Eligibility: First-time buyers (no homeownership in last 3 years), veterans, or buyers in targeted areas.
Benefits: 30‑year fixed mortgage with up to 5% of purchase price as a second loan (no interest, repayable upon sale or refinance).
Description: $5,000 grant for eligible veterans, active-duty service members, or surviving spouses; must pair with FirstHome or Homes for Iowans mortgage. Funds fully reserved for FY 2025 as of April 7. IFA homeownership programs.
Des Moines Homebuyer Assistance: Grants or forgivable loans up to $15,000 for buyers ≤ 80% AMI, provided through nonprofit partners.
First Time Home Buyer Program: Up to $14,999 forgivable loan (5-year) for first-time buyers ≤ 80% AMI; applications open annually in March.
Down Payment Assistance: Up to $24,999 forgivable over 10 years; income limit 80% AMI; financing must go through GreenState or Hills Bank.Iowa Finance Authority (IFA) Programs:
FirstHome Program:
Offerings: 30‑year fixed mortgage (FHA, VA, USDA, or conventional) with either a $2,500 grant or up to 5% of purchase price as a second loan (no interest, repayable on sale/refinance).
Requirements:
Homes for Iowans Program:
Eligibility: Available to first-time and repeat buyers; income limit $173,460; purchase price cap $665,000—see program details.Military Homeownership Assistance:
Local Programs:
Des Moines
Cedar Rapids
Iowa City
Additional Information:
View First‑Time Home Buyer Programs for: Indiana
View First‑Time Home Buyer Programs for: Kansas