First Time Homebuyer Loans
American Trust aims to help everyone in the Tri-State Area reach the dream of home ownership. We participate in special programs to achieve this goal. If you have not had ownership in your place of residence for the last three years*, you can qualify for our first time homebuyer programs.
- Iowa First Home Program
The Iowa First Home Single Family Program offers mortgage lending to individuals and families who otherwise might not qualify for a mortgage. They require less money down and typically lower rates.
- Minimum down payment: 3%
- Low interest rates
- Fixed term mortgage of 30 or 25 years
- Maximum price of home: $237,000 ($289,000 in targeted areas)
- Maximum income for individuals: $59,500 ($71,400 in targeted areas)
- Maximum income with family of three or more: $68,425 ($83,300 in targeted areas)
- Single family, owner occupied properties only
- Cannot be greater than 5 acres
- Maximum of 15% of home can be used for business purposes
- Personal service every step of the way
- Local approvals
*This qualification is waived if the property is in a targeted area.
- Iowa First Home Plus
The Iowa First Home Plus Program extends greater help for families needing more financial assistance. Low down payments are combined with closing costs aid.
- Minimum down payment: 3%
- $2,500 assistance for closing costs or down payment
- Fixed term mortgage of 30 or 25 years
- Maximum price of home: $237,000 ($289,000 in targeted areas)
- Maximum income for individuals: $46,480 (no limit in targeted areas)
- Maximum income with family of three or more: $46,480 (no limit in targeted areas)
- Single family, owner occupied properties only
- Cannot be greater than 5 acres
- Maximum of 15% of home can be used for business purposes
- Personal service every step of the way
- Local approvals
*This qualification is waived if the property is in a targeted area.
