Do some research before looking at homes or contacting Iowa mortgage lenders. Using mortgage calculator tools can help you compare mortgage rates, refinancing terms, and evaluate multiple mortgage loan options.
Matching Iowa Mortgage Options to Your Needs
Getting the best deal on interest rates is only one aspect of choosing a mortgage loan; a mortgage rate calculator for comparing interest rates can help you focus on affordable mortgage options. First time homebuyers may qualify for programs through Iowa Finance Authority (IFA). This agency provides a variety of Iowa mortgage related programs including down payment assistance and a program for military veterans who've served on active duty since September 11, 2001.
Selecting a home mortgage or refinancing can depend on how long you plan to keep your home, and when you want to be mortgage free. Using an amortization calculator can assist in comparing mortgage loans, payment amounts, and repayment terms. The refinance calculator can help you identify favorable refinancing terms or decide when to refinance.
Iowa Mortgage Foreclosure Information
Iowa residents facing foreclosure should immediately seek help from a HUD approved housing counseling agency ; contact your lender and discuss your situation and what you can do to bring your mortgage payments current. Most Iowa foreclosures are done through the courts with a typical time frame of about five months. Iowa does not permit redemption of foreclosed properties, nor does it allow deficiency judgments. Iowa does provide a unique alternative to foreclosure; borrowers and lenders can agree to execute certain documents that convey title to the property to the lender.
Resources
Iowa Mortgage & Other Resources for Homebuyers
- Iowa Finance Authority (IFA) for homebuyers: This is a gateway site for multiple IFA homebuyer assistance programs. These include down payment assistance and low interest rates through more than 400 Iowa lenders.
- IFA First Home and First Home Plus Programs: This site describes first time homebuyer assistance programs for Iowa residents.
- IFA Military Service Member Homeownership Assistance: Program for military who have served in active duty since September 11, 2001.
- IFA REO Home Program: Financing assistance for Iowans who purchase real estate owned properties (REO) that have been foreclosed by or forfeited to mortgage lenders
- US Department of Housing and Urban Development HUD) in IA: This page provides links to HUD information, services, and approved housing counseling agencies in Iowa.
- HUD in Iowa: This page provides contact information for the HUD office in Des Moines
- Iowa Homeownership Education Project: This page provides information about housing counseling and homebuyer education resources for new homebuyers.
- USDA Rural Development Programs: This page offers information about housing programs in Iowa's rural areas
- Council Bluffs Dept of Community Development: Offers housing related programs to homebuyers and current homeowners.
- FHA Portal-US Dept of Housing and Urban Development HUD): This site provides information for prospective and current homeowners, including financial information and homeownership preparation.
- Veterans Administration Home Loans: This is the official site of the Veterans Administration Loan Guaranty Program, which provides affordable home loans for US military veterans.
Iowa Resources for Homeowners
- Jumpstart Iowa Recovery Initiative: This link provides information for homeowner assistance and loans for repairing homes damaged by recent floods.
- Operation Threshold: This organization provides counseling for homebuyers and homeowners, and offers foreclosure prevention services
- Tips for Distressed Borrowers: Operation Threshold provides advice for homeowners facing foreclosure.
