Cedar Rapids FHA Loan Rates, Closing Costs & Stats

CEDAR RAPIDS, IA

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    • 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.

    Cedar Rapids's 61 lenders originated 518 FHA loans during 2024. The total origination value was $104,940,000, with an average FHA loan value of $202,587.

    Cedar Rapids FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Cedar Rapids averaged 0.04% for the week of 2025-07-04, compared to the national average (all FHA variants) of 0% for the same period.

    Cedar Rapids's average FHA mortgage closing costs are $6,381.

    The average rate for the prior week (2025-06-27) was 6.43% and one month ago for the week of 2025-05-30, the average rate was 6.6%.

    The average rate one year ago was 6.73%.

    For refis of the same type during the week of 2025-07-04, the average rate was -0.43%.

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

    Cedar Rapids 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 Cedar Rapids level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 81 6.58% $8,797
    GREENSTATE CREDIT UNION 71 6.09% $5,872
    QUICKEN LOANS, LLC 40 6.27% $9,359
    BROKER SOLUTIONS, INC. 31 7.08% $9,240
    RESIDENTIAL MORTGAGE NETWORK, INC. 28 6.52% $6,046
    DHI MORTGAGE COMPANY, LTD. 24 5.32% $8,235
    FLAT BRANCH MORTGAGE, INC. 16 6.60% $8,477
    IOWA BANKERS MORTGAGE CORPORATION 15 6.66% $6,572
    MLD MORTGAGE INC. 14 6.89% $8,597
    TOWNE MORTGAGE COMPANY 11 6.67% $8,724
    PRIMARY RESIDENTIAL MORTGAGE, INC. 10 7.28% $9,304
    GUILD MORTGAGE COMPANY 10 6.79% $7,562
    FREEDOM MORTGAGE CORPORATION 10 6.31% $10,299
    PENNYMAC LOAN SERVICES, LLC 9 6.35% $7,280
    LOANDEPOT.COM, LLC 8 6.00% $11,720
    HOMESERVICES LENDING, LLC 7 6.45% $7,681
    OPEN MORTGAGE, LLC 6 6.88% $9,230
    Servion, Inc. 5 6.70% $5,974
    Mr. Cooper ( Nationstar Mortgage ) 5 6.40% $12,601
    CARDINAL FINANCIAL 5 7.15% $11,202
    Waterstone Mortgage Corporation 5 6.35% $7,937
    U.S. Bank 4 6.34% $5,630
    NEWREZ LLC 4 6.53% $8,766
    ENDEAVOR CAPITAL, LLC. 4 6.62% $9,521
    CMG MORTGAGE, INC. 4 7.22% $6,574
    Mortgage Research Center, LLC 4 6.75% $5,802
    Barrington Bank & Trust Company, N.A. 3 6.75% $7,709
    Carrington Mortgage Services, LLC 3 6.13% $9,565
    Plains Commerce Bank 3 6.88% $5,181
    VILLAGE CAPITAL MORTGAGE 3 6.96% $3,245
    HOMESIDE FINANCIAL, LLC 2 6.00% $11,410
    MOVEMENT MORTGAGE, LLC 2 6.13% $6,189
    PLAZA HOME MORTGAGE, INC. 2 6.69% $6,257
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.06% $23,521
    Fortress Bank 2 6.69% $8,175
    Hometown Equity Mortgage, LLC 2 6.19% $8,669
    Lincoln Savings Bank 2 6.00% $8,495
    RUHL MORTGAGE, LLC 2 6.68% $6,567
    Wells Fargo Bank 1 7.13% $4,070
    American Mortgage & Equity Consultants, Inc. 1 6.50% $5,527
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.25% $11,107
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 6.75% $9,417
    AMERISAVE MORTGAGE CORPORATION 1 5.63% $8,364
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.13% $4,789
    BETTER MORTGAGE CORPORATION 1 7.63% $6,364
    BMO Harris Bank 1 7.50% $5,918
    CROSSCOUNTRY MORTGAGE, LLC 1 7.19% $9,506
    Equity Prime Mortgage LLC 1 6.50% $14,512
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.50% $5,736
    FRONTIER FINANCIAL, INC. 1 8.00% $3,312
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.50% $6,008
    Ixonia Bank 1 6.63% $9,305
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.75% $7,363
    NBKC BANK 1 6.13% $8,567
    PHH Mortgage Corporation 1 7.63% $9,729
    PLANET HOME LENDING, LLC 1 6.38% $4,616
    PREMIA MORTGAGE, LLC 1 6.50% $5,000
    Regent Financial Group, Inc. 1 6.63% $9,741
    ROYAL UNITED MORTGAGE LLC 1 5.75% $7,332
    STOCKTON MORTGAGE CORPORATION 1 7.13% $6,181
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.63% $9,402

    The top Cedar Rapids FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 81 FHA loans originated. Their average total fees are $8,797, which is $2,924 higher than the next largest lender, GREENSTATE CREDIT UNION.

    The lowest fee Cedar Rapids FHA lenders (with over 10 loans originated) are GREENSTATE CREDIT UNION ($5,872), RESIDENTIAL MORTGAGE NETWORK, INC. ($6,046), IOWA BANKERS MORTGAGE CORPORATION ($6,572), GUILD MORTGAGE COMPANY ($7,562) and DHI MORTGAGE COMPANY, LTD. ($8,235).

    The lowest rate Cedar Rapids FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.32%), GREENSTATE CREDIT UNION (6.09%), QUICKEN LOANS, LLC (6.27%), FREEDOM MORTGAGE CORPORATION (6.31%) and RESIDENTIAL MORTGAGE NETWORK, INC. (6.52%).

    Cedar Rapids FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    CEDAR RAPIDS, IA BENTON 2022 $420,680 $538,650 $651,050 $809,150
    CEDAR RAPIDS, IA JONES 2022 $420,680 $538,650 $651,050 $809,150
    CEDAR RAPIDS, IA LINN 2022 $420,680 $538,650 $651,050 $809,150
    CEDAR RAPIDS, IA BENTON 2023 $472,030 $604,400 $730,525 $907,900
    CEDAR RAPIDS, IA JONES 2023 $472,030 $604,400 $730,525 $907,900
    CEDAR RAPIDS, IA LINN 2023 $472,030 $604,400 $730,525 $907,900

    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).