These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders, fill out this form here and I will connect you with one.

Iowa

Hey there! If you're thinking of buying a home for the first time, and haven't saved up for a down payment, you still might be able to get it done.

Before I jump into the programs, let me briefly explain how down payment assistance works.

How it works

Down payment assistance comes in two forms: a grant, or a loan

A grant doesn't require repayment.

A loan does require repayment, but there are 3 different ways:

Monthly repayment. This is where they charge you interest and a monthly payment until the loan is paid off

Silent second. This is where they don't charge you interest, they don't charge you monthly payments, they just require that you pay it back when you sell the home.

Forgivable. This is where they forgive the loan as long as you meet certain criteria. A common requirement is that you live in the home as your primary residence for a set number of years. Once you've completed the timeframe, they forgive your loan and you don't need to pay it.

Approved lenders only

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

Now that we have that out of the way, let's jump in! Below are the local programs available to help make homeownership more accessible.

Iowa Finance Authority (IFA) FirstHome Program

  • What It Offers: Provides up to $5,000 in down payment and closing cost assistance.

  • Who Qualifies: First-time homebuyers and military veterans.

  • Income Limits: Varies by county and household size.

  • Repayment: Assistance is a second loan, forgivable after a set period.

Homes for Iowans Program

  • What It Offers: Provides down payment assistance for both first-time and repeat homebuyers.

  • Who Qualifies: Homebuyers meeting income and credit requirements.

  • Income Limits: Based on area median income (AMI).

  • Repayment: Assistance is a second mortgage with deferred payments.

Military Homeownership Assistance Program

  • Assistance: Offers a $5,000 grant to eligible service members and veterans for down payment and closing costs.

  • Eligibility: Can be combined with the FirstHome and Homes for Iowans programs.

Cedar Rapids

  • First Time Home Buyer Program
    • Assistance: Provides $1,000 to $14,999 in down payment and closing cost assistance, forgivable after five years.

    • Eligibility: Applicants must meet income requirements and other criteria.

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders, fill out this form here and I will connect you with one.

Waterloo

  • Down Payment Assistance Program
    • Assistance: Provides forgivable loans to non-traditional first-time homebuyers.

    • Eligibility: Targets low- to moderate-income households underrepresented in homeownership.

Iowa City

  • Down Payment Assistance Program
    • Assistance: Offers financial assistance to eligible first-time and repeat homebuyers in specific areas.

    • Eligibility: Applicants must meet income requirements and other criteria.

Muscatine

  • Down Payment Assistance Program
    • Assistance: Provides two options ranging from $2,500 to $20,000, depending on eligibility.

    • Eligibility: Applicants must meet income requirements and other criteria.

Council Bluffs

  • Down Payment Assistance Program
    • Assistance: Administered by the Community Development Department to help individuals and families purchase homes.

    • Eligibility: Applicants must meet income requirements and other criteria.

Sioux City

  • MyPad Down Payment Assistance Program
    • Assistance: Offers up to $14,999 towards the purchase of a new home.

    • Eligibility: Applicants must meet income requirements and other criteria.

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders, fill out this form here and I will connect you with one.