First Time Home-Buyer?

Thinking of purchasing your first home? It might be easier then you think! There are programs out there that could allow you grant money to better afford your loan.

The first home program is available to first time home-buyers who are purchasing a primary residence in Iowa. Depending on the loan type, you will most likely be able to put less money down. Meaning, you would have to bring less money out of pocket to closing in order to get the home of your dreams! Some of these loans also include reduced or no mortgage insurance fees. Interest rates on a first time home buyers loan do not change based on the borrowers credit rating.

You must meet certain criteria in order to qualify. Some of the criteria is:

  • You must be a first time home buyer (Defined as not owning your primary residence in the last three years).

  • Purchase a home in a Targeted Area.

  • The home must be occupied by the borrower as a primary residence immediately after closing.

  • You must demonstrate an ability to repay the loan and have an acceptable credit history.

  • All loans are subject to a minimum 640 credit score* and a maximum debt to income ration of 45%**

  • You must have a maximum debt-to-income ratio of 45 percent.

In order to apply I suggest meeting with your preferred lender! Information on loans are always changing and it is always best to meet with a professional regarding lending information.

Before you start your home search it is always best to meet with a lender to get pre-approved for a loan. You will better understand the loans and what payments will look like for you and it will be much easier to narrow your search as well.

Please let me know if you have any questions. I look forward to helping you with ALL of your real estate needs!

Making Realty a Reality

Have a great rest of your week,

Cassidy Harris