Iowa

Welcome to Iowa

Iowa, known for its rolling plains and agricultural strength, offers a peaceful, community-driven lifestyle with bustling cities like Des Moines, Cedar Rapids, and Davenport. Its diverse economy extends beyond farming to include manufacturing, biotechnology, and finance, providing a well-rounded environment for residents.

With its friendly communities, affordable cost of living, and strong support for veterans, Iowa is an excellent place for military families to settle. At Military Home Spot Lending, we’re here to assist veterans and active service members in navigating the homebuying process in this welcoming Midwestern state.

Major Iowa Cities

Iowa’s major cities reflect the state’s blend of urban growth and rural charm. From the economic hub of Des Moines to the educational focus of Iowa City and the riverfront development of Davenport, Iowa’s cities are thriving centers of opportunity. This section highlights the unique attributes of each significant metropolitan area.

Quick Links To Other City Pages

Des Moines

Cedar Rapids

Davenport

Veteran Benefits in Iowa

Iowa provides comprehensive benefits to its veterans, offering tax incentives, education assistance, and housing support. With initiatives such as property tax exemptions, state-run veterans homes, and job assistance programs, Iowa stands out as a veteran-friendly state committed to supporting those who served.

Want to fast track your approval?

Start with an Automated Approval

START TODAY

 

 

Iowa's Military Presence

Iowa maintains a crucial role in national defense by supporting key military installations across the state. These facilities contribute to training, readiness, and national security. Though not home to large-scale active-duty bases, Iowa plays a critical role in the National Guard and Reserve forces.

• Camp Dodge: Located in Johnston, Camp Dodge is the headquarters of the Iowa National Guard, providing essential training and operational support for National Guard units.
• Fort Des Moines: Historically significant and currently used for National Guard and Reserve training, Fort Des Moines serves as a regional hub for military readiness.
• Sioux City Air National Guard Base: Home to the 185th Air Refueling Wing, this base plays a key role in air mobility and refueling missions for the Air National Guard.
• Iowa Army Ammunition Plant: Located in Middletown, this facility is critical for the production and assembly of munitions for the U.S. Army.
• Des Moines Air National Guard Base: Hosting the 132d Wing, this base provides operational and support functions in intelligence, surveillance, and reconnaissance missions.

Iowa VA Loan Requirements

VA loan requirements in Iowa follow the same general guidelines as other states, with eligibility criteria tied to service duration and discharge status. Veterans, active-duty personnel, and certain surviving spouses can qualify based on their military service.

To qualify for a VA loan, you typically need to meet one of the following service requirements:

• 90 days of active service during wartime
• 181 continuous days of active service during peacetime
• 6 or more years of service in the National Guard or Reserves
• Surviving spouse of a service member who died in the line of duty or from a service-related disability

In addition to service requirements, VA loans in Iowa have conditions such as:

• Funding Fee: A one-time fee that varies based on down payment and military category. Some veterans may qualify for exemptions.
• Occupancy Requirement: Borrowers are generally required to occupy the property within 60 days of closing.
• Primary Residence Use: VA loans are intended for primary residences, not investment properties or vacation homes.

Want to fast track your approval?

Start with an Automated Approval

START TODAY

Iowa VA Loan Limits

In 2024, the standard VA loan limit for most counties in Iowa is $766,550. This limit applies to single-family homes, but certain high-cost counties may have higher thresholds.

VA loan limits are not a cap on borrowing but represent the amount you can borrow without needing a down payment. Veterans with full entitlement are not subject to these limits.

VA Loan Entitlement in Iowa

Entitlement is the amount the VA guarantees to the lender in case of borrower default. It ensures favorable terms for veterans by reducing lender risk.

• Full Entitlement: Veterans with full entitlement can borrow without a cap, provided they meet lender requirements.
• Remaining Entitlement: If part of the entitlement is used, the remaining portion guarantees 25% of the county loan limit minus the used amount.

Veterans can restore full entitlement by paying off their existing VA loan or by selling the property and repaying the loan in full.

VA Loan Rates in Iowa

VA loan interest rates in Iowa generally remain lower than conventional loans due to the VA guarantee. Rates can fluctuate based on market conditions, loan type, and the borrower's credit profile.

Consult your loan officer for the most current rates and how they apply to VA loan programs.

Types of VA Mortgage Programs in Iowa

• VA Purchase Loan: Helps veterans buy homes with no down payment and favorable terms.
• VA Cash-Out Refinance Loan: Allows homeowners to access cash from home equity for expenses such as debt consolidation or home improvements.
• VA Interest Rate Reduction Refinance Loan (IRRRL): Streamlines the refinancing process to lower interest rates on existing VA loans.

How to Get a VA Loan in Iowa

Securing a VA loan in Iowa involves a series of steps that ensure veterans and active-duty service members can maximize their benefits. Here’s how to get started:

1. Obtain Your Certificate of Eligibility (COE): The COE confirms your eligibility for a VA loan. Lenders can often assist in obtaining this document.
2. Choose the Right VA Loan Program: Work with a loan officer to determine the best loan option, whether for purchase or refinancing.
3. Find a Home: Collaborate with a real estate agent to locate a property that meets VA requirements.
4. Appraisal and Approval: The VA requires a home appraisal to ensure the property meets its standards. Once approved, the loan process moves to closing.
5. Loan Closing: After finalizing the details, you’ll close the loan and take ownership of your new home.

VA loans provide an excellent path to homeownership for veterans and service members, offering low rates and no down payment. Reach out to a VA loan specialist to begin the process.

Real Estate in Iowa

Iowa’s real estate market offers a blend of affordable housing and a stable economy, making it an attractive state for veterans and their families. With a mix of urban centers and rural communities, Iowa provides diverse housing options to fit various lifestyles and budgets. The state’s low property taxes and veteran property tax exemptions further enhance its appeal to homebuyers.

The Iowa housing market remains steady, with home prices reflecting the growing demand for suburban and urban properties. Veterans utilizing VA loans in Iowa can benefit from competitive home prices, no down payment requirements, and favorable loan terms. Whether purchasing a home in Des Moines or Cedar Rapids, Iowa offers excellent opportunities for those looking to settle down.