FirstHome Down Payment & Closing Cost Assistance (Grant option)
Iowa Economic Development & Finance Authority (formerly Iowa Finance Authority), operated via opportunityiowa.gov, delivered through participating lenders
Amount: $2,500 grant toward down payment and closing costs (paired with a FirstHome first mortgage); no repayment required
Type: Grant (forgivable, non-repayable)
Must be a first-time home buyer (has not owned a primary residence in the last 3 years), a qualifying military member/veteran, or purchasing in a designated Targeted Area. Minimum credit score 640 (non-traditional credit accepted if no score exists). Maximum DTI 50%. Household income limit varies by county and household size, ranging from $102,100 to $171,360 for 2026. Home purchase price limit $566,000 ($692,000 in targeted areas). Must be primary residence.
FirstHome 2nd Loan Program
Iowa Economic Development & Finance Authority (opportunityiowa.gov), delivered through participating lenders
Amount: Second-mortgage loan of up to 5% of the home's sale price or appraised value (whichever is lower), no stated maximum dollar cap; 0% deferred-style structure with no monthly payments
Type: Deferred repayable second-mortgage loan
Same as FirstHome grant: first-time buyer (no primary residence ownership in prior 3 years), eligible veteran/military member, or Targeted Area purchase; minimum 640 credit score; max 50% DTI; income limits $102,100-$171,360 by county/household size; purchase price limit $566,000 ($692,000 targeted areas). Repayment due in full at sale, refinance, or payoff of the first mortgage.
Homes for Iowans 2nd Loan Program
Iowa Economic Development & Finance Authority (opportunityiowa.gov)
Amount: Second loan of up to 5% of home sale price or appraised value (whichever is lower), no maximum stated; deferred, no monthly payments
Type: Deferred repayable second-mortgage loan
Open to both first-time AND repeat home buyers (broader than FirstHome). Minimum 640 credit score, maximum 50% DTI. Household income limit up to $171,360. Home purchase price limit up to $692,000. Repayment due at sale, refinance, or mortgage payoff.
Military Homeownership Assistance Program
Iowa Economic Development & Finance Authority (opportunityiowa.gov)
Amount: $5,000 grant, stackable with FirstHome or Homes for Iowans financing
Type: Grant (non-repayable)
Eligible active-duty service members and veterans (non-dishonorable discharge); must be used alongside a FirstHome or Homes for Iowans first mortgage, so those programs' income limits, credit score (640 minimum), and DTI (50% max) requirements also apply.