Interest Rates

Stay in the know about program rates.

Rates current as of 01/31/2025 at 9:33 am (CST).

Government Insured FHA/VA/RD

Conventional

Fannie Mae HFA Preferred

Freddie Mac HFA Advantage

Please note an origination fee of up to 1% may be charged on all products. You can view program parameters at the bottom of this page for additional eligibility information.

FirstHome - Mortgage

• Income Limit: Limits vary by County and Household Size
   

• Purchase Price Limit: $510,000
• Eligible Properties: 1-unit as principal residence
• New purchase only, no refinances; 25- or 30-year terms
• Must be first-time homebuyer
• Homebuyer Education: Required on conventional loans only. If all borrowers are first-time homebuyers then only one of the borrowers must complete the education. There are multiple acceptable course options, as detailed below.
  • Finally Home! ®
    Cost: $35 for borrowers over 80% AMI
    FREE tor borrowers under 80% AMI*
    Note: This course includes borrower counseling for the life of the loan
    *The Finally Home website will soon allow borrower’s to enter their income for their respective county to receive access to the complimentary HBE course.
  • Fannie Mae HomeView
    Cost: Currently FREE
    Note: Available only to borrowers using the HFA Preferred product
  • Freddie Mac CreditSmart®
    Cost: Currently FREE
    Note: Available only to borrowers using the HFA Advantage loan product. If a borrower lacks access to the internet, in-person homebuyer education with a HUD certified counselor is allowed. The homebuyer education course must be completed prior to loan closing.
• Minimum Credit Score: 640 - For cases where borrower has no credit score, non-traditional credit documentation allowed in accordance with agency guidelines for loan type.
• DTI: 50% with an approve/eligible (Manual underwriting remains at 45%)

FirstHome - Down Payment and Closing Cost Assistance

Two options available:

1. Grant: $2,500
   *Same FirstHome Program eligibility requirements apply OR
2. 2nd Loan: 5% of home sale price with no maximum, repayable at time of sale, refinance or first mortgage paid in full and requires no monthly payments.
   *Same FirstHome Program eligibility requirements apply

Homes for Iowans – Mortgage

• Income Limit: $163,800
• Purchase Price Limit: $624,000
• Eligible properties: 1-unit as principal residence
• Do not need to be a first-time homebuyer
• New purchase only, no refinances; 25- or 30-year terms
• Minimum Credit Score: 640 - For cases where borrower has no credit score, non-traditional credit documentation allowed in accordance with agency guidelines for loan type.
• DTI: 50% with an approve/eligible (Manual underwriting remains at 45%)

Homes for Iowans – Down Payment and Closing Cost Assistance

1. 2nd Loan: 5% of home sale price with no maximum, repayable at time of sale, refinance or first mortgage paid in full and requires no monthly payments.
   *Same Homes for Iowans Program eligibility requirements apply