Iowa State Bank Community Reinvestment Home Loan Program

Iowa State Bank developed the Community Reinvestment Home Loan Program to assist with affordable housing credit needs within our communities to revitalize neighborhoods and promote home ownership.

Loans

We are pleased to offer to low-to-moderate income households and middle-income households:

• Fixed rate mortgage loans up to $180,000:Purchase or combined purchase/rehabilitation of owner-occupied residential dwellings
  Home improvement loans for existing owner-occupied dwellings

• Higher loan-to-value loans with a maximum LTV of 97% for purchase loans

• Down payment assistance may be available

Eligibility

• Income – applicant’s income is 80% or less of area median income or

• Home is located in a designated Low-to-Moderate (LMI) census tract area

• Flexible underwriting—considers all sources of family income (including self-employment, social security, and public assistance) and non-traditional credit (i.e. rental history) to determine an applicant’s ability to repay the loan.