Des Moines Loan Programs
The following is a partial list of programs offered by Heartland Mortgage Group with a brief description of the key elements. For a complete list of the programs that we offer in Des Moines and throughout Iowa, as well as all other states we are liscensed in, contact us at 877-808-8833. All loan programs are subject to conditions and individual borrower qualifications. Ask a Heartland Mortgage Loan Officer today if you qualify!
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CONVENTIONAL - Traditional loan programs that usually require 5% down and offer competitive interest rates. Documentation and good credit are necessary.
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FLEX 97% - Similar to FHA but without maximum mortgage amount limitations. Must be a single family, owner occupied home and borrower must have a credit score of over 680. Limit of 3% seller concessions.
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USDA - Conventional loan program backed by the USDA allowing no money down and seller paid closing costs up to 6%. Reserved for communities of less than 20,000 people. Income restrictive.
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JUMBO LOANS - Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full documentation. Loan amounts over $472,000.
Cash out and No cash out refinance are allowable. Single family detached, Condo's, PUD's and single-family second homes can be financed with no prepayment penalty
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FHA MORTGAGE - Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to put as little as 3% down payment – and they can even finance “allowable” closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs. Down payment assistance programs are allowed. Gift money is allowed for the down payment and other costs. Loan limit of $271,000.
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My Community 97% - Similar to FHA but without maximum mortgage amount limitations. Must be a single family, owner occupied home and borrower must have a credit score of over 650. Some income restrictions apply. Lower mortgage insurance. Limited to first time buyers. Limit of 3% seller concessions.
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INVESTOR LOANS - Used to finance 1-4 family properties that will be for investment with as little as a 10% down payment.
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VA MORTGAGES – Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military person.
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REVERSE MORTGAGES - A "reverse" mortgage is a loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month. The cash you get from a reverse mortgage can be paid to you in several ways:
- all at once, in a single lump sum of cash
- as a regular monthly cash advance
- as a "creditline" account that lets you decide when and how much of your available cash is paid to you
- as a combination of these payment methods
No matter how this loan is paid out to you, you typically don't have to pay anything back until you die, sell your home, or permanently move out of your home. To be eligible for most reverse mortgages, you must own your home and be 62 years of age or older.
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Programs Subject to Conditions.
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