WINNESHIEK COUNTY VETERANS

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.

Eligibility

• Have served 90 days active duty since September 11, 2001. 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 since September 11, 2001; or
• Is a surviving spouse of said eligible service person, all who have served honorably
  
  AND

• Receives prior approval before closing on a qualified home.
• Utilizes an IFA Participating or Facilitating Lender (if financing the purchase).
• Uses IFA's mortgage programs, unless a lower cost, fixed rate, fully amortizing option is available if eligible. If not eligible for 30 year fixed rate financing, uses a permanent mortgage loan for financing the purchase, or cash purchase transaction.
• The home must be located in the state of Iowa.
• The home must be the borrower's primary occupancy residence.

The home must be one of the following:

• 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
• Duplexes, if one of the units will be the primary residence of the service member
• Completion of acquisition/renovation of qualifying home. Refinancing interim mortgage financing of not more than 24 months (at time of new mortgage closing) used for the purpose to construct the residence or renovation of an existing home that has not been occupied by the MHOA applicant, spouse or fiancé. Remember prior approval to completion and occupancy is required.

For more information, please visit the following website:
Iowa Finance Authority