Love at First Loan: We’ll Help You Find “The One”
While romantic love gets most of the attention in February, we think it’s also a great time to talk about something else you might fall in love with: the right mortgage loan.
We know choosing a loan program is a big commitment. Each loan program has its own personality, benefits, and reasons people choose it. Think of this as your chance to get to know them a little better before deciding which one is “the one.”
To be clear, ALL of our loan options are fantastic. Some might just fit better than others based on where you are at in life. We’re always here to talk through all your options no matter what. Let’s get into it!
Conventional Loans
A conventional loan is one of the most common mortgage options for homebuyers. These loans aren’t backed by the government and can be used for primary residences, second homes, and even investment properties, making them a versatile option for many buyers.
Many people assume conventional loans are only for those with perfect credit or a large down payment, but that’s not true. While private mortgage insurance (PMI) is required for down payments less than 20%, it doesn’t last forever, once enough equity is built, it can be removed.
Why You’ll Love It
Conventional loans are very standard and versatile, which is something every buyer can appreciate. These loans often offer competitive interest rates and a variety of term options, giving you more control over how your mortgage fits into your life and long-term plans.
You can also get a Conventional loan with as little as 3% down for qualified buyers.
If you’re a first-time buyer, you can pair the Conventional loan with some Iowa Finance Authority programs, such as the $2,500 grant and the Interest Free Second Mortgage (5% of the purchase price that can be applied to down payment, closing costs, or prepaids.) These programs are available when you work with an IFA participating lender like us!
FHA Loans
An FHA loan is backed by the Federal Housing Administration and is designed to make homeownership more accessible, however, this program can work for everyone, regardless of their income or credit scores.
FHA loans allow for more flexible credit guidelines and higher debt-to-income ratios compared to some other loan programs. They also offer a lower minimum down payment (3.5%) making it easier to get into a home sooner rather than later. FHA loans are intended for primary residences and must meet certain appraisal and safety standards, which helps protect both the buyer and the investment.
Why You’ll Love It
The FHA loan offers several advantages that make homeownership more attainable, and gives many people a path forward to home ownership and room to grow financially.
Sometimes, the FHA simply works out to a lower overall monthly payment for our borrowers over a Conventional loan. It also typically has a .5% lower interest rate compared to a Conventional loan.
First time home buyers can also pair an IFA program with the FHA loan, for the perfect cherry on top of a great situation!
If FHA loans have peaked your interest, let’s talk about it!
USDA Rural Development Loans
USDA Rural Development loans are designed to promote homeownership in communities with a population of 35,000 or less. In Iowa, that opens the door wider than many people realize. There are eligible towns in all 99 counties!
Communities like Solon, Tiffin, Williamsburg, Swisher, and Newton all qualify, along with many others across the state. If you’re ever unsure whether a specific property is eligible, you can simply email or text us the address and we’ll confirm it for you.
To qualify for a USDA loan, total household income must not exceed 115% of the national average. In Iowa, the lowest county limit is $119,850 for households of 1–4 and up to $158,250 for households of 5–8, with some counties — including Linn and Johnson — offering even higher limits.
Why You’ll Love It
You’ll love a USDA loan if you want maximum affordability without sacrificing quality of life. One of the biggest advantages of this program is the ability to finance a home with no down payment, which can be a game-changer for many buyers. This program isn’t just for FTHBs, either, making it even more appealing.
Buyers also love how unexpectedly flexible USDA loans are. Many people assume they have to live “in the middle of nowhere” to qualify, but that’s simply not true. Iowa offers plenty of charming, well-connected communities that still meet eligibility guidelines.
And if you value simplicity, USDA loans deliver. With competitive interest rates and reduced upfront costs, this program makes homeownership feel attainable.
Again, let’s pair with an IFA program and hit this program even more out of the park!
Many buyers fall in love with the idea of a USDA loan, and we’re happy to help!
VA Loans
VA loans are available to eligible veterans, active-duty service members, and certain surviving spouses as a way to honor their service with a powerful homeownership benefit. These loans are backed by the Department of Veterans Affairs and offer some of the most favorable terms available in today’s market.
VA loans are for primary residences and often require no down payment, no monthly mortgage insurance, and feature competitive interest rates.
Why You’ll Love It.
You’ll love a VA loan because it’s designed to be a benefit that veterans EARN. The no-down-payment option alone helps many veterans and active duty service members become homeowners sooner, while the absence of monthly mortgage insurance can significantly lower your overall payment.
Iowans may also qualify for the $5,000 Military Homeownership Assistance Grant through the Iowa Finance Authority, which can be used toward eligible homeownership expenses. That’s a benefit many buyers don’t realize is available if they have had at least 90 days of active duty (non-training) service.
Most of all, buyers love that VA loans reflect respect for their service. This program exists to support long-term stability and financial wellbeing, and when paired with local guidance from RMN, it becomes an incredibly powerful tool.
The Right Loan Is the One That Fits You
Just like any great relationship, the best loan is the one that aligns with your goals, your lifestyle, and your future plans, and we’re here to help you make the right match.
We take the time to understand your goals, your finances, and your timeline. We’ll walk you through your options, explain the pros and cons, and help you choose a loan you can feel confident about.