FirstHome Plus Application Process

A lender using IFA FirstHome Plus program for down payment assistance, closing costs or repairs as specified in the appraisal report, will work directly with IFA to make application for the funds on behalf of the borrower and to receive reimbursement for the funds expended on behalf of the borrower.

Underwriting requirements and process are the generally the same as for FirstHome.
Borrower total household income must not exceed 80 percent Area Median Family Income (AMFI) which is currently $46,800.
The lender will complete the Request for FirstHome Plus Assistance (MRB 18)
At the time of closing, the lender will send IFA the completed MRB 18, along with a photocopy of the Pre-Approval Letter completed and signed by Countrywide and the signed HUD-1. Please e-mail or send these documents to:
Iowa Finance Authority
Attn: FirstHome Plus
2015 Grand Avenue
Des Moines, Iowa 50312
Or fax to: 515.725.4901
The lender will receive email notification that the Request for Assistance has been received by IFA.
Only after the loan has been purchased and IFA has recieved evidence of a Title Guaranty commitment will IFA send a check to reimburse the lender for the approved amount of assistance. IFA will NOT send a check prior to loan purchase.
Manufactured housing may be government or conventional standard mortgage financing. The conventional standard fees for manufactured housing secured mortgages will include all relevant Fannie Mae fees.
Because of Fannie Mae LLPA changes for standard conventional product, IFA has modified how Participating Lenders obtain LLPA for standard product. Please contact Irene Hardisty to obtain standard conventional LLPA. Remember that most home buyers with conventional mortgages above 80 percent LTV will have better execution, meaning lower house payments and all-in costs, with MyCommunityMortgage®/HomePossible® mortgage insurance coverage.
If you need to proceed with rate protection, please register as MyCommunityMortgage®/HomePossible® then IFA or Countrywide Home Loans will modify to standard conventional.

Settlement Statement

The amount to be paid by IFA is shown on the first page of the HUD-1 as a credit and entered as “FirstHome Plus Grant”
Cash returned to the borrower in excess of actual out-of-pocket payments made at or prior to closing will not be reimbursed by IFA. Examples of eligible reimbursements include application fee, earnest money and hazard insurance premium. Ineligible items will be deducted from the reimbursement requested.
NOTE: Application for reimbursement is made to and paid directly by IFA.

To learn more about FirstHome Plus, send us an e-mail or call 800.432.7230.

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