For Home Buyers
IFA Homeownership Programs
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Home Financing Options
Whether you’re a first-time or repeat home buyer, you’ve come to the right place! The Iowa Finance Authority (IFA) offers affordable mortgage financing through four homeownership programs, FirstHome, FirstHome Plus, Homes for Iowans and the Military Homeownership program. IFA is not a direct lender, but we offer these programs through our network of Participating Lenders around Iowa. Let IFA help make your dream of affordable homeownership a reality!
Why use an IFA loan product?
- Our interest rates are usually lower than the market rate.
- Our interest rates are fixed for 30 years.
- You may take advantage of IFA’s homeownership programs even if you have owned a home previously.
- Our loans may require a very low down payment or no down payment at all, and lender fees are restricted, resulting in a lower-cost loan.
- Mortgages may be conventional loans or loans backed by the federal government.
- Our interest rates do not change based on the qualified borrower’s credit rating.
Title Guaranty can protect your biggest investment!
Borrowers who use IFA’s homeownership programs may request a free Title Guaranty Owner’s Certificate. This Certificate protects the borrower’s interest in the property’s title, even after the home is sold. If a title defect is identified, Title Guaranty becomes the borrower’s free legal defense. Learn more about how Title Guaranty can benefit you!
Low-Cost Septic System Financing
If you purchase a home with a septic system, IFA’s Water Quality Division can provide you with affordable financing for system repair or replacement. Iowa's time of transfer septic system inspection law took effect July 1, 2009. The law requires that every home/building served by a septic system have an inspection prior to the sale or deed transfer for the home. Read more about the new requirement and IFA’s On-Site Wastewater Assistance Program here. For more information, contact Dan Olson, Iowa Department of Natural Resources or Jane Larson, Iowa Finance Authority.
