Opportunity Iowa Homeownership Programs
$33,250
About the Program
Iowa homeownership programs, primarily offered through the Iowa Finance Authority (IFA), provide affordable, low-interest mortgages and down payment/closing cost assistance for first-time and repeat buyers. Programs include:
FirstHome Program
The FirstHome Program connects first-time homebuyers with affordable mortgages and local lenders.
Benefits to FirstHome
Interest Rates
Interest rates are typically lower than the market rate and have fewer fees. Credit score does not affect the interest rate.
Down Payment
The amount of down payment is determined by loan type. Loans may require only 3% down payment and may include reduced mortgage insurance coverage for borrowers with lender’s qualifying income of less than 80% of the Area Median Income. Down payment and closing cost assistance programs are available to help cover upfront expenses.
Free Iowa Title Guaranty Owner's Certificate
Borrowers may request a free Iowa Title Guaranty Owner’s Certificate at closing. With this certificate, if a title issue arises Iowa Title Guaranty will be there to step in and assume attorneys’ fees, costs and expenses associated with defending the title to your home. While title defects are not common in Iowa, they do occur. At no cost to you, an Iowa Title Guaranty Certificate is more than worth it.
Eligibility
Household Income Limit
Varies by county and household size and ranges from $99,800 to $173,460.
Home Purchase Limit
$544,000—may be up to $665,000 in targeted areas—use the Eligibility Quick Check to determine if the home is located in one of the targeted areas.
Real Estate History
Must be a first-time homebuyer. A first-time homebuyer is defined as not owning your 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).
Occupancy
The home must be occupied by the buyer as a primary residence within 60 days of closing.
Allowable Term Options
New purchase only, no refinances; 25 or 30 year terms
Credit Score
All loans subject to a minimum 640 credit score. For cases where borrower has no credit score, non-traditional credit documentation allowed in accordance with agency guidelines for loan type.
Debt-to-Income Ratio
The maximum debt-to-income ratio is 50%.
Homebuyer Education
Required for all borrowers. See more details and course options.
Homes for Iowans
No matter if it’s your first or fifth home, buying a home is a big investment. The Iowa Finance Authority makes the process easier.
Benefits
Interest Rates
Interest rates have fewer mortgage fees and credit score does not affect interest rate.
Down Payment
The amount of down payment is determined by loan type. Loans may require only 3% down payment and may include reduced mortgage insurance coverage for borrowers with lender’s qualifying income of less than 80% of the Area Median Income. Down payment and closing cost assistance programs are available to help cover upfront expenses.
Free Iowa Title Guaranty Owner's Certificate
Borrowers may request a free Iowa Title Guaranty Owner’s Certificate at closing. With this certificate, if a title issue arises, Iowa Title Guaranty will assume attorneys’ fees, costs and expenses associated with defending the title to your home. While title defects are not common in Iowa, they do occur. And at no cost to you, an Iowa Title Guaranty Certificate is more than worth it.
Eligibility
Homes for Iowans Income and Purchase Price Limits 2025
Household Income Limit
$173,460
Home Purchase Limit
$665,000
Thinking About Iowa?
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