Ames FHA Loan Rates, Closing Costs & Stats

AMES, IA

FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

For additional requirements as defined by the FHA, click here.

Ames's 51 lenders originated 177 FHA loans during 2023. The total origination value was $34,385,000, with an average FHA loan value of $194,266.

Ames FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Ames averaged 0.1% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

Ames's average FHA mortgage closing costs are $6,231.

The average rate for the prior week (2024-11-22) was 6.49% and one month ago for the week of 2024-10-25, the average rate was 6.17%.

The average rate one year ago was 6.76%.

For refis of the same type during the week of 2024-11-29, the average rate was 0%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Ames FHA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Ames level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
GUILD MORTGAGE COMPANY 31 6.94% $7,882
LAND HOME FINANCIAL SERVICES, INC. 11 6.43% $7,827
QUICKEN LOANS, LLC 10 6.63% $9,730
AMERICAN PACIFIC MORTGAGE CORPORATION 7 6.98% $9,935
PENNYMAC LOAN SERVICES, LLC 6 6.06% $9,196
CARDINAL FINANCIAL 5 6.55% $9,965
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 7.33% $8,468
GREENSTATE CREDIT UNION 5 6.02% $6,279
NEWREZ LLC 4 6.13% $7,439
BROKER SOLUTIONS, INC. 4 6.50% $7,391
Flagstar Bank, FSB 4 6.61% $6,118
HOMESIDE FINANCIAL, LLC 4 7.00% $6,404
Barrington Bank & Trust Company, N.A. 4 7.03% $8,293
UNITED WHOLESALE MORTGAGE, LLC 4 6.24% $8,162
LOANDEPOT.COM, LLC 3 6.41% $7,337
ENVOY MORTGAGE, LTD 3 7.29% $9,765
FRONTIER FINANCIAL, INC. 3 6.63% $5,572
The Central Trust Bank 3 6.33% $7,900
Carrington Mortgage Services, LLC 3 6.13% $8,541
HOMESERVICES LENDING, LLC 3 6.71% $7,698
Paramount Residential Mortgage Group, Inc. 2 7.19% $5,808
GUARANTEED RATE, INC. 2 6.19% $11,625
ENDEAVOR CAPITAL, LLC. 2 6.94% $9,030
Lincoln Savings Bank 2 6.38% $5,866
Mortgage Research Center, LLC 2 7.62% $3,870
IOWA BANKERS MORTGAGE CORPORATION 2 7.63% $6,542
MID AMERICA MORTGAGE, INC. 2 6.94% $5,243
POLARIS HOME FUNDING CORP. 2 6.88% $9,223
Wells Fargo Bank 1 6.38% $7,603
American Mortgage & Equity Consultants, Inc. 1 6.38% $8,792
AMERISAVE MORTGAGE CORPORATION 1 6.25% $9,803
CALCON MUTUAL MORTGAGE LLC 1 6.63% $19,537
CMG MORTGAGE, INC. 1 7.13% $6,815
First Interstate Bank 1 5.50% $8,355
Fortress Bank 1 6.63% $6,601
FREEDOM MORTGAGE CORPORATION 1 7.25% $20,775
GERSHMAN INVESTMENT CORP. 1 7.38% $5,157
GREATER IOWA CREDIT UNION 1 7.13% $2,565
MOVEMENT MORTGAGE, LLC 1 5.75% $15,091
NEW DAY FINANCIAL, LLC 1 7.25% $3,220
Northwest Bank 1 5.75% $10,897
Plains Commerce Bank 1 7.13% $12,657
PLAZA HOME MORTGAGE, INC. 1 5.25% $8,962
RUHL MORTGAGE, LLC 1 5.75% $6,282
Servion, Inc. 1 7.00% $4,672
SUN WEST MORTGAGE COMPANY, INC. 1 5.84% $5,020
The Federal Savings Bank 1 6.13% $15,161
TOP FLITE FINANCIAL, INC. 1 6.75% $14,613
Truist 1 6.20% $5,442
U.S. Bank 1 7.00% $5,288
AMERICAN FINANCIAL NETWORK, INC. 1 6.75% $16,681

The top Ames FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 31 FHA loans originated. Their average total fees are $7,882, which is $55 higher than the next largest lender, LAND HOME FINANCIAL SERVICES, INC..

The lowest fee Ames FHA lenders (with over 10 loans originated) are LAND HOME FINANCIAL SERVICES, INC. ($7,827), GUILD MORTGAGE COMPANY ($7,882), QUICKEN LOANS, LLC ($9,730), .

The lowest rate Ames FHA lenders (with over 10 loans originated) are LAND HOME FINANCIAL SERVICES, INC. (6.43%), QUICKEN LOANS, LLC (6.63%), GUILD MORTGAGE COMPANY (6.94%), .

Ames FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
AMES, IA BOONE 2022 $420,680 $538,650 $651,050 $809,150
AMES, IA STORY 2022 $420,680 $538,650 $651,050 $809,150
AMES, IA BOONE 2023 $472,030 $604,400 $730,525 $907,900
AMES, IA STORY 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Ames (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $224,350 (12.2%) $254,620 (6.0%) 0.00 296
2018-02-01 $243,120 (13.6%) $262,187 (7.8%) 0.00 295
2018-03-01 $254,225 (7.1%) $274,272 (4.9%) 0.00 303
2018-04-01 $263,450 (7.5%) $281,018 (2.1%) 0.00 310
2018-05-01 $259,690 (0.1%) $274,137 (-1.1%) 0.00 334
2018-06-01 $249,900 (-2.1%) $269,824 (-5.0%) 0.00 368
2018-07-01 $237,250 (-0.1%) $258,323 (-4.5%) 0.00 383
2018-08-01 $237,000 (1.5%) $256,987 (-4.2%) 0.00 410
2018-09-01 $229,000 (1.8%) $247,258 (-3.8%) 0.00 450
2018-10-01 $219,950 (0.0%) $240,885 (-4.1%) 0.00 453
2018-11-01 $219,563 (4.1%) $239,389 (-3.2%) 0.00 426
2018-12-01 $219,900 (4.2%) $240,269 (-2.3%) 0.00 403
2019-01-01 $215,000 (-4.2%) $237,497 (-6.7%) 0.00 374
2019-02-01 $220,700 (-9.2%) $242,098 (-7.7%) 0.00 360
2019-03-01 $235,436 (-7.4%) $254,134 (-7.3%) 0.00 373
2019-04-01 $249,525 (-5.3%) $262,754 (-6.5%) 0.00 401
2019-05-01 $241,975 (-6.8%) $264,405 (-3.6%) 0.00 422
2019-06-01 $242,350 (-3.0%) $269,343 (-0.2%) 0.00 470
2019-07-01 $241,000 (1.6%) $262,269 (1.5%) 0.00 478
2019-08-01 $235,882 (-0.5%) $259,184 (0.9%) 0.00 474
2019-09-01 $229,705 (0.3%) $252,840 (2.3%) 0.00 472
2019-10-01 $221,450 (0.7%) $247,882 (2.9%) 0.00 468
2019-11-01 $220,950 (0.6%) $245,620 (2.6%) 0.00 411
2019-12-01 $225,000 (2.3%) $247,047 (2.8%) 0.00 368
2020-01-01 $224,825 (4.6%) $250,498 (5.5%) 0.00 338
2020-02-01 $224,450 (1.7%) $249,608 (3.1%) 0.00 340
2020-03-01 $239,900 (1.9%) $260,472 (2.5%) 0.00 360
2020-04-01 $240,000 (-3.8%) $260,844 (-0.7%) 0.00 350
2020-05-01 $245,000 (1.3%) $275,451 (4.2%) 0.00 325
2020-06-01 $250,950 (3.6%) $279,656 (3.8%) 0.00 328
2020-07-01 $250,425 (3.9%) $280,416 (6.9%) 0.00 299
2020-08-01 $251,150 (6.5%) $285,738 (10.3%) 0.00 282
2020-09-01 $258,475 (12.5%) $286,570 (13.3%) 0.00 278
2020-10-01 $266,000 (20.1%) $289,491 (16.8%) 0.00 280
2020-11-01 $271,950 (23.1%) $280,507 (14.2%) 0.00 242
2020-12-01 $271,375 (20.6%) $281,312 (13.9%) 0.00 203
2021-01-01 $288,000 (28.1%) $298,762 (19.3%) 0.00 166
2021-02-01 $289,950 (29.2%) $299,035 (19.8%) 0.00 148
2021-03-01 $283,975 (18.4%) $315,687 (21.2%) 0.00 157
2021-04-01 $270,000 (12.5%) $315,357 (20.9%) 0.00 166
2021-05-01 $271,500 (10.8%) $314,427 (14.2%) 0.00 163
2021-06-01 $266,500 (6.2%) $308,772 (10.4%) 0.00 160
2021-07-01 $260,000 (3.8%) $291,146 (3.8%) 0.00 167
2021-08-01 $249,000 (-0.9%) $282,935 (-1.0%) 0.00 186
2021-09-01 $247,500 (-4.3%) $286,812 (0.1%) 0.00 214
2021-10-01 $224,950 (-15.4%) $271,840 (-6.1%) 0.00 220
2021-11-01 $228,750 (-15.9%) $278,022 (-0.9%) 0.00 200
2021-12-01 $244,225 (-10.0%) $274,920 (-2.3%) 0.00 177
2022-01-01 $252,000 (-12.5%) $278,471 (-6.8%) 0.00 145
2022-02-01 $299,725 (3.4%) $311,684 (4.2%) 0.00 123
2022-03-01 $296,238 (4.3%) $312,031 (-1.2%) 0.00 125
2022-04-01 $289,000 (7.0%) $317,692 (0.7%) 0.00 127
2022-05-01 $297,500 (9.6%) $332,079 (5.6%) 0.00 168
2022-06-01 $292,375 (9.7%) $340,066 (10.1%) 0.00 174
2022-07-01 $299,900 (15.4%) $334,449 (14.9%) 0.00 186
2022-08-01 $293,000 (17.7%) $323,186 (14.2%) 0.00 164
2022-09-01 $283,333 (14.5%) $314,563 (9.7%) 0.00 177
2022-10-01 $279,000 (24.0%) $356,102 (31.0%) 0.00 188
2022-11-01 $296,725 (29.7%) $363,534 (30.8%) 0.00 167
2022-12-01 $300,000 (22.8%) $364,329 (32.5%) 0.00 164
2023-01-01 $309,375 (22.8%) $375,521 (34.9%) 0.00 157
2023-02-01 $327,975 (9.4%) $404,734 (29.9%) 0.00 144
2023-03-01 $311,225 (5.1%) $388,200 (24.4%) 0.00 158
2023-04-01 $330,950 (14.5%) $401,199 (26.3%) 0.00 152
2023-05-01 $332,175 (11.7%) $386,736 (16.5%) 0.00 183
2023-06-01 $318,500 (8.9%) $354,694 (4.3%) 0.00 219
2023-07-01 $316,200 (5.4%) $354,796 (6.1%) 0.00 231
2023-08-01 $317,750 (8.5%) $361,405 (11.8%) 0.00 224
2023-09-01 $317,500 (12.1%) $364,689 (15.9%) 0.00 235
2023-10-01 $308,450 (10.6%) $356,640 (0.2%) 0.00 247
2023-11-01 $315,125 (6.2%) $368,281 (1.3%) 0.00 231
2023-12-01 $302,450 (0.8%) $354,991 (-2.6%) 0.00 208
2024-01-01 $318,250 (2.9%) $355,331 (-5.4%) 0.00 188
2024-02-01 $324,900 (-0.9%) $367,440 (-9.2%) 0.00 187
2024-03-01 $335,900 (7.9%) $376,107 (-3.1%) 0.00 189
2024-04-01 $336,225 (1.6%) $373,788 (-6.8%) 0.00 189
2024-05-01 $347,200 (4.5%) $388,309 (0.4%) 0.00 187
2024-06-01 $332,950 (4.5%) $391,327 (10.3%) 0.00 219
2024-07-01 $330,550 (4.5%) $380,799 (7.3%) 0.00 226
2024-08-01 $314,900 (-0.9%) $388,125 (7.4%) 0.00 234
2024-09-01 $317,450 (0.0%) $387,214 (6.2%) 0.00 237
2024-10-01 $304,975 (-1.1%) $379,437 (6.4%) 0.00 250
Ames's median listing price for 2024-10-01 was $304,975, a difference of $-3,475 (-1.1%) versus the prior year and $-12,475 versus the prior month.

Ames's median listing price comes in at 0% of the national average.

Ames's average listing price for 2024-10-01 was $379,437, a difference of $22,797 (6.4%) versus the prior year and $-7,777 versus the prior month.

For the 2024-10-01 period, Ames had 250 MLS listings, a difference of 13 listings (5%) versus the prior month and 3 listings (1%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Ames (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,564 sqft
2018-02-01 0 days 1,541 sqft
2018-03-01 0 days 1,555 sqft
2018-04-01 0 days 1,609 sqft
2018-05-01 0 days 1,580 sqft
2018-06-01 0 days 1,557 sqft
2018-07-01 0 days 1,529 sqft
2018-08-01 0 days 1,533 sqft
2018-09-01 0 days 1,522 sqft
2018-10-01 0 days 1,515 sqft
2018-11-01 0 days 1,499 sqft
2018-12-01 0 days 1,501 sqft
2019-01-01 0 days 1,487 sqft
2019-02-01 0 days 1,509 sqft
2019-03-01 0 days 1,530 sqft
2019-04-01 0 days 1,541 sqft
2019-05-01 0 days 1,582 sqft
2019-06-01 0 days 1,552 sqft
2019-07-01 0 days 1,539 sqft
2019-08-01 0 days 1,525 sqft
2019-09-01 0 days 1,511 sqft
2019-10-01 0 days 1,501 sqft
2019-11-01 0 days 1,503 sqft
2019-12-01 0 days 1,501 sqft
2020-01-01 0 days 1,474 sqft
2020-02-01 0 days 1,472 sqft
2020-03-01 0 days 1,520 sqft
2020-04-01 0 days 1,535 sqft
2020-05-01 0 days 1,560 sqft
2020-06-01 0 days 1,562 sqft
2020-07-01 0 days 1,577 sqft
2020-08-01 0 days 1,565 sqft
2020-09-01 0 days 1,544 sqft
2020-10-01 0 days 1,552 sqft
2020-11-01 0 days 1,509 sqft
2020-12-01 0 days 1,499 sqft
2021-01-01 0 days 1,502 sqft
2021-02-01 0 days 1,499 sqft
2021-03-01 0 days 1,516 sqft
2021-04-01 0 days 1,502 sqft
2021-05-01 0 days 1,486 sqft
2021-06-01 0 days 1,471 sqft
2021-07-01 0 days 1,471 sqft
2021-08-01 0 days 1,464 sqft
2021-09-01 0 days 1,457 sqft
2021-10-01 0 days 1,439 sqft
2021-11-01 0 days 1,457 sqft
2021-12-01 0 days 1,453 sqft
2022-01-01 0 days 1,471 sqft
2022-02-01 0 days 1,475 sqft
2022-03-01 0 days 1,498 sqft
2022-04-01 0 days 1,481 sqft
2022-05-01 0 days 1,487 sqft
2022-06-01 0 days 1,482 sqft
2022-07-01 0 days 1,481 sqft
2022-08-01 0 days 1,459 sqft
2022-09-01 0 days 1,457 sqft
2022-10-01 0 days 1,475 sqft
2022-11-01 0 days 1,472 sqft
2022-12-01 0 days 1,481 sqft
2023-01-01 0 days 1,468 sqft
2023-02-01 0 days 1,492 sqft
2023-03-01 0 days 1,484 sqft
2023-04-01 0 days 1,495 sqft
2023-05-01 0 days 1,500 sqft
2023-06-01 0 days 1,502 sqft
2023-07-01 0 days 1,507 sqft
2023-08-01 0 days 1,521 sqft
2023-09-01 0 days 1,533 sqft
2023-10-01 0 days 1,519 sqft
2023-11-01 0 days 1,555 sqft
2023-12-01 0 days 1,550 sqft
2024-01-01 0 days 1,545 sqft
2024-02-01 0 days 1,573 sqft
2024-03-01 0 days 1,600 sqft
2024-04-01 0 days 1,556 sqft
2024-05-01 0 days 1,605 sqft
2024-06-01 0 days 1,596 sqft
2024-07-01 0 days 1,592 sqft
2024-08-01 0 days 1,567 sqft
2024-09-01 0 days 1,582 sqft
2024-10-01 0 days 1,510 sqft
Ames's median listing age (time on market) for 2024-10-01 was 0 days.

Ames's median square footage for active listings during the 2024-10-01 period was 1,510 sqft. One year prior, the average listing was 1,519 sqft.

FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).