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The Lending Process

The first step in the lending process is completing the pre-application packet. The packet will contain program descriptions and application instructions, a pre-application form, lender and AT vendor information, and other pertinent materials. To receive a pre-application packet:

c) Submit an application online

Pre-application assistance
Call the Iowa Able Foundation at 641-856-2173 or Toll Free at 1-888-222-8943 if you have questions or need assistance completing the application. Iowa Able will offer assistance in completing the application forms. For information regarding equipment and vendor selection, individuals will be referred to Iowa Compass Toll Free at 1.800.779.2001.

Application fees
There are no application fees for either loan program. Loan closing costs may be assessed to the borrower, but these costs may be financed into the loan.

Additional application requirements
For requests larger than $10,000 that are deemed appropriate for bank review, the pre-application is forwarded to the participating lender in the appropriate geographical region. The lender may require further application information from the applicant including:

Verification of the equipment user's disability
Proof of the applicant's income
Price quotes for all items to be purchased

For vehicles, the applicant must also provide:

A quote for full coverage insurance
A valid drivers license

Home modifications require:

Submission of a bid from a licensed, bonded contractor who has demonstrated experience providing the type of modification requested

Direct Loans through the Iowa Able Foundation
For loan requests of $10,000 or less, the Iowa Able Foundation may directly loan funds to eligible participants with an interest rate of 2 percent.

Loans through Iowa Lenders
Loans over $10,000 will be referred to an Iowa Able Lending Partner providing the applicant meets the lender’s underwriting guidelines and eligibility requirements.

Get started, apply online >>