Purchasing a home is the largest purchase you are ever likely to make. Finding the right home is exciting, challenging, and sometimes daunting—especially if you’re a first-time home buyer. There are so many things to consider when making this initial large investment: interest rates, points, fees, down payment, and private mortgage insurance requirements—all this while trying to find a great neighborhood, the right location, and the perfect paint!
As the spring home buying season approaches, here are a few first-time home buyer programs from the Iowa Finance Authority for which you may be eligible:
Take Credit Mortgage Credit Certificate
Starting February 3, 2014, the Iowa Finance Authority (IFA) announced a new Take Credit Mortgage Credit Certificate (MCC) for 2014 which allows first-time home buyers to reduce federal tax liability up to $2,000 a year for the life of their mortgage. To qualify, the first-time home buyer must receive mortgage financing through an Iowa Finance Authority Participating Lender such as Hills Bank.
The FirstHome program offers first-time home buyers a state-sponsored, affordable fixed-rate mortgage while permitting you to work with a trusted local lender.
FirstHome Plus Program
This grant is designed to be used in conjunction with the FirstHome Program and provides up to $2,500 to qualified first-time home buyers to assist with closing costs or a down payment.
Homes for Iowans Program
The Homes for Iowans program offers first-time home buyers fewer mortgage fees and an affordable 30-year fixed interest rate that doesn’t change based on your credit rating.
Homes for Iowans Plus Program
When used with the Homes for Iowans Program, this grant can mean up to $2,500 in assistance for closing costs or a down payment for qualified first-time home buyers.
Researching the eligibility requirements for these programs could mean big savings for you as you’re preparing to purchase your first home. To learn more, visit IowaFinanceAuthority.gov, or contact me and I’ll be happy to help you see if you qualify for any of these programs as you make this important decision.