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Guide to Iowa Mortgages
Maybe you are buying your first home in Iowa, or perhaps you're relocating to Iowa from another state. Then again, you may be a long-time Iowa resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on Iowa home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in Iowa:
The median price of a home in Iowa is $211,500. Recently, homes in Iowa have been appreciating at rates well above the national average. As a result, income levels in many parts of Iowa are too low to purchase a median-priced home with a conventional loan. Although average interest rates in Iowa are below the national average, Iowa has one of the lowest levels of home affordability in the nation.
In Iowa, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.
Iowa's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. Iowa law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.
In July of 2002, Iowa law enacted a set of anti-predatory lending laws in order to help protect Iowa homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.
If you're buying a home in the state of Iowa, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for Iowa FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for Iowa's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
In addition to FHA loans, the state of Iowa also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, Iowa's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the Iowa Housing Finance Agency.
Last Updated: Wednesday, September 17, 2008
Iowa Real Estate Market View
updated Wednesday, September 17, 2008
| Housing & Social Facts |
Iowa |
United States |
| Total housing units |
1,306,943 |
n/a |
| Owner-occupied housing units |
73.1% |
66.9% |
| Renter-occupied housing units |
26.9% |
33.1% |
| Vacant housing units |
8.1% |
10.8% |
| Average Home Value |
$106,600 |
$167,500 |
| Average Mortgage Payment |
$1,008.00 |
$1,295.00 |
| Average Rental Payment |
$350 .00 |
$388.00 |
| Total Population |
2,862,541 |
n/a |
| Percentage Male |
49.2% |
49.0% |
| Percentage Female |
50.8% |
51.0% |
| Median Age |
38.6 |
36.4 |
| Under 5 years |
6.4% |
7.0% |
| 18 years and over |
76.7% |
74.6% |
| 65 years and over |
14.0% |
12.1% |
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1 Year Market Value Change for Iowa |
| 1yr | 5yr | 10yr |
 |
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Popular Iowa Cities and Towns
| Location |
Population |
Median Family Income (2005) |
| Ames |
50,731 |
$36,042 |
| Ankeny |
27,117 |
$55,162 |
| Bettendorf |
31,275 |
$54,217 |
| Burlington |
26,839 |
$33,770 |
| Cedar Falls |
36,145 |
$40,226 |
| Cedar Rapids |
120,758 |
$43,704 |
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| Freestand Financial |
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Caldwell Baker Financial is a mortgage lending institution that prides itself in providing high quality financial services to the public. It is our mission to provide high quality mortgage programs at the most competitive rates in the nation. Our home loan programs include: purchase, refinance, debt consolidation, home equity loans, second mortgages, construction loans, and home improvement loans tailored to your unique situation. Our staff of mortgage service professionals make themselves accessible to clients around the clock, and strives to obtain the best mortgage loan package no matter what the situation. To contact one of our mortgage professionals please call Office: 515.279.4418 or fill out our Online Application to find a loan program that fits your particular need. We will help determine which one is best for you. Obtaining your first home is easy. Call us today about 100% Financing, 0 Down Payment Loans ,Low Closing Costs and other flexible programs. These are just a few benefits of refinancing and taking advantage of the record breaking low interest rates will help you save money, lower your payment, get cash out and lower your rate. Caldwell Baker Financial
1535 Linden Suite 100
Des Moines, IA 50309
515.279.4418 - Office
515.279.6047 - Fax
Get a no-obligation Iowa mortgage quote today!
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| Americas Lending Partners |
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America's Lending Partners was founded in 1999 by seasoned mortgage executives to provide homeowners and homebuyers with a fast and convenient way to obtain a home loan. Since its inception, ALP has served more than 500,000 homeowners, and acquired a positive reputation within the mortgage industry. America's Lending Partners is built upon the essential core values of knowledge, integrity, experience, service and trust. ALP believes in the importance of choice. We provide people with two ways to get a great mortgage deal. Both are available to all, regardless of credit history. Use our FREE service to submit your home loan request just once, and we will match you with up to 4 lenders. Once they contact you with their competitive offer, you can negotiate with them directly to finalize your new mortgage. This service is perfect for people who feel confident arranging a home loan, and want to talk directly to lenders. Arrange a FREE consultation with one of our honest and knowledgeable mortgage planners, and learn which mortgage is best to achieve your specific financial goals. Your planner will then get you the best mortgage deal and guide you through the entire process. This service is perfect for people who are not too familiar with the home loan process, or those who do not feel comfortable talking to multiple lenders. Corporate Offices:
America's Lending Partners
1006 4th Street, 9th Floor
Sacramento, CA 95814
916.492.2700 - Phone
916.492.2650 - Fax
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| Nationwide Mortgages |
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We are a nationwide lender that puts you, the "borrower" in control of your mortgage loan. Through years of processing loans, we have developed a loan system that is very effective at closing your loan in a timely manner with minimal effort and cost. Nationwide Mortgages is your One Stop Mortgage Shop for low mortgage rates. We have streamlined the application procedure and have automated our loan approval systems to eliminate the "traditional pain" in the loan process. We will save you time and money, while eliminating the need to shop rates with other lenders. Nationwide Mortgages is a mortgage loan company committed to providing you with the lowest possible interest rates for a loan that meets your needs on your term. Getting pre-approved for a home loan with Nationwide Mortgages only requires a minimal amount of information from you, unlike most lenders who require you to complete a long cumbersome application. When you are working with a lender from Nationwide Mortgages, you'll receive a response in minutes!
Our pre-approval gives you a good indication of the amount of money you will be eligible to borrow, so you won't have to apply all over the internet for a home loan. What does this mean to you? Your loan will fund faster and with less hassles than with most other banks or mortgage lenders. Our Loan officers will help you lock in the rate for loan that meets your specific needs. Nationwide Mortgages is a premiere mortgage Lender, focused on meeting your financial needs as a homeowner. We are a California Corporation and a direct mortgage lender, servicing most states. We appreciate your business! Nationwide Mortgages
701 Palomar Airport Road, Suite 300 Pacific Center
Carlsbad, CA 92009
1.800.584.0694 - Toll Free Loan Approval Department
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