FirstHome & FirstHome Plus

FirstHome Program
The Iowa Finance Authority's FirstHome program offers first-time home buyers state-sponsored, affordable, fixed rate mortgages and the convenience of working with a local lender.

FirstHome Plus Program
The Iowa Finance Authority's FirstHome Plus grant provides 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.

Participating Lenders
IFA does not lend money directly to consumers, but makes IFA programs available through lender partners who work directly with the home buyer. Contact a participating lender near you today!

Benefits

• The interest rate for FirstHome and FirstHome Plus loans is typically lower than the market rate and is fixed for 30 years.
• Home mortgages financed with FirstHome or FirstHome Plus may require a very low down payment or no down payment at all, and they may be conventional loans or loans backed by the federal government.
• The FirstHome and FirstHome Plus programs' interest rates do not changed based on the qualified borrower's credit rating.
• Borrowers who use FirstHome or FirstHome Plus 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. What's more, if a title defect is identified, Title Guaranty becomes the borrower's free legal defense.

Eligibility

• Your household income must meet the eligibility criteria available here.
• The home you’re purchasing must cost no more than $289,000 if located in a Targeted Area or $247,000 if located in a Non-Targeted Area. The home must be located in Iowa.
• You must occupy the home as your primary residence within 60 days of closing.
• You must demonstrate an ability to repay the loan.
• You must have an acceptable credit history.

Exceptions

• Eligible repeat home buyers purchasing their home in some federally declared Targeted Areas may use FirstHome - see your participating lender for details.
• If you are a veteran, even if you have owned a home previously, you may take advantage of FirstHome and FirstHome Plus if you apply for financing within 25 years of your final date of active duty. In order to qualify, you may NOT have  used a mortgage revenue bond program such as FirstHome or FirstHome Plus to finance a previous home purchase.

Resources

• QUICK CHECK: Eligibility Tool
• Homeownership programs flyer
• In some specific and rare instances, home buyers who use FirstHome or FirstHome Plus may be subject to recapture tax, in which case, the Iowa Finance Authority will reimburse the homeowner. Learn more here.
• Recpature tax documents
• Get Instant Notifications about IFA homeownership programs! We'll send you rate changes and much more right to your phone! Sign up for the notifications now! Text HOMEINFO to 30644.

Contact Us
If you have questions about credit, budgeting or other topics related to buying your first home, contact:
The Iowa Finance Authority
An IFA Participating Lender
Your real estate agent
The Iowa Home Ownership Education Project (Guidance on home purchase options)