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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.

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FHA.com is a privately owned website, is not a government agency, and does not make loans.

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.
 

First-Time Home Buyer Programs in Iowa

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.

The Iowa Finance Authority offers homebuyers the Homes for Iowans program that helps borrowers with competitive interest rates and down payment assistance.

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First-time homebuyer assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.

FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.

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