Mortgage Programs

Agri-Access

Agri-Access focuses exclusively on agricultural properties of 5 to 160 acres that include outbuildings, barns, pasture, and tillable acreage.

Iowa Finance Authority (IFA)

The IFA offers several affordable mortgage and entry cost assistance programs for both first-time home buyers and those who have owned a home previously. IFA is not a direct lender, and has the ability to offer Iowa home buyers unique programs, such as down payment and closing assistance, plus the convenience of working with your local lender.

First Home/First Home Plus

• Income limit: $76,000-92,000 per year*

• Purchase price limit: $283,000 unless in defined "targeted area"

• Eligible properties: 1 unit for immediate occupancy as principal residence

• No refinances

• 25 or 30 year terms

• Must be first time home buyers. Exceptions for homes in "targeted areas" or military veterans who have not previously financed a home through tax exempt bond programs.

*Contact Lender for specific qualifications per target area.

Homes for Iowans/Homes for Iowans Plus

• Income limit: $133,980 per year

• Purchase price limit: $346,000

• Eligible properties: 1 unit for immediate occupancy as principal residence

• No refinances

• 25 or 30 year terms

• Do not need to be first time home buyers.

The new $5,000 second loan program requires no monthly payments and must be used in conjunction with one of the IFA's mortgage programs. Repayable at time of re-financing or sale of home.

Both first mortgage programs provide the option of up to $2,500 of grant funding to assist with down payment and closing costs (the “Plus” programs). Funds are provided as a grant with no second lien and may be layered with the Military Home-ownership Assistance Grant when borrowers are eligible for both programs.