Iowa FirstHome Down Payment and Closing Costs Assistance Grant
Iowa Finance Authority offers FirstHome Down Payment and Closing Costs Assistance Grant to first-time buyers in Iowa: up to $2,500, as a grant.
- Amount
- $2,500 is the maximum amount
- Type of assistance
- Grant
- Limited to first-time buyers
- The answer is yes, but exceptions apply
- Your credit score
- A score of at least 640
How is Iowa FirstHome Down Payment and Closing Costs Assistance Grant paid back?
Grant.
As long as you follow the program's rules, a grant never has to be paid back.
Who qualifies for Iowa FirstHome Down Payment and Closing Costs Assistance Grant?
- From $102,100 to $171,360, depending on county and household size.
- Restricted to first-time buyers: yes, though exceptions apply.
- Credit score of 640 or higher.
- This help is tied to a mortgage from the Iowa Finance Authority (FirstHome).
- In targeted areas the limit goes up to $692,000; otherwise the price cap is $566,000.
Your county and household size set most of the limits. Check our HUD income limits tool for the local median income and your household's position.
How to apply for Iowa FirstHome Down Payment and Closing Costs Assistance Grant
- Because the Iowa Finance Authority sends this money through approved lenders, you apply with one of them when you apply for your home loan.
- Your income, credit and the home are checked against the program's rules by the lender, who then reserves the money for you.
- At closing, the help is paid toward your down payment and your closing costs.
For the complete rules and to see if it's accepting applications, visit Iowa Finance Authority's page for FirstHome Down Payment and Closing Costs Assistance Grant.
Ask a lender about Iowa FirstHome Down Payment and Closing Costs Assistance Grant
Tell us where you're buying and a lender that works with Iowa's programs can tell you whether Iowa FirstHome Down Payment and Closing Costs Assistance Grant fits you, and what you could combine with it.
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More first-time buyer programs in Iowa
- Iowa FirstHome 2nd Loan Program:
Deferred loan worth up to 5% of the home's price or value.
- Homes for Iowans 2nd Loan Program:
It's a deferred loan of up to 5% of the price or the value.
- Iowa Military Homeownership Assistance Program:
A grant of up to $5,000.
Every Iowa first-time home buyer program · Down payment help in all states