Residential Mortgage Loans
For most people, their home is the biggest purchase they will ever make. We understand the big decision on which lending partner to trust. Whether you’re purchasing your first home, a vacation home, or refinancing your existing home, we have options that keep your money where it belongs – in your pocket.
A conventional loan is a mortgage loan that's not backed by a government agency. Conventional loans are broken down into "conforming" and "non-conforming" loans. Terms for conventional loans can be varied and flexible for borrowers with good credit, down payments, and reserves.
Let’s build your dream together. Construction loans are short-term, interim loans used for new home construction. The contractor receives disbursements as work progresses. Contact a dedicated, experienced Maquoketa State Bank loan officer to learn more about construction loans and to discuss current construction loan rates.
USDA loans, often referred to as RD (Rural Development) loans are zero-down-payment, low interest rate mortgages. The United States Department of Agriculture guarantees the loans, which are meant to help very low-to-moderate income buyers become homeowners. There are a few guidelines, including: the home must be in a rural area which the USDA defines as having a population under 35,000. There are a few suburban areas that meet the USDA criteria.
- Must be located in an area deemed eligible by the USDA
- Meet USDA program income requirements which vary by state and county. All income producing individuals over age 18 that will occupy the home will be included in the total household income.
Iowa Finance Authority
With the help of Iowa Finance Authority mortgage and down payment programs, the dream of your own place is within reach. First-time homebuyers, experienced buyers, and everyone in-between can make use of these options.
By phone, email or in person, our Ohnward Bank & Trust team will go the extra mile in helping you with your financial goals. Please visit or contact our team members listed below. Please do not send sensitive or personally identifiable information via unencrypted email to our team. It is not a secure way to send any information. Thank you.
The following information is usually required during the loan process:
Your Social Security number
Previous two years W-2 forms
Current pay stubs and your tax returns for the past two years
Bank statements for the past two months
Investment account statements for the past two months
Recent retirement account statements
Credit card balances and monthly payment information
Auto loan balances and monthly payment information
Personal loan balances and monthly payment information
If you currently own Real Estate:
Mortgage account information
Home insurance policy information
Home equity account information (if applicable)