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ifa loans, ifa home loan, what is a ifa loan, rural home loans, ifa financing

IFA Loan

Looking for IFA lenders in Central or Northeast Iowa? Experience better banking at Lincoln Savings Bank. We are your local IFA-approved lender with locations in Greene, Nashua, Allison, Aplington, Waterloo, Cedar Falls, Hudson, Lincoln, Reinbeck, Garwin, Tama, Ankeny, Grinnell, Clive, and Des Moines.

How can the Iowa Finance Authority help me?

The Iowa Finance Authority assists Iowans from all walks of life. Whether they're looking to own a home, find a trust-worthy rental, or start a farm, there are numerous programs to help turn those dreams into reality. Specifically, in the mortgage arena, the Iowa Finance Authority works to assist Iowans in achieving their personal goals of purchasing a home. The IFA supports new homeowners with purchase programs, down payment grants, and down payment loans. 

FirstHome Program

  • Highly competitive interest rates
  • Reduced down payment
  • Free Iowa title guaranty owner's certificate

How do I qualify for the Homes for Iowans Program?

  • Be a first time home buyer, or have not owned a home in three years
  • Must meet the income eligibility requirements
  • Property must meet price limitations 
  • Property must be used as primary residence
  • Minimum credit score of 640
  • Maximum debt-to-income ratio of 45%

Homes for Iowans Program

  • Competitive interest rates
  • Reduced down payment
  • Free Iowa title guaranty owner's certificate

How do I qualify for the Homes for Iowans Program?

  • Must meet the income eligibility requirements
  • Property must meet price limitations 
  • Property must be used as primary residence
  • Minimum credit score of 640
  • Maximum debt-to-income ratio of 45%

Down Payment Assistance Program

  • LOAN: Either 5% of the home's sale price or $5,000 (whichever is less.) This loan does not require a monthly payment but is due at the time of sale, refinance, or once the first mortgage is paid in full. 
  • GRANT: $2,500 non-repayable grant to assist homebuyers with down payment and closing costs. 

How do I qualify for an IFA loan or grant?

  • Must meet the income eligibility requirements
  • Property must be located in Iowa and be used as primary residence
  • Must be a first time home buyer or have not owned a home in three years 
  • Minimum credit score of 640
  • Maximum debt-to-income ratio of 45%

When to Choose an IFA Program

If you are a first-time homebuyer or looking for assistance to help you make your home buying dreams a reality, IFA programs are the perfect tool to help. With their three programs, the FirstHome Program, Homes for Iowans Program, and Down Payment Assistance Program can pair easily with financing through Lincoln Savings Bank.

Contact an LSB Mortgage Lender Today!

If you think an IFA home loan may be right for you, schedule a free consultation with our mortgage lending team. Fill out the form below and one of our home loan experts will reach out to you soon. We offer personalized service and the local expertise that only comes from more than a century of service to your community. Contact us today or visit your nearest Lincoln Savings Bank branch in Northeast or Central Iowa.

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