100% Mortgage Programs Avaialable

100% Mortgage Program

USDA Rural Development

 LSB is one of the state’s leading USDA Rural Development program that provides 100% financing on mortgage programs in geographic eligible areas to income eligible applicants. Dorothy Mathis worked for this agency for 19 years and is very familiar with the policies and the administration of the program.

Lincoln Savings Bank

Additionally, Lincoln Savings Bank offers an attractive mortgage program those applicants who don’t quite qualify for conventional financing, including a 100% mortgage program. This program is offered in Ankeny, Ames, Des Moines and any county in state of Iowa. LSB will provide up to with 100% financing to purchase a property to serve as their personal residence. Maximum loan amount is $424,000. The applicant needs to have a minimum credit score of 720. The debt-to-income (DTI) ratio needs to be 40% or less. If loan to value exceeds 90% the property much be located in a county near a LSB office.

LSB will provide up to with 80% financing in combination with a 15% fixed rate home equity product for a total of 95% financing to purchase a property or do complete a rate and term refinance (and in some instances to restructure debt) on their personal residence. Maximum loan amount is $300,000. The applicant needs to have a credit score requirement is 640 to 679 or alternative credit (no score.) The debt-to-income (DTI) ratio needs to be 43% or less.

LSB will provide up to with 90% financing to purchase a property or do complete a rate and term refinance on their personal residence. Maximum loan amount is $600,000. The applicant needs to have a credit score requirement is 680 to 719 or alternative credit (no score.) The debt-to-income (DTI) ratio needs to be 45% or less.

LSB will provide up to with 90% financing to purchase a property or do complete a rate and term refinance on their personal residence. Maximum loan amount is $875,000. The applicant needs to have a credit score requirement is 720. The debt-to-income (DTI) ratio needs to be 47% or less.

In most cases a rate deduction is available for those applicants who have set up an auto-payment plan with a Lincoln Savings Bank account.

The loan on a USDA 100% mortgage program is a 30 year fixed term.

The loan on a 100% mortgage program with LSB is a 3, 5 or 7 year arm fixed for the initial term at which time the borrower should have established eligibility to qualify for a conventional mortgage. Applicants are requited to have 3 months of payment in a reserve account, such a savings or retirement. This reserve requirement can be gifted to them.

How to apply:

You do not have to wait until you have funds saved up for down payment to own a home. You may qualify for one of several 100% mortgage programs through LSB.  Call today 515-327-9938 for information or go the the Apply Now tab on the home page and an experienced loan officer will contact you. Begin the process of owning your own home now!