3.5% down
FHA Mortgage Loans
Iowa Mortgage Solutions is an Approved FHA Lender. FHA financing starts at 3.5% down and can reach a 580 credit score on a purchase or a refinance, if all program parameters are met.
The program most first time buyers actually use.
FHA was formed by Congress in 1934 and has been part of HUD since 1965. Its main plan, the 203(b), is still the most popular mortgage program nationwide, and there's a reason for that. 3.5% down is a real number, not a teaser rate to get you in the door. The down payment can be gifted by a family member or relative, and maximum financing reaches down to a 580 credit score on a purchase or a refinance alike. If two people are applying and only one of you has strong credit, FHA allows the loan to qualify on the higher of the two scores, which solves a debt ratio problem a lot of other programs won't touch.
Renovation and streamline options
The FHA 203k program finances the cost of a renovation into a purchase or a refinance, using the home's after improved value rather than what it's worth as-is today. And if you already hold an FHA loan and want to move to a better rate, the FHA Streamline refinance is built for a lower cost, lower documentation move, without starting the file over from scratch.
IMS is an Approved FHA Lender. Call (319) 377-1988 to talk through your file.
The FHA numbers in writing
No rate quoted here. These parameters, we can put in writing.
3.5%
minimum down payment
It can come from your own funds, or be gifted by a family member or relative.
580
credit score floor
Maximum FHA financing reaches down to a 580 score, on a purchase or a refinance.
1934
when FHA began
Formed by Congress in 1934, and part of HUD since 1965.
203(b)
the standard FHA plan
Still the most widely used FHA mortgage program in the country.
Who FHA tends to fit
Not just first time buyers.
FHA gets talked about as a starter loan, but the file it actually solves is different: thinner credit, a smaller down payment saved up, or a debt ratio that a conventional underwriter won't sign off on. Buying it, refinancing it, or folding a renovation into it with the 203k all run through the same set of parameters above.
If your credit isn't where you want it yet, that isn't necessarily a stop sign either. Call (319) 377-1988 and describe the file, and you'll get a straight answer about where an FHA loan does and doesn't apply to you.
Ready to see where you stand?
Call (319) 377-1988 or send it in writing. Either way, our goal is a credit decision the same day, or within 24 hours.