Down payment assistance for home buyers

One of the biggest barriers facing Iowa home buyers is coming up with a cash down payment, but help is available from the Iowa Finance Authority. Our state’s housing finance agency was created in 1975 to help low- and moderate-income Iowans find affordable housing.

Through the end of this year, home buyers can apply for up to $3,500 in down payment assistance when purchasing their home through the and FirstHome Plus program. That’s an increase of $1,000 above the normal amount of $2,500.

The FirstHome Plus program provides grants for down payments and closing costs. The grant must be used in conjunction with the FirstHome program, an affordable mortgage financing program with a fixed interest rate for up to 30 years for Iowa home buyers.

Home buyers can apply for the FirstHome and FirstHome Plus programs by contacting one of more than 400 participating lender locations throughout the state. For a list of participating lenders and to determine your eligibility, go to www.iowafinanceauthority.gov/en/for_home_buyers/.

Posted Dec. 1st, 2011 at 2:08 pm by
Tags: ,