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Routing Number: 273976369

Our unique, nine-digit number that functions as an address for your bank.

For many people, homeownership is still the ultimate symbol of the American dream. A home provides one of our most basic needs: shelter.


But there are other financial benefits as well. In honor of National Homeownership Month, we’re going to show you these benefits, and provide tips so you can own your home.  


Benefits of homeownership


When you own your home, that’s an asset you can pass down to your children or other family members. This helps build generational wealth and decrease wealth inequality in America.


As a homeowner, you have potential tax benefits, a more stable housing payment and control over your living environment. Plus, as you build equity, you may be eligible to use a home equity loan to pay for other things like home improvements, education and more.


Learn more: How to make your home’s equity work for you


How to prepare for homeownership


Understanding what you need to buy a home will help you prepare.  


Learn your credit score


Knowing your credit score will help you when applying for a mortgage. Most financial institutions look for a score of 620 or higher. A lower credit score can prevent you from qualifying for a mortgage or cause you to pay a higher interest rate.


Manage your debt


Debt-to-Income ratio, also known as DTI, is a calculation of your monthly debt payments divided by your monthly income. Lenders use this to determine how much you can afford when qualifying you for a loan. Large debt, such as student loans, has become a major barrier for some individuals.


Down payment


A down payment is the amount of money you pay up front for your home and usually includes closing costs with your lender. It’s not always required, but if you pay more up front, you’ll borrow less, reduce your interest rate, and have a lower monthly payment. There are many low and no down payment assistance programs available to low-to-median income borrowers and potential first-time homebuyers.


Learn more about homeownership


Take time this month to talk to us about your options, enroll in a homebuyer education class, or find resources available in your area by visiting the Iowa Finance Authority website. If you’re already a homeowner, keep up with recommended maintenance to maintain your home’s value and continue to build equity.


If you'd like to discuss your path to homeownership, we're here for you. Fill out the form below and we’ll contact you to schedule a free one-on-one meeting with our Community Inclusion team.


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