620 score
First Time Buyer Programs
The IMS Homebuyer Grant, a 1% down payment program, and loan products that can reach 100% of the purchase price, built for buyers who have the income but not a large amount saved.
What the IMS Homebuyer Grant actually pays for
The IMS Homebuyer Grant is a mortgage credit program, and the money isn't restricted to one use. It can go toward closing costs, toward setting up your escrow account, or toward the down payment itself, depending on where your file needs help most. First time buyers qualify, and so do repeat buyers, as long as your credit score is 620 or higher. That last part surprises people. This isn't only a program for someone buying their very first house.
How small the down payment can get
Alongside the grant, there's a 1% Down Payment Program for buyers who want to put real money down without emptying savings to do it. And for buyers who qualify, 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 your closing costs, if all program parameters are met. Between the three, the number you actually need to bring to the closing table can end up a lot smaller than the number you started planning around.
Iowa Mortgage Solutions has helped Iowa buyers into their first home since 2005. Call (319) 377-1988.
The down payment, three ways
Three programs, one goal: less cash at the closing table.
620
credit score
That's the floor for the IMS Homebuyer Grant, open to first time and repeat buyers alike.
1%
down payment program
A real down payment, without needing the traditional 20%, or even 5%, saved first.
100%
of purchase price
Loan products that can reach the full purchase price, with the seller paying up to 6% toward closing costs, if all program parameters are met.
Not just for first time buyers
Repeat buyers qualify too.
Most grant programs get advertised toward people buying their first house ever, and most buyers assume that's a hard rule. It isn't here. The IMS Homebuyer Grant is open to first time and repeat buyers at the same 620 credit score floor, so if you've owned before but don't have much saved for this purchase, the program doesn't rule you out.
Where the money goes depends on your file. Some buyers apply it to closing costs, some use it to fund the escrow account required at closing, and some put it straight toward the down payment. That decision gets made once we know what your file actually needs.
Tell us your credit score and what you have saved, and we'll tell you which of these programs fits, or whether combining them gets you to closing faster. Call (319) 377-1988 or reach out through the contact page.