For Home Buyers
Iowa Finance Authority Homeownership Programs
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Current rates are available here.
Home Financing Options
Whether you’re a first-time or repeat home buyer, you’ve come to the right place! The Iowa Finance Authority is not a direct lender, but we're able to offer the benefit of a safe, affordable, fixed-rate mortgage paired with the convenience of working with a local lender. Let the Iowa Finance Authority and a Participating Lender near you help make your dream of affordable homeownership a reality!
- FirstHome program: Offers first-time home buyers state-sponsored, affordable, fixed rate mortgages. More information.
- FirstHome Plus program: Provides up to $2,500 in cash assistance to help eligible borrowers with closing costs, down payment or minor repairs. The grant must be used in conjunction with the FirstHome program and the same income limits apply. More information.
- Homes for Iowans program: May assist both repeat and first-time Iowa home buyers, who are not eligible for the FirstHome program. More information.
- Military Homeownership Assistance program: Provides eligible service members and veterans with a $5,000 grant that may be used toward down payment and closing cost assistance. More information.
Why use an Iowa Finance Authority loan product?
- Our interest rates are usually lower than the market rate, are fixed for 30 years and do not change based on the qualified borrower’s credit rating
- You may take advantage of the Iowa Finance Authority'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.
Title Guaranty can protect your biggest investment!
Borrowers who use the Iowa Finance Authority'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, the Iowa Finance Authority'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.
