IFA Grants for Iowa Home Buyers
Buying your first home in Iowa can be very expensive and frightening if you have no idea of the available funding you can take advantage of. The entire process would likely include financial conversations and situations you may have never encountered before. Fortunately, the Iowa Finance Authority has created programs for first time home buyers. Even if you seemingly cannot afford the interest rates or do not have enough to pay for a down payment, IFA grants can make homeownership in Iowa more accessible.
There are three main programs offered by the Iowa Finance Authority. Any of these grants can help Iowans secure their own house. But you have to understand that you need to work with your local participating lender in order to utilize any of these grants.
The FirstHome Program provides first time home buyers the opportunity for down payment assistance. This program provides homebuyers with a $2,500 grant to help with down payment and closing costs. Although the amount of down payment required is still determined by the type of loan you applied for, the availability of these down payment and closing cost assistance programs for first time home buyers is a huge help for covering up-front expenses.
Homes For Iowans
The Homes for Iowans Program is available not only for first time home buyers but also for repeat home buyers to purchase a home in Iowa. If you are within the income limit ($141,680) stated on the program’s eligibility requirements, you can still get a $2500 Homes for Iowans grant.
Military Veterans and service members can get up to $5,000 if they qualify for this grant. The good thing about this program is that the funds can be used in conjunction with the FirstHome and Homes for Iowans programs. Service eligibility requires veterans to have a minimum of 90 days of active duty between August 2, 1990 and April 6, 1991 or September 11, 2001 to present. A surviving spouse of an eligible service person can also qualify for this grant.
Iowa Finance Authority also offers a 2nd loan if the homebuyer would benefit from it more than the grant. This would provide them with additional funding of 5% of the home’s value or $5,000, whichever is less. If you are interested in applying for any of these financing programs, contact RMN today to get started!Start A Conversation