FirstHome Plus

In an effort to assist individuals to achieve their homeownership goals the Iowa Finance Authority offers the FirstHome Plus program, which provides down payment assistance to eligible first-time homebuyers who are purchasing a primary residence in Iowa.

Available Assistance:
FirstHome Plus is a down payment assistance (DPA) program that works in conjunction with the Iowa Finance Authority’s FirstHome Program, a 30-year, fixed-rate mortgage. Eligible applicants can receive up to $2,500 in the form of a grant to help cover the down payment and closing costs associated with the first mortgage. All applicants are limited to one-time use of this program, and those who have previously used a Plus grant are not eligible.

Eligibility Requirements:
In order to receive assistance under the FirstHome Plus program, all applicants must meet certain requirements. The program is only available to

• first-time homebuyers (individuals who have not owned a home in the last three years),
• military veterans with a discharge other than dishonorable who have not previously used a mortgage revenue bond program to finance a home purchase, or
• those purchasing a home in a Targeted Area.

All applicants must demonstrate an ability to repay the loan and have an acceptable credit history; they must have a credit score of at least 640, and a maximum debt-to-income ratio of 45%.

Any property being purchased with program funds must serve as the homebuyer’s primary residence, and must not exceed the program’s purchase price limit of $253,000.

Note: All information mentioned above was accurate at the time of publication and may no longer be current - visit the program website for updated information.