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New Income Limits for Freddie Mac HFA Advantage

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The Freddie Mac HFA Advantage product is available and offered exclusively through the Iowa Finance Authority. 

Important HFA Advantage Product Notes:

  • Is not eligible for use on manufactured homes
  • Does not allow co-signers
  • The free Credit Smart program may be used to fulfill the home buyer education requirement - this is offered exclusively with the HFA Advantage product
  • Income limits are set by the Iowa Finance Authority

 

Freddie Mac HFA Advantage Down Payment Subsidy Options

 

  • $2,500 in down payment and closing cost assistance is available to home buyers with incomes of 50% of the Area Median Income or less

 

  • $1,500 in down payment and closing cost assistance is available to home buyer’s with household income between 50.01% - 80% of the Average Median Income

 

The down payment subsidy NEW 2019 income limits set by Freddie Mac, effective July 28, 2019 for submissions to LPA .

 

 

For questions on income limit changes please visit the Home Possible FAQ website.

 

Combine with Other IFA Down Payment Assistance Options!

The Freddie Mac HFA Advantage can be combined with IFA’s other programs! IFA has a grant or a second loan option that are available through the FirstHome and Homes for Iowans programs. The Military Homeownership Assistance $5,000 grant has funding available. All down payment assistance options can be combined with the HFA Advantage down payment subsidy. 

Please contact your assigned single-family team member with questions, 800-432-7230.