Des Moines, IA
Down Payment Assistance Loans

Down Payment Assistance Programs (DPA) in Des Moines

Years ago, it was common to put 20% or more down on a mortgage for a down payment. As the decades passed and home prices soared, coming up with that 20% became increasingly more difficult for the average worker. Thus began the era of more affordable mortgages. Diverse loan types were created, and people were seeing their way into their very own homes for the first time ever.

Though things have evened out immensely, there is still one hurdle that prevents many worthy people of seeing their way into homeownership. That is the down payment. Many prospective home buyers need help to secure the home of your dreams. Down payment assistance programs in Des Moines, IA from Compass Mortgage can provide that for you.

Iowa is the Place You Want to Call Home

The Hawkeye State is one of the safest states to live. With the peace and tranquility which comes in each city, this is an ideal place to settle down and raise a family.

Buying your first home is a very exciting time. It may seem overwhelming to you, and you may need help figuring it all out. If so, let our team of mortgage loan experts at Compass Mortgage show you the way.

DPA programs in Des Moines, IA can help you secure the home of your dreams. If you are a first-time homebuyer, there are many state and local homeownership assistance programs on hand to help you with your big purchase. Buying a home will probably be the biggest investment you will ever make.

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Who Qualifies as a First-Time Homebuyer in Iowa?

If you, as a family or an individual, have never owned a home before, you qualify for statewide or local Des Moines home loan down payment assistance. You are also considered a first-time homebuyer if you have not owned a home in the past three years.

The one thing you want to do right now is to find out and take advantage of these homebuyer assistance options. They can end up saving you a lot of money, help you find a lower interest rate on your mortgage, or secure you a 0% interest loan to cover your down payment.

Statewide Homeownership Assistance Programs

The Iowa Finance Authority (IFA) has a number of statewide assistance programs that first-time homebuyers and previous homebuyers should be exploring. There are different requirements for each program, but overall, requirements include:

  • Being an Iowa resident
  • Working with a particular lender
  • Looking at eligible property types as a primary residence

Have a look at some of the assistance programs available.

IFA First Home Program

The First Home Program will put you in touch with our Des Moines DPA loan experts. The First Home Program offers homebuyers either a down payment assistance grant of up to $2,500, or a second mortgage of up to 5% of your home’s sale price, or $5,000 (whichever is less). The second loan is repayable when you sell or refinance your home, no monthly payment is required. To qualify, you must be a first-time homebuyer with a credit score of at least 640 and a debt-to-income ratio of 45% maximum.

IFA Homes for Iowans

The Homes for Iowans Program is nearly identical to First Home. You can apply for down payment assistance and the requirements are the same for each program. Homes for Iowans removes any requirements for real estate history, and anyone can apply, as long as it is for a primary residence.

IFA Military Homeownership Assistance Program

If you are an active military member or a veteran, this program awards homebuyers a grant of $5,000 to help with down payments and closing costs. A Des Moines, IA down payment assistance loan like this goes a long way toward finding you the home you want. You must be an active military person, veteran, or a surviving spouse of an eligible service person who has had an honorable discharge.

First-Time Homebuyer Savings Account

The First-Time Homebuyer Savings Account (FTHSA) is a special type of bank account to help Iowans save for their first home. You can contribute up to $2,000 tax-free each year and up to a lifetime max of $20,000 tax-free. DPA programs in Des Moines like these will help you set the goals you need to secure your first home.

Let Compass Mortgage Help with Home Down Payment Assistance Programs in Des Moines

Everyone who wants a home should have one. Everyone has worth and deserves to call a place their own. The Des Moines, IA down payment assistance program is many and varied. Let Compass Mortgage help you find your way to the best down payment assistance program. For the help you need today, contact our office.