Iowa Finance Authority Announces Updates to Down Payment Assistance Programs |
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For new loan reservations made on or after November 2, 2026, the Iowa Finance Authority (IFA) will introduce a new 3% second mortgage option, update the maximum assistance available under the 5% second mortgage option and discontinue the Plus grant.
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Homebuyers may receive assistance equal to 3% of the purchase price, up to $10,000. |
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Homebuyers may receive assistance equal to 5% of the purchase price, up to $15,000. |
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ADDITIONAL PROGRAM UPDATE
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The Plus grant will no longer be available for new reservations made on or after November 2, 2026.
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- May be used toward eligible down payment and closing costs.
- Assistance is based on the purchase price or appraised value, whichever is lower.
- No monthly payments are required.
- Repayment is due when the home is sold, refinanced or the first mortgage is paid in full.
- Subordination is not permitted.
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Updated program materials reflecting these down payment and closing cost assistance changes will be available on the website prior to the effective date.
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