Do you think that you qualify for the Iowa first-time homebuyers assistance program? Well, you might. Two situations disqualify people in their own minds more often than in reality: having owned a home at some point in the past, and being self-employed. The Iowa Finance Authority (IFA) addresses both in its frequently asked questions. Below are two of the most important questions and answers, quoted directly from the Iowa Finance Authority website.
Answer: You must not have owned your primary residence in the last three years to qualify as a first-time homebuyer and be eligible for the FirstHome Program. Repeat homebuyers may be eligible for Homes for Iowans.
Answer: Yes. Self-employed borrowers may qualify for an IFA homeownership program loan if they meet program eligibility requirements and are approved through an IFA participating lender's underwriting process. The lender will collect the necessary documents to verify income, process the application and determine loan eligibility.
The three-year window is the key phrase, and it's worth repeating because so many people misunderstand it. Owning a home in 2010 doesn't follow you forever. What matters is whether you've owned your primary residence in the last three years. Life changes — divorce, relocation, a sale during a difficult stretch, a stint living with family, years spent renting while figuring out the next chapter. None of that permanently closes the door. And even if you have owned recently, Homes for Iowans exists for repeat buyers, which means you still have a path.
The self-employment answer deserves the same emphasis. Central Iowa is full of business owners, contractors, consultants, freelancers, farmers, and gig workers who quietly assume mortgage programs weren't built for them. They can qualify. What's different isn't the eligibility standard — it's the documentation. A participating lender will collect what's needed to verify income and run it through underwriting, which typically means more paperwork and a bit more lead time than a W-2 borrower faces. Knowing that going in lets you prepare instead of getting blindsided.
If you're self-employed and thinking about buying in the Des Moines metro, start the lender conversation earlier than you think you need to. Getting your documentation organized before you're under contract removes most of the stress from the process. At Growth Realty, we work with buyers in every kind of situation across Des Moines and the surrounding communities — first-time buyers, people who owned years ago and are coming back, business owners with non-traditional income, families relocating to Iowa, investors, and renters ready to own. Don't count yourself out before someone who knows these programs has actually looked at your situation.
Source & Credit: The questions and answers above are quoted directly from the Iowa Finance Authority website. Growth Realty LLC is not affiliated with the Iowa Finance Authority. For complete, current program details, visit the Iowa Finance Authority website directly. Program terms, limits, and eligibility requirements are subject to change.
For more information about this program, or other programs offered in Iowa that you may benefit from, check out the Iowa Finance Authority website — or reach out to a member of our team here at Growth Realty and we'd be happy to help you find a program that could be a help.
If you're looking for homes in Des Moines or any of the surrounding areas, a member of our team would be happy to help. Visit us at GrowthRealtyHub.com or send us a DM and we'll get back to you right away. Follow us on any — or all — of our socials for more real estate and community-based information. Whether you're selling a home, buying a home, investing in property, or looking to rent, let us help you along the journey and make it as easy and quick as possible.
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