to secure reimbursement of the grant funds and for delivery and purchase into the program. This program provides home buyers with all the benefits of our mortgage financing programs with the convenience of working with a local lender.

The Military Homeownership Assistance program provides eligible service members and veterans with a $5,000 grant for down payment and closing costs 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. The Military Homeownership Assistance grant may also be combined with a Plus grant for a total of $7,500 of down payment and closing cost assistance for borrowers who qualify for both programs. Borrowers are limited to one-time use of a Plus grant and one-time use of a Military Homeownership Assistance grant.

To find out more about the FirstHome Plus grant, visit the IFA webpage here.

To find out more about the Military Homeownership Assistance grant, visit the IFA webpage here.

To contact the IFA directly:

Iowa Finance Authority
2015 Grand Ave.
Des Moines, Iowa 50312
800.432.7230 FREE
515.725.4901 (fax)