Loan Programs

Fixed Rate Mortgages – Mortgages in which the rate remains constant throughout the life of the loan. Most common terms are 10, 15, 20 & 30 year.

Adjustable Rate Mortgages (ARM) – Mortgages that have a lower start rate but can adjust after the initial fixed period is over.  The ARM can be fixed for a period of 1-10 years.  The less time the rate is fixed the lower your rate will be.

Interest Only – Interest only loans require a payment of interest only, meaning no principle is paid during that time.  The lower payments make it easier to get approved for a higher priced home. The interest only period is 3 to 10 years depending on the loan program.

100% Financing – This requires no down payment for the buyers.  There are many types of programs that offer 100% financing.  80/20 loans are often used to eliminate mortgage insurance.  We also offer special 100% loans with low mortgage insurance.

First Time Homebuyer Specials – We offer great programs for qualified individuals allowing 100% financing with fewer guidelines to get approved.  This program allows for lower income and lower credit scores while still offering great rates.

Stated Income - For self-employed borrowers, we have programs in which the income can be stated for loan approval.  This program is great for borrowers that have a lot of write-offs on their tax return.

NINA (No Income/No Asset) – There is no verification of income or assets on this program.  This allows easy pre-qualification with credit approval.

Home Equity Loans – These loans are 2nd mortgages that give you cash for the equity in your home. These mortgages can be fixed or be an adjustable line of credit. They are most commonly used for updating the house, paying for education, or even for your own entertainment.  These loans can be offered with NO CLOSING COSTS.

Other Programs – We have many other programs that are just too numerous to mention. Whether it is VA financing, 100%+ financing, or investment property, simply give us a call to see what other great financing options are available.

Central Iowa Lending • Ph: 515-334-4980 • Fax: 515-334-4985
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TYPE	RATE	APR
30 yr. Fixed	6.375%	6.546%
15 yr. Fixed	5.875%	6.093%
3yr Arm	5.5%	6.570%
5yr Arm	5.875%	6.997%
These rates are based on 80% LTV, a loan amount of $125,000, 1% origination fee, and customary closing cost. Rates are subject to change without notice. Last Updated July 29, 2008