Iowa FirstHome 2nd Loan Program
Iowa Finance Authority offers FirstHome 2nd Loan Program to first-time buyers in Iowa: up to 5% of the price or value, as a deferred loan.
- Amount
- Up to 5% of the price or value
- Kind of help
- Deferred loan
- First-time buyers only
- Yes, with exceptions
- Credit score
- 640 or higher
How is Iowa FirstHome 2nd Loan Program paid back?
Deferred loan: no monthly payments. You repay it when you sell, refinance or pay off your main home loan.
A deferred loan costs nothing each month, but the whole amount is due when you sell, refinance or pay off the first mortgage.
Who qualifies for Iowa FirstHome 2nd Loan Program?
- Varies by county and household size; $102,100 to $171,360.
- First-time buyers only: yes, with exceptions.
- A credit score of 640 or higher.
- It comes with an Iowa Finance Authority FirstHome mortgage.
- Price limit: $566,000; up to $692,000 in targeted areas.
Most limits follow your county and household size. Our HUD income limits lookup shows your area's median income and where your household sits.
How to apply for Iowa FirstHome 2nd Loan Program
- Iowa Finance Authority pays this help out through its approved lenders, so you apply with one of them, together with your home loan.
- The lender checks your income, credit and the home against the program's rules and reserves the money for you.
- The help is paid at closing, toward your down payment and closing costs.
Read the full rules and whether it is taking applications on 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.
Rather not call? Send your details and the lender will reach you.
Other first-time buyer programs in Iowa
- Iowa FirstHome Down Payment and Closing Costs Assistance Grant: up to $2,500, grant.
- Homes for Iowans 2nd Loan Program: up to 5% of the price or value, deferred loan.
- Iowa Military Homeownership Assistance Program: up to $5,000, grant.
All Iowa first-time home buyer programs · Down payment assistance in every state