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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.