This bill establishes the "firsthome program," which is administered by the Iowa Finance Authority to assist eligible first-time homebuyers. The program provides various forms of assistance, including down payment and closing cost grants, second loans, and free Iowa title guaranty owners certificates. To qualify for the program, individuals must meet specific criteria, such as being a first-time homebuyer, having a household income that meets eligibility requirements, and occupying the purchased home as a primary residence within sixty days of closing. Additionally, applicants must have a minimum credit score of 640 or provide nontraditional credit documentation, and their debt-to-income ratio must not exceed 45%.

The bill defines key terms such as "first-time homebuyer" and "second loan," and it specifies that the maximum grant assistance available to individuals under the firsthome program is $10,000. The Iowa Finance Authority is tasked with adopting necessary rules to implement and administer the program effectively. Overall, the bill aims to enhance access to homeownership for first-time buyers in Iowa by providing financial support and resources.