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Journey to Homeownership

Des Moines, Iowa

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See what you qualify forOfficial program site →
Assistance

$10,500–$15,000

The maximum the program publishes — not an offer

Income limit

100% AMI

Of area median income; varies by county and household size

Repayment

Deferred

No payments until the home is sold or refinanced

What is Journey to Homeownership?

Journey to Homeownership is a deferred second loan for homebuyers in Des Moines, Iowa.

  • Journey to Homeownership is NFC's flagship full-amount DPA in the Des Moines metro. Up to $10,000, 0% interest forgivable 2nd mortgage, 5-year forgiveness. Open to repeat buyers as well as FTHB. 640 FICO; ~$70,400-$149,200 income tier; pairs with NFC-originated first mortgage.
  • Journey to Homeownership provides up to $10,000 in down-payment and closing-cost assistance as a 0% interest forgivable second mortgage. Forgiven over 5 years (20% per year) provided the borrower remains in the home as primary residence. Pairs with NFC's first-mortgage products. Targeted at low-to-moderate income buyers in NFC's Des Moines metro service area.
  • Funding comes from Local, CDFI, HOME, and Bank Partners.

How much assistance does it provide?

Journey to Homeownership offers between $10,500 and $15,000 in assistance.

  • The program asks buyers to contribute $1,000 minimum borrower contribution from own funds.
  • The program can be combined with other assistance, subject to the rules of each.
  • Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

Journey to Homeownership is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

  • Repayment is triggered by Deferred loan, 0% interest, no monthly payments and due on sale or with a cash-out refinance.
  • The assistance is recorded in 2nd Lien position.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Journey to Homeownership is open to buyers who will live in the home as their primary residence.

The program requires

  • The home is occupied as a primary residence
  • On credit: 640 minimum FICO
  • A completed homebuyer education course, through NFC-approved homebuyer education (NFC offers in-house counseling and Framework/eHome America online); required for all borrowers prior to closing.
  • Residency: Property must be a 1-2 family owner-occupied home within NFC Lending Areas in Polk County (Des Moines) or Linn County (Cedar Rapids). $15,000 available in Core Neighborhoods; $10,500 elsewhere in lending areas.
  • Citizenship or immigration status: U.S. citizen, permanent resident, or qualifying non-permanent resident alien
  • Household income at or below ~$149,200 (varies by household size and AMI tier). Minimum 640 FICO. Maximum 45% DTI. $1,000 minimum borrower contribution. Property must be primary residence within NFC's Des Moines metro service area (Polk, Dallas, Story, Warren Counties). Homebuyer education required. 5-year owner-occupancy / forgiveness covenant; pro-rata repayment if borrower sells, refinances out, or vacates within 5 years.

The program excludes

  • Manufactured homes
  • Households above 100% of area median income

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

Journey to Homeownership limits household income to 100% of the area median income, which varies by county and household size.

  • Household income must be below 100% of the Area Median Income for NFC lending areas in Polk and Linn Counties.
  • The limit applies to total household income, not only the borrower’s.
  • Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Journey to Homeownership caps the purchase price as follows: No flat purchase-price cap; maximum first mortgage loan amount is $300,000.

  • Eligible property types include Single-family detached, condominium, townhouse, 1-2 unit owner-occupied.
  • New construction is eligible.
  • Manufactured homes are not eligible.

Is there eligibility for specific groups?

Journey to Homeownership names veterans, active-duty service members, reservists and National Guard members, and surviving spouses among the groups it serves.

  • Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

Journey to Homeownership serves buyers purchasing in Des Moines, Iowa.

  • The program targets specific areas: NFC operates designated Neighborhood Reinvestment areas in Des Moines metro where additional DPA, rehab funds, and grant-match programs are layered.

How do you apply?

Applications for Journey to Homeownership go through the administering agency, which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program, through NFC-approved homebuyer education (NFC offers in-house counseling and Framework/eHome America online); required for all borrowers prior to closing..

  2. Contact the administering agency to reserve funds

    Funds are reserved through Reservation through NFC origination process; subject to funding availability., and are subject to availability.

  3. Work with a lender who handles the program

    Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.

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