There are many options when it comes to choosing a loan. Find out which one is a good choice for you.
As a rule of thumb, the longer term you select, the higher the interest rate, but the lower the payment. You will end up paying more in interest over the life of the loan with a 30-year term vs. a 15-year term. However, you can pay your mortgage off at any time with NO pre-payment penalties.
Approved per Desktop Underwriter, must be approved/eligible
Collections do not need to be paid on primary residences
Products available for primary, secondary, and investment properties
Property types available: Single Family Home, 2-4-units, Condo, & Townhome
Mortgage Insurance required for over 80% LTV
Loans up to $453,000
Need a loan in excess of $453,100
Have a required 20% down payment
Plan on staying in your home long-term
home ready program
3% down payment
Have low to moderate income
Limited cash for down payment
Looking to purchase or refinance
Flexible sources for down payment
FHLB DES MOINES HOME $TART PROGRAM
Provide up to $5,000 for down payment and closing costs
Purchase price limitations based on area
Up to 80% of the median household income based on area and number in household
Flexible down payment options
Limited credit history is allowed
Non-owner occupied co-borrower can be used for qualifying
Lower down payment requirement
More lenient on credit and loan qualifying standards
USDA RURAL HOUSING LOAN
6% Seller concessions
Low and moderate-income households eligible
No reserves required
Primary residence only
Must meet property & income eligibility
100 percent financing.
4 percent seller concessions.
640 credit score.
No reserves required.
No mortgage insurance
Available to service members, veterans, and eligible surviving spouses
Serviced through our partner, The Servion Group