Skip Navigation Documents in Portable Document Format (PDF) require Adobe Acrobat Reader 5.0 or higher to view,download Adobe® Acrobat Reader.
FDIC-Insured - Backed by the full faith and credit of the U.S. Government
Forgot Password?

Home$tart Grant & Mortgage Rate Relief

Home$tart® Grant & Mortgage Rate Relief Programs

Affordable Housing Program – Down Payment Subsidy

First Time Home Buyer Grant
 
  • Up to $15,000 per application for the purchase of owner-occupied units 
  • Please be advised that these funds will be allocated on a first-come, first-served basis and are expected to be distributed quickly.
  •  Funding is allocated quarterly. 
 
  • Can be used for:
 
    • Down Payment
 
    • Closing Costs
 
 
  • First-time homebuyers must complete a Financial Literacy Program Requirement
 
    • Online Courses Available: HomeView Homebuyer Education by Fannie Mae
 
  • Borrower household income must not exceed 80% of the area median income
 
    • $77,200 – 4-person family: Iowa
 
  • Maximum purchase price of $510,000
 
  • Deed will be subject to a 5-year restriction
 
  • Required Documentation
 
    • Income calculation workbook with supporting verification documents
 
    • Proof of financial literacy program completion for first-time homebuyers
 
    • Signed Purchase Agreement

Made possible by the Federal Home Loan Bank Des Moines

Mortgage Rate Relief Program
 
  • Homeownership has become more accessible with Mortgage Rate Relief. Eligible applicants can benefit from a deduction of approximately 1.5% below the current market rate for a 30-year fixed mortgage.  
  • Beginning Monday, March 31, 2025, the Federal Home Loan Bank (FHLB) will offer an interest rate of 5.125% for its 30-year Fixed Mortgage Rate Relief Product.
 
  • Please be advised that these funds will be allocated on a first-come, first-served basis and are expected to be distributed quickly.  We recommend preparing your purchase agreement in advance to streamline the process.  This initiative represents a valuable opportunity for Iowa Trust and Savings Bank along with FHLB to address our local community's homeownership needs.  Our experienced loan officers are available to assist you throughout the process. 
 

    • Qualifications Include: 

      • Borrowers’ income is at or below 80% Area Median Income (AMI) according to Federal Housing Finance Agency’s (FHFA) Underserved Areas Data
      • Available for purchase transactions only, primary residence, 1-4 family dwellings
      • Can be used in conjunction with other eligible grants, including the FHLB Des Moines Down Payment products, which has separate requirements.
 
  • Required Documentation
 
    • Income calculation workbook with supporting verification documents
 
    • Proof of financial literacy program completion for first-time homebuyers
 
    • Signed Purchase Agreement

Made possible by the Federal Home Loan Bank Des Moines