You have a house in mind, but does the rest of the process get a bit hazy? No problem — turn to our experienced team to guide you home.
- Competitive Rates
- Local Processing
- Quick Decisions
- Competitive rates for home purchase, refinance, or construction
- Available for primary residence, second homes, or vacation homes
- A wide range of terms customized to your unique situation
- Variety of financing programs available:
- First-time homebuyer specials
- Fixed-rate mortgages
- USDA Rural Housing Loans
- FHA Loans
- Helpful loan advisors with working knowledge of the local real estate market
- Free pre-qualification for extra confidence when buying your home
- Refinance your current home to potentially lower your rate
- Quick, local decision-making and processing
- Attentive, friendly service from start to finish
All applications are subject to qualifying credit and underwriting approval.
FACTORS THAT IMPACT APPROVAL
We’ll look at these six items (and possibly other factors) when considering your application:
INCOME: We examine all sources of income. This helps us determine how much money is coming in on a monthly basis. As a rule of thumb, plan to spend no more than 28% of your gross income on your monthly house payment (principal, interest, taxes, insurance).
PRESENT DEBTS: How much money do you presently owe to others (your monthly debt obligation) and to whom?
CREDIT RATING: We’ll obtain a credit report from a credit reporting agency to find out your history with credit card companies, previous mortgages and bank loans, plus any public records dealing with financial matters. This is standard financial practice.
DOWN PAYMENT: How much have you set aside for the down payment? Will it be a gift from a relative? There are other options for additional funding that we can help you explore if needed.
ASSETS: After you’ve made the down payment and paid all closing costs, how has this affected your net worth?
APPRAISAL: A certified appraiser may evaluate the house you plan to purchase, to determine the maximum loan amount.
Homeownership is something many families strive for, but it is difficult to save for a down payment on a first home. Fortunately, the Iowa Legislature has created an income tax credit for first-time homebuyers. This program isn’t limited to borrower’s themselves. The program allows for anyone to open an account and gift the money — as long as the funds are used toward the purchase of a first home.
Interested? Contact us to learn more!