This loan program is not available in Texas
Program Description
The IFA FirstHome FHA program offers first-time buyers affordable fixed-rate mortgages. Eligible applicants include those who haven't owned a home in three years, qualifying veterans, or those buying in a targeted area. It can be paired with down payment and closing cost assistance, including a $2,500 grant or a second loan up to 5% of the sale price. Income and purchase price limits apply, and buyers must work with an IFA Participating Lender.
Tags
Do you match this loan?
Our loanSMART system will tell you if this loan program is a good fit your scenario.
IFA FirstHome FHA
Min. Credit Score
640
Min. Down Payment
3.5%
Max Loan Amount
$524,225
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
- Competitive interest rates
- Assistance with down payment and closing costs
- Support for eligible veterans and targeted area purchases
- Income and purchase price limits may restrict eligibility
- Homebuyer education may be required for certain applicants
Program Availability
IFA FirstHome FHAs are available in 1 state.
Talk to an Expert
An RMM PROLender can help you see if this or a different loan program is the right fit for your unique situation. Get Started.
“If you're a first-time homebuyer in Iowa, consider the IFA FirstHome FHA program for its competitive fixed rates and available down payment assistance. Ensure you meet the eligibility criteria and consult with an IFA Participating Lender to guide you through the application process."
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
50.00%
Purchase Price Limit
No Limits
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.
Buying a Home?
Answer a few short questions and we'll build you a custom list of home loan program options. You're homeownership journey is in good hands.
Key Features
- Affordable fixed-rate mortgages
- Down payment assistance options
- Designed for first-time homebuyers
Additional Conditions
- Property must be the primary residence
- Applicants must meet specific credit and debt-to-income ratio requirements
- Down payment assistance is limited to a one-time use
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 not required for this loan program.
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.
Homes for Iowans FHA Program
Best 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.
Related Resources
Understanding FHA-Approved Condos
FHA-approved condos offer an accessible path to homeownership, especially for first-time buyers and those with lower down payments. This article explains what FHA-approved condos are, how to find them, and the benefits of choosing an FHA loan for your condo purchase.
Read More
Mortgage Insurance Premium – MIP – Explained
Are you scratching your head, wondering what mortgage insurance is and why it's adding to your expenses? It's confusing, to be sure. If you're taking out a Federal Housing Administration (FHA) loan, chances are you'll need a mortgage insurance premium (MIP) to be set up. Also known as FHA mortgage insurance, it works to protect the lender from these higher-risk loans. As you learn how to buy a house, you may encounter these home loans, which typically have a lower interest rate and easier qualifications. Even with the requirement for MIP, FHA loans could still benefit you.
Read MoreVisit our Mortgage Education Center for more resources.
* The IFA FirstHome FHA program helps first-time buyers, veterans, and targeted-area buyers with fixed-rate loans and down payment assistance.
Mortgage Program by:
ReviewMyMortgage.com is in no way affiliated with the companies or institutions listed here.
Start Your Journey
Whether your are buying a new home, or refinancing your current home loan, let the experts at Review My Mortgage guide you on your homeownership journey.
Are you a mortgage professional?
Learn about our unique sponsorships, including RMM PROLender, that can take your production to the next level.
Get in Touch