News and Events
July 2, 2007
What is IFA?
What is IFA?
IFA is the acronym for the Iowa
Finance Authority. As stated in their website, the Iowa Finance Authority’s
(IFA) mission is to finance, administer, advance and preserve affordable
housing and to promote community and economic development for Iowans. IFA was
established in 1975 to help assist low and moderate income families obtain
affordable housing. Since then IFA has expanded their role. Their title
guaranty division works to guaranty title to real property at a fairly low
cost.
Owning a home is the American Dream
and each year the Iowa Finance Authority helps thousands of Iowans achieve it.
My focus today is to stress three homeownership programs offered by IFA.
IFA’s FirstHome and FirstHome Plus
programs offer qualified homebuyers affordable mortgage financing with a low
fixed interest rate and no points or origination fees. The Military Service Member
Homeownership Assistance Program provides grants to
helps eligible members of the armed forces purchase qualified homes in
The FirstHome loan highlights
include: As of June 19, the current fixed interest rate is 6.375%. The interest
rate is adjusted periodically based on market conditions. The rate is fixed for
a 30 year term. No origination or discount fees are charged, and closing fees
are restricted. The FirstHome loan is for purchases only, the program does not
allow for refinances. You must be a first time home buyer. The exception to the
first time home buyer rule is if you purchase a home in a targeted area.
Targeted areas are identified by a census track number.
The FirstHome Plus program helps
homebuyers with downpayment and closing costs assistance. This program provides
cash assistance of up to $2,500 to help with closing costs and down payment or
repairs. Qualified homebuyers may have a household income of up to $46,480. IFA
loan funds may be used with any standard loan product offered by Fannie Mae,
USDA Rural Development or other government loan products such as FHA or
VA. IFA funds may not be used to refinance an existing mortgage.
The
-At the time of applying for a grant
under the program, have served on active duty in a Title 10, United States
Code, active federal military service status for at least 90 days cumulative,
other than training, during the period beginning Sept. 11, 2001, and ending
June 30, 2008, as a member of the national guard, reserve, or regular component
of the armed forces of the United States;
-The Program is also available to
surviving spouses of deceased eligible service members who meet the other
eligibility requirements. There are no income or purchase price limits, and
grants awarded under the program may be used in conjunction with other
assistance available through FHA, VA, USDA, IFA, or other programs if the
eligible service member qualifies for those programs.
All grants under the program are
subject to funding availability. Grants are awarded in the order in which
completed grant applications are received. An eligible service member shall
receive only one grant award under the program.
Data sourced & provided by the
Iowa Funding Authority and its website: www.iowafinanceauthority.gov.
