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Mortgage FAQ
Mortgage & Homebuying FAQ
Straight answers to the questions I hear most from Iowa homebuyers and real estate agents.
Frequently asked questions
Who is Louie Wickett?
Louie Wickett is a Branch Manager and mortgage loan officer (NMLS #1212160) at Key Mortgage Group, a trade name of Atlantic Coast Mortgage, LLC, in Urbandale, Iowa. He has originated home loans since 2014, runs a 100% referral-based business and has earned 380+ five-star Google reviews.
What states is Louie Wickett licensed in?
Iowa, Illinois, Missouri, Kansas, Colorado, Wisconsin and Florida.
How much do I need for a down payment?
It depends on the loan. VA and USDA loans can require 0% down for eligible buyers, some conventional loans require 3%, and FHA requires 3.5%. Iowa grant programs can help cover the down payment and closing costs.
What credit score do I need to buy a house?
Minimums vary by program. Many conventional loans start around 620, FHA can allow lower scores, and Iowa Finance Authority programs require 640. Higher scores generally get better pricing.
How long does it take to get pre-approved?
Often the same day once Louie receives your documents: recent pay stubs, two years of W-2s, two months of bank statements and ID. Self-employed buyers also need tax returns.
Does the first conversation affect my credit?
No. The first conversation with Louie involves no hard credit pull and no commitment.
What down payment assistance is available in Iowa?
Iowa Finance Authority programs including FirstHome and Homes for Iowans with optional grant assistance, the $5,000 Military Homeownership grant, the Mortgage Credit Certificate, and Key Mortgage Group's internal first-time homebuyer grant. Grants generally can't be combined.
How long does it take to close on a house?
Many purchases close in about 30 to 45 days after the offer is accepted, depending on the contract, appraisal and loan type.
What are closing costs in Iowa?
Closing costs include lender fees, appraisal, title and recording fees, plus prepaid items like insurance, interest and escrow deposits. Iowa uses Iowa Title Guaranty instead of private title insurance. Your Loan Estimate lists every cost.
Do you work with buyers in small towns?
Yes. Louie lends in small towns and rural areas across every state where he's licensed. USDA loans offer zero down in most eligible small towns, and the whole process can be done remotely with a local closing.
Do you work with real estate agents?
Yes. Most of Louie's business comes from agent and client referrals. Agents get verified pre-approvals, fast answers on concessions and buydowns, and proactive updates at every milestone.
What does 'lender for life' mean?
Louie stays in touch after closing, watches for refinance opportunities, and helps with your next purchase, your first investment property and every financial milestone in between.
Where is Louie Wickett's office?
2370 NW 128th St, Urbandale, IA 50323. Phone 515-238-9949.
Have questions about your situation?
One conversation, no pressure, no hard credit pull to start.
