Interest rates are typically lower than the market rates with fewer fees, and your credit score doesn't affect the interest rate. The amount of downpayment is determined by the loan type, but may require only 3%. Free Iowa Title Guarantee Owner's Certificate.
Grant - The down payment and closing costs assistance grant provides homebuyers with a $2.500 grant to assist with down payment and closing costs.
Loan - The 2nd Loan program offers a loan of up to 5% of the home's sale price or $5,000 (whichever is less) and is repayable at time of sale, refinance or first mortgage is paid in fuld. No monthly payment required!
*Minority Down Payment Pilot Program - offers eligible Iowans with a $5,000 down payment and closing cost assistance grant when paired with the FirstHome program mortgage. This program is subject to funding availability.
The Military Homeownership Assistance program provides a $5,000 grant to eligible service members and veterans for down payments and closing costs on qualifying homes. The funds may be used in conjunction with the FirstHome an Homes for Iowans programs.
For more detailed information visit Mortgage 101: Iowa Assistance