Conventional Closing Cost Assistance Grant Extended to December 31!
The Iowa Finance Authority is pleased to announce that the $1,500 Conventional Loan Closing Cost Assistance (CCA) grant has been extended for use on mortgages closing by
Dec. 31, 2017!
Reminders:
Conventional loans only
Closing costs only
No portion of the assistance may be used for down payment
The $1,500 must be used in its entirety
EXAMPLE SCENARIOS
Eligible for Closing Cost Assistance
$3,000 closing costs
($1,500) seller paid
($1,500) CCA grant
$0
Ineligible for Closing Cost Assistance
$3,000 closing costs
($2,000) seller paid
($1,500) CCA grant
-$500
The entire $1,500 must be applied toward closing costs. Restructure is necessary to utilize the closing cost grant.
