Nine ways in
Loan programs, described the way they actually work.
Iowa Mortgage Solutions places residential, investment and commercial loans through a network of lenders, and has been doing it in Iowa since 2005. Below is every program on offer, with the real parameters attached rather than a sales pitch. Open any of them for the full detail, or call (319) 377-1988 and describe your situation instead.
3.5% down
FHA Mortgage Loans
Approved FHA Lender. Maximum financing reaches a 580 credit score on a purchase or a refinance, the down payment can be gifted by a family member, and the FHA 203k program finances renovation into the loan on the after improved value.
See the fha mortgage loans pageNo money down
VA Mortgage Loans
Iowa Mortgage Solutions is an approved VA Mortgage lender for the state of Iowa. 100% financing reaches a 580 credit score on a purchase, and a cash out refinance can reach 90% of appraised value.
See the va mortgage loans pageUp to 102%
USDA Rural Housing Loans
The one time 2% guarantee fee gets financed into the loan, which is how financing reaches 102% of the appraised value or the sales price, whichever is lower. No PMI, and it runs as a fixed rate 30 year mortgage.
See the usda rural housing loans page620 score
Grants and 1% Down
The IMS Homebuyer Grant Program is open to first time and repeat buyers at a 620 credit score or higher, and the money goes toward closing costs, an escrow account, or the down payment itself. A 1% down payment program and other down payment assistance are also available.
See the grants and 1% down pageStreamline
Refinance and Debt Consolidation
FHA Streamline and VA IRRL refinances keep the paperwork and the cost down. Adjusted rate mortgages and debt consolidation are handled from the same desk, so one refinance can do more than one job.
See the refinance and debt consolidation pageNo monthly payment
Reverse Mortgages
A HUD federally insured program many seniors use to supplement Social Security, cover an unexpected medical expense, or make home improvements. No payment is required until the borrower or borrowers stop using the home as their primary residence.
See the reverse mortgages page660 score
Investment Property Loans
Up to 80% financing from a 660 credit score. Funds to close do not have to be sourced or seasoned, and the property does not have to be leased already, because income is read off the market rent schedule on the appraisal.
See the investment property loans page3 months trading
Commercial Mortgages and Business Funding
Commercial mortgages for multifamily, office, office condo and retail property, underwritten mainly on the cash flow of the property being financed. Business owners trading at least 3 months can also qualify for short term funding, with same day approvals.
See the commercial mortgages and business funding pageScores from 500
Less Than Perfect Credit
Bankruptcy, foreclosure, collections or late mortgage payments on the file don't end the conversation here. Financing is available for scores as low as 500, and there are programs that can reach up to 100% of a home's value one day out of a Chapter 7, if all program parameters are met.
See the less than perfect credit pageNot sure which one fits
Tell us the situation. We'll tell you what's actually possible.
Most people who call don't already know which program they need, and that's fine. Describe where you are and Mike Steger's desk will tell you honestly which of the above, if any, applies.