Iowa Finance Authority Rolls-Out New $5,000 Down Payment Assistance Program for Home Buyers

News

April 15th, 2019 by Ric Hanson

(DES MOINES) –The Iowa Finance Authority today (Monday) announced a new down payment assistance program for first-time and repeat home buyers. The program offers a 0% loan for up to five percent of the sale price or $5,000, whichever is less and is repayable upon refinance or sale of the home. The new $5,000 second loan program requires no monthly payments and must be used in conjunction with one of the Iowa Finance Authority’s mortgage programs. Eligible home buyers may have a household income of up to $121,800 and may purchase a home for up to $331,000.

The Iowa Finance Authority also offers additional home buyer assistance programs, including a $2,500 nonrepayable down payment assistance grant as well as a mortgage credit certificate, which may provide up to a $2,000 federal tax credit every year for the life of the mortgage. Home buyers can apply for the homeownership programs by contacting one of more than 400 participating lenders throughout the state. Full program details and a listing of lenders offering the programs are available at IowaFinanceAuthority.gov.

The Iowa Finance Authority has assisted nearly 55,000 homeowners realize their dream of homeownership to date.