Iowa - Government Backed Loans

The Iowa Finance Authority (IFA) was established in 1975 to undertake programs to assist in the attainment of housing for low- and moderate-income Iowans. Since then, IFA's role has expanded considerably and includes four primary areas of responsibility.

Purchase Programs

FirstHome

First-time homebuyers may qualify for FirstHome's fixed-rate 30-year mortgage, which has no pre-payment clause, and therefore allows borrowers to make a larger payment up front in order to reduce the loan's term.

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FirstHome Plus

The FirstHome Plus program provides downpayment assistance to first-time homebuyers up to an amount of $2, 500. Interest rates with FirstHome Plus are lower than market rates, and the loan remains fixed for a term of 30 years.

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Military Service Member Homeownership Assistance

The Military Service Member Homeownership Assistance program offers servicemen and women dollar-for-dollar matching grants up to $5,000 toward the purchase of a home. Surviving spouses of military servicemen and women may also qualify for this program, and grants may be used in conjunction with other assistance available through FHA, VA, USDA, IFA and others.

Continue reading about the Military Service Member Homeownership Assistance.