Iowa VA Loans

Secure a VA Mortgage in Iowa

If you’re a veteran and you plan to purchase or refinance a home in Iowa, you likely qualify for an Iowa VA loan.  These loans are provided exclusively to veterans to reward them for their service to this nation.  VA loans are backed by the government through the Department of Veteran Affairs (VA) and provide many financial benefits to veterans who qualify.

Jump to: Eligibility | Loan Limits

What is the VA Loan?

Confused about the nature of VA loans?  Don’t worry.  The VA loan program was designed to help veterans purchase homes and live in them for years to come.  Everything that the VA does is intended to further this goal.

The VA does not provide money to borrowers, though.  This is done through traditional lenders, as with all other loans.  The VA guarantees the loans, and lenders, in turn, offer better loans to veterans.

VA Loan Benefits in Iowa

VA loans provide numerous benefits to veterans due to their government backed status.  Some of these benefits are listed here.

• You can pay the loan off faster than other loans without any penalties.
• You don’t need to prove a high credit score or high income.
• You aren’t required to pay for PMI.
• You can choose the loan length that you want from among several options.
• You don’t have to make a down payment of any kind.

VA Loan Requirements and Eligibility

The benefits of VA loans aren’t available to just anyone.  Only veterans qualify.  In order to prove basic eligibility, you must obtain a certificate of eligibility from the VA Department itself.  This certificate will prove that you have met the veteran qualifications.

You must be a veteran who has served in the US Armed Services for at least 90 continuous days, and you must not have been dishonorably discharged at any time.   These are the only basic requirements, though the length of time required may differ depending on when you served.

Once you’ve determined your eligibility and you’ve obtained the certificate to prove it, contact a VA loan specialist to continue.  The minimum qualifyinf credit score will often be 620, so make sure to nurse and improve the health of your credit if you fall below the 620 standard. 

VA Refinance

A refinance can often save you significant money by reducing your monthly mortgage payment amount and the length of time you’ll be paying interest on the principal of your loan.  If you’re a veteran, you can refinance your current mortgage through an Iowa VA Streamline refinance, or VA IRRRL. Lowering your interest rate through a VA Streamline refinance may save you more money over the life of your loan. 

Refinancing with a VA Cash-Out is another option that allows qualifying borrowers to access up to 100% of their home equity as cash. The funds may be spent on any living expense, including medical bills, tuition, home improvements and more.

Iowa VA Mortgage Rates

Mortgage rates are of critical importance whether you’re purchasing a home or refinancing.  VA loans often come with low mortgage rates, but take the time to find the lenders in your area who offer the lowest rates.  A quarter of a percentage point can reduce your monthly payment by hundreds of dollars.  If you don’t compare mortgage rates between lenders, you may end up spending more on your home than you need to.

VA Lenders in Iowa

Use the form at the top of the page to get in contact with up to four lenders who operate in your local area.  These lenders can get you information you need on mortgage rates, application details, and VA loan limits.  If you want more information, feel free to contact the Department of Veteran Affairs.

Iowa Military Information

Iowa is a state with a high number of veterans, though the state features only one military facility.  This facility is Camp Dodge, which located in Des Moines.  The Camp Dodge military base is where many Iowa VA loan applicants spend their military careers.

VA Loan Lending Limits in Iowa

Lenders in: Iowa.