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Iowa
First Time Home Buyer
 Iowa
has one on the lower unemployment rates but the farming business has been
battered by the economy. Home prices haven’t dropped that much but they didn’t
rise significantly during the real estate boom. An Iowa first time home buyer
can purchase a FNMA Foreclosure at a rock-bottom price on HomePath Program with
5% down and there will be no mortgage insurance or PMI.
Iowa First Time Home Buyer Stats
| Average Home List Price |
$194,869 |
| Best Places to Live |
Ankeny, Bettendorf, Urbandale |
| Foreclosure Rate-Des Moines |
1 in 250 Homes |
| Average Rent-Iowa City |
$600-You could purchase $80,000 home with same payment |
| Unemployment Rate |
6.3% |
Special
Programs
The My Community Iowa First Time Home Buyer Program Opens Doors for a
Fireman, Police Officer, Paramedic, Teacher, Healthcare Worker such as Nurse,
and Military Personnel.
This program features 3% down financing and you receive a $500 credit toward
closing costs. Also, you can have use part-time or overtime income from last 12
months to qualify.
Iowa Time First Time Homebuyer FHA Program
FHA Single Family Mortgage Limit is $271,050 for all counties in Iowa. Please visit
FHA mortgage limits
if your Metro Area doesn't appear below.
| |
Single Family |
2-Unit |
3-Unit |
4-Unit |
| Cedar Rapids |
$271,050 |
$347,000 |
$419,425 |
$521,250 |
| Des Moines |
$271,050 |
$347,000 |
$419,425 |
$521,250 |
| Iowa City |
$271,050 |
$347,000 |
$419,425 |
$521,250 |
| Davenport |
$271,050 |
$347,000 |
$419,425 |
$521,250 |
VA Program
Zero down payment up to $417,000 loan amount
If you served during wartime for at least 90 consecutive days or
during peacetime for at least 181 consecutive days then you are
eligible for the VA Home Loan Program. If you are currently on
active duty then you are eligible for the program after 90 days of
active service. You are also eligible if you are on Reserve, as long
as you have served for at least six years, which can be
non-consecutive and in different branches of the Reserves. The
Reserve branches eligible for the VA Home Loan Program are Army
National Guard, Army Reserve, Air National Guard, Coast Guard
Reserve, Navy Reserve, Marine Corps.
Iowa USDA Rural Program
Zero down payment with NO PMI or mortgage insurance. You must purchase home in
eligible county and there are maximum income limits. The income limit for
most counties is $73,600 and Cedar Rapids has $84,300 income limit.
List of INELIGIBLE COUNTIES: Black Hawk, Cerro Gordo, Clinton,
Dallas, Des Moines, Dubuque, Johnson, Linn, Marshall, Mills, Muscatine,
Plymouth, Polk, Pottawattamie, Scott, Story, Wapello, Warren, Webster, and
Woodbury.
Visit
USDA website to determine if a specific home is eligible for the program.
You will need full address with zip code.
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