FirstHome 30-year fixed-rate first mortgage for eligible first-time homebuyers. When paired with the Plus grant, provides a $2,500 grant; when paired with the 2nd Loan, provides up to 5% of purchase price as a deferred second.

Paired with: Conventional, FHA, VA, USDA

• First-time homebuyer: Required
• Primary residence only
• Minimum FICO: 640
• Maximum DTI: 50%
• Income: IFA-published income limits apply; vary by county and household size.

First-time homebuyer defined as not owning a primary residence in the past 3 years. Delivered through IFA participating lenders.

Source: opportunityiowa.gov

Below-market 30-year fixed-rate first mortgage. May be paired with either a $2,500 down payment and closing cost grant or a 2nd Loan of up to 5% of the sale price or appraised value (whichever is lower).

Paired with: Conventional, FHA, VA, USDA

• Primary residence only
• Minimum FICO: 640
• Maximum DTI: 50%
• Income: IFA-published income and purchase price limits apply.

Available to both first-time and repeat homebuyers. The 2nd Loan has no monthly payments; repayment due at sale, refinance, or payoff of first mortgage. Borrower may choose either the grant or the 2nd Loan, not both.

Source: opportunityiowa.gov

$2,500 grant toward down payment and closing costs, or alternatively up to 5% of the purchase price as a deferred second mortgage.

Paired with: Conventional, FHA, VA, USDA

• Primary residence only
• Minimum FICO: 640
• Income: IFA-published income limits apply.

Used in combination with FirstHome or Homes for Iowans first mortgages. One-time use per borrower.

Source: opportunityiowa.gov

Up to $30,000 as a 0% interest deferred loan toward down payment and closing costs; no monthly payments.

Household income at or below 80% of area median income; 8 hours of homebuyer education required; property must be an owner-occupied primary residence. Repayment due at sale, change of occupancy, or in some cases refinance.

Source: www.polkcountyiowa.gov