VA  House Loans


A VA-guaranteed loan can be used to: Buy a home, either existing or pre-construction, as a primary residence, or refinance an existing loan. 
BENEFITS OF A VA GUARANTEED LOAN: • Equal opportunity for all qualified Veterans to obtain a VA loan • Reusable • No down payment (unless required by the lender or the purchase price is more than the reasonable value of the property) • No mortgage insurance • One time VA funding fee that can be included  in the loan • Veterans receiving VA disability compensation are exempt from the VA funding fee • VA limits certain closing costs a Veteran can pay • Can be assumed by qualified persons • Minimum property requirements to ensure the property is safe, sanitary, and sound • VA staff dedicated to assisting Veterans who become delinquent on their loan WHO IS ELIGIBLE?
Generally, the following people are eligible: • Veterans who meet length of service requirements • Servicemembers on active duty who have served a minimum period • Certain Reservists and National Guard members • Certain surviving spouses of deceased Veterans

First step:  Request a Certificate of Eligibility Form 26-1880

Attention National Guard/Reservist - If you were never activated for active duty service, and/or did not complete at least 180 of your activated service.  You will need to request a NGB 23 (showing retirement points) on a SF180 form.  This can be faxed to:  Iowa National Guard Record Center at (515) 252-4139 requesting this information.  This will need to be sent in with your request for a certificate of eligibility, along with your DD214 and/or NGB22.

Mail form along with a copy of your DD214 to:   

St. Paul Regional Loan Center
U.S. Department of Veterans Affairs
Attn: Eligibility Office
1 Federal Drive, Fort Snelling
St. Paul, MN 55111

Second step:  Find a lender willing to work with you.  

What financial lenders are other veterans in our area using?   

First Citizens National Bank

300 N Main St, Charles City, IA 50616

Phone: (641) 228-5315


Veterans United Home Loans

Address:1400 Veterans United Dr. Columbia, MO 65203

Phone: (800) 884-5560

Wells Fargo Home Mortgage
Home Mortgage Consultation
Mary B. Hackman
Cell (641) 420-4850
Phone (641) 421-4041

Large financial institutions work with veterans with VA home loans.

Floyd County Home Base Iowa Initiative - 



The Floyd County Home Base Iowa Initiative is designed to assist veterans in purchasing and/or improving residential homes in Floyd County.  To be eligible: “Is or was a member of the National Guard, reserve or regular component of the United States armed forces; if discharged must have status other than dishonorable and must meet one of the following three conditions: Meet standards of service denoted in Chapter 35 "Veterans Affairs" subsection 35.1 "Definitions" of the Code of Iowa 2013; is a federal status injured person having served in active duty; is a surviving spouse of an eligible service person.”  You must either be employed at minimum 30 hours per week or have a conditional offer for employment at time of application.  The employer must complete “Floyd County Home Base Iowa Initiative Employer Affidavit” and submit with this Application. 


Should you prove eligible, Floyd County will provide you a check for $10,000 at closing to assist with down payment, closing costs and/or improvements to the home you are purchasing.  Floyd County shall secure a mortgage upon the real estate you are purchasing.  You will repay, to the order of Charles City Area Development Corporation, this note at 0% interest beginning the month after closing at the monthly rate of $166.66 or quarterly rate of $500.  If you sell the home before the 60-month repayment is complete, you are responsible for repaying the outstanding balance at time of sale. 


At time of application submission, you shall provide DD214 form, government issued identification and employer affidavit.


It is the policy of the Floyd County Board of Supervisors and the Charles City Area Development Corporation that no person shall be discriminated against on the basis of race, color, national origin, age, disability, and where applicable, sex, marital status, familial status, parental status, religion, sexual orientation, genetic information, political beliefs, reprisal, or because all or part of an individual's income is derived from any public assistance program. If you do not reside in Floyd County, Iowa check out what your county has for housing incentives.


State of Iowa Housing Program- Military Homeownership Assistance Program


The Military Homeownership Assistance Program provides eligible service members and veterans with a $5,000 grant for down payment and closing costs on a qualifying home purchase. Eligible service members may access the Military Homeownership Assistance Program to be used with a qualifying mortgage or cash purchase transaction. The Military Homeownership Assistance grant may also be combined with a Plus grant for a total of $7,500 of down payment and closing cost assistance for borrowers who qualify for both programs. Borrowers are limited to one-time use of a Plus grant and one-time use of a Military Homeownership Assistance grant.


  • Have served 90 days’ active duty between August 2, 1990 and April 6, 1991 or September 11, 2001 to present. Active duty need not be consecutive; it may be cumulative. Inactive Duty Training, Annual Training and Active Duty for Training may not count toward active duty; or
  • Is a federal status injured service person having served in active duty August 2, 1990 and April 6, 1991 or September 11, 2001 to present; or
  • Is a surviving spouse of said eligible service person, all who have had a discharge other than dishonorable.


  • Receives prior approval before closing on a qualified home.
  • Utilizes an IFA Participating or Facilitating Lender and IFA first mortgage (if financing the purchase).
  • Utilizes an IFA Participating Lender to receive a non-IFA first mortgage if IFA deems it economically feasible and financially advantageous. At this time, IFA will approve a grant with non-IFA financing if the lender demonstrates that such financing is a fixed rate, permanent, fully amortizing mortgage loan that is at least 25 basis points lower APR* than the most comparable IFA mortgage product available at the time the applicable Good Faith Estimate is issued.
  • *NOTE:  IFA does not use the APR listed on the TIL since it excludes certain financing costs. Instead, in making its analysis of whether a non-IFA loan qualifies, IFA will use the APR calculator found at

  Eligible Homes

  • The home must be located in the state of Iowa and must be purchased by the eligible service member.
  • The home must be immediately occupied by the service member/spouse as the borrower’s primary residence.
  • Single-family residences (including “stick-built” homes, modular homes or manufactured homes, provided the home is attached to a permanent foundation and is taxed as real estate).
  • Condominiums
  • Townhomes

A property containing up to four units, if one of the units will be the primary residence of the service member.