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Down Payment Assistance for Homebuyers

First-Time Homebuyer Grants Available

  

FSB's Mortgage Grants & Programs

Buying a home is a major life decision, and FSB understands the potential financial roadblocks that may come up. That's why we offer various grants and programs to help make owning a home more accessible for all.

Explore the available grants below or contact a local lender for personalized guidance!

See Available Grants Apply Online

Must be 18 or older to apply. All loans are subject to credit approval.

Down Payment Assistance Mortgage Grants

Whether it's your first home or your next, these programs aim to turn the dream of homeownership into a reality. Explore the programs below and click on each for more details!

Looking for Additional Support?

Contact a Mortgage Lender

FHLB Home$tart Grant

The Home$tart Program is available to qualifying homebuyers earning up to 80% of the median income for their area based on Iowa HUD Income Limits which are adjusted based on household size.

Home$tart Recipients Must Also:

  • Complete a homebuyer education class
  • Qualify for mortgage financing with FSB*
  • Become a customer of FSB

FHLB Home$tart Grant FAQs

Are There Any Restrictions on the Type of Home I May Purchase?

Home$tart grants may be used to purchase single-family homes and must be used for your primary residence. There are no neighborhood restrictions (i.e., type or location). If you qualify for mortgage financing from FSB and are income-eligible, you may be entitled to receive a Home$tart grant. 

For updates on available funds, contact an FSB Mortgage Lender.

Are Are There Restrictions on How the Grant May Be Used?

Yes, Home$tart grants may only be used for down payment and closing costs. The grant may not be used to pay for moving costs or to pay bills.

What Happens If I Sell My House?

If your home is purchased with Home$tart assistance, it is subject to a five-year deed restriction requiring that you repay a portion of the grant if you sell your home within five years. The amount that you would be required to repay is prorated based on the length of time you own the home, and the funds will be deducted from your sale proceeds. However, if you live in the home for at least five years, the grant is 100% forgiven and you never have to repay it.


For specific grant availability and more detailed information on eligibility, visit Homestart's website or contact a mortgage lender for additional assistance.

Ready to Start the Mortgage Process?

Apply online to get pre-approved today!

*Must be 18 or older to apply. All loans are subject to credit approval.

IFA Grants

First-Time Homebuyer Grants - Down Payment Assistance

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.

For more information on eligibility and program details, visit the Iowa Finance Authority's website.

Ready to Take the Next Step?

Apply online today or contact a lender to see how you can benefit from the these programs.

*Must be 18 or older to apply. All loans are subject to credit approval.

Resources for Homebuyers

Couple looking into different mortgage loan options and deciding if an Iowa FHA loan is right for them

Is an Iowa FHA Loan Right for You?

Choosing the Right Mortgage Loan=

How to Choose the Right Mortgage Loan?

Pre-Qualified vs. Pre-Approved

Pre-Qualified vs. Pre-Approved: What's the Difference?

3% Down

How Much Do You Really Need To Put Down?

Military Homeownership 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

Please contact FSB directly to check if funds are currently available for this year.

  • 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

For detailed program guidelines and additional information, please visit the IFA website.

Ready to Apply?

Start your application online today or contact an FSB lender for more information on how this program can help you.

*Must be 18 or older to apply. All loans are subject to credit approval.

Mobile Banking

City of Cedar Rapids Down Payment and Closing Cost Assistance

The City of Cedar Rapids offers the First-Time Homebuyer (FTHB) Program, providing forgivable loans to assist with down payment costs for eligible households.

Eligibility Requirements

Eligible Homeowners Will Meet the Following Requirements:
  • Be a First-Time Homebuyer
  • Be Income Eligible — including income, assets, debt ratio calculations
  • Purchase an Eligible Property
  • Secure Acceptable Mortgage Financing

Eligible Properties Will Meet the Following Requirements:
    • Homes must be within the City of Cedar Rapids limits
    • Homes located in the 100-year flood plain are not eligible
    • Homes must be owner-occupied or vacant (not a rental property with tenants)
    • Single-family dwelling and condo units are eligible (mobile home purchases are not eligible)
    • Homes will be inspected by City staff and must comply with Housing Quality Standards (based on health and safety requirements)

For more detailed guidelines and to see if you qualify, please visit the City of Cedar Rapids website.

Ready to Become a Homeowner in Cedar Rapids?

Apply online today or contact an FSB lender for more information on potential grant eligibility 

*Must be 18 or older to apply. All loans are subject to credit approval.
 

Take Your Money to the Next Level

New checking account customers can earn a $250 cash bonus1 by opening an eligible checking account with direct deposit. Plus, enjoy up to $350 off closing costs1 with an FSB Mortgage.

Offer Details

1Qualifications and restrictions apply - click button for full disclosure.

All FSB Branches will be closed on Monday, October 14, in observance of a Federal Holiday.

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