Iowa FirstHome 2nd Loan Program
Iowa Finance Authority offers FirstHome 2nd Loan Program to first-time buyers in Iowa: as much as 5% of the price or value, as a deferred loan.
- Amount
- As much as 5% of the price or value
- Type of help
- A deferred loan
- For first-time buyers only
- There are exceptions, but yes
- Your credit score
- At least 640
How is Iowa FirstHome 2nd Loan Program paid back?
With a deferred loan, you make no monthly payments. Repayment happens when you sell or refinance, or once your main home loan is paid off.
No monthly payment comes with a deferred loan, but all of it is due at sale, refinancing or when the first mortgage is paid off.
Who qualifies for Iowa FirstHome 2nd Loan Program?
- It depends on your county and household size, running from $102,100 to $171,360.
- Only first-time buyers qualify, though some exceptions apply.
- Credit score of at least 640.
- You get it together with an Iowa Finance Authority FirstHome mortgage.
- The home's price is capped at $566,000, or up to $692,000 in targeted areas.
Your county and household size set most limits. Use our HUD income limits tool to see the median income for your area and where your household falls.
How to apply for Iowa FirstHome 2nd Loan Program
- You send one approved lender your home loan application and your request for this help; Iowa Finance Authority pays the money through that lender.
- After comparing your income, credit and the house with program rules, the lender reserves funds for you.
- At closing, the help goes toward your closing costs and down payment.
For the full rules and to see whether it's taking applications, go to Iowa Finance Authority's page for FirstHome 2nd Loan Program.
Ask a lender about Iowa FirstHome 2nd Loan Program
Tell us where you're buying and a lender that works with Iowa's programs can tell you whether Iowa FirstHome 2nd Loan Program fits you, and what you could combine with it.
Don't want to call? Share your information, and the lender will get in touch.
More first-time buyer programs in Iowa
- Iowa FirstHome Down Payment and Closing Costs Assistance Grant:
grant, up to $2,500.
- Homes for Iowans 2nd Loan Program:
deferred loan capped at 5% of price or value.
- Iowa Military Homeownership Assistance Program:
grant, up to $5,000.
Every Iowa first-time buyer program · Down payment help in every state