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Iowa Finance Authority Interest Rates

Stay in the know about program rates.

Rates last updated on 02/05/2020 at 1:17 pm.

Government Insured FHA/VA/RD

Program Rate
FirstHome Program: FirstHome Rate: 3.250
FirstHome Plus Program: FirstHome Plus Rate: 3.500
FirstHome w/ 2nd Loan Program: FirstHome w/ 2nd Loan Rate: 3.500
Homes for Iowans Program: Homes for Iowans Rate: 3.500
Homes for Iowans Plus Program: Homes for Iowans Plus Rate: 3.875
Homes for Iowans w/ 2nd Loan Program: Homes for Iowans w/ 2nd Loan Rate: 3.875

Conventional
Fannie Mae HFA Preferred

Program Rate
FirstHome Program: FirstHome Rate: 3.375
FirstHome Plus Program: FirstHome Plus Rate: 3.625
FirstHome w/ 2nd Loan Program: FirstHome Plus Rate: 3.625
Homes for Iowans Program: Homes for Iowans Rate: 3.875
Homes for Iowans Plus Program: Homes for Iowans Plus Rate: 4.250
Homes for Iowans w/ 2nd Loan Program: Homes for Iowans w/ 2nd Loan Rate: 4.250

Freddie Mac HFA Advantage

Program Rate
FirstHome Program: FirstHome Rate: 3.375
FirstHome Plus Program: FirstHome Plus Rate: 3.625
FirstHome w/ 2nd Loan Program: FirstHome w/ 2nd Loan Rate: 3.625
Homes for Iowans Program: Homes for Iowans Rate: 3.875
Homes for Iowans Plus Program: Homes for Iowans Plus Rate: 4.250
Homes for Iowans w/ 2nd Loan Program: Homes for Iowans w/ 2nd Loan Rate: 4.250

Please note an origination fee of up to 1% may be charged on all products. You can view program parameters at the bottom of this page for additional eligibility information.

FirstHome - Mortgage

  • Income Limit: Limits vary by County and Household Size. View income limits here.
  • Purchase Price Limit: $283,000
  • Eligible Properties: 1-unit as principal residence
  • New purchase only, no refinances; 25 or 30 year terms
  • Must be first-time homebuyer
  • Homebuyer Education: Required on conventional loans only. If all borrowers are first-time homebuyers then only one of the borrowers must complete the education.

    There are multiple acceptable course options, as detailed below.

    Finally Home! ®
    Cost:
    $35 for borrowers over 80% AMI
    FREE tor borrowers under 80% AMI*
    Note: This course includes borrower counseling for the life of the loan

    *The Finally Home website will soon allow borrower’s to enter their income for their respective county to receive access to the complimentary HBE course.

    Fannie Mae Frameworks
    Cost: Currently FREE
    Note: Available only to borrowers using the HFA Preferred product

    Freddie Mac CreditSmart®
    Cost:Currently FREE
    Note: Available only to borrowers using the HFA Advantage loan product

    If a borrower lacks access to the internet, in-person homebuyer education with a HUD certified counselor is allowed.

    The homebuyer education course must be completed prior to loan closing.
  • 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: 45%
  • The Mortgage Credit Certificate (MCC) may not be used in conjunction with FirstHome

FirstHome Down Payment and Closing Cost Assistance

  • Grant: $2,500
    *Same FirstHome Program eligibility requirements apply
  • 2nd Loan: 5% of home sale price or $5,000 (whichever is less), 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

  • Income Limit: $133,980
  • Purchase Price Limit: $346,000
  • Eligible properties: 1-unit as principal residence
  • Do not need to be a first-time homebuyer
  • 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: 45%
  • The Mortgage Credit Certificate (MCC) may be used in conjunction with Homes for Iowans

Homes for Iowans – Down Payment and Closing Cost Assistance

  • Grant: $2,500
    *Same Homes for Iowans Program eligibility requirements apply
  • Loan: 2nd Loan: 5% of home sale price or $5,000 (whichever is less), 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

Fannie Mae HFA Preferred

  • Must be used in conjunction with FirstHome or Homes for Iowans mortgage program
  • Same eligibility requirements apply
  • Conventional loans only

Freddie Mac HFA Advantage – 50% Area Median Income (AMI)

  • Must be used in conjunction with FirstHome or Homes for Iowans mortgage program
  • $2,500 in down payment and closing cost assistance subsidy
  • Homebuyer’s income must be less than 50% of Average Median Income (AMI).
  • 97% maximum LTV with lower mortgage insurance
  • No first-time homebuyer requirement
  • Purchase transactions only
  • Homebuyer Education: Required on conventional loans only. If all borrowers are first-time homebuyers then only one of the borrowers must complete the education.

    There are multiple acceptable course options, as detailed below.

    Finally Home! ®
    Cost:
    $35 for borrowers over 80% AMI
    FREE tor borrowers under 80% AMI*
    Note: This course includes borrower counseling for the life of the loan

    *The Finally Home website will soon allow borrower’s to enter their income for their respective county to receive access to the complimentary HBE course.

    Fannie Mae Frameworks
    Cost: Currently FREE
    Note: Available only to borrowers using the HFA Preferred product

    Freddie Mac CreditSmart®
    Cost:Currently FREE
    Note: Available only to borrowers using the HFA Advantage loan product

    If a borrower lacks access to the internet, in-person homebuyer education with a HUD certified counselor is allowed.

    The homebuyer education course must be completed prior to loan closing.
  • Can be combined with IFA’s other down payment assistance programs

Freddie Mac HFA Advantage - 80% Area Median Income (AMI)

  • Must be used in conjunction with FirstHome or Homes for Iowans mortgage program
  • $1,500 in down payment and closing cost assistance subsidy
  • Homebuyer’s income must be less than 80% of Average Median Income (AMI)
  • Homebuyer Education: Required on conventional loans only. If all borrowers are first-time homebuyers then only one of the borrowers must complete the education.

    There are multiple acceptable course options, as detailed below.

    Finally Home! ®
    Cost:
    $35 for borrowers over 80% AMI
    FREE tor borrowers under 80% AMI*
    Note: This course includes borrower counseling for the life of the loan

    *The Finally Home website will soon allow borrower’s to enter their income for their respective county to receive access to the complimentary HBE course.

    Fannie Mae Frameworks
    Cost: Currently FREE
    Note: Available only to borrowers using the HFA Preferred product

    Freddie Mac CreditSmart®
    Cost:Currently FREE
    Note: Available only to borrowers using the HFA Advantage loan product

    If a borrower lacks access to the internet, in-person homebuyer education with a HUD certified counselor is allowed.

    The homebuyer education course must be completed prior to loan closing.
  • Can be combined with IFA’s other down payment assistance programs

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