3.5% down
FHA loans
Maximum financing down to a 580 credit score, on a purchase or a refinance. The down payment can be gifted by a family member. Includes the 203k, which finances renovation into the loan on after-improved value.
FHA detailCedar Rapids · Lending across Iowa since 2005
The path to homeownership starts here.
A mortgage broker with a network of lenders behind one desk, and a straight answer about where you actually stand. Twenty-one years of Iowa mortgages, including the ones other people said were not possible.
What the record says
Twenty-one years, and a five star record nobody has seen.
Iowa Mortgage Solutions has been broking mortgages in Iowa since 2005. The reviews below are public Google reviews, quoted word for word, and the rating is the verified overall rating on that listing.
- Google rating, from 97 reviews
5.0
Google rating, from 97 reviews
- Broking mortgages in Iowa since
2005
Broking mortgages in Iowa since
- Open every day, 9am to 6pm
7 days
Open every day, 9am to 6pm
- A network of lenders behind it
1 desk
A network of lenders behind it
Numbers we actually publish
Ask any lender what they can do. These are ours, in writing.
You will not find an interest rate on this page. A rate depends on you, the property and the program, so quoting one here would be a guess. What we can put in writing are the parameters the programs run on. Their own phrase for it is a No-Nonsense Mortgage Solution, and this is what that looks like on paper.
580
credit score
Maximum FHA financing reaches down to a 580 score, and VA purchases go to 100% at the same floor.
100%
of purchase price
Loan products up to the full purchase price, with the seller able to pay up to 6% toward closing costs, if all parameters are met.
1 day
out of Chapter 7
There are programs that reach up to 100% of a home's value one day out of a Chapter 7 bankruptcy, if all program parameters are met.
24 hrs
to a credit decision
The goal on every application is a credit decision the same day, or inside 24 hours of it being submitted.
If you have been turned down before
A no-nonsense answer about where you stand.
We have seen almost every mortgage situation you can imagine. Past bankruptcy, a foreclosure, collections, no traditional credit, self employed income that does not fit a form. None of those end the conversation here, they start it.
Loan programs
Residential, commercial, and the ones in between.
Every program below is one Iowa Mortgage Solutions places, described with the parameters published on their own material. Each opens onto its own page.
No money down
VA loans
100% financing down to a 580 credit score on a purchase, cash out to 90% of appraised value, and the IRRL streamline for veterans already holding a VA loan.
VA detailUp to 102%
USDA rural housing
For property in eligible rural areas. The one time 2% guarantee fee can be financed into the loan, which is how it reaches 102% of value. No PMI, fixed 30 year.
USDA detail620 score
Grants and 1% down
The IMS Homebuyer Grant is open to first time and repeat buyers at a 620 credit score or higher, and the money goes toward closing costs, escrow or the down payment itself.
Grant detailScores from 500
Less than perfect credit
Bankruptcy, foreclosure, collections or late mortgage payments in the file. There are programs up to 100% of value one day out of a Chapter 7, if all program parameters are met.
Credit detailStreamline
Refinance and debt consolidation
FHA Streamline and VA IRRL keep the paperwork and the cost down. Adjusted rate mortgages and debt consolidation are handled from the same desk.
Refinance detail660 score
Investment property
Up to 80% financing. Funds to close do not have to be sourced or seasoned, and the property does not have to be leased, because income is read off the market rent schedule on the appraisal.
Investment detail3 months trading
Commercial and business funding
Commercial mortgages underwritten primarily on the cash flow of the property, plus short term business funding for owners trading at least 3 months, with same day approvals.
Commercial detail
A desk, not a call centre
You can walk in and sit down.
The office is on 1st Avenue SE in Cedar Rapids, and it is open seven days a week from nine until six. Mike Steger has been placing Iowa mortgages since 2005. When you call, you get a person who can look at the whole picture and tell you what is possible.
Apply online, call, or stop in. Whichever is easiest, the first conversation is about your situation rather than a product.
5.0 from 97 Google reviews
People remember who picked up the phone.
Amazing people to work with. It took awhile to buy our house (about December to May) but that was due to our situation but Mike, Mike and Marcy were amazing and worked with us and always checked in with us and made sure everything was done. Word of advice...listen to what Mike says about what you need to do to help...
Mike and his team did an exceptional job with my mortgage refinance. Not only was the process easy, it was very efficient and thorough. If I had any questions, their response time was quick and professional. Words can't express how much I appreciate all their hard work and how grateful I am. Highly recommend!
Mike was amazing. He was able to work with our very challenging circumstances and find a mortgage to fit our needs perfectly. I will forever be grateful to him for the work he did on our behalf and his tenacity in finding a workable solution for us. He was responsive to every question and kept us well-informed throu...
Straight answers
The questions people actually ask.
Once you submit your application, our goal is to execute a credit decision the same day, or within 24 hours of the application being submitted.
Yes. Iowa Mortgage Solutions offers loan products up to 100% of the purchase price, with the seller paying up to 6% of the purchase price toward closing costs, if all parameters are met.
Yes. We have programs that can provide up to 100% of your home's value one day out of a Chapter 7 bankruptcy, if all program parameters are met, and programs built for past credit problems, mortgage lates and foreclosures.
Yes. We have both full documentation and reduced documentation programs for self employed borrowers. The full documentation programs require tax returns and bank statements.
Your privacy and use of information is very important to us, and we take stringent measures to protect your personal information. Once you submit your application it is encrypted for transmission and then stored on the Iowa Mortgage Solutions server.
Call the office on (319) 377-1988. If you cannot reach us, leave a message and a mortgage consultant will call you back immediately or the next business day.
Cedar Rapids, and everywhere else in Iowa
Find out what you qualify for.
No obligation and no guesswork. Tell us where you are and we will tell you honestly what is on the table, including whether waiting a few months would serve you better.