Iowa Finance Authority

Organization: Iowa Finance Authority

1963 Bell Ave suite 200, Des Moines, IA, USA

Phone 5154520400


The FirstHome Program connects first-time homebuyers with affordable mortgages and local lenders.

Services:

Connects first-time homebuyers to:

  • Mortgages
  • Local lenders

Eligibility:

  • Household income limit
    • varies by county and ranges from $79,500 -$114,655
  • Home purchase price limit
    • varies by area and ranges from $311,000 – $381,000
  • Buyer must be one of the following:
    • first time home buyer OR
    • military member with discharge of other than dishonorable OR
    • purchase a home in a targeted area (targeted areas can be found on the program's website)
  • Homebuyer must have a minimum credit score of 640
  • Home buyer's debt – to – income ratio must be no more than 45%
  • Additional requirements found on the program website

Use the eligibility checker available on the program website to further determine eligibility.

Intake Process:

Contact an Iowa Finance Authority participating lender. Participating lenders are found on the program website.

Payment:

No Cost to Participant

Handicap Accessible: No

Appointment Needed: Yes

Website: View Website


Program: Homes for Iowans

The Homes for Iowans Program can help first-time and repeat home buyers purchase a home in Iowa.

Services:

Help to first-time and repeat home buyers purchasing a home in Iowa

Eligibility:

  • Household income of $139,580 or less
  • Home purchase price of $381,000 or less
  • Must be a first-time or repeat homebuyer
  • Purchasing a primary residence in the state of Iowa
  • Homebuyer must have a minimum credit score of 640
  • Home buyer's debt – to – income ratio must be no more than 45%
  • Additional requirements found on the program website

Use the eligibility checker available on the program website to further determine eligibility.

Intake Process:

Contact an Iowa Finance Authority participating lender. Participating lenders are found on the program website.

Payment:

No Cost to Participant

Handicap Accessible: No

Appointment Needed: Yes

Website: View Website


The Iowa Finance Authority will be administering $195 million in rent and utility assistance through the Federal Emergency Rental Assistance Program. The program, known as the Iowa Rent and Utility Assistance Program, may provide eligible Iowans with assistance for a period of up to twelve months.

Please note that Polk County and the City of Des Moines will be administering the program locally. Iowans residing in either Polk County or the City of Des Moines will be ineligible to apply for the Iowa Rent and Utility Assistance Program. Iowans residing in Polk County, or the City of Des Moines can apply for the Federal Emergency Rental Assistance Program at IMPACT Community Action Partnership.

Services:

  • Rent payments
    • Past due payments: available for payment of costs incurred no earlier than March 13, 2020.
    • Future payments: may apply for up to three months of future rental assistance at a time.
  • Utility Payments
    • For electricity, gas, propane or fuel oil, water, sewer and/or trash removal.
    • Available for utility payments of costs incurred no earlier than March 13, 2020.
  • Up to 12 months of combined assistance
    • Eligible renters may apply for rent assistance only, utility assistance only, or both rent and utility assistance.

Eligibility:

  • Renter households with incomes of no more than 80% of area median income.
  • One or more individuals in the household has qualified for unemployment benefits or has experienced a reduction in household income, incurred significant costs, or experienced other financial hardship due directly to the coronavirus outbreak.
  • The household can demonstrate risk of experiencing homelessness or housing instability which may include a past due utility or rent notice, or eviction notice.

Eligibility pre-check available on the Iowa Finance Authority website.

Intake Process:

Step 1: Review required documents and FAQs. Have digital copies of : Proof of identification & income eligibility documentation (required for each adult household member, 18 and older), signed lease and/ or utility bill, etc.

Step 2: Submit an application online.

Step 3: Notify your landlord. Landlords will need to complete a portion of the application in order for your application to get reviewed.

Payment:

No Cost to Participant

Handicap Accessible: No

Appointment Needed: Yes

Website: View Website


The program provides a $5,000 grant to service members and veterans for down payments and closing costs on qualifying homes. The funds may be used in conjunction with the FirstHome and Homes for Iowans programs. This program is limited to funding availability.

Services:

Provides a $5,000 grant to service members and veterans for down payments and closing costs.

Eligibility:

  • Home must be located in the state of Iowa
  • One of the following must apply:
    • have served 90 days active duty between August 2, 1990 and April 6, 1991 or September 11, 2001 to present
    • is a federal status injured service person having served in active duty August 2, 1990 to April 6, 1991 or September 11, 2001 to present.
    • is a surviving spouse of said eligible service person who has had a discharge other than dishonorable.

Intake Process:

Contact an Iowa Finance Authority participating lender. Participating lenders are found on the program website.

Payment:

No Cost to Participant

Handicap Accessible: No

Appointment Needed: Yes

Website: View Website