Confirm the Iowa program and reservation date before budgeting assistance
Iowa Finance Authority (IFA) programs are delivered through approved lenders, with different ownership-history rules, assistance forms and education requirements. Use the city directories above to compare providers, then check the proposed home and financing with an IFA partner. Directory inclusion does not establish IFA participation or loan approval.
Match ownership history and the exact property to the mortgage program
FirstHome generally serves buyers who have not owned their primary residence during the previous three years. IFA also describes exceptions for qualifying military borrowers and purchases in targeted areas; an address review is needed to establish the latter. Homes for Iowans serves both first-time and repeat buyers purchasing a primary residence in Iowa. Have the lender check ownership history, household details and current income and purchase limits for the named program rather than assuming that all IFA mortgages share one eligibility rule.
IFA's partner finder offers county, partner-type and language filters. It says IFA does not originate mortgages directly; an approved lender collects the documents and underwrites the application. Confirm the loan officer's current participation and the products handled for your purchase. A city office address in Mortgage Firm's directory does not prove program approval or a service boundary. Compare the complete loan estimates, including fees and housing costs, before treating assistance as the deciding feature.
Check which assistance rules apply to the reservation date
IFA's September 17, 2026 notice announces changes for new loan reservations made on or after November 2, 2026, including discontinuation of the Plus grant and revised second-mortgage options. Ask the lender to identify the actual reservation date and the written assistance terms that apply. A planned closing date alone does not identify the reservation rules. If the purchase file changes, confirm whether the lender must make a new reservation before relying on an earlier assistance description.
The assistance overview distinguishes a FirstHome grant option from a repayable second loan. The second loan has no monthly payments, but repayment is due on sale, refinancing or payoff of the first mortgage; IFA does not permit subordination. Its change notice retains those second-mortgage conditions. Ask for the note and payoff explanation, and consider the remaining obligation before planning a refinance. The absence of monthly payments does not mean the balance is forgiven. Confirm current funds and the remaining cash needed with the lender.
Finish education early enough for the lender's pre-close file
IFA requires homebuyer education for all borrowers under FirstHome and Homes for Iowans for reservations on or after April 1, 2025. Its linked notice lists Finally Home!, Fannie Mae HomeView and Freddie Mac CreditSmart, and requires a completion certificate in the pre-close package. Ask the lender which course and attendance records apply to each borrower, then confirm the current fee and certificate delivery before enrolling. Completion needs to fit the loan timeline, not simply the day you plan to move.
IFA allows an in-person course with a HUD-certified counselor when a borrower lacks internet access, and describes acceptance of a community second program's required HUD-approved education. Have the lender verify the proposed alternative and any separate local assistance requirements. For individual budget or credit preparation, HUD's counseling referral is 800-569-4287; ask an agency about Iowa pre-purchase services, appointment format and fees. An education certificate and a counseling appointment serve different purposes and neither reserves assistance.
Obtain military-assistance approval before closing
IFA's Military Homeownership Assistance is a separate grant for qualifying service members, veterans and certain surviving spouses purchasing a qualifying Iowa home. It requires prior approval before closing and a participating or facilitating lender; it can accompany FirstHome or Homes for Iowans. Ask the lender which service documents, property and occupancy rules apply and whether funding is available for the file. A veteran designation alone does not complete the program's service review or guarantee a grant.
For a non-IFA first mortgage, the lender must demonstrate that the proposed permanent, fixed-rate financing meets IFA's comparison requirements before the military grant is approved. The military page also requires education when that borrower is a first-time buyer using non-IFA financing. Identify this approval and certificate separately from any FirstHome ownership-history exception. Have the lender confirm the review sequence and outstanding documents before committing to a closing schedule.
Published by Mortgage Firm, an independent directory. Program administrators and lenders determine current availability and eligibility. Our editorial approach