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Iowa FHA Loan

Iowa has seen a lot of increase in the home buying activity in the recent past. There are more and more people wanting to have their dream homes in the state of Iowa. The best way to finance of refinance your home in the state is by taking an Iowa FHA loan. Now lets take a quick look at some of the census data accumulated from the year 2000. There were 1,232,511 housing unit in Iowa in 2000 as compared to 1,143,669 in 1990, which is an increase of 7.8%. Out of these there were 756,646 located in the urban area and 475,865 located in the rural area. The homeownership rate in Iowa is about 72.3% as of today and the vacancy rate including seasonal lodging stands at about 6.8%. The average household size in Iowa is 2.46 people and most of the houses, apartments and condos were built after 1959.

Now there are many plans or loan programs offered by an Iowa mortgage lender and one of the most important is the 203(k). So how is the 203(k) different from other loans?

Most Iowa mortgage companies provide permanent financing. This means that the mortgage lender in Iowa will not close the loan to release the mortgage proceeds unless the value of the real estate property is able to provide the necessary loan security. Where rehabilitation is involved, it will mean that an Iowa mortgage lender will need most of the improvements to be finished before a long-term mortgage can be made.

As a home buyer if you want to purchase a house, which is in need of repair then will normally require to obtain financing to purchase the home. You will then need additional financing to help in rehabilitation construction. Once the work is completed, you can pay off the interim loans using a permanent mortgage. Most of the times, you will find the interim financing to come with relatively high interest rates and short amortization periods. This is why the Section 203(k) program has been designed as it addresses this particular situation.

As a borrower of an FHA loan in Iowa, you will get just one mortgage loan at a long-term fixed or adjustable rate to finance the acquisition as well as the rehabilitation of your home or real estate property. So in order to provide the necessary funds for rehabilitation, the mortgage amount will be based on the projected value of the property. The projected value will include your home with all the completed work. The Iowa FHA mortgage loan is eligible for endorsement by HUD and this is to minimize the risk taken by a mortgage lender in Iowa.

How can the property be Eligible? To be eligible, the property needs to be firstly a one to four family home, which has been completed at least a year back. The number of units in the property has to be acceptable in sync with the provisions of local zoning requirements. Any or all units constructed lately needs to be attached with the existing home. Please note that cooperative units are not eligible for this In addition to the typical home rehabilitation projects this program can also be used for converting a one-family home to a two, three, or four-family home. Similarly, a multi-unit home can be decreased to a one to four family unit.

A 203(k) mortgage can be originated on a mixed use residential property also but there are few clauses to the above. Firstly, the property should not have no greater than 25% for a one story building, 33% percent for a three story building and 49% for a two story building of its floor area used for commercial purposes.

Secondly, the commercial use should not affect the health and safety of the occupants of the residential property.

Thirdly, the rehabilitation funds can only be used for the restoration of the residential property.

Iowa FHA department also permits the use of Section 203(k) mortgages for individual units like condominium projects. But firstly, these condominium projects need to be approved by FHA Iowa and the Department of Veterans Affairs under pre mentioned guidelines.

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