Military Service Member Homeownership Assistance Program
This program provides eligible service members and veterans with a $5,000 grant that may be used toward down payment and closing cost assistance on a qualifying home purchase. Eligible service members may access the Military Homeownership Program assistance to be used with a qualifying mortgage or cash purchase transaction. The Military Homeownership Assistance grant may also be combined with a Plus grant for a total of $7,500 of down payment and closing cost assistance for borrowers who qualify for both programs. Borrowers are limited to one-time use of a Plus grant and one-time use of a Military Homeownership Assistance grant.
- Have served 90 days active duty between August 2, 1990 and April 6, 1991 or September 11, 2001 to present. Active duty need not be consecutive; it may be cumulative. Inactive Duty Training, Annual Training and Active Duty for Training may not count toward active duty; or
- Is a federal status injured service person having served in active duty August 2, 1990 and April 6, 1991 or September 11, 2001 to present; or
- Is a surviving spouse of said eligible service person, all who have had a discharge other than dishonorable.
- Receives prior approval before closing on a qualified home.
- Utilizes an IFA Participating or Facilitating Lender and IFA first mortgage (if financing the purchase).
- Utilizes an IFA Participating Lender to receive a non-IFA first mortgage if IFA deems it economically feasible and financially advantageous. At this time, IFA will approve a grant with non-IFA financing if the lender demonstrates that such financing is a fixed rate, permanent, fully amortizing mortgage loan that is at least 25 basis points lower APR* than the most comparable IFA mortgage product available at the time the applicable Good Faith Estimate is issued.
*NOTE: IFA does not use the APR listed on the TIL since it excludes certain financing costs. Instead, in making its analysis of whether a non-IFA loan qualifies, IFA will use the APR calculator found at www.bankrate.com.
- The home must be located in the state of Iowa and must be purchased by the eligible service member.
- The home must be immediately occupied by the service member/spouse as the borrower’s primary residence.
- Single-family residences (including “stick-built” homes, modular homes or manufactured homes, provided the home is attached to a permanent foundation and is taxed as real estate).
- A property containing up to four units, if one of the units will be the primary residence of the service member
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