Program guide
What to know before you click through
This is still the free fact layer. Open the official source when a detail affects eligibility, repayment, lender choice, or whether this path should stay on your shortlist.
Who qualifies?
Iowa first-time homebuyers who have not owned a primary residence in the last three years, Military borrowers with discharge of other than dishonorable who have not previously used a mortgage revenue bond program such as FirstHome, Buyers purchasing in a targeted area, Borrowers using an Iowa Finance Authority participating lender
What support do you get?
Statewide Iowa first-mortgage backbone with either a $2,500 down-payment and closing-cost grant or a 2nd-loan option up to 5% of the home's sale price or appraised value, whichever is lower, with no stated maximum.
Do you repay it?
When the buyer chooses the grant, no repayment is described. When the buyer chooses the 2nd Loan Program, repayment is due at the time of sale, refinance, or when the first mortgage is paid in full. No monthly payments are required and subordination is not permitted.
How do you apply?
Contact an Iowa Finance Authority participating lender, complete the required homebuyer education, verify your county-based eligibility, and close a new-purchase FirstHome mortgage with either the grant or the 2nd-loan assistance path.
Application timing
After a purchase agreement, the participating lender reserves the FirstHome loan in Lender Online; IFA reviews pre-close submissions in order received, and the reservation locks the rate for 60 days with closing required before expiration.
Official source evidence
The official FirstHome page says the program connects first-time homebuyers with affordable mortgages and local lenders, uses county-based household income limits from $99,800 to $173,460, and allows military and targeted-area exceptions to the first-time-buyer rule. The official down payment page says FirstHome borrowers can choose either a $2,500 grant or a 2nd loan up to 5% of the home's sale price or appraised value, whichever is lower, with repayment due at sale, refinance, or payoff of the first mortgage.
View official source
Last verified
2026-04-19
Effective date not captured.
Paid preview
What paid access adds for FirstHome Program
See the shape of the comparison output, risk checks, lender questions, and next-step checklist before you decide whether this program is worth carrying into the paid layer.
Example paid output for this program. The free page stays visible either way.
Comparison preview
FirstHome Program
Amount: Statewide Iowa first-mortgage backbone with either a $2,500 down-payment and closing-cost grant or a 2nd-loan option up to 5% of the home's sale price or appraised value, whichever is lower, with no stated maximum.
Repayment: When the buyer chooses the grant, no repayment is described. When the buyer chooses the 2nd Loan Program, repayment is due at the time of sale, refinance, or when the first mortgage is paid in full. No monthly payments are required and subordination is not permitted.
First-time buyer: Varies
Timing: After a purchase agreement, the participating lender reserves the FirstHome loan in Lender Online; IFA reviews pre-close submissions in order received, and the reservation locks the rate for 60 days with closing required before expiration.
Risk checks preview
What gets flagged before you call a lender
- FirstHome Program requires a participating lender.
- FirstHome Program must be paired with a specific first mortgage.
Lender questions preview
Questions tied to this exact path
- Is your team approved to originate FirstHome Program for this household and loan setup?
- Which first-mortgage product must be paired with FirstHome Program, and what breaks eligibility?
Action checklist preview
What you would do next
- Review the official FirstHome Program page for FirstHome Program
- Ask whether your lender is approved for this exact program and loan structure.
