Assistance Programs

Iowa Finance Authority

FirstHome Program and Homes for Iowans

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.

Eligibility Requirements:

• Household Income Limit
• Home Purchase Price Limit
• Real Estate History 
• Occupancy
• Credit Score
• Debt-to-Income Ratio
• Homebuyer Education

 

Down Payment & Closing Costs Programs

FirstHome Down Payment Assistance and Home of Iowans Down Payment Assistance

Grant - The down payment and closing costs assistance grant provides homebuyers with a $2.500 grant to assist with down payment and closing costs.

OR

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.

 

Military Homeownership Assistance Program

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

 

Illinois Housing Development Association

 

IHDAccess Forgivable Mortgage

• 4% of the puchase price up to $6,000 in assistance for down payment & closing costs, forgiven monthly over 10 years - it's a loan that does not have to be repaid.
• 30-year, fixed rate mortgage which an affordable interest rate.
• Available for all mortgage types, including FHA, VA, and USDA.
• Available to first-time and repeat homebuyers statewide

 

IHDAccess Deferred Mortgage

• 5% of the purchase price up to $7,500 in assistance for down payment & closing costs offered as an interest-free loan, deferred for the life of your mortgage - you don't need to repay until you well your house, refinance, or pay off your mortgage.
• 30-year, fixed rate mortgage which an affordable interest rate.
• Available for all mortgage types, including FHA, VA, and USDA.
• Available to first-time and repeat homebuyers statewide

 

IHDAccess Repayable Mortgage

• 10% of the purchase price up to $10,000 in assistance for down payment & closing costs offered as an interest-free loan - repaid monthly over a 10 year period.
• 30-year, fixed rate mortgage which an affordable interest rate.
• Available for all mortgage types, including FHA, VA, and USDA.
• Available to first-time and repeat homebuyers statewide

Other Localized Loan Assistance:

Live-Work Rock Island

City of Moline Down Payment Housing Program

City of Davenport Housing Programs

City of Dubuque Homebuyer Programs

City of Cedar Rapids Housing Programs

City of Muscatine Homeownership Assistance