Homes for Iowans 2nd Loan Program
Iowa Finance Authority offers Homes for Iowans 2nd Loan Program to home buyers in Iowa: 5% of the price or value at most, as a deferred loan.
- Amount
- 5% of the price or value at most
- Type of help
- A loan that's deferred
- Only first-time buyers
- No
- Your credit score
- 640 or more
How do you repay Homes for Iowans 2nd Loan Program?
No monthly payments: it's a deferred loan. If you refinance, sell or pay your main home loan off, you repay it.
Selling, refinancing or paying off your first mortgage makes the whole amount due, even though a deferred loan costs you nothing each month.
Who can get Homes for Iowans 2nd Loan Program?
- $171,360 in household income.
- Being a first-time buyer isn't required.
- You need a credit score of at least 640.
- You get it alongside a mortgage from Iowa Finance Authority (Homes for Iowans).
- The home's price can't go over $692,000.
Your county and household size set most of the limits. Use our HUD income limits tool to see the median income in your area and where your household falls.
Applying for Homes for Iowans 2nd Loan Program
- Because Iowa Finance Authority sends this money through its approved lenders, you apply through one of them alongside your mortgage.
- Your lender reviews the home, your credit and your income against the program's rules and sets aside the money on your behalf.
- This assistance is applied when the loan closes, helping with the down payment and with closing costs.
Check Iowa Finance Authority's page for Homes for Iowans 2nd Loan Program for the full rules and whether it's taking applications.
Bring your Homes for Iowans 2nd Loan Program questions to a lender
Tell us where you're buying and a lender that works with Iowa's programs can tell you whether Homes for Iowans 2nd Loan Program fits you, and what you could combine with it.
Prefer not to call? The lender will contact you once you send your details.
More first-time buyer programs in Iowa
- Iowa FirstHome Down Payment and Closing Costs Assistance Grant:
A grant of up to $2,500.
- Iowa FirstHome 2nd Loan Program:
A deferred loan capped at 5% of the price or value.
- Iowa Military Homeownership Assistance Program:
A grant of up to $5,000.
All Iowa programs for first-time buyers · Down payment help in every state