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Iowa Finance Authority Raises FirstHome Plus Downpayment Assistance Grant to $3,500

By
Real Estate Agent with RE/MAX Concepts

A good thing just got better! The good people at the IFA, or Iowa Finance Authority have upped the amount of the incentive for qualifying first time homebuyers buying homes in Iowa to $3,500 from $2,500. According to the IFA's website "The IFA's mission is to finance, administer and preserve affordable housing and to promote community and economic development for Iowans. IFA is a self supporting agency."

The Iowa Finance Authority grant can be used for closing costs, down payments or for minor repairs. Currently, it is one of the few subsidies available for first time buyers, but it must be used for with an IFA loan product.

The IFA issued this press release on the program today:

Effective Thursday, October 13, the Iowa Finance Authority's FirstHome Plus down payment assistance grant will increase from up to $2,500 to up to $3,500 until December 31 or until funds are expended. 
 
Affordable homeownership is vital to providing young professionals and working families with a safe place to call home and in turn stimulates neighborhoods and communitites throughout the state. 

The Iowa Finance Authority strives to make our homeownership programs as accessible and affordable as possible. The $1,000 in bonus down payment assistance will address one of the biggest barriers Iowa home buyers face, which is finding the funds necessary for down payment and closing costs.

Attention Lenders:
Important $3,500 Down Payment Dates to Remember:
For a home buyer to be eligible to receive the $3,500 in FirstHome down payment assistance, the following deadlines must be met.  
October 13: $3,500 FirstHome Plus reservation period begins
December 31, 2011: Final reservation deadline
February 29, 2012: Closing deadline
March 9, 2012: Delivery of program compliant and secondary market eligible mortgage
Please note that there are no extra steps to apply for the $1,000 in additional down payment assistance. All FirstHome Plus reservations made between October 13 - December 31 will automatically be applying for the $3,500 until funds are expended.
 
For your convenience, a home buyer flyer announcing the $1,000 in additional down payment assistance is available here and information is available on the Iowa Finance Authority web site.

If you'd like more information about Iowa Finance Authority FirstHome Plus Downpayment Assistance grant please call me at 515-271-8999. The IFA program is administered through a numbered of local lenders.

Comments (1)

MichelleCherie Carr Crowe .Just Call. 408-252-8900
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

Hi Matt. I just subscribed to your blog. You are one of my first ActiveRain associates in your state. I hope we can someday refer business to each other. I am in Silicon Valley, specifically San Jose, Saratoga and Cupertino, Calif. and my blog is www.activerain.com/results.

Feb 22, 2012 10:12 AM