IOWA’s FirstHome Plus: Making Owning a Home Easier
Turning Homeownership Dreams into Reality with the Iowa Finance Authority’s FirstHome Plus Program. The Iowa Finance Authority recognizes that for many, owning a home is a significant life goal, but the hurdles of down payments and closing costs can be daunting. To make this journey more accessible, the Iowa Finance Authority proudly presents the FirstHome Plus program, designed to provide down payment assistance to eligible first-time homebuyers seeking to purchase their primary residence in Iowa.
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Available Assistance
The FirstHome Plus program operates as a valuable down payment assistance (DPA) initiative, working hand in hand with the Iowa Finance Authority’s FirstHome Program, which offers a 30-year, fixed-rate mortgage. Eligible applicants have the opportunity to receive up to $2,500 in the form of a grant, specifically allocated to help cover the down payment and associated closing costs for the first mortgage. It’s important to note that this program can only be utilized once, and those who have previously benefited from a Plus grant are not eligible for additional assistance.
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Eligibility Requirements
To be considered for assistance through the FirstHome Plus program, all applicants must meet specific criteria. The program extends its support to the following categories:
- First-time homebuyers (individuals who have not owned a home in the last three years)
- Military veterans with a discharge other than dishonorable who have not previously utilized a mortgage revenue bond program for home financing
- Those purchasing a home in a Targeted Area
Applicants must demonstrate the ability to repay the loan and possess an acceptable credit history. A minimum credit score of 640 is required, and the maximum debt-to-income ratio allowed is 45 percent.
Moreover, any property acquired with program funds must serve as the homebuyer’s primary residence and must not exceed the program’s purchase price limit of $253,000.
Important Note: While seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, States and Local government agencies, such as the Iowa Finance Authority, are still authorized to assist borrowers in financing their homes through second mortgages and grants. These agencies set specific requirements that borrowers must meet to qualify for grant programs, including property location, purchase price, and income limits.
With the FirstHome Plus program, the Iowa Finance Authority is committed to paving the way for more individuals to achieve the dream of homeownership in the heart of Iowa. Don’t let upfront costs hold you back—take advantage of this opportunity to secure your place in the vibrant communities of the state.
