A bill for an act codifying a firsthome program administered by the Iowa finance authority.

SF 505 codifies Iowa's existing Firsthome program under the Iowa Finance Authority, providing financial assistance to eligible first-time homebuyers. The program offers down payment/closing cost grants (capped at $10,000), second loans (repayable upon home sale or refinance), and free title certificates. To qualify, applicants must be first-time homebuyers (including military members with specific service requirements), meet income/price limits, maintain a 640+ credit score, have ≤45% debt-to-income ratio, and occupy the home as a primary residence within 60 days.