FirstHome and FirstHome Plus Programs This Iowa down payment program offers first time buyers a 25 or 30 year loan. The Plus program offers up to $2,500 in grant funding to be used for Iowa down payment and/or closing costs. To qualify for both: there is no minimum Iowa down payment requirement, homes cannot cost more than $250,000, and Iowa borrowers must occupy the house as their primary residence. Iowa borrowers must have a minimum credit score of 640, a maximum debt to income ratio of 45 percent, and they must show an ability to repay the loan.
Homes for ns and Homes for ns Plus Programs Homes for Iowans offers 25 or 30 year loans with no first time restriction. Homes for Iowans Plus provides up to $2,500 for closing costs and Iowa down payment. Participants must meet income eligibility, homes cannot cost more than $305,000 and be a primary residence, Iowa borrowers must have a minimum credit score of 640, and a maximum debt to income ratio of 45 percent.
Military Homeownership Assistance Program This Iowa down payment program eligible service members and veterans can receive a $5,000 grant to assist with a Iowa down payment or closing costs. The grant can be used with a qualifying mortgage or cash purchase. To be eligible, Iowa borrowers must have had an honorable discharge or be the surviving spouse of such an individual. Service members can purchase a single family residence which includes stick built homes, modular or manufactured homes attached to a permanent foundation, condominiums, town homes and properties containing up to four units where one unit will be used as the service member’s primary residence.
HFA Preferred Risk Sharing This Iowa down payment program, used in conjunction with one of the programs listed above, gives home buyers the opportunity to put just 3 percent Iowa down and still avoid mortgage insurance. However, Iowa borrowers will be subject to above market interest rates to compensate for the lack of MI. According to the Iowa Finance Authority, HFA Preferred Risk Sharing option still provides for the lowest monthly payment when compared to an FHA mortgage or a conventional mortgage with mortgage insurance.