The Mortgage Team the Midwest Trusts

You don't need 20%. Conventional loans start at 3% down for many first-time buyers and 5% otherwise, FHA requires 3.5%, and VA and USDA loans require nothing down. On a $275,000 Iowa home that's roughly $8,250 to $9,625 before closing costs. Iowa Finance Authority assistance can lower it further. See the full breakdown →

FHA loans generally allow scores down to 580 with 3.5% down. Conventional typically starts around 620. Iowa Finance Authority programs including FirstHome and Homes for Iowans require a 640 minimum. A higher score lowers both your rate and your mortgage insurance, so a credit review before you shop is worth the time.

Contact any Key Mortgage Group loan officer with two recent pay stubs, two years of W-2s or tax returns, and two months of bank statements. We verify credit, income and assets and issue a real pre-approval letter, usually within one to three business days. In the Des Moines and Quad Cities markets, listing agents expect a verified pre-approval rather than a pre-qualification with an offer.

Typically 2% to 5% of the purchase price — about $5,500 to $13,750 on a $275,000 home. Iowa buyers often pay less than the national average because there's no mortgage recording tax and title coverage runs through Iowa Title Guaranty rather than private title insurance. Seller concessions, lender credits and Iowa Finance Authority grants can all offset them.

The Iowa Finance Authority offers FirstHome for first-time buyers and Homes for Iowans for first-time and repeat buyers, both with below-market rates and reduced fees. Either can pair with a $2,500 down payment grant or a second loan of up to 5% of the price. Eligible service members and veterans may qualify for a $5,000 Military Homeownership Assistance grant. Income and price limits apply, a 640 score is required, and funding is limited. Full program details →

Iowa doesn't use conventional private title insurance. The state-run Iowa Title Guaranty program issues title certificates instead. Your lender requires a lender certificate; an owner's certificate is optional but protects your equity — and it's free at closing with an Iowa Finance Authority FirstHome or Homes for Iowans mortgage if you ask for it.

Yes. Luis Solis is a bilingual loan officer in our Des Moines office who works with clients fully in English or Spanish, from application through closing.

Our Urbandale office serves the Des Moines metro — West Des Moines, Ankeny, Waukee, Clive, Johnston, Altoona, Grimes, Norwalk, Indianola — and central Iowa broadly. Our Davenport office covers the Quad Cities on both sides of the river, including Bettendorf, LeClaire, Eldridge, Moline, East Moline and Rock Island. Our Minnesota branch serves the Twin Cities metro. Collectively we're licensed in 18 states.

Yes to both. Self-employed borrowers can qualify on tax returns or, when write-offs understate real cash flow, on 12 to 24 months of bank statements. Investors can use DSCR loans that qualify on the property's rental income rather than personal income. Des Moines branch manager Louie Wickett is himself a real estate investor and leads that side of the business.

Key Mortgage Group is a mortgage lending team with offices in Urbandale (Des Moines metro), Davenport (Quad Cities), and Minnesota, helping homebuyers and homeowners with purchase loans, refinancing, VA, FHA, USDA, DSCR and investment financing across 18 states. Key Mortgage Group is a registered trade name of Atlantic Coast Mortgage, LLC, NMLS #643114.