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Securing a First Time Home Buyer Loan in Iowa

If you’re a first time home buyer in Iowa, you’re making a wise choice.  Iowa boasts some of the best average home prices in the nation, which makes the area ideally suited to first time home buyers.  But the mortgage process can still be difficult or confusing for individuals who have never taken out a home loan before.  Much of that stress can be eliminated through proper research.

Iowa First Time Home Buyer Information

We’ve put together a comprehensive first time home buyer checklist to help you get to know the process better.  To get you started, we’ve outlined the five most important steps here.

  • Determine your own financial needs.  What type of home do you need?  Do you have the income necessary to accommodate the mortgage?  Set financial goals for yourself, and make sure the home and the mortgage fit within those goals.
  • Know the different loan options available to you.  There are many mortgage types on the market.  Which one best meets your needs?
  • Check your credit.  This is essential If you find out that you’re credit isn’t good, you may not qualify for the loan you need.
  • Compare interest rates offered by several lenders.  Don’t just talk to one lender and try to close the deal.  There are other lenders in your area who may offer cheaper rates.  Compare mortgage rates between lenders to find the best deal.
  • Get preapproved for the mortgage you need.  Do this as early in the process as possible, preferably before you start hunting for a home to purchase.

These five steps will keep you on the right track.  There are other steps to be aware of, too.  Look at our checklist for more information.  You can also use the following calculator to get an estimate of what your mortgage payments will look like on your new loan.

1st Time Home Buyer Loan Programs

The Iowa FHA loan program is one of the most secure and effective means of financing a home purchase in Iowa.  The Federal Housing Administration insures all FHA loans, which are most often provided to buyer who don’t have high income or cash reserves.

High credit is not required for an FHA loan, and you don’t need to make a large down payment.  These are all major benefits of the FHA mortgage program.  One of the few downsides is that you’ll have to pay for private mortgage insurance.

To qualify for an FHA loan, your mortgage amount must rest beneath the FHA limit for your county.  Check the Iowa FHA loan limits before you proceed.  You can also get more information at the Iowa page of the FHA website.

About Iowa

As mentioned earlier, Iowa has low property costs and a very high rate of home ownership, one of the highest in the nation.  It’s a state that is well accustomed to working with first time home buyers.  Iowa is a state with a strong education system.  The state has had the second highest SAT scores in the nation.  The state has a high homeownership rate of 72.3% and a median home price of $82,500.

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