Iowa Finance Authority Homeownership Program Eligibility
Dreaming of owning a new home someday? That day could be sooner than you think. The Iowa Finance Authority (IFA) offers mortgage, down payment and closing costs assistance programs designed to help make buying a home more affordable and less overwhelming, whether you’re a first-time homebuyer or a repeat buyer.
The first step is to see if you qualify for any of our programs. No credit check. Just a few questions. Fill out the form below to see if you may qualify for one or more IFA homeownership programs. You can also review our Eligibility Frequently Asked Questions to get answers about our programs and different steps in the homebuying process.
Explore IFA homeowner loan programs
FirstHome Program
Homes for Iowans Program
Explore IFA down payment assistance programs
FirstHome Plus $2,500 grant
2nd Loan available with FirstHome and Homes for Iowans mortgages
Military Homeownership Assistance Program
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"Thanks to the Iowa Finance Authority homeownership programs, I was able to purchase my first home. I couldn’t imagine a better experience and am so thankful for the opportunities made possible through the Iowa Finance Authority homeownership programs!"
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No credit check. Just a few questions. Fill out the form below to see if you may qualify for one or more homeownership programs from IFA.
IFA homeownership program eligibility frequently asked questions
What does “first-time homebuyer” mean for IFA homeownership program eligibility?
A first-time homebuyer is defined as someone who has not owned their primary residence in the last three years.
OR
A military member with discharge of other than dishonorable who has not previously used a mortgage revenue bond program such as FirstHome to finance a home purchase.
OR
Someone purchasing a home in a targeted area (please use the Eligibility Quick Check to determine if you’re purchasing in a targeted area).
Do I have to be a first-time homebuyer to use IFA programs?
No. IFA offers options for both first-time and repeat homebuyers. Homes for Iowans is available to eligible first-time and repeat buyers, while FirstHome is generally designed for first-time homebuyers and certain buyers meeting exceptions.
Do I apply through IFA or through a lender?
You’ll apply through an IFA participating lender. IFA does not originate mortgage loans directly. Your lender will help determine which IFA mortgage program is the best fit, review eligibility requirements and guide you through the application process, including any available down payment and closing costs assistance.
Can I use IFA down payment assistance with any mortgage lender?
No. IFA down payment and closing costs assistance must be paired with an IFA mortgage program and accessed through an IFA participating lender. Your lender will help confirm your eligibility and guide you through the process.
Can my current lender use IFA programs?
Only IFA participating lenders can offer IFA mortgage and down payment assistance programs. If you already have a lender in mind, you can check IFA’s approved lender list to see whether they participate.
How do I find an IFA participating lender?
Use IFA’s lender search tool to find participating lenders across Iowa. These lenders are approved to offer IFA mortgage programs and can help you apply for available down payment and closing costs assistance.
Can I use IFA down payment assistance without an IFA mortgage?
No. IFA down payment assistance must be paired with an eligible IFA mortgage program.
Can I combine IFA down payment assistance with other grants or programs?
In some cases, yes. IFA assistance may be able to be combined with other eligible homebuyer assistance programs, depending on the mortgage type, lender requirements and program rules. Your IFA participating lender can help you understand what options may work together.
Does IFA work with FHA, VA, USDA or conventional loans?
Yes. IFA mortgage programs may be used with all of the common loan types, including FHA, VA, USDA Rural Development and conventional loans. Your IFA participating lender can help determine which loan type best fits your financial situation and homebuying goals.
Are IFA mortgage rates lower than regular mortgage rates?
IFA mortgage rates are set by IFA and may differ from rates available through other mortgage options. Rates can change as market conditions change, so it is important to review the current rate and compare your full loan and down payment assistance options with an IFA participating lender.
What are the income limits for IFA homeownership programs?
Income limits depend on the program. FirstHome Program income limits vary by county. The Homes for Iowans Program has a statewide income limit of $171,360. You can use IFA’s eligibility quick check to get a better idea of which program may fit your household.
What homes qualify for Iowa Finance Authority programs?
IFA homeownership programs are available for eligible homebuyers purchasing a primary residence in Iowa. Homes must meet applicable program purchase price limits.
What are the purchase price limits?
For FirstHome Non-Targeted Areas, the 2026 purchase price limit is $566,000. For the Homes for Iowans program and FirstHome Targeted Areas, the 2026 purchase price limit is $692,000.
Can I use IFA programs to buy a home anywhere in Iowa?
Yes. IFA homeownership programs may be used to purchase an eligible primary residence anywhere in Iowa, as long as you and property meet program requirements.
What’s the difference between FirstHome and Homes for Iowans?
The FirstHome Program is specifically designed for first-time homebuyers, while the Homes for Iowans Program can benefit both first-time homebuyers and repeat homebuyers.
How do I get started with IFA homebuyer programs?
A good first step is to review IFA’s homebuyer guide, use the eligibility quick check and connect with an IFA participating lender. Buyers can also use IFA’s lender and real estate agent search tool to find professionals who are familiar with IFA programs.
Can I get preapproved before I find a home?
Yes, and it is a smart place to start. Connect with an IFA participating lender early to help you understand your budget. Then review program eligibility with the IFA eligibility quick check so you know what assistance may be available before you begin making offers.
What credit score is needed to qualify for an IFA loan program?
All IFA mortgage loans are subject to a minimum 640 credit score.
Does owning a home years ago disqualify me?
You must not have owned your primary residence in the last three years to qualify as a first-time homebuyer and be eligible for the FirstHome Program. Repeat homebuyers may be eligible for Homes for Iowans.
Can self-employed borrowers qualify for an Iowa Finance Authority homeownership program loan?
Yes. Self-employed borrowers may qualify for an IFA homeownership program loan if they meet program eligibility requirements and are approved through an IFA participating lender’s underwriting process. The lender will collect the necessary documents to verify income, process the application and determine loan eligibility.