Homeownership Assistance

Military Service Member Homeownership Assistance Program

Benefits
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.

Eligibility

  • 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.

AND

  • 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.

Eligible Homes

  • 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).
  • Condominiums
  • Townhomes
  • A property containing up to four units, if one of the units will be the primary residence of the service member

For more information, please visit the following website: