Business Details
21 Years
experience
Trusted Mortgage Brokers in Cedar Rapids, IA
At Iowa Mortgage Solutions, we have dedicated ourselves to empowering Iowans with accessible and innovative mortgage solutions since 2005. Our expertise spans FHA, VA, USDA, and conventional loans, alongside specialized programs like the 1% Down Payment Initiative and IMS Homebuyer Grant Program. We pride ourselves on serving clients with diverse financial backgrounds, including those with less-than-perfect credit, offering tailored guidance to navigate the complexities of homeownership.Our team combines deep local market knowledge with a commitment to transparency, ensuring clients receive competitive rates and personalized support throughout the mortgage process. With decades of collective experience, we prioritize education and one-on-one consultation to help clients overcome financial obstacles and achieve their homeownership goals.
Services
FHA Mortgages
VA Mortgages
USDA Loans
Investment Property Loans
Homebuyer Grant Program
Details
- Year established: 2005
Highlights and features
- We specialize in mortgage solutions for clients with diverse credit histories.
- Our IMS Homebuyer Grant Program reduces upfront costs for eligible buyers.
- We offer a 1% Down Payment Mortgage Program to ease financial burdens.
- We provide expert guidance on FHA, VA, and USDA loan eligibility requirements.
- Our team has 19 years of experience navigating Iowa's mortgage landscape.
Services
FHA Mortgages
FHA mortgages provide low-down-payment options with 3.5% minimum requirements and flexible credit criteria. These loans suit borrowers with past credit challenges, including bankruptcy or collections. FHA programs allow gifted down payments and offer streamline refinancing options without income documentation for existing FHA loan holders.
VA Mortgages
VA loans offer zero-down-payment financing for veterans, active-duty personnel, and eligible surviving spouses. These programs feature competitive interest rates, reduced closing costs, and cash-out refinancing up to 90% loan-to-value ratios. Eligibility requires a Certificate of Eligibility and adherence to service duration requirements.
USDA Loans
USDA rural housing loans provide 100% financing for properties in eligible rural areas. These fixed-rate mortgages eliminate private mortgage insurance requirements and allow financing of closing costs. Income limits and property location criteria apply, with specialized underwriting for low-to-moderate-income borrowers.
Homebuyer Grant Program
The IMS Homebuyer Grant Program offers up to 5% of the purchase price for down payments and closing costs. Available for FHA, VA, USDA, and conventional loans, this program benefits buyers with steady income but limited savings. Eligibility requires minimum credit scores of 620 and applies to first-time and repeat homebuyers.
Investment Property Loans
Investment property loans cater to real estate investors with minimum credit scores of 660 and up to 80% financing. Programs include cash-out refinancing options, bridge loans for properties on the market, and portfolio financing for multiple properties. Underwriting focuses on property cash flow rather than personal income verification.
Questions
What mortgage programs do you offer for first-time homebuyers?
We offer FHA loans, VA loans, USDA rural housing loans, and the IMS Homebuyer Grant Program for down payment assistance.
Can I qualify for a mortgage with less-than-perfect credit?
Yes. We specialize in helping clients with past credit issues qualify for FHA loans, VA loans, and other programs requiring minimum credit scores as low as 580.
How does the 1% Down Payment Program work?
This program requires a 1% down payment from buyers, with an additional 2% grant from lenders, providing 3% equity at closing for eligible applicants.
Are there grants available for closing costs?
Yes. The IMS Homebuyer Grant Program provides up to 5% of the purchase price for closing costs, down payments, and other upfront expenses.
Do you offer financing for investment properties?
Yes. We provide investment property mortgage programs with minimum credit scores of 660 and up to 80% financing for eligible borrowers.
What are the benefits of a USDA rural housing loan?
USDA loans offer 100% financing, no private mortgage insurance, and flexible underwriting for homes in eligible rural areas of Iowa.
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