Bettendorf, Iowa -
John Cornish, a mortgage specialist serving homebuyers in the Quad Cities, Iowa, is helping his clients understand the many different ways in which FHA mortgages can make their dream of homeownership a reality.
The Federal Housing Administration makes available mortgages that are insured by the government as a way to make them more accessible for everyday Americans. FHA mortgages require lower down payments compared to retail mortgages and are also more lenient in terms of the beneficiary’s credit scores. Since the mortgages are insured by the government, private corporations who issue them are more willing to offer them to homebuyers who might have otherwise been rejected due to their circumstances.
“If you have a credit score of at least 580,” says John Cornish, “you can qualify for a mortgage with a down payment as low as just 3.5%. If your credit score is between 500 and 579, you can still qualify by making a down payment of just 10%. This gives several individuals and families a huge leg up and gives them a chance to finally own a home, something that many dream of but, nowadays, very few are able to achieve. For more information, check out this news article.”
There are several types of FHA mortgages available including a Home Equity Conversion Mortgage (HECM), FHA 203(k) Improvement Mortgage, FHA Energy Efficient Mortgage, and a Section 245(a) Mortgage. John Cornish can help his clients find out more about each kind of mortgage and, with an analysis of their financial history, point them in the direction of the program that best works for them.
“If you go the traditional mortgage route,” John says, “you are going to need a FICO score of at least 620. So, with an FHA mortgage, you can move into your home with terms that are less demanding and more suited to your financial situation. You can also take advantage of down payment assistance programs. At the end of the day, there are many ways available for you to buy a home. You just need someone like me and my team to guide you through the process, identify the right opportunities, and help you get started with being a homeowner.”
John Cornish is a leader in Quad City real estate mortgage services. He began his career after graduating from St. Ambrose University in 2003 and, in the past 10 years, has assisted over 2,500 families in obtaining mortgage financing to purchase a home or refinance to provide more financial freedom. Today, with over 20 years of lending experience and over 500 5-star reviews vouching for him and his team, John continues to help his Quad Cities clients find the best financing options that suit their needs.
John and his wife Meghan are also intimately involved in bettering the Quad Cities community that they call home. For example, in 2019, they helped raise a record-breaking $18,000 for families battling children’s cancer at the 23rd Edition of the Danny Joe Memorial Golf Tournament charity event.
A recent review praising John and his team on his Google Business Profile says, “John and his team at Key Mortgage are nothing short of amazing! They are very professional and experts at what they do and will give you the confidence to move forward with the biggest purchase of your life. With their constant communication, you won’t ever feel in the dark. Trusting in them was the best decision that we made in our home-buying process!”
Another client writes, “John and his team are amazing and made our experience of buying a house for the first time very easy. His team is quick to respond if you have questions and they make sure you understand the process every step of the way. We could not be happier and will definitely recommend John and his team to all our friends and family!”
Readers can contact John Cornish at (563) 214-1539 to get started with his team’s home mortgage services in the Quad Cities, Iowa.
John Cornish - Mortgage Lender values the home ownership goals of every client. He helps them find the financing options that are best for them. He has experience working with wide range of borrowers from first-time buyers to high net worth individuals.
5189 Utica Ridge Rd
Davenport, IA 52807
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August 07, 2023 – Guidance Available On FHA For New Homes