Maybe you're buying your first home in Iowa, or perhaps you're relocating to Iowa from another state. Either way, it's important that you educate yourself on Iowa home loans before shopping for a home and mortgage. This article explains what you'll need to know before buying a home in Iowa:
The median home value in the state of Iowa is $82,500. Current interest rates in Iowa are above the national average, and job growth rates are below the national average.
In the state of Iowa, purchase transactions on sub-prime loans are subject to a $30,000 minimum. Additionally, if you live in Iowa and file bankruptcy, you do not necessarily have to forfeit your home. If you have been current on your payments and continue to be, state law does not require you to surrender your home.
If you're buying a home in southern Iowa, you qualify for state FHA loans through the Southern Iowa Home Ownership Program. First-time home buyers qualify for loans with below-market interest rates and down payment assistance. Borrowers must meet certain income requirements and specific guidelines, and must purchase a home in a southern Iowa county: Appanoose, Davis, Jefferson, Keokuk, Lucas, Mahaska, Monroe, Van Buren Wapello, or Wayne.
These loans are revolving, so there are only a specific number that can be given out at any period of time. When a person with a FHA loan through this program sells their home or refinances it, then their loan is made available to another qualified applicant. |
