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Specialty Mortgages Photo Specialty Mortgages

Does your mortgage fit into a tight box? Explore your options.

Among the options Central Bank mortgage lenders can offer are specialty mortgages. These include Federal Housing Administration (FHA) loans and Veterans Affairs (VA) loans. Both are popular with homebuyers. They require certain requirements be met. Central also offers USDA Rural Community and Fannie Mae loan options for first-time buyers or buyers in unique situations.

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FHA Loans

FHA loans allow homebuyers of all income levels to purchase a home with less cash upfront. Although there are monthly mortgage insurance premiums that might not make it perfect for everyone, FHA is often a great option for first-time buyers:

  • Include down-payment options as low as 3.5%.
  • Allow co-applicants to help you qualify for the loan.
  • May allow homebuyer to use a gift or grant for all or a portion of the down payment or closing costs.

VA Loans

Veterans Affairs (VA) loans provide loans for qualified veterans, reservists, active duty personnel or eligible family members. The VA loans come in a wide range of rate, term and cost options. The features unique to the VA loans include:

  • Low- and no-down payment options.
  • Potential for minimal out-of-pocket expenses with seller contributions.
  • Monthly mortgage insurance requirement is waived.

USDA Rural Community Loans and Fannie Mae

USDA Rural Community Loans and Fannie Mae programs seek to assist moderate- to low-income buyers the opportunity to own adequate and decent dwellings in eligible areas.

Standard credit qualifications apply.

What type of property can I finance with a specialty mortgage?

We can finance all types of properties. Typically, fixed-rate mortgages apply to primary residences for single families. Specialty mortgages may have unique requirements, such as military service. Or they may have income or geography requirements.

How do I know if a specialty mortgage is right for me?

You may want to visit our Online Mortgage Center to investigate the various options, do loan calculations and find links to detailed information on each program. Our mortgage representatives are well-versed in the programs as well and are happy to help.

Will I need a down payment? How much?

The answer is usually yes. But in some cases, your military service or other unique qualifiers may put you in position to go the zero or low downpayment route. How much you’ll need depends on the type of loan you choose. You can look at various scenarios using our online mortgage calculators.

What is escrow?

Escrow are funds included in your monthly mortgage payment to cover your taxes and homeowner’s insurance. Your bank keeps these funds in an account to make payments on your behalf.

Angie Van Otterloo's Image

Angie Van Otterloo

Mortgage Loan Officer | NMLS#402073

Location: Sioux City Mortgage Lending Office

Work Phone: (712) 226-5363

Cell Phone: (712) 251-7631

Charlie Larson's Image

Charlie Larson

Vice President, Mortgage Loan Officer | NMLS#493731

Location: Storm Lake Main Office

Work Phone: (712) 732-2190

Chris Jenness's Image

Chris Jenness

Vice President, Mortgage Loan Officer | NMLS#493730

Location: Cherokee Main Office

Work Phone: (712) 225-2546

Christopher Krueger's Image

Christopher Krueger

Vice President, Managing Mortgage Loan Officer | NMLS#728693

Location: Sioux City Main Office

Work Phone: (712) 293-2265

Cindy Mart's Image

Cindy Mart

Vice President, Mortgage Loan Officer | NMLS#493726

Location: Spirit Lake Main Office

Work Phone: (712) 336-4100

Dianna Koontz's Image

Dianna Koontz

Vice President, Mortgage Loan Officer | NMLS#493728

Location: Sioux City Main Office

Work Phone: (712) 293-2265

Jared Noteboom's Image

Jared Noteboom

Mortgage Loan Officer | NMLS#1207705

Location: Sioux City Hamilton Office

Work Phone: (712) 293-2265

JoAnn Linn's Image

JoAnn Linn

Assistant Vice President, Mortgage Loan Officer | NMLS #1254154

Location: Sioux Falls Minnesota Branch

Work Phone: (605) 782-1745

Karen Benecke-Renken's Image

Karen Benecke-Renken

Assistant Vice President, Mortgage Loan Officer | NMLS#400191

Location: Urbandale 100th St. Branch

Work Phone: (515) 254-9000

Laurie Beardsley's Image

Laurie Beardsley

Assistant Vice President, Mortgage Loan Officer | NMLS#441062

Location: Dakota Dunes Main Office

Work Phone: (605) 540-4333

Matthew Klein's Image

Matthew Klein

Vice President, Managing Mortgage Loan Officer | NMLS#446592

Location: Waukee Main Office

Work Phone: (515) 987-2299

Michael Gustafson's Image

Michael Gustafson

Mortgage Loan Officer | NMLS#248816

Location: Sioux Falls Minnesota Branch

Work Phone: (605) 782-0811

Peter Jenkins's Image

Peter Jenkins

Mortgage Loan Officer | NMLS #1136071

Location: Sioux Falls Minnesota Branch

Work Phone: (605) 782-1763

Shawn Brandt's Image

Shawn Brandt

Vice President, Mortgage Loan Officer | NMLS #472884

Location: Urbandale 86th St. Branch

Work Phone: (515) 309-5126

Sheila Zollman's Image

Sheila Zollman

Mortgage Loan Officer | NMLS#1284740

Location: Okoboji Mortgage Lending Office

Work Phone: (712) 337-9001

Todd Utter's Image

Todd Utter

Assistant Vice President, Mortgage Loan Officer | NMLS#501454

Location: West Des Moines Mills Civic Branch

Work Phone: (515) 222-1144

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