Homes for Iowans FHA Program
Most PopularBest For: Flexible Terms, First Time Homebuyers, Rate Reduction, Low Credit Scores, Lowest Rates, Easy Process
Affordable FHA loans with down payment assistance for Iowa homebuyers.
This loan program is not available in Farmington, MO
Program Description
The Homes for Iowans FHA program offers affordable mortgage loans to first-time homebuyers and repeat homebuyers in Iowa. It provides flexible terms and down payment assistance to make homeownership accessible. Eligibility is determined by income, purchase price limits, and other program guidelines set by the Iowa Finance Authority.
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Homes for Iowans FHA Program
Min. Credit Score
640
Min. Down Payment
3.5%
Max Loan Amount
$472,030
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Low down payment requirements
- Assistance with closing costs
- Accessible for lower credit scores
- Must meet income and purchase price limits
- Requires mortgage insurance
- Limited to primary residences
Program Availability
Homes for Iowans FHA Programs are available in 1 state.
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“Consider completing a homebuyer education course to understand the full benefits of the program and prepare for successful homeownership."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
45.00%
Purchase Price Limit
$510,000
Income Limit
No Limits
Annual Household (1-2) Income
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- Affordable FHA loans for Iowa residents
- Down payment assistance available
- Flexible terms and easy process
Additional Conditions
- Must be a primary residence
- Subject to income and purchase price limits
- Requires mortgage insurance
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is required for this loan program.
Class Name: Finally Home
Finally Home!® is a comprehensive homebuyer education course that covers the essentials of buying a home, managing finances, and understanding mortgage options. It offers both online and in-person options and includes lifelong borrower counseling.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
Required On All FHA Loans
Type: Annual Mortgage Insurance Premium (MIP)This FHA program requires the Annual Mortgage Insurance Premium (MIP) regardless of the amount of your down payment or home equity.
Type: FHA UFMIP
The FHA Up Front Mortgage Insurance Premium (UFMIP) is a one-time fee equal to 1.75% of your loan amount. This fee can either be paid at closing or financed into your loan amount.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
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Read MoreVisit our Mortgage Education Center for more resources.
* Homes for Iowans FHA Program
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