Mortgage Guidance Built Around Clarity

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 Des Moines metro 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 loans typically start 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 it's worth reviewing credit before you shop.

Send me two recent pay stubs, two years of W-2s or tax returns, and two months of bank statements. I verify your credit, income and assets and issue a real pre-approval letter, usually within one to three business days. In the Des Moines market, listing agents expect a verified pre-approval rather than a pre-qualification attached to an offer.

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. Either can pair with a $2,500 down payment grant or a second loan of up to 5% of the purchase 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.

It's the podcast I host that breaks down the mortgage process in plain English — what drives your payment, how to compare loan options, and what actually happens between offer and closing. It exists because most people are making the largest financial decision of their life with almost no preparation, and that's fixable.

I work out of the Key Mortgage Group Des Moines office in Urbandale, serving the metro including West Des Moines, Ankeny, Waukee, Clive, Johnston, Altoona, Grimes, Norwalk and Indianola, plus central Iowa broadly. I'm also licensed in additional states — reach out if you're buying outside Iowa.

Principal, interest, property taxes and homeowners insurance — plus mortgage insurance if you put less than 20% down, and HOA dues if the property has them. Principal and interest is often only 70% to 80% of what you actually pay, which is why a rate quote alone tells you very little about affordability.

Yes. Most programs allow gifts from family members, and some allow gifts from employers or close friends. The donor signs a gift letter confirming it isn't a loan, and the money needs a clean paper trail from their account to yours. Move it early — a large deposit the week of closing creates problems that are easy to avoid.

Don't finance a car, open a store credit card, change jobs, or move large sums between accounts without documentation. Underwriting re-verifies everything shortly before closing, and I've seen approved loans fall apart over a furniture purchase. Keep your finances boring until you have the keys.

It comes down to how long you'll stay. Under about three years, renting usually wins once you account for transaction costs on both ends. Longer than that, buying generally pulls ahead because you're building equity instead of paying someone else's mortgage. Des Moines rent-versus-own math is friendlier than most metros, but it's still your timeline that decides it.

Your lender probably won't require one, but skipping it on a resale home is a real risk. The inspection is your window to find problems while you still have leverage to negotiate or walk away. It's a different thing from the appraisal — the appraisal measures value for the lender, the inspection measures condition for you.

Private mortgage insurance protects the lender when you put less than 20% down on a conventional loan. You can request removal at 20% equity, and it cancels automatically at 22% based on your original amortization schedule. Rising home values can get you there sooner than payments alone. FHA mortgage insurance works differently and usually lasts the life of the loan.