Iowa Finance Authority Interest Rates

FirstHome - Mortgage

• Income Limit: Limits vary by County and Household Size. View income limits here.
• Purchase Price Limit: $349,000
• 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 HomeView
  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%

FirstHome Down Payment and Closing Cost Assistance

• Grant: $2,500
  *Same FirstHome Program eligibility requirements apply
• 2nd Loan: 5% of home sale price with no maximum, 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: $152,600
• Purchase Price Limit: $427,000
• 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%

Homes for Iowans – Down Payment and Closing Cost Assistance

• Loan: 2nd Loan: 5% of home sale price with no maximum, 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