Iowa Home Loan Programs for Buyers and Renovators
Several programs help Central Iowa buyers buy a home that needs work or make a first purchase more affordable. The FHA 203(k) loan rolls repair costs into the mortgage. Iowa Finance Authority (IFA) programs offer first-time buyer loans and down payment help. Neighborhood Finance Corporation offers loans and grants in certain Des Moines-area neighborhoods. The Betts Team is not a lender; we help you find homes that fit these programs and connect you with lenders who offer them.
FHA 203(k) renovation loans
- One loan for the purchase price plus the cost of repairs or updates.
- A Limited 203(k) covers smaller, non-structural projects; a Standard 203(k) covers larger projects and uses a HUD consultant. Your lender will confirm current limits.
- Works well with listings that need paint, flooring, roofs or kitchens, which many buyers skip.
Iowa Finance Authority (IFA) programs
- Loan programs with down payment assistance options for eligible buyers. See iowafinance.com for current programs and limits.
- Used through participating lenders.
Neighborhood Finance Corporation
- Loans and grants for buying and improving homes in designated neighborhoods, mainly in the Des Moines area. See neighborhoodfinance.org for current areas and terms.
The Betts Team is not a lender and does not receive referral fees from lenders. Program terms change; confirm details with the lender or agency.
Questions
Loan programs FAQ
What is a 203k loan?
An FHA 203(k) loan is a mortgage that includes the cost of repairs or renovations, so you can buy a home that needs work with one loan.
Am I a first-time buyer for IFA programs?
IFA has its own definition of a first-time buyer and its own income and price limits. A participating lender can confirm whether you qualify.
Can the Betts Team recommend a lender?
Yes. We can share a list of local lenders who offer these programs. You are free to choose any lender.