Irwin Mortgage is working to help any one who wants to own their own home but is hindered by low income, credit problems, down payment requirements, or complicated credit histories. They feel that by adhering to their philosophy of being informed, involved, and invaluable, they will be able to help others achieve the dream of home ownership. By offering expanded underwriting guidelines, home buying seminars, and helping to overcome language barriers, they are facilitating the purchase of housing by their target customer: minorities, recent immigrants, and other underserved members of society.
Irwin Mortgage is a subsidiary of Irwin Financial Services, which had its start in 1863 in a safe in Joseph I. Irwin’s General Store in Columbus Indiana. In 1871, Irwin formally established his bank, personally guaranteeing the deposits. The bank grew and prospered, lasting through two world wars and the depression. The bank’s name became Irwin Union Bank and in 1972, the bank holding company Irwin Union Corporation was formed. In 1981, the Inland Mortgage Corporation was acquired by Irwin Union Corporation. This marked the bank’s first foray outside the community banking business. By 1986, the mortgage division had expanded into 6 states, and by 1994 it was available in 19 states. By acquiring All Pacific Mortgage in 1995, Inland Mortgage expanded to 24 states. On January 1, 1998, the mortgage divisions of Irwin Financial changed their names to Irwin Mortgage. Today Irwin Mortgage operates in all 50 US states. Irwin Financial Corporation holds $5225 million in assets and posted a pretax earning of $118 million for 2005.
Irwin Mortgage Loan Options
Irwin Mortgage offers a variety of funding alternatives. They offer fixed rate mortgages (in which the interest rate stays the same for the life of the loan) with differing terms. Adjustable rate mortgages (ARMs) are also offered. An ARM with a longer fixed initial rate is called hybrid/fixed/ARM by Irwin. In this type of loan, the interest rate stays fixed for a certain term and then returns to the market rate. These are offered with varying fixed interest terms. Interest-first fixed/ARM hybrid loans are available from Irwin. With the interest-only loan, interest is fixed for the initial term and the monthly payment is interest only. After the initial term, the interest rate adjusts each year for the remaining life of the loan, and payments are made on the principal as well. Irwin also offers balloon mortgages, fixed rate mortgages which are paid in full with a single balloon payment. The loan amount is amortized on a 30 year payment schedule, but the loan is for a shorter term with a single (balloon) payment due when the term is up. A low (or no) down payment option is available for customers whose credit is good but who have difficulty coming up with a down payment. Typically, with a low or no down payment mortgage, you are required to borrow a larger principal amount and have private mortgage insurance, and you may have a higher interest rate. In conjunction with different states and regions, Irwin Mortgage has the My Community Mortgage. These regional programs aid the low income buyer, those who with to buy in specific rural areas, and those working in the public sector. A similar program is available for those working in the public safety sector. Irwin also funds FHA and VA mortgages, jumbo loans, and has low and no documentation programs. Irwin Mortgage also offers refinancing and home equity loans.
At Irwin Mortgage the borrower may apply in person through one of their branch offices, by phone or online.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.