We’ll Help you Get There
No matter if it’s your first or fifth home, buying a home is a big investment. The Iowa Finance Authority makes the process easier.
Benefits
- Interest Rates
Interest rates have fewer mortgage fees and credit score does not affect interest rate. - Down Payment
The amount of down payment is determined by loan type. Loans may require only 3% down payment and may include reduced mortgage insurance coverage for borrowers with lender’s qualifying income of less than 80% of the Area Median Income. Down payment and closing cost assistance programs are available to help cover upfront expenses. - Free Iowa Title Guaranty Owner's Certificate
Borrowers may request a free Iowa Title Guaranty Owner’s Certificate at closing. With this certificate, if a title issue arises, Iowa Title Guaranty will assume attorneys’ fees, costs and expenses associated with defending the title to your home. While title defects are not common in Iowa, they do occur. And at no cost to you, an Iowa Title Guaranty Certificate is more than worth it.
Eligibility Requirements
- Household Income Limit
$163,800 - Home Purchase Price Limit
$624,000 - Real Estate History
Homes for Iowans is available for first-time and repeat homebuyers who are purchasing a primary residence in Iowa. - Occupancy
The home must be occupied by the buyer as a primary residence within 60 days of closing. - Credit Score
All loans subject to a minimum 640 credit score. For cases where borrower has no credit score, non-traditional credit documentation allowed in accordance with agency guidelines for the loan type. - Debt-to-Income Ratio
The maximum debt-to-income ratio is 50%. - Homebuyer Education
Required on conventional loans only. If all borrowers are first-time homebuyers then only one of the borrowers must complete the education. See more details and course options.
Eligibility
Check Your Eligibility
Ready to move forward with a IFA-sponsored program? Check your eligibility to get started.
Application Process
- Contact an IFA Participating Lender
Interested homebuyers must apply for this financing by contacting an IFA participating lender. - Verification of Eligibility
The lender will collect the necessary documents to verify eligibility, process and underwrite the loan application. - Closing
If the homebuyer is eligible, the lender will guide them through the closing process and to collecting the keys to their new home.
Down Payment Assistance
When you use one of our down payment and closing costs assistance programs in conjunction with our mortgage programs, homebuying is affordable and easy.
