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Get Matched Free →First-Time Homebuyer Programs in Iowa
The Iowa Finance Authority (IFA) offers several programs that can be stacked to make buying a home in Iowa substantially more affordable. First-time buyers can pair the FirstHome mortgage with the $2,500 FirstHome Plus grant or a 2nd Loan of up to 5% of the purchase price. Repeat buyers can use the Homes for Iowans program, which has higher income and purchase price limits. Active-duty military and veterans may qualify for a $5,000 Military Homeownership Assistance grant, and the Mortgage Credit Certificate program delivers up to $2,000 per year in federal tax credits for the life of the loan.
Statewide Programs in Iowa
- FirstHome Plus Grant
Grant · $2,500 grant
- FirstHome Program (Iowa)
Government-Insured Mortgage · Low-rate 30-year mortgage with 3% down
- Homes for Iowans Program
Government-Insured Mortgage · Low-rate 30-year mortgage available to first-time and repeat buyers
- IFA 2nd Loan Program
Deferred Loan · Up to 5% of purchase price or appraised value (whichever is lower), no maximum cap
- Iowa Mortgage Credit Certificate (MCC)
Tax Credit · Up to $2,000 federal tax credit per year (50% of annual mortgage interest paid)
- Military Homeownership Assistance Program
Grant · $5,000 grant
Cities in Iowa
Ames
Story County
Ankeny
Polk County
Bettendorf
Scott County
Cedar Falls
Black Hawk County
Cedar Rapids
Linn County
Council Bluffs
Pottawattamie County
Davenport
Scott County
Des Moines
Polk County
Dubuque
Dubuque County
Fort Dodge
Webster County
Iowa City
Johnson County
Johnston
Polk County
Marion
Linn County
Marshalltown
Marshall County
Mason City
Cerro Gordo County
Ottumwa
Wapello County
Sioux City
Woodbury County
Urbandale
Polk County
Waukee
Dallas County