Palo Savings Bank can make your home buying dreams a reality with homeownership programs offered by Iowa Finance Authority. Each program is designed to make home buying affordable for both first time AND repeat homebuyers.
Benefits of Iowa Finance Authority mortgages include competitive interest rates, entry cost assistance ($2,500 & $5,000 grants), periodic availability of Mortgage Credit Certificates, and monitoring of closing costs for the usual and customary.
Call or stop in to ask Beth or Terry about how these programs could work for you.
Homeownership Programs Include:
FirstHome & FirstHome Plus
| Key Features | Qualifications |
|---|---|
| Low Cost | Maximum home purchase price: Targeted Areas: $305,000 Non-Targeted Areas: $250,000 |
| Fixed Rate | Maximum family income limits |
| No minimum down payment, amount determined by loan type | Borrower must qualify as one of the following: First time home buyer (defined as not owning your primary residence in the last 3 years, OR military veteran with discharge of other than dishonorable that has not been used a Mortgage Revenue Bond program previously, OR purchasing a home in a Targeted Area |
| Eligible loan types include: government-backed (FHA, VA, RD) and conventional | |
| Cash grant up to $2,500 to help with closing costs and down payment with FirstHome Plus | FirstHome Plus is available to eligible home buyers in conjunction with FirstHome program |
Homes for Iowans & Homes for Iowans Plus
| Key Features | Qualifications |
|---|---|
| Low Cost | Maximum home purchase price of $305,000 |
| Fixed Rate | Maximum family income limits |
| No minimum down payment, amount determined by loan type | Available to eligible first-time and repeat home buyers |
| Eligible loan types include: government-backed (FHA, VA, RD) and conventional | |
| Cash grant up to $2,500 to help with closing costs and down payment with Homes for Iowans Plus | Homes for Iowans Plus is available to eligible home buyers in conjunction with Homes for Iowans program |
Military Homeownership Assistance
| Key Features | Qualifications |
|---|---|
| Cash grant up to $5,000 for qualified military personnel | Eligible home buyers include those with 90 days active duty since 9/11/01 (excluding training), federal-status injured service persons active since 9/11/01, and surviving spouses of the above |
| No purchase price or income limits |
|
| May only be used for down payment on a loan or closing costs |
Terry L Meyer NMLS #643297
Beth J Rathje NMLS #675269
Jonathan F. Holmes NMLS #2439324
Palo Savings Bank NMLS #473179
