The most common thing I hear from first-time buyers after we talk about assistance programs is, "I had no idea that existed." Here's the guide I wish every Iowa buyer had before they started saving.

Iowa Finance Authority (IFA) programs

The Iowa Finance Authority is the state's housing finance agency. Its programs work through approved lenders like me and pair a mortgage with optional down payment and closing cost help.

FirstHome

For first-time buyers, which IFA defines as not having owned your primary residence in the past three years. Some military members and buyers in targeted areas also qualify.

  • 2026 purchase price limit: $566,000, or up to $692,000 in targeted areas
  • 2026 income limits: $102,100 to $171,360, depending on county and household size
  • Credit score: 640 minimum
  • Debt-to-income: up to 50%
  • Other: purchase only (no refinances), primary residence, homebuyer education required

Homes for Iowans

The IFA option that's open to first-time and repeat buyers.

  • 2026 income limit: $171,360
  • 2026 purchase price limit: $692,000
  • Credit score: 640 minimum

Down payment and closing cost assistance

Both programs can be paired with IFA assistance, such as a grant of up to $2,500 that doesn't need to be repaid. Other assistance may be structured as a deferred second loan that's repaid when you sell, refinance or pay off the home. Amounts and options change, so I confirm the current terms for every client.

Military Homeownership Assistance

Eligible veterans, active-duty service members and surviving spouses may qualify for a $5,000 grant. Funding is limited each year, so it's worth checking availability early.

Mortgage Credit Certificate (MCC)

Not down payment help, but a federal tax credit that can save first-time buyers money every year. Read how the MCC works.

Key Mortgage Group First-Time Homebuyer Grant

We also offer an internal grant for first-time buyers, applied at closing and not repayable. Eligibility depends on the loan type and your situation.

The rule that trips people up

Grants generally can't be combined. You'll usually choose one. The right choice depends on your income, the home's price, your loan type and how much cash you have. I'll run the options side by side and show you which leaves the most money in your pocket at closing.

Other things to know

  • Recapture tax: FirstHome-type loans can carry a federal recapture tax if you sell within nine years at a gain. IFA reimburses the actual recapture tax paid for eligible loans, so for most buyers it's not a concern. Ask me if you think you might move within nine years.
  • Limits change. IFA updates limits periodically. The figures above reflect IFA's published 2026 numbers.

See the summary on my down payment assistance page, or reach out and I'll tell you which programs you qualify for in one conversation.