Home Loans

Options for First-Time Home Buyers

Both the Iowa Finance Authority (IFA) and Minnesota Housing Finance Agency (MFHA) offer loans designed to help assist first-time home buyers.

• Affordable, fixed-rate loans
• Down payment assistance
• Military Homeownership Assistance Program

You can learn more about the specific eligibility requirements on the IFA website for single-family residences in Iowa or the MFHA website for single-family residences in Minnesota.

Fixed Rate Loans

Planning on staying in one home for a long time? A fixed rate loan may be your best option.

• Consistency of the same interest rate for the life of your loan
• Variety of term loan options
• Protects you from interest rate increases
• Requires as little as 3-5 percent down payment depending on your specific program
• Ideal for you if you saved money for a larger down payment

Adjustable Rate Loans

Need a home, but don’t see yourself staying there for the long term? Your best option may be an adjustable rate loan.

• Your loan’s interest rate fluctuates based on market conditions
• Appealing if you’re looking for lower initial monthly payments
• Includes an interest rate cap to limit how high your interest rate can go
• Offers flexibility if you expect future income growth or if you plan to move or refinance within a few years

Veterans Affairs (VA) Loans

This loan program is designed for military veterans, active-duty personnel, reservists and their spouses.

• No down payment requirement in most cases
• No monthly mortgage insurance premium
• No penalty is issued if you pay your home loan off early

United States Department of Agriculture (USDA) Loans

These are loans to specifically assist families in rural communities with a moderate income purchase a home.

• 100% financing potentially available
• Closings costs may be included in certain situations
• Ideal if you cannot meet down payment requirements for other loan types

Other Related Real Estate Loans

• Construction Loan- want to build your dream home? We can help arrange financing from start to finish in the building process. Click here to find a home loan expert for more information.
• Bridge Loan- Need to move forward with a new home purchase, but your current home hasn’t sold yet? That’s where a bridge loan comes in handy.