Citi Trends Des Moines Ia – Ruben Caginalp Ruben Caginalp Former Associate Author Written by Top Ruben Expert • First Home Purchases • Mortgages Ruben Çağınalp is a former Associate Author of The Mortgage Team. A graduate of Fordham University, he began his professional career in January 2022, where he now covers the real estate market. Read more Linkedin Email Ruben Caginalp
Edited by Troy Siegel Troy Siegel Editor-in-Chief, Specializing in Home Living Ribbon • Home Ownership/Home Improvement • Home Buying Calendar 30 Years of Experience Troy Siegel is Editor-in-Chief. She edits stories about mortgages and home equity, as well as the best financial tips for home ownership and maintenance. Read more Email Linked to Twitter Troy Siegel
Citi Trends Des Moines Ia
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Looking for a home in the Hawkeye State? Real estate in Iowa is quite reasonable, with a median sales price of $210,000 – $150,000 below the current national median price of $382,600. Set aside enough money for the down payment and closing costs, not to mention the house itself.
To help, the Iowa Finance Authority (IFA) offers affordable housing assistance programs and low down payments for home buyers across the state – many of which are aimed at newcomers. Using these types of programs can help you become a home buyer in Iowa much faster.
The IFA has two main mortgage schemes: Home for Beginners and Home for Everyone. Both have income and purchase price limits and require a minimum credit score of 640—though in some cases, you may qualify for additional financial and income information. Their programs include first home and home loans, including conventional loans, FHA, VA and USDA.
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The First Home Scheme is aimed specifically at first time home buyers, the IFA defines a first time buyer as someone who has not owned a home in the past three years. If you have experience or shop at a “target location,” however, you may still qualify.
First Home offers below-market interest rates and payments on mortgages, and your credit score won’t affect your rate. If your income is less than 80 percent of the Area Median Income (AMI), you may be able to get lower home insurance premiums through this program. For a first home loan, you can choose between 25 or 30 years.
The Homes for Iowa program is available to first-time and repeat home buyers. Your credit score will not affect your loan amount, although a minimum of 640 is required. Eligibility requirements are the same as the First Home program, except for the following:
The IFA does not offer separate payment support. You can choose financing and the Homes for First Home and Iowans program.
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For First Home, assistance can be in the form of a $2,500 grant or a second mortgage. With Holmes by Evans, there is only a second loan. The terms of the loan are the same for both: you can finance up to 5 percent of the home’s purchase price, no more. There are no monthly fees; Loan repayment occurs when the home is sold, refinanced or the original loan is paid in full.
The IFA Military Home Ownership Assistance Program offers a $5,000 grant to help eligible service members, veterans and surviving spouses. It can be combined with a First Home or Homes for Iones mortgage, or used with a non-IFA mortgage (but applicants must use an IFA-approved lender).
However, funding for this scheme may be limited, so it is important to check with the IFA to see what is currently available.
City grants are available to residents of Des Moines, Iowa through four different non-profit organizations, in partnership with the City of Des Moines. These non-profits are HOME, Inc., Greater Des Moines Habitat for Humanity, Neighborhood Finance Corporation and Neighborhood Development Corporation. For more information about home buyer assistance programs in Des Moines, residents are encouraged to contact these non-profit organizations directly.
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Iowa City, Greenstate Credit Union and Hills Bank have formed a partnership to address the home ownership gap in Iowa City. The municipality offers down payment assistance of up to $24,999 to eligible residents. Eligibility criteria include a family income of less than 80 percent of the median income, qualifying for financing through Green State Credit Union or Hills Bank, completing a home buyer education program and contributing at least $250 in down payment costs.
Federal Housing Administration (FHA) loans, which are insured by this federal agency, have lower credit requirements and lower payments than conventional loans. Home buyers with a credit score of less than 580 qualify for an FHA loan as long as they make a 3.5% down payment. Home buyers with credit scores below 500 are eligible as long as they make a 10 percent down payment.
VA Loans in the US are certified by the Department of Veterans Affairs and are intended to help cover the cost of purchasing a primary residence, refinance or renew an existing mortgage for eligible veterans, active duty service members and surviving spouses. These loans are attractive to first-time home buyers because they include no down payment, no private mortgage insurance (PMI). They also offer competitive interest rates.
To qualify for a USDA loan, you must live in a designated rural area. For first-time home buyers who meet these criteria, a USDA loan is a good option because it does not require a down payment. However, compared to conventional loans, USDA loans come with additional upfront and annual fees.
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To learn more about Iowa’s home ownership and down payment assistance programs, consider starting at the Iowa Finance Authority website. You can learn more about low- or low-payment mortgages in the First Home Buyer’s Guide to Loans and Programs.
It’s also important to shop around with different lenders to get the most competitive rates for Iowa loans. Getting the best rate ensures that you save the most in interest over the life of the loan.
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