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With your local lender, realtor and the Iowa Finance Authority all on your team, you can rest assured knowing you don’t have to worry about emptying your savings for a down payment.
Varies by county and household size and ranges from $95,200-$132,710. See resources below for income limits.
$481,000. May be up to $588,000 in targeted areas—use the eligibility checker below to determine if the home is located in one of the targeted areas.
Must be a first-time home buyer. A first-time home buyer is defined as not owning a primary residence in the last three years.
OR
Be a military member with discharge of other than dishonorable and not previously used a mortgage revenue bond program such as FirstHome to finance a home purchase.
OR
Purchase a home in a Targeted Area (please use the eligibility quick check tool to determine if you’re purchasing in a Targeted Area.
The home must be occupied by the buyer as a primary residence within 60 days of closing.
All loans subject to a minimum 640 credit score.
The maximum debt-to-income ratio is 45%.
Interested home buyers must apply for this financing by contacting an IFA participating lender.
The lender will collect the necessary documents to verify eligibility, process and underwrite the loan application.
If the home buyer is eligible, the lender will guide them through the closing process and to collecting the keys to their first home
The FirstHome Plus Program connects first-time home buyers with a $2,500 grant to assist with down payment and closing costs, or the 2nd Loan program offers a 0% loan of up to 5% of the home’s sale price or $5,000, (whichever is less), repayable at the time of sale or refinance.
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