Military Homeownership Assistance Program is Back!

Governor Brandstad recently signed legislation designating $1.6 million to once again fund the Military Homeownership Assistance Program. The program provides eligible Service Members with a $5,000 grant to be used for closing costs or the down payment on a qualifying home purchase.

Applications are being accepted beginning July 2, 2012. Eligible Service Members must have:

  • Have served 90 days cumulative active duty (not for training purposes) since September 11, 2001; or
  • Is a federal status injured service person having served in active duty since September 11, 2001; or
  • Is a surviving spouse of an eligible service person, all who have served honorably.

AND

  • Receives prior approval before closing on a qualified home.
  • Utilizes an Iowa Finance Authority Participating or Facilitating Lender (if financing the purchase).
  • Uses IFA’s mortgage programs, unless a lower cost, fixed rate, fully amortizing option is available if eligible.  If not eligible for 30 year fixed rate financing,  uses a permanent mortgage loan for financing the purchase.
  • The home must be located in the state of Iowa.
  • The home must be acquired for the borrower’s primary occupancy residence.

Qualifying Homes:

  • Single-family residences(including “stick-built” homes, modular homes, or manufactured homes, provided the home is attached to a permanent foundation and is taxed as real estate)
  • Condominiums, Townhomes, or Duplexes (if one of the units will be the primary residence of the Service Member)
  • Completion of acquisition/renovation of qualifying home.

You made sacrifices to protect the American Dream, let me know how I can help make that dream come true for you!