S.F. 2246 Section 1. Section 16.54, subsection 4, paragraph b, Code 1 2014, is amended to read as follows: 2 b. (1) For financed home purchases that close on or 3 after July 1, 2008, the eligible person shall participate, 4 if eligible to participate, in one of the authority’s other 5 applicable programs for homebuyers. However 6 (2) Notwithstanding subparagraph (1) , a person eligible for 7 one of the authority’s other applicable programs for homebuyers 8 may use a lender that does not participate in the authority’s 9 programs for homebuyers if such lender is approved by the 10 authority under subsection 5 . For financed home purchases that 11 close on or after July 1, 2014, an eligible person may accept 12 financing other than that available under the authority’s 13 applicable programs for homebuyers if the financing is offered 14 by a lender that participates in an authority program for 15 homebuyers or by a lender approved pursuant to subsection 5, 16 and if the authority determines that the offered financing 17 would be economically feasible and financially advantageous for 18 the eligible person. 19 EXPLANATION 20 The inclusion of this explanation does not constitute agreement with 21 the explanation’s substance by the members of the general assembly. 22 This bill relates to the Iowa finance authority (IFA) 23 home ownership assistance program for military members by 24 allowing an eligible person to utilize financing other than 25 that available under the IFA’s current homebuyer programs 26 if the offered financing is by a lender who participates in 27 IFA’s homebuyer programs or is a lender approved by IFA, and 28 if the authority determines that the offered financing would 29 be economically feasible and financially advantageous for the 30 eligible person. 31 The bill applies to financed home purchases that close on or 32 after July 1, 2014. 33 -1- LSB 5366XS (4) 85 aw/sc 1/ 1