Iowa Finance Authority — FirstHome
What it is: a down payment assistance program for first-time homebuyers in Iowa, offered through the Iowa Finance Authority. For reservations on or after November 2, 2026, assistance comes as a second mortgage only.
- 3% second mortgage, up to $10,000 — or — 5% second mortgage, up to $15,000
- $5,000 military grant still available for eligible military borrowers
- First-time buyer means no primary residence owned in the past 3 years
- Income limit: $102,100–$171,360 (varies by household size and area)
- Purchase price limit: $566,000 ($692,000 in targeted areas)
- Minimum credit score: 640
- Debt-to-income: 50% for approve/eligible findings, 45% for manual underwriting
- Occupancy: you must move in within 60 days of closing
Example only: on a $300,000 purchase, 3% is $9,000 and 5% is $15,000. The 3% option is capped at $10,000 and the 5% option at $15,000.
Chenoa Fund
What it is: a down payment assistance program that can be paired with an FHA loan. Key facts:
- Forgivable option: 30-year, 0% — or — repayable option: 10-year
- Down payment assistance is generally 3.5%; a 5% repayable option is also available
- No income limit
- No first-time-buyer requirement
- 600 minimum credit score
- Available in all states except New York
Example only: on a $300,000 purchase, 3.5% is $10,500.
Eligibility and terms depend on the full program guidelines and your loan file. Ask Bryan whether Chenoa fits your purchase — and note that this page does not claim Bryan or Pre Approved Mortgage is Chenoa-approved; that status is unverified.
How the Two Compare
| IFA FirstHome | Chenoa Fund | |
|---|---|---|
| Who it is for | First-time buyers in Iowa (no primary residence in past 3 years) | Any buyer who qualifies — no first-time-buyer requirement |
| Income limit | Yes — $102,100–$171,360 | No income limit |
| Minimum credit score | 640 | 600 |
| How the help is structured | Second mortgage: 3% up to $10,000 or 5% up to $15,000; $5,000 military grant still available | Forgivable 30-year 0% or repayable 10-year; generally 3.5%, 5% repayable option available |
| Where it works | Iowa | All states except New York |
These are different programs with different rules — one is not "better" than the other in general. Which one (if either) fits depends on your purchase, your income, your credit, and the rest of your loan file. That is a conversation, not a form: call or text 515-770-2491.
What to Do Next
If a down payment is the thing standing between you and a home, start the application and let the file tell us what is actually available — or call or text first and talk through the options before you apply. No obligation, and no application is required to ask a question.
Disclaimers
Personal NMLS #1820018. Bryan Curtis is a loan officer at Pre Approved Mortgage. Only his personal NMLS number is listed here; no company NMLS number is stated.
Program terms change: IFA FirstHome terms on this page are current as verified in November 2026. Program guidelines, limits, and availability can change, and the program — not this page — decides eligibility. Nothing here is a promise of assistance or of loan approval.
Chenoa: No claim is made on this page that Bryan Curtis or Pre Approved Mortgage is Chenoa-approved.
Loan approval, rates, and terms are subject to lender underwriting and program guidelines, and are not promised by this page.