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IA HF2735
Bill
Status
3/9/2026
Primary Sponsor
Larry McBurney
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AI Summary
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Establishes the "Firsthome Program" administered by the Iowa Finance Authority to provide grants (up to $10,000), second loans, free title guaranty certificates, and other assistance to eligible first-time homebuyers
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Defines "first-time homebuyer" as someone who has not owned a primary residence in the last three consecutive years, military members who haven't used a mortgage revenue bond program, or individuals purchasing in targeted areas
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Requires applicants to have a minimum credit score of 640 (or submit nontraditional credit documentation), a debt-to-income ratio no greater than 50%, and complete homebuyer education
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Includes military eligibility provisions for those who served 90 days active duty during the Persian Gulf Conflict (August 2, 1990 - April 6, 1991) or since September 11, 2001, as well as surviving spouses of qualifying service members
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Appropriates funds from the general fund to the Iowa Finance Authority for fiscal year 2025-2026 to supplement the Military Home Ownership Assistance Program
Legislative Description
A bill for an act relating to programs administered by the Iowa finance authority including the firsthome program and home ownership assistance program for military members, making appropriations, and including effective date provisions.
Last Action
Introduced, referred to Appropriations. H.J. 606.
3/9/2026