What follows is an updated list of first-time home-buyer programs for buyers in the Des Moines metro.  We 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, we can help you decide which home loan is the best one for you.

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.

The Skip-Pay home loan
With this program, you can skip up to your first 6 months of mortgage payments!  This is a 30 year fixed-rate program.  You need at least a 5% downpayment and at least a 660 credit score.  You can also get this program with a 10 year interest only payments, then after that you will make regular payments.

Neighborhood Advantage Credit Flex home loan
Another zero down program! Have to have a 620 credit score or a zero and build credit with 4 trade lines; that's one of the main advantages of this program.  By the way, a "trade line" are things like cell phone bills, electric bills, etc. Low Mortgage Insurance, max debt to income is 45% and it is a manual underwrite so does not have to go Fannie Mae.  Another advantage of this program is that they ignore medical bill collections as long as they are under $5000.

My Community Mortgage home loan
Another zero downpayment program!  Fannie Mae loan so Fannie approves it on their automated system. If they will take the credit than we can do it. They cannot make more than $67,700. Conforming Fixed and arm rates , low monthly Mortgage Insurance. Conforming rates. The main restriction on this is the income and there really is not a downfall.  It is especially useful for people with lower credit scores.

Community Accommodation home loan
Another zero down program in the form of an 80/20 mortgage.  A very cool program: No mortgage insurance, and as long as you have at least a 620 credit score, you can be 1 day out of bankruptcy! Plus, you do not have to pay off collections on credit unless it affects the title.  Closing costs can be paid by the seller or gifted by a relative. The debt to income can be up to 60%.  The only downfall is that randomly they choose a file to take the homebuyer class.  You cannot make more than $54,160.  This is a great program if you've had credit problems, or even a bankruptcy or foreclosure in the past.

FHA home loan
3% 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).  FHA might be good for you if you have a lower credit score.

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 most popular 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.

Interest Only programs
What's "interest only"?  It means that you can make only the interest payments, and pay nothing towards principal.  You can do this with a zero downpayment program, or you can put money down.  It requires a 620 credit score or above.

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 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.

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Do you have questions?  Go to our Contact us webpage, or simply call 515.633.8877 or email mike@mikedavishomes.com .

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