June 4, 2018
Military Homeownership Assistance Program 
Funding Now Available
The Iowa Finance Authority (IFA) is pleased to announce that Governor Reynolds signed the budget bill that included $2 million for the Military Homeownership Assistance (MHOA) Program for fiscal year 2018-2019. 

Previously, we notified our partners that funding for the current year was exhausted and new grant submissions would be wait listed until new funding is appropriated.

There are 107 potential wait listed applicants in various stages of the process, the largest wait list in program history. We will continue to closely monitor funding for the MHOA grant.
Effective Immediately: 

Wait Listed - Not Closed:
  • If the wait listed applicant loan has not closed, MHOA down payment assistance commitments can now be issued for eligible loans in process.
  • Upon receipt of a MHOA DPA Commitment letter, lenders may resume inclusion of the grant on the Closing Disclosure and fund approved grants at closing. Please contact your designated IFA Program Specialist, Megan Hay, Josh Kuhn-McRoberts or Adrienne Chism to determine if a DPA Commitment can be issued.

Wait Listed - Closed:
  • For closed loans, eligible wait list applicants that have had their file reviewed prior to closing as well as a complete post-close package reviewed by IFA staff, will receive the credit in the form of a principal reduction.
  • Upon receipt of the MHOA funds for non-IFA loans, the originating lender will be required to apply the principal payment through the current servicer and provide IFA with a print-out showing the applied funds. For originated IFA loans the principal payment will be applied direct to Idaho Housing. 

New Reservations:  
  • We will resume our normal reservation, commitment and reimbursement process for new grant reservations made after 6-4-18.
If you have any questions regarding a pending or approved Military Homeownership Assistance Program grant, please contact your designated IFA Team Specialist.

Thank you for your continued partnership in supporting affordable homeownership in Iowa.
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