IFA Offers Two Loan Programs To Iowa 1st Home Purchasers

Affordable Loan Programs For 1st Time Buyers In IA

Looking to purchase your 1st residence in Iowa but find yourself at a loss as to where to turn for a mortgage loan? Look no further. First time home buyer loans in Iowa are provided by the State of Iowa Finance Authority (IFA). Not only do they provide below-market rates on your home mortgage, they also provide other very valued programs for 1st time home buyers.




 

Iowa First Time Home Buyer Loans
Iowa First Time Home Buyer Loans

Here are some details on IFA’s loan program:

Affordable Mortgage Programs 

The Iowa Finance Authority offers two mortgage programs for Iowa home buyers. Both programs provide 30-year, fixed rate mortgages. Loans may be conventional or loans backed by the federal government.

 FirstHome Program
The FirstHome program is available to eligible first-time home buyers who are purchasing a primary residence in Iowa.

 Homes for Iowans Program 
The Homes for Iowans program is available to eligible first-time and repeat home buyers who are purchasing a primary residence in Iowa.

 Benefits

  • Interest rates are typically lower than the market rate, 30 year terms and have fewer mortgage fees.
  • No minimum down payment. The amount of down payment is determined by loan type.
  • Conventional loan products available only through IFA which allow only 3% down payment** and include reduced or no mortgage insurance fees.
  • Interest rates do not change based on the qualified borrower’s credit rating.
  • Borrowers may request a free Iowa Title Guaranty Owner’s Certificate. This Certificate protects the borrower’s interest in the property’s title, even after the home is sold. What’s more, if a title defect is identified, Iowa Title Guaranty becomes the borrower’s free legal defense.

For complete details on this loan, including contact information and instructions on how to apply, please visit this IFA home loan information page.





More Iowa First Time Buyer Resources

In addition to the above first time homebuyer loan from IFA, there are resources available as well. Be sure to visit Iowa down payment assistance, as well as our page that shares details about grants available in IA to purchase your first home.