The dream of homeownership now may be in reach for active military and veterans looking to purchase a home in Iowa, according to Ruhl&Ruhl Realtors.
As of Wednesday, July 1, the Iowa Finance Authority (IFA) began taking reservations for its Fiscal Year 2027 Military Homeownership Assistance Program (MHOA). Eligible service members, veterans, and certain surviving spouses may qualify for a $5,000 grant to help cover down payment and closing costs.
“We believe those who have served our communities and our country deserve every opportunity to achieve homeownership,” Ruhl&Ruhl said in a recent news release. “Our experienced mortgage professionals at Ruhl Mortgage are available to help eligible buyers understand the program, determine eligibility, and guide them through the application process.”
The MHOA grant may also be combined with other IFA homeownership programs including FirstHome and Homes for Iowans, for qualified borrowers. Funding is available on a first-come, first-served basis and is subject to availability.
Here’s a look at who meets the eligibility requirements to apply:
- Veterans or active-duty service members who served at least 90 cumulative days of active duty either from Aug. 2, 1990, to April 6, 1991 or from Sept. 11, 2001, to present day.
- Federally recognized injured service members who served during those periods.
- Eligible surviving spouses of qualified service members who received a discharge other than dishonorable.
Eligible Properties
The home must:
- Be located in Iowa.
- Be the buyer’s primary residence within 60 days of closing.
- Qualify as: a single-family home; condominium; townhome; a two-, three-, or four-unit property when the buyer occupies one unit; and eligible manufactured or modular home permanently affixed to a foundation.
Important program requirements for applicants are: :
- Receive program approval before closing on the home.
- Work with an IFA participating or facilitating lender.
- Complete homebuyer education if required for first-time homebuyers using non-IFA financing.
Buying a home is one of life’s biggest milestones, the Bettendorf-based Ruhl Mortgage said, adding how it is committed to making the process as smooth as possible. For more information or to speak with a local mortgage lender, visit RuhlMortgage.com.
