What follows is an updated list of first-time home-buyer programs for buyers in the Des Moines metro. I will edit this page as the programs change, or as new programs are added. Please realize that the purpose of this webpage is not to give you detailed information -- that would be a lot to read. :-) Rather, my purpose here is to give you an idea of what's out there for you. When we meet in person, I can help you decide which home loan is the best one for you. $8,000 Tax Credit
This is the most talked-about first-time buyer program right now. There is a lot of confusion about this program. Some people think that you can be paid the $8,000 before you close on your home, and use it for your downpayment. This is not true. HOWEVER... there is a way for you to use this $8,000 tax credit to get the money for your downpayment another way. Email me at mike.davis.50322@gmail.com for more details. You can also read more about this program at my webpage about it -- just click here. USDA Rural Development Housing Programs
More information coming later today! Iowa Finance Authority (IFA) home loan
A zero downpayment program! They have 2 programs. The first one is First Home: It is only a 30 year fixed, Income must be below $67,700 for all borrowers combined, acceptable credit history. Debt to income restrictions exist. Their other program is First Time PLus: 30 year fixed only, Cannot make more than $46,240 a year, IFA will give $2500.00 for closing costs or down payment. Debt to income restrictions exist. The IFA loans do have a 9 year recapture period on them, so if you were to sell or refinance in 9 years you can be charged for that. The charge is based on what they make at the time as a household income and their equity. FHA home loan
3.5% down of your own funds or it can be gifted by a family member, Low monthly mortgage insurance, conforming rates. Has all the same requirements as VA except the certificate of eligibility. There really are no downfalls to these programs (FHA & VA). The new credit score requirements for FHA are 620 or above.VA home loan
For people in or have been in the armed services. Zero down payment mortgage, no monthly mortgage insurance, conforming interest rates. 30, 15 year fixed or arms. Basically only look at the last 12 months of credit history. If medical collections are less than $5,000, they may make an exception depending on the rest of the credit. If they have zero credit scores, we can build credit with utilities and rent with no 30 day late payments in the last 12 months. If they have a bankruptcy, they can qualify after 2 years. NFC home loan (aka Neighborhood Finance)
This is one of the most popular loan programs in Des Moines. Their home loan is one that allows qualified buyers to get a zero down home loan, with no private mortgage insurance. The best part of this home loan product is that you can get up to $10,000 towards repairs on your new home! However, the home must be in one of their targeted neighborhoods. Click here for a printable map of their targeted neighborhoods, or click here for a highly detailed map of their targeted neighborhoods. Call me at 515.633.8877 or email us at mike@mikedavishomes.com to find out more, including how to apply for an NFC home mortgage.
DISCLAIMER: Please note that these programs are subject to change. I'm a real estate agent, not a loan officer -- but with this webpage, I am simply trying to familiarize you with some first time home buyer programs in the Des Moines and surrounding areas. Call me at 515.633.8877 for more information on any of these programs. ~~~ Questions? Email mike.davis.50322@gmail.com |