Our Lending Partners
GreenState Credit Union
In the Cedar Falls / Cedar Rapids / Iowa City region, we are fortunate to have the GreenState Credit Union, which offers a variety of fixed and adjustable rate mortgages, as well as USDA and VA loans.
Funding Your Dreams
Skogman Homes is glad to be able to offer lending and financing information for our homebuyers. We have special relationships with local lenders that will be beneficial for you as you explore financing possibilities.
Financing & Mortgage FAQs
When building a new Skogman home, Skogman Homes will get the construction loan, and buyers only need to provide earnest money. Earnest money starts at 3% of the total price, and is returned to buyers at closing.
It depends on what kind of loan you take, e.g. FHA loan? VA loan? Conventional loan?
Always ask your lending institution if they have any in-house programs that work for you. And if there are any programs that could help you, such as USDA qualification, first-time homebuyer incentives, etc.
There are a few things you need to know:
- What fees are associated with your monthly payments?
- Are you escrowing for your property taxes, and is the bank charging an escrow fee?
- Are there other recurring/annual charges that you may be charged?
- If you are doing an adjustable rate loan, you need to know:
- Adjustment frequency
- Maximum annual adjustment
- Highest rate they can charge you (Rate cap)
- The financial index they derive their rates from (LIBOR, NY Prime)
- Margin over the index they will charge you
Our lending partner, GreenState Credit Union, offers a worry-free extended rate lock for new construction. The only program of its kind in this market, GreenState allows buyers to lock in a low rate with its in-house 5- or 10-year ARM as soon as they have signed an agreement with a builder. Then within 60 days of closing, the buyer can take advantage of a “float” to a better rate or different loan product. This unique offer gives buyers peace of mind as well as a great rate.
If you are interested in this program or another form of financing:
- For Cedar Falls and Waterloo, contact Bill Tye at 319-553-3747 or 319-493-0083.
- For Cedar Rapids and Iowa City, contact Felisha Junge at 319-730-3234.
- Employment verification, W-2, pay stubs
- Bank statements
- Credit score history requirements
- Other liabilities (car loans, student loans, judgments, etc.)
- Other assets (IRA, investment property, etc.)
This amount will be provided to you in what is known as a "GFE" or a “Good Faith Estimate”. Ask your lending institution if it will guarantee its GFE, so you have no surprises at closing. Keep in mind that the lending institution is not required by law to guarantee its GFE; it is only required to provide you with one.