Iowa Mortgage Loans

Whether you’re buying a home in Sioux City or Cedar Falls, Griffin Funding provides its financial services to customers across the entire state of Iowa. Here are just a few of the cities where we offer mortgages:

• Des Moines
• Cedar Rapids
• Davenport
• Sioux City
• Waterloo
• Dubuque
• Cedar Falls
• Marion
• Clinton
• Burlington

Griffin Funding provides access to several types of mortgage loans in Iowa to serve just about any credit profile. Whether you’re a first-time buyer, US military veteran, recovering from a credit event, or are ready to go but just looking for the best deal, we probably have a program that will provide exactly what you need. Here are some of the most common Iowa mortgage loans we offer, including standard and non-QM mortgage loans:

• VA Loans: These mortgage loans, designed specifically for military veterans and their spouses, are backed by the US Department of Veterans Affairs (VA) and offer low-to-no down payment and very competitive mortgage rates in Iowa.
• Bank Statement Loans: These loans can qualify an applicant based on just their business or personal bank statements – no tax returns or pay stubs required.
• DSCR Loans: Debt service coverage ratio (DSCR) loans provide a means for real estate investors to qualify for a mortgage using their rental income rather than personal income.
• Conventional Loans: These standard mortgage loans boast competitive rates but require solid personal credit, proof of steady income, tax returns, and a down payment to qualify.
• Asset-Based Loans: These mortgage loans qualify an applicant using their assets (savings, investments, retirement accounts, etc.) rather than traditional income verification.
• USDA Loans: Backed by the US Department of Agriculture (USDA), these mortgage loans help low-to-moderate income borrowers in rural areas to purchase homes with 100% financing and very competitive interest rates. A USDA loan can be a great option for Iowa first-time home buyers.
• ITIN Loans: Non-US citizen foreign nationals can use ITIN loans and other for foreign national loans to qualify to purchase property in Iowa.
• FHA Loans: Those with limited down payment funds, limited income, and challenged credit can qualify for a government-backed FHA loan. FHA offers a down payment as low as 3.5%.
• Home Equity Loans: Home equity loans for existing Iowa homeowners allow for cashout either through a HELOAN or HELOC without having to refinance their first mortgage loan.

We offer many different loan types and specialize in non-QM loans. Whether you want to buy a primary residence, diversify your investment portfolio, or take out an ADU loan for a current property, we have you covered.

Your personal credit score, borrowing history, loan amount, loan structure, and even the geographical location of the home you wish to buy can all affect what your approved mortgage rate will be. However, this doesn’t mean that you are relegated to being turned down for financing or stuck with high rates just because you’ve faced a few bumps in the road. With a professional guiding you through the process, it’s easy to secure the most competitive current mortgage rates in Iowa by playing to your strengths.

Griffin Funding can help find the right Iowa mortgage loan that fits your profile and provides a competitive rate. We take into account any of the non-standard financial strengths you may have to offer, like strong bank statements, investment or retirement assets, prior military service, and more.

If you’re still rebuilding your credit or saving up for that down payment, download the Griffin Gold app to help set up an action plan and monitor your financial well being so that you can position yourself for future success.

What many prospective homeowners don’t know about qualifying for a mortgage in Iowa is that most of the process is about preparation and knowing your own credit profile. If you know where you stand and what you can offer, you’ll have a better idea of which mortgage product you have the best chance at qualifying for and get the most competitive rate. Here are some important metrics to consider when seeking to get approved for a mortgage in Iowa:

• Credit score: In general, lenders like to see a credit score of at least 600 to qualify for a home loan. Higher scores often translate to lower rates, however there are several programs available for those with lower credit scores.
• DTI ratio: Your debt-to-income (DTI) ratio compares your income to any debts or liabilities you owe money on, and is calculated into a percentage. The lower that number, the better. Lenders typically like to see a DTI of 43% or lower. Again, some programs are more lenient with this number than others.
• Income: Your income is one of the more significant qualifiers when seeking a mortgage approval in Iowa. Lenders are typically looking for at least two years of verifiable income to show that you can make your mortgage payment reliably.
• Down payment amount: Though many buyers anticipate needing a down payment of 20% when securing a mortgage loan, that is not always the case. Different loan types come with different down payment requirements. However, keep in mind that a higher down payment will lower your principal amount and can lead to better terms and rates.

Griffin Funding aims to make it fast and simple to get approved for a mortgage loan in Iowa. Our streamlined process helps you quickly find a program that fits your credit profile and budget, and works to get you the most competitive rate possible.

Because we work with customers throughout the state of Iowa, we’re knowledgeable in its many mortgage loan programs and can help you find the best fit while providing excellent customer service throughout the process.

Ready to get started? Fill out an online application to take the first step towards getting approved for an Iowa mortgage loan.