Iowa Finance Authority Interest Rates

FirstHome - Mortgage

• Income Limit: Limits vary by County and Household Size. View income and purchase price limits.
• Eligible Properties: 1-unit as principal residence
• New purchase only, no refinances; 25 or 30 year terms
  
• Must be first-time homebuyer
• Homebuyer Education is required for all borrowers. See more details and course options.
• Minimum Credit Score: 640 - For cases where borrower has no credit score, non-traditional credit documentation allowed in accordance with agency guidelines for loan type.
• DTI: 50% with an approve/eligible (Manual underwriting remains at 45%)

FirstHome - Down Payment and Closing Cost Assistance

• Grant: $2,500
  *Same FirstHome Program eligibility requirements apply
• 2nd Loan: 5% of home sale price with no maximum, repayable at time of sale, refinance or first mortgage paid in full and requires no monthly payments.
  *Same FirstHome Program eligibility requirements apply
  

Homes for Iowans – Mortgage

• View income and purchase price limits.
• Eligible properties: 1-unit as principal residence
• Do not need to be a first-time homebuyer
• Homebuyer Education is required for all borrowers. See more details and course options.
• New purchase only, no refinances; 25 or 30 year terms
• Minimum Credit Score: 640 - For cases where borrower has no credit score, non-traditional credit documentation allowed in accordance with agency guidelines for loan type.
• DTI: 50% with an approve/eligible (Manual underwriting remains at 45%)

Homes for Iowans – Down Payment and Closing Cost Assistance

• 2nd Loan: 5% of home sale price with no maximum, repayable at time of sale, refinance or first mortgage paid in full and requires no monthly payments.
  *Same Homes for Iowans Program eligibility requirements apply