Multiple First Home Programs From The Iowa Finance Authority

Programs For 1st Time Buyers In IA

First time home buyers in Iowa have many options available to them for help in purchasing their first residence. The Iowa Finance Authority (IFA) provides some very extensive programs for Iowa residents seeking to purchase their first home.




 

Iowa First Time Home Buyer Programs
Iowa First Time Home Buyer Programs

Here are some highlights:

Affordable Homeownership

The Iowa Finance Authority (IFA) offers affordable mortgageand down payment assistanceprograms for both first-time home buyers and those who have owned a home previously, in partnership with our local Participating Lenders.

The FirstHome and Homes for Iowans Programs offer eligible first-time and repeat home buyers affordable, fixed rate mortgages for the purchase of a primary residence in Iowa. FirstHome Plus and Homes for Iowans Plus(the “Plus” Programs) offer these same home buyers the option of pairing a grant of up to $2,500 to help with down payment and closing costs with an affordable, fixed rate mortgage.

IFA also administers the Military Homeownership Assistance Program, which provides eligible service members and veterans with a $5,000 grant for down payment and closing costs. The Military Homeownership Assistance grant may 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. However, an individual borrower is limited to one-time use of a Plus grant and one-time use of a Military Homeownership Assistance grant.

Home Financing Options

FirstHome program: Offers first-time home buyers affordable, fixed rate mortgages.

FirstHome Plus program: Offers pairing a grant of up to $2,500 to help with down payment and closing costs with an affordable, fixed rate mortgage. 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.

Homes for Iowans program: Offers both first-time and repeat Iowa home buyers affordable, fixed rate mortgages.

Homes for Iowans Plus program: Offers pairing a grant of up to $2,500 to help with down payment and closing costs with an affordable, fixed rate mortgage. 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.

Military Homeownership Assistance program: Provides eligible service members and veterans with a $5,000 grant that may be used toward down payment and closing costs. Grant subject to a one-time use.

Take Credit: Eligible home buyers may reduce their household’s federal tax liability every year for the life of their mortgage through the Take Credit program.

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





More Iowa First Time Buyer Programs

In addition to the above homebuyer programs offered by IFA, there are local housing agencies in various towns, cities and counties throughout the state that provide financial assistance to 1st time property buyers as well. To determine program availability near you, please visit local first time home buyer programs in Iowa.