Military Homeownership Assistance

Military Homeownership Assistance is a grant for homebuyers in Statewide, Iowa. Military Homeownership Assistance is IFA's $5,000 grant for eligible Iowa service members, veterans, and surviving spouses. True grant — no repayment. Stackable with IFA's FirstHome and Homes for Iowans DPA on the same transaction. Service documentation (orders, DD-214, or surviving-spouse documentation) required. Military Homeownership Assistance provides a $5,000 TRUE GRANT (no repayment, no lien, no recapture) toward down payment and/or closing costs for eligible Iowa active-duty service members, reservists, National Guard members, veterans, and Gold Star surviving spouses. May be combined with IFA's FirstHome or Homes for Iowans first-mortgage products and DPA. The grant is in addition to (stackable with) the FirstHome 2nd Loan / FirstHome Grant / HFI 2nd Loan when used by qualifying military borrowers. Funding comes from State and HFA.

Military Homeownership Assistance offers up to $5,000 in assistance. Homebuyer contribution: Per paired IFA first-mortgage product. 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.

Military Homeownership Assistance is structured as a grant, so it is not repaid. Repayment is triggered by True grant — no repayment required. The assistance is recorded in N/A (grant - no lien) position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Military Homeownership Assistance is open to homebuyers who will live in the home as their primary residence. On credit, the program states: Per paired IFA first-mortgage product (typically 640 FICO). A homebuyer education course is required, through IFA-approved homebuyer education when paired with FirstHome or HFI first mortgage; required for all FTHB borrowers. Residency requirement: Property must be located in Iowa and used as borrower's primary residence. Citizenship or immigration status: Per paired first-mortgage product overlays. Eligible borrowers: (1) Active-duty members of U.S. Armed Forces or Iowa National Guard / Reserve units; (2) Honorably discharged veterans (DD-214 required); (3) Surviving spouses of qualifying service members. Service-related documentation required. Property must be in Iowa and primary residence. When paired with FirstHome or HFI, those programs' income, FICO, DTI, and purchase-price limits apply. As a stand-alone grant, IFA does not impose a separate income or purchase-price cap, but use is limited to IFA first-mortgage transactions.

Military Homeownership Assistance sets its income limit as follows: No separate Military Homeownership Assistance income limit; limits of paired FirstHome or HFI first mortgage apply. 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.

Military Homeownership Assistance caps the purchase price as follows: Per paired IFA first-mortgage product (FirstHome or HFI acquisition limits). Eligible property types include Per paired IFA first-mortgage product overlays. New construction is eligible. Manufactured homes are eligible.

Military Homeownership Assistance 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.

Military Homeownership Assistance serves homebuyers purchasing in Statewide, Iowa.

Applications for Military Homeownership Assistance go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through IFA-approved lender reserves the Military Homeownership Assistance grant via IFA's Online Lender Portal at time of loan reservation; service-related documentation submitted with reservation. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.