Loan Programs

Fixed Rate Mortgages
Fixed Rate Mortgages are by far the most common among consumers. If a loan has a fixed rate, the principle and interest payments to the bank never change for the life of the loan.
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Adjustable Rate Mortgages (ARM)
Adjustable Rate Mortgages are loans where the interest rate can vary throughout the loan’s term. Typical ARMs are fixed for a short period of time then adjust according to market conditions.
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Interest Only Mortgages
Interest Only Mortgages are exactly what they state. The monthly payment made to the bank every month consists of the loan’s interest only. The amount borrowed remains at the same figure.
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FHA Loans
FHA (Federal Housing Administration) loans are government insured against default. Lending institutions can lend their money without the risk of foreclosure typically allowing consumers to qualify with more relaxed terms, credit, and income.
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USDA Loans
USDA Rural Development (United States Department of Agriculture) loans are 30 year fixed purchase loans that are government insured to 100%. USDA loans have specific guidelines on loan size, income, location, and credit.
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Reverse Mortgages
A Reverse Mortgage is a loan that works like traditional mortgage except in exact opposite. Instead of you making a payment to the bank every month, the bank makes a payment to you every month.
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Second and Third Mortgages and HELOCs (Home Equity Line of Credit)
Second and Third Mortgages are liens against your property just like a traditional mortgage but will be repaid after the primary mortgage in the event of a default in respective order.
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Jumbo Loans
A jumbo mortgage is any loan in an amount that exceeds a state’s set conventional conforming loan limit. In Iowa, the limit is currently set at $417,000 and above. These loan limits are set by Fannie Mae and Freddie Mac.
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VA Loans
Established in 1944 through the Servicemen’s Readjustment Act, VA Loans were designed to provide housing assistance for veterans and their families. VA Loans are federally guaranteed home loans that provide insurance to private lenders such as banks, mortgage lending institutions, and credit unions in the event of a default situation.
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