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Mortgage Loans

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Loans For YOUR Dream Home

It doesn’t matter if you’re a first-time homebuyer or you’ve gone through the mortgage lending process before. American State Bank’s mortgage lenders are experts in helping you find the right mortgage loan option for you and your family. The most important thing is that you know you have options when it comes to picking your mortgage. You can start the home loan process by completing our application and bringing it into our office to meet with one of our mortgage lenders.

Our Mortgage Loan Options

Loan OptionWhat You Need to Know About This Loan
Fixed-Rate MortgageYour rate is fixed throughout the term of your loan. This means you can pay the same amount each month, which makes it easier to plan for your finances.
Adjustable-Rate MortgageWith this loan, your rate is fixed for a certain term, and then is subject to change moving forward. Adjustable-rate mortgages offer lower closing costs and more financial flexibility. They are ideal for borrowers who plan to move soon, expect to earn a higher income, or think mortgage rates will drop in the future.

Loan Programs Available

ProgramSummary
Conventional

Down Payment Requirement: 3% down plus closing costs for first time homebuyers or 5% down plus closing costs for repeat home buyers 

Minimum Credit Score: 620 

No income or community restrictions 

Manufactured home allowed 

USDA Rural Development

Down Payment Requirement: No down payment requirement. Closing costs cannot be financed.  

Minimum Credit Score: 640 

Eligible Areas: Communities with a population less than 20,000 

Combined household income for all adults living in the house must be below $90,300 for Clarke County 

Manufactured homes are not allowed 

VA

Down Payment Requirement: No down payment requirement. Closing costs cannot be financed.

Minimum Credit Score: 640 

No income or community restrictions 

Manufactured homes are not allowed 

Must have VA Certificate of Eligibility and sufficient entitlement 

Contact your American State Bank lender for loan program qualifications. Equal Housing Lender.

Down Payment Assistance Programs

Program Name 

Summary 

American State Bank Mortgage Education 

Prior to closing, borrowers must provide proof of completing and passing the mortgage education program located on the American State Bank website. If completed, borrowers will receive a $100 credit towards closing costs on their new mortgage loan. 

First Home Plus 

Grant in the amount up to $2,500 to be applied towards closing costs or down payment. Income qualifications vary on a county by county basis. Maximum home purchase price in the amount of $294,000. Must be first time homebuyer and occupy the subject property as their primary residence. Minimum credit score requirement is 640 and maximum debt to income ratio is 45%. 

Homes For Iowans Plus 

Grant in the amount up to $2,500 to be applied towards closing costs or down payment. Maximum allowable household income is $141,680. Maximum home purchase price is $360,000. Available for first time homebuyers and repeat homebuyers who are purchasing a home in Iowa. Minimum credit score requirement is 640 and maximum debt to income ratio is 45%.  

Military Homeownership Assistance Programs 

Grant in the amount of $5,000 to be applied towards down payment or closing costs. Must be an eligible service member or veteran to meet qualifications.  

Negotiated Seller Credits/ Seller Paid Closing Costs 

Negotiating a portion of the closing costs or down payment to be paid by the seller when executing a purchase agreement. Maximum allowable percentage will vary depending on which loan program the borrower(s) are pursing.  

Gift Funds 

Receiving gift funds from family members or friends to be applied towards closing costs or down payment. Documentation verifying funds are a gift will be required during the loan process. 

Personal Loan/Secured Loan 

Receiving another loan separate from the mortgage loan to help pay closing costs or down payment. Other qualifications must be met in order to pursue this option. 

Clarke County Development Corporation Lot Program 

Available for new construction taking place inside of the Osceola city limits. Price of the lot must be under $30,000 Must provide CCDC with cost & plans of home and purchase building permits. If approved by the CCDC, they will bring a check for the lot purchase to the loan closing.  

Contact your American State Bank lender for down payment assistance qualifications. Equal Housing Lender


Mortgage Calculators

Mortgage Qualification Calculator

Mortgage Calculator

Meet Our Mortgage Lenders

  • Marilyn Penick

    Marilyn Penick

    Executive Vice President, Retail Lending

    Compliance, Mortgage Lending, Personal Lending

    NMLS: 473311

    Osceola - Jeffreys Drive Office

    (641) 342-2175

    Contact Me
  • Jorge Avalos

    Jorge Avalos

    Senior Vice President, Financial & Personnel Officer

    Human Resources, Mortgage Lending, Operations, Personal Lending

    NMLS: 1144964

    Osceola - Jeffreys Drive Office

    (641) 342-2175

    Contact Me
  • Brady Smith

    Brady Smith

    Assistant Vice President, Loan Officer

    Mortgage Lending, Personal Lending

    NMLS: 1919461

    Osceola - Jeffreys Drive Office

    (641) 342-2175

    Contact Me
  • Alysha Van Laar

    Alysha Van Laar

    Vice President, Loan Officer

    Business/Ag Lending, Mortgage Lending, Personal Lending

    NMLS: 1252837

    Lamoni Office

    (641) 784-3120

    Contact Me
  • Myles Easter

    Myles Easter

    Senior Vice President, Residential Lender

    Mortgage Lending

    NMLS: 5099

    Winterset Office

    (515) 462-5090

    Contact Me