Iowa FirstHome Program
Iowa Finance Authority (Opportunity Iowa)
Program Overview
The FirstHome Program is Iowa's flagship first-time homebuyer program, offering affordable mortgages with below-market interest rates and minimal down payment requirements. Features lower interest rates typically below market rate with fewer fees, low down payment options as low as 3%, reduced mortgage insurance for qualifying borrowers, access to down payment assistance, and free Iowa Title Guaranty certificate. Iowa Finance Authority has helped over 63,513 homebuyers achieve homeownership.
Eligibility Requirements
• Must not have owned a primary residence in the last 3 years (OR be military member with qualifying discharge, OR purchase in a Targeted Area)\n• Income limits vary by county and household size ($99,800 to $173,460)\n• Purchase price limit: $544,000 (up to $665,000 in targeted areas)\n• Minimum 640 credit score\n• Maximum 50% debt-to-income ratio\n• Must occupy as primary residence within 60 days\n• Homebuyer education required
Additional Requirements
• Complete homebuyer education course\n• Income verification and tax returns\n• Credit documentation\n• Employment verification\n• Primary residence requirement
How to Apply
1. Contact an IFA participating lender\n2. Complete required homebuyer education course\n3. Lender verifies eligibility and income limits\n4. Submit application with documentation\n5. Lender processes and guides through closing\n6. Close on home and receive free title certificate