One of the worthwhile programs for homeownership in the Midwest of the US is the FHA mortgage Iowa, a home purchase program that is available to borrowers with only a minimal down payment of 3 ½ percent. With the scheme, you do not have to pass any credit score guidelines like in a conventional scheme.
Just like there are relaxed credit guidelines, you can also choose the type of home that you want to purchase using FHA mortgage IA. The following is a look at some of the eligible properties to select.
Eligible Types of Properties
We recommend these four home designs when applying:
- Condominiums that can support a family of one to four people.
- An existing home that is suitable for families of between one to four persons.
- A manufactured/mobile property.
- FHA mortgage Iowa also supports designate townhomes and apartments accessible to a group of applicants.
Using the Services of a Real Estate Agent
We have access to certified real estate agents who can help you to find property. The options include:
- You can find foreclosed property which you can avail at a lower cost than a new or existing home.
- The agent can also find a home that meets your particular needs and budget, whether it is a condo or mobile design.
Am I Eligible?
You can apply for FHA mortgage IA if you are a resident of the Hawkeye State and meet the following simple guidelines:
- If you intend to make the new property your primary home.
- You do not have other existing debts with the government or credit card companies.
- You can also access FHA mortgage IA if your income either falls in any of these tiers:
- 115% of the Area Median Income (AMI). The AMI is the average yearly earnings of your county. If you meet this stipulation you can qualify for the Guaranteed Loan Program.
- 50 to 80% of AMI. This income bracket helps you to access the Direct Loan program that is accessible to low income families.
Amass the Following Updated Refinance Benefits
If you apply for FHA mortgage Iowa now, you will enjoy a range of refinance benefits that have come up from the middle of 2012, pertaining to refinancing insurance rate. These include:
- You will not have to undertake a reappraisal of the property.
- Your upfront insurance reduces form 1 percent to 0.1 percent.
- Your monthly insurance falls to 0.55 percent.
If you want to enjoy the benefits of owning any type of home in the above list in the state, then this is your opportune moment to apply for FHA mortgage Iowa and we will process the details to lenders and the Federal Housing Administration expeditiously.
For more details, please contact our team today. Call  202-4479