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

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

Homes for Iowans

Homes for Iowans is a program introduced by the Iowa Finance Authority that helps potential homebuyers finance the purchase of a house. The program is not exclusive to first-time homebuyers but is an affordable option for them to buy their first home.  


Available Assistance 
Homes for Iowans helps borrowers with low-interest rates and fewer mortgage fees. Furthermore, the borrower’s credit score does not affect the interest rate. Borrowers can also request a free Iowa Title Guaranty Owner's Certificate at closing. This ensures that the Iowa Title Guaranty will assume attorneys’ fees, costs, and expenses associated with defending the title to their home if title issues arise.  

Once a borrower is approved for a Homes for Iowans mortgage, they can pair it with one of the Iowa Finance Authority’s down payment assistance programs. They offer a grant that provides $2,500 to assist with down payment and closing costs, or a 2nd Loan program that offers a loan of up to 5% of the home’s sale price or $5,000, (whichever is less). This loan is repayable at the time of sale, refinance, or when the first mortgage paid in full.  

 
Eligibility Requirements 
Homes for Iowans is available to first-time and repeat homebuyers who are purchasing a primary residence in Iowa. All applicants must have a minimum credit score of 640, and a maximum debt-to-income ratio of 45%. Homebuyer education is required on conventional loans only. If all borrowers are first-time homebuyers then only one of the borrowers must complete the course. Applicants must also meet the household income limit of $141,680, and the home price must fall under the maximum purchase price limit of $360,000. 


Note: The information provided 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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