Affordable Housing Options

At VisionBank, we believe that coming up with a down payment shouldn't stand between you and homeownership. That's why we partner with several  affordable housing programs to help eligible homebuyers access down payment assistance, closing cost assistance, and specialized mortgage solutions.

Whether you're purchasing your first home or returning to the market, our mortgage lenders can help determine which programs may be available based on your financial situation, property location, and homeownership goals.

Federal Home Loan Bank Home$tart Grant Program

Through VisionBank's membership with the Federal Home Loan Bank of Des Moines, eligible first-time homebuyers may qualify for the Home$tart Grant Program, which can provide up to $15,000 in grant funds to assist with down payment, closing costs, and qualified homebuyer counseling expenses. Funds are limited and available on a first-come, first-served basis each year. 

What To Know

  • Up to $15,000 grant assistance
  • May be used for down payment and closing costs
  • Grant funds do not require repayment when program requirements are met
  • Available to eligible first-time homebuyers
  • Can help reduce the amount of cash needed at closing

Good Fit For

  • First-time homebuyers
  • Borrowers meeting program income guidelines
  • Buyers who complete an approved homebuyer education course, if required

  • Properties that will be owner-occupied as a primary residence

     

Iowa Finance Authority FirstHome Program

The FirstHome Program is designed primarily for first-time homebuyers and may provide affordable mortgage financing paired with down payment and closing cost assistance. Eligible borrowers may qualify for assistance to help reduce upfront costs associated with purchasing a home. 

What To Know:

  • Competitive mortgage financing
  • Assistance with down payment and closing costs
  • Available throughout Iowa
  • May be combined with conventional, FHA, VA, or USDA financing when eligible 

Good Fit For:

  • First-time homebuyers (generally those who have not owned a primary residence within the past three years)
  • Eligible military veterans
  • Buyers purchasing in certain targeted areas of Iowa

  • Borrowers meeting program income, credit score, and purchase price requirements

     

FirstHome Plus Grant

Eligible FirstHome borrowers may qualify for a $2,500 grant that can be applied toward down payment or closing costs. Unlike a loan, grant funds do not require repayment when program requirements are met.

What To Know

  • $2,500 grant available to qualified borrowers
  • Can be used toward down payment and eligible closing costs
  • No monthly payment

  • No repayment required when program guidelines are satisfied

     

Iowa Finance Authority Down Payment Assistance Loan

For buyers needing additional assistance, the Iowa Finance Authority offers a second-loan option that may provide up to 5% of the home's purchase price or appraised value (whichever is lower) for down payment and closing costs.

What To Know

  • Up to 5% assistance for eligible borrowers
  • May be used for down payment and closing costs
  • No monthly payment required
  • Repayment is typically due when the home is sold, refinanced, or the first mortgage is paid in full 

Good Fit For

  • Buyers who have stable income but limited cash available for upfront homebuying expenses

  • First-time homebuyers seeking to reduce out-of-pocket costs at closing 

    For more information on Iowa Finance Authority grants and funding options visit: https://opportunityiowa.gov/housing/homeownership-programs 

     

HomeReady® Grant Program

Qualified homebuyers financing their home with a Fannie Mae HomeReady® mortgage may be eligible for a $2,500 grant that can be applied toward down payment and closing costs. This program is designed to help lower-income borrowers overcome one of the biggest barriers to homeownership: upfront cash requirements. 

What To Know

  • $2,500 grant assistance
  • Can be used toward down payment and eligible closing costs
  • No repayment required
  • Available in conjunction with eligible HomeReady mortgage financing
  • Helps reduce the amount of cash needed at closing 

Good Fit For

  • At least one borrower must be a first-time homebuyer
  • Household income must generally be at or below 50% of the Area Median Income (AMI) for the property's location
  • Minimum credit score requirements apply
  • Homebuyer education may be required

  • Property must be owner-occupied and meet program guidelines 

     

Story County Workforce Housing Grant Program

Available to eligible homebuyers purchasing a home in Story County, the Story County Workforce Housing Program may provide up to $5,000 in grant assistance to help cover down payment and closing costs. This program is designed to support workforce housing initiatives and help make homeownership more attainable for qualifying buyers.

What To Know

  • Up to $5,000 grant assistance
  • Can be used toward down payment and eligible closing costs
  • Grant funds do not require repayment when program requirements are met
  • Available for qualifying home purchases located in Story County
  • Can help reduce out-of-pocket expenses at closing

Good Fit For

  • Homebuyers purchasing a home within eligible areas of Story County
  • Borrowers meeting household income requirements
  • Owner-occupied primary residences

  • Applicants meeting program guidelines and funding availability requirements

     

Let's Find the Right Program for You

Every homebuyer's situation is unique. Our mortgage lenders can help identify available assistance programs, explain eligibility requirements, and guide you through the application process.

Ready to explore your options? Contact a VisionBank mortgage lender today and discover how affordable homeownership may be closer than you think.

 

Important Disclosures 

Maximum income and loan amount limits apply. Homebuyer education may be required. Other restrictions apply.

Down payment and/or closing cost assistance programs may not be available in your area. Down payment and/or closing cost assistance amount may be due upon sale, refinance, transfer, repayment of the loan, or if the senior mortgage is assumed during the term of the loan. Borrowers should become fully informed prior to closing. Not all applicants will qualify. Borrowers must meet credit and underwriting criteria. Sales price restrictions and income requirements may apply. Homebuyer education may be required. Owner-occupied properties only. Your VisionBank Mortgage Lender will be able to help assist you with finding qualified resources best suited for you.