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Homes for Iowans

We’ll Help you Get There

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 to Homes for Iowans

  • 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 Requirements

  • Household Income Limit

    (CONV limited to ≤ 80% AMI per county)

  • Home Purchase Price Limit


  • Real Estate History

    Homes for Iowans is available to first-time and repeat homebuyers who are purchasing a primary residence in Iowa.

  • Occupancy

    The home must be occupied by the buyer as a primary residence within 60 days of closing.

  • 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 the loan type.

  • Debt-To-Income Ratio

    The maximum debt-to-income ratio is 45%.

  • Homebuyer Education

    Required on conventional loans only. If all borrowers are first-time homebuyers then only one of the borrowers must complete the education. More details and course options can be found here.

  • Eligibility Checker Use our Eligibility Checker to find out if you qualify for a Homes for Iowans loan. Check Eligibility

Application Process

  • Contact IFA participating lender

    Interested homebuyers must apply for this financing by contacting an IFA participating lender.

  • Verification of eligibility

    The lender will collect the necessary documents to verify eligibility, process and underwrite the loan application.

  • Closing

    If the homebuyer is eligible, the lender will guide them through the closing process and to collecting the keys to their new home.

  • Find a Lender Get started on your Homes for Iowans application by finding a lender. Find a Lender

Down Payment Assistance

We’re here to help you every step of the way. Once you’ve been approved for a Homes for Iowans mortgage, consider pairing it with one of our down payment assistance programs to help with down payment and closing costs. The same Homes for Iowans eligibility requirements apply.

  • GRANT: The down payment assistance grant provides homebuyers with a $2,500 grant to assist with down payment and closing costs.
    LOAN: The 2nd Loan program offers a loan of up to 5% of the home’s sale price or $5,000, (whichever is less) and is repayable at time of sale, refinance of first mortgage paid in full. No monthly payment required!

  • More Down Payment Assistance We’re not done yet! These programs can also be combined with other down payment and closing cost programs. See Programs

The Homes for Iowans Program can help first-time and repeat home buyers purchase a home in Iowa.

Learn about…

For inquiries about our mortgage programs reach out to our homeownership team:

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