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3% Down* Home Loans

How Do I Qualify? | How Much Can I Afford?What Constitutes a First-Time Homebuyer?

Buy Your Dream Home With As Little As 3% Down!

Buying a home is one of the most significant and exciting purchases you'll ever make. FSB's 3% down* loan program opens the door for you to accomplish this aspiration without having to save a lot of money.

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*3% down payment only applies to fixed-rate loans. Must be 18 or older to apply. All loans are subject to credit approval. Offer valid for an FSB mortgage loan used to purchase an owner-occupied primary residence. APR as low as 5.672%, assuming a credit score of 740, fixed for 30 years. Example based on a $175,000 loan at 5.625% fixed rate, with 360 monthly principal and interest payments of $977.18. Payment does not include taxes, insurance, or private mortgage insurance, if required as a condition of the loan. Other rates, terms, and payment options are available. First-time homebuyers may qualify for additional incentives. See an FSB Mortgage Lender for more information.

How Do I Qualify?

How do I qualify?

To qualify for a mortgage with FSB, you will need to provide the following documents:

  • Bank statements for the past two months (checking, savings, investments, 401(k), etc.)
  • Proof of income (most recent pay stub covering a minimum of 30 days, retirement statements or award letters, contract for employment, etc.)
  • W2 or 1099 and complete signed tax returns for previous two years (personal and business).

FSB's experienced mortgage lenders will use this information to get you the best loan possible.

How Much Can I Afford?

To calculate how much you can afford, we take into account a few primary items, such as your household income and regular monthly debts (e.g. car and student loans). Use our home affordability calculator to help!

As a homebuyer, you'll want to have a certain level of comfort in understanding that unexpected expenses and unplanned spending happens, which can impact your savings. A good guideline is to keep three months of payments saved in an emergency fund. 

More Tools To See How Much You Can Afford

How Much Can I Afford?

What Constitutes a First-Time Homebuyer?


If you haven't owned a home in the last three years, you are considered a first-time homebuyer.

There are several programs available to help first-time homebuyers (income limitations apply) realize their dream of owning their own home. These programs include:

  • IFA Homes for Iowans
  • HomeReady

Plus, FSB offers no money down loans and grants up to $5,000 to help with your down payment or closing costs (Speak to an FSB Mortgage Lender to explore your eligibility).

Whatever program you are looking for, FSB's got you covered!

Grant Information

Get Started With FSB

Buying a home with FSB Mortgage is significantly easier and more accessible than you might think. The idea that you need pre-existing wealth to do so is simply a myth.

We'd love to talk to you about financing your home in person. Give us a call at (319) 730-6990 today, or apply for a mortgage online today!

Apply Now Get Personalized Guidance

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