| First Time Home Buyer Programs |
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Peoples Bank is proud to have been recognized as one of the top lenders in the State of Iowa for
the successful use of these programs!! |
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The following programs are available from the Iowa Finance Authority and Peoples Bank can assist you
with any phase of using these programs. |
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| FirstHome Program |
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| This program can help borrowers obtain a below-market interest rate on their mortgage loan if they are
purchasing a home in the state of Iowa.
BORROWER ELIGIBILITY:
- You must be a first-time home buyer (which means that you have not had an ownership interest in your primary residence in the past three years).
- Your annual household income must fall within IFA's Maximum Household Income Limits. Contact Peoples Bank for full details.
- The home you want to purchase may not exceed IFA's Maximum Purchase Price Limits. Contact Peoples Bank for full details.
- The home must be owner-occupied (you must live in the home).
- You must demonstrate your ability to repay the loan.
- You need an acceptable credit history.
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| FirstHome Plus Program |
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| The FirstHome Plus program is designed to help first-time homebuyers or individuals who have not
owned a home in the last three years pay for closing costs and down payment. By using this program, lenders are able
to alleviate or at least diminish one of the biggest concerns for first-time homebuyers who are able to make a house
payment but not have the necessary cash reserves to pay for loan costs. This program can only be used in conjunction
with the FirstHome Program.
PROGRAM SPECIFICS:
- The Iowa Finance Authority will pay cash assistance of $2500 towards closing costs and/or down
payment. Since this is a borrower assistance program, only those amounts that the borrower will be paying are eligible for
assistance.
- You must be a first-time home buyer (which means that you have not had an ownership interest in your primary residence in the
past three years) and have obtained a FirstHome mortgage loan.
- Your annual household gross income must not exceed $49,600. Contact Peoples Bank for full details.
- The home you want to purchase may not exceed IFA's Maximum Purchase Price Limits. Contact Peoples Bank for full details.
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