Down Payment Assistance Programs in Iowa (2026 Guide)

# Down Payment Assistance Programs in Iowa (2026 Guide) Saving for a down payment is one of the biggest hurdles for first-time home buyers. Fortunately, Iowa offers 3 assistance programs that can help you achieve homeownership sooner than you thought possible. ## Iowa Housing Agency All state DPA programs are administered by Iowa Finance Authority (IFA). **Contact Information:** - Website: [https://www.iowafinance.com](https://www.iowafinance.com) - Phone: 515-725-4900 ## Available Programs Iowa offers 3 major down payment assistance programs: ### FirstHome Plus Grant | Feature | Details | |---------|---------| | Maximum Assistance | Up to 5% of home price | | Program Type | Grant | | Description | Non-repayable grant for first-time buyers. No income limits in some areas. | ### Homes for Iowans Plus Grant | Feature | Details | |---------|---------| | Maximum Assistance | $2,500 | | Program Type | Grant | | Description | For down payment or closing costs. Available to repeat buyers too. | ### Military Homeownership Assistance | Feature | Details | |---------|---------| | Maximum Assistance | Up to $5,000 | | Program Type | Grant | | Description | Additional grant for active military and veterans. | ## How to Apply ### Step 1: Check Your Eligibility Most programs require: - First-time homebuyer status (no home ownership in past 3 years) - Income at or below program limits - Minimum credit score (usually 620-640) - Home price within program limits ### Step 2: Complete Homebuyer Education All IFA programs require completion of a HUD-approved homebuyer education course. This prepares you for the responsibilities of homeownership. ### Step 3: Work with an Approved Lender IFA maintains a list of approved lenders trained in their programs. These lenders can help you combine DPA with your mortgage. ### Step 4: Find Your Home Once pre-approved, work with a real estate agent to find a home within program price limits. ## Combining with Your Mortgage Down payment assistance can be layered with various loan types: | Loan Type | Min Down | With IFA DPA | |-----------|----------|--------------------------| | FHA | 3.5% | DPA covers most or all | | Conventional | 3-5% | DPA covers most or all | | VA | 0% | DPA for closing costs | | USDA | 0% | DPA for closing costs | ## Real Cost Savings With Iowa's median home price of $237,298: | Scenario | Down Payment Needed | With Max DPA | |----------|--------------------|--------------| | FHA (3.5%) | $8,305 | Potentially $0 | | Conventional (5%) | $11,865 | Significantly reduced | | Conventional (20%) | $47,460 | Reduced by DPA amount | ## Conclusion Don't let down payment concerns keep you from homeownership. Iowa's DPA programs have helped thousands of first-time buyers achieve their dream. Contact IFA today to learn which programs you qualify for. Use our [Iowa Mortgage Calculator](/mortgage-calculator/iowa) to see how DPA affects your monthly payment. --- *Source: Iowa Finance Authority. Program details subject to change. Contact IFA for current requirements.*