Reminder: DPA Updates Take Effect November 2, with Optional Training Available |
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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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To help our homeownership partners prepare for these changes, updated program materials are now available on the IFA Homeownership Resources page under Marketing Materials.
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Join us for a quick overview of the updated Iowa Finance Authority's Down Payment and Closing Cost Assistance programs. Don't need the program information, but still have questions? We will be available after the refresher for an "office hours" format for anyone who would like to join to ask IFA program questions.
These optional sessions are intended to provide a brief review of the updates and an opportunity to ask questions about the DPA changes, program requirements, and other IFA homeownership programs.
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IFA DPA Program Review and Office Hours
Tuesday, October 27, 1:30-2 PM
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IFA DPA Program Review and Office Hours
Monday, November 2, 1-1:30 PM
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Homebuyers may receive assistance up to 3% of the purchase price, up to $10,000. |
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Homebuyers may receive assistance up 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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