Understanding the Ottumwa, IA Housing Landscape
Strongly considering a home purchase in Ottumwa? Congratulations! You picked an energetic city with a great balance of educational opportunities, businesses, and parks, and we're here to help the home purchase process go a little smoother. We service 3.8 million customers nationwide and know the Ottumwa housing market well.
Ottumwa is growing by the day, which means Ottumwa homes don't always come cheap. Ongoing economic growth and cultural expansion have helped to attract entrepreneurs, retirees, and new graduates to the Ottumwa area, but so much change also means a strain on housing options, school capacities, and city roads. Despite this, Ottumwa and its neighboring areas still offer an array of home styles and prices. You can find single-family homes, condos, townhomes, and (hopefully) your perfect home! When buying a house in Ottumwa, double check that you're factoring in the home's distance from your daily activities. If possible, test drive your route to work, school, and the grocery store. The location of your house will impact virtually every part of your life. Traveling around Ottumwa will also give you an idea of why homes in west Ottumwa are priced differently than homes in east Ottumwa, where to find Ottumwa's most popular attractions, and what the neighborhoods are like.
You're ready to buy a house in Ottumwa, but is your bank account? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We believe in keeping the dream of homeownership alive and work to make every stage of the journey more enjoyable and less worrisome. You could choose to buy a home in Iowa or elsewhere. We work with first-time homeowners and experienced homeowners alike. Walk through the following steps to help you determine if you're financially ready to buy a home in Ottumwa.
First, estimate how much house you can afford. This will help you set a price range while house shopping in Ottumwa. Then, map out your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). No need to have an exact amount. While everyone's situation is different, an online search for Ottumwa averages will usually give you some solid estimates. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.
Then, figure out what a realistic down payment would be for you. Putting at least 20% down will increase your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). Even so, the required down payment will depend on the type of loan you get. Here's where it can help to get prequalified for a mortgage. Getting prequalified helps you know how much you might be eligible to borrow from a lender. Also, consider your credit profile. Credit history is an important part of your mortgage application. You may be presented with more mortgage options if you have healthy credit— and more options are always good!
Move Up and Out: Buying Your Dream House in Ottumwa, IA
While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Ottumwa. Contact Mr. Cooper as you look to buy a home in Ottumwa. We're here for you from start to finish and Mr. Cooper® Real Estate Rewards can even put you in touch with a vetted real estate agent who can potentially help you save thousands of dollars.*
- * Buyer’s Bonus Credit (Xome Purchase Pro) Disclosure: Buyers may be eligible to receive a Buyer’s Bonus Credit/Xome Purchase Pro (“Credit”) equal to 15% of the buyer’s agent’s fee. The amount of the credit is based on commissions and determined by each agent. Credit will be documented in an agreement between agent and customer at the time of engagement. Credit must be disclosed to lender, seller, broker, appraiser, and other parties with an interest. Credit subject to written lender approval. Credit will be reflected in Purchase Agreement, Closing Disclosure, and other documents. Consult a tax professional regarding tax implications of Credit. Consult local broker for any state law requirements. Conditions: (a) Customer must complete purchase transaction using a Mr. Cooper Real Estate Rewards Agent; (b) Credit is subject to sales commission; (c) Credit is not available for properties marketed/listed through any auction process, including, www.xome.com; (d) Credit offer may be modified at any time via the Terms of Use but modifications will not apply to any transactions under contract; (e) Credit will be provided at the time of closing.
- Buyer’s Bonus Credit is not available in AK, IA, KS, LA, MS, MO, OK, OR & TN.
- ** Listing Commission Disclosure: Mr. Cooper Real Estate Rewards agents have agreed to 1.99% seller’s agent commission and recommend 2% buyer’s agent commission for a total listing commission of 3.99%. Buyer’s agent commission can be changed at seller’s discretion.
- Mr. Cooper Real Estate Rewards is offered by Xome. Inc., an affiliate of Mr. Cooper. Referrals to Xome may provide a financial benefit to Mr. Cooper. You are not required to use a real estate agent on the Xome panel as a condition of receiving a loan from Mr. Cooper, and such use will have no impact on any loan application to Mr. Cooper.
- This is an advertisement and not intended as a solicitation for agent representation if your property is currently listed with an agent. Visit Xome's licensing page https://www.xome.com/auctions/licensing.
- Xome Inc. & Xome CT LLC [Davis E. Owen, Sr.‐Broker] (for CT properties] & Xome PR LLC (for PR properties), 750 Hwy 121 BYP, Suite 100, Lewisville, TX 75067.
- Mr. Cooper Real Estate Rewards is a service mark of Nationstar Mortgage LLC.
- This is not a commitment to lend. All loans are subject to credit and property approval. This offer is nontransferable and may not be combined with any other mortgage offer. Advertised offer is subject to change. If a personal code is present on the advertised offer, you must provide such code to claim the offer. We may gather information about you including, but not limited to, credit bureau information, information for verification of income, information for appraisal and verification of property being used for collateral. We also verify your identity. Income, assets, and debt must meet eligibility requirements as established by Government and/or Lender guidelines.