IFA FirstHome Program & Down Payment Assistance

In Storm Lake, first-time homebuyers can turn to the Iowa Finance Authority for help. The FirstHome program offers **down payment assistance grants of $2,500** to ease the initial costs:contentReference[oaicite:110]{index=110}. It also provides a **deferred down payment loan** (at 0% interest) for up to 5% of the home’s sale price:contentReference[oaicite:111]{index=111}. This loan sits as a second mortgage and is repayable when the owner sells or refinances. Eligibility hinges on income (Buena Vista County median income limits) and the home’s purchase price. By using IFA’s assistance, a Storm Lake buyer can reduce their needed down payment significantly, often making homeownership possible with only a few thousand dollars out-of-pocket.

Estimated assistance: $2,500

Down payment use: May apply