How Mortgage Grants Can Help
Mortgage grants with FSB can help cover your down payment and closing costs, making it easier to move into your new home. Explore available programs and start your online application today!1
Eligibility Criteria for Mortgage Grants
Mortgage Rate Relief Funds
FHLB's Mortgage Rate Relief Program3 is Available for Eligible Homebuyers!
This exclusive loan program from the Federal Home Loan Bank is designed to make homeownership more affordable for eligible buyers — with rates as low as 5.125% APR.2
- Income-based eligibility for households earning less than 80% of the area’s median income4
- Available for the purchase of a primary residence only
- Can be combined with the FHLB Des Moines Home$tart grant for additional savings
Ready to See if You Qualify?
Take the next step! Connect with a lender or review income requirements to get started.
Contact a Lender See Income Requirements
2Rate is subject to change without notice. Contact FSB’s mortgage department for the most current rate. Loan term of 241-360 months/more than 20 years up to 30 years. Loan must be for a primary residence. Effective March 3, 2025; program runs until funds are exhausted.
3Must be 18 or older to apply. All loans are subject to credit approval. Credit score must be 680 or higher. Must be an active FSB customer. Limited funds are available.
4Median income is determined by Federal Housing Finance Agency (FHFA) and varies due to county.
FHLB Home$tart Grant
2025 Funds Available!
The Home$tart Program offers up to $15,000† in down payment assistance to qualifying homebuyers earning up to 80% of the median income for their area, based on Iowa HUD Income Limits adjusted for household size.
Additional Eligibility Requirements:
- Have not owned a home in the past three years
- Completion of a homebuyer education class
- Qualification for a mortgage loan with FSB1
- Becoming an FSB Customer
Ready to Start the Mortgage Process?
Apply online1 or contact a lender for guidance on grant availability and eligibility.
1Must be 18 or older to apply. All loans are subject to credit approval.
†Actual amount depends on need as determined impart by program guidelines. This is a Federal Home Loan Bank (FHLB) grant. Funds can be used towards down payment and closing costs. Income limits are adjusted based on household size. For specific grant availability and detailed information on eligibility, visit FHLB Home$tart grant website or the FHLB Des Moines website.
†Actual amount depends on need as determined impart by program guidelines. This is a Federal Home Loan Bank (FHLB) grant. Funds can be used towards down payment and closing costs. Income limits are adjusted based on household size. For specific grant availability and detailed information on eligibility, visit FHLB Home$tart grant website or the FHLB Des Moines website.
IFA Grants
The Iowa Finance Authority offers two programs designed to assist homebuyers with down payment and closing costs when used alongside the FirstHome or Homes for Iowans mortgage programs.
FirstHome Plus Program
The FirstHome Plus Program is available to eligible first-time homebuyers who are purchasing a primary residence in Iowa.
Homes For Iowans Plus Program
Available to both first-time and repeat homebuyers, the Homes for Iowans Program supports the purchase of a primary residence in Iowa.
Ready to Take the Next Step?
Apply online1 today or contact a lender to see how you can benefit from these programs.
1Must be 18 or older to apply. All loans are subject to credit approval.
For more information on eligibility and program details, visit the Iowa Finance Authority's website.
Military Down Payment & Closing Cost Assistance Program
The Military Homeownership Assistance Program is available annually to support service members, veterans, and their families for down payment and closing costs on a qualifying home purchase.
Eligibility Requirements
- Have served 90 days active duty between August 2, 1990 and April 6, 1991 or September 11, 2001 to present. Active duty needs not be consecutive; it may be cumulative; or
- Is a federal status injured service person having served in active duty between August 2, 1990 and April 6, 1991 or September 11, 2001 to present; or
- Is a surviving spouse of said eligible service person, all who have had a discharge other than dishonorable
Please contact FSB's Mortgage Department directly to check if funds are currently available for this year.
Ready to Get Started?
Start your application online1 today or contact a lender for more information on how this program could help you.
1Must be 18 or older to apply. All loans are subject to credit approval.
For detailed program guidelines and additional information, please visit the IFA website.
Cedar Rapids Down Payment & Closing Cost Assistance Program
The City of Cedar Rapids offers the First-Time Homebuyer (FTHB) Program, providing forgivable loans to assist with down payment costs for eligible households.
Eligible Homeowners Will Meet the Following Requirements:
- Be a first-time homebuyer
- Be income eligible — including income, assets, and debt ratio calculations
- Secure acceptable mortgage financing & purchase an eligible property
Eligible Properties Will Meet the Following Requirements:
- Homes must be within the City of Cedar Rapids limits (Outside the 100-year flood plain)
- Homes must be owner-occupied or vacant (Rental property & mobile homes are not eligible)
- Homes will be inspected by City staff and must comply with Housing Quality Standards (based on health and safety requirements)
Ready to Become a Homeowner in Cedar Rapids?
Apply online1 today or contact a lender for more information on potential grant eligibility.
1Must be 18 or older to apply. All loans are subject to credit approval.
For more detailed guidelines and to see if you qualify, please visit the City of Cedar Rapids website.
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