Cedar Rapids FHA Loan Rates, Closing Costs & Stats
CEDAR RAPIDS, 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.
Cedar Rapids's 53 lenders originated 431 FHA loans during 2023. The total origination value was $84,465,000, with an average FHA loan value of $195,974.
Cedar Rapids FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Cedar Rapids
averaged
-0.34%
for the week of 2024-11-29, compared to the national average (all FHA variants) of
0% for the same period.
Cedar Rapids's average FHA mortgage closing costs are $6,078.
The average rate for the prior week (2024-11-22) was
6.25% and
one month ago for the week of 2024-10-25, the
average rate was 6.23%.
The average rate one year ago was 6.92%.
For refis of the same type during the week of 2024-11-29, the average rate
was -0.37%.
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.
The top Cedar Rapids FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
46 FHA loans originated. Their average total fees are
$8,194, which is $1,981
higher than the next largest lender,
GREENSTATE CREDIT UNION.
The lowest fee Cedar Rapids FHA lenders (with over 10 loans originated) are
Servion, Inc. ($5,808), GREENSTATE CREDIT UNION ($6,213), RESIDENTIAL MORTGAGE NETWORK, INC. ($6,222), FLAT BRANCH MORTGAGE, INC. ($6,818) and BROKER SOLUTIONS, INC. ($7,583).
The lowest rate Cedar Rapids FHA lenders (with over 10 loans originated) are
DHI MORTGAGE COMPANY, LTD. (5.49%), Servion, Inc. (6.04%), GREENSTATE CREDIT UNION (6.09%), QUICKEN LOANS, LLC (6.18%) and RESIDENTIAL MORTGAGE NETWORK, INC. (6.41%).
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 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Cedar Rapids (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 | $189,913 (7.6%) | $277,174 (11.1%) | 0.70 | 838 |
2018-02-01 | $192,450 (7.5%) | $240,410 (-4.6%) | 0.70 | 730 |
2018-03-01 | $199,525 (9.8%) | $243,423 (-8.3%) | 0.70 | 664 |
2018-04-01 | $204,400 (12.0%) | $244,657 (-8.6%) | 0.69 | 697 |
2018-05-01 | $213,900 (15.8%) | $255,685 (-5.4%) | 0.71 | 700 |
2018-06-01 | $205,000 (9.0%) | $252,089 (-7.6%) | 0.68 | 777 |
2018-07-01 | $196,450 (7.4%) | $243,964 (-9.2%) | 0.66 | 859 |
2018-08-01 | $193,150 (4.5%) | $242,007 (-9.7%) | 0.65 | 937 |
2018-09-01 | $190,000 (4.4%) | $238,235 (-9.7%) | 0.64 | 977 |
2018-10-01 | $190,000 (5.7%) | $234,949 (-10.5%) | 0.64 | 1,015 |
2018-11-01 | $196,350 (6.7%) | $237,340 (-10.5%) | 0.67 | 1,008 |
2018-12-01 | $200,000 (5.9%) | $237,719 (-11.9%) | 0.69 | 895 |
2019-01-01 | $205,000 (7.9%) | $240,232 (-13.3%) | 0.71 | 799 |
2019-02-01 | $215,000 (11.7%) | $243,669 (1.4%) | 0.73 | 755 |
2019-03-01 | $219,286 (9.9%) | $250,371 (2.9%) | 0.72 | 751 |
2019-04-01 | $224,950 (10.1%) | $256,413 (4.8%) | 0.71 | 771 |
2019-05-01 | $224,900 (5.1%) | $264,607 (3.5%) | 0.70 | 843 |
2019-06-01 | $229,950 (12.2%) | $268,265 (6.4%) | 0.72 | 883 |
2019-07-01 | $229,950 (17.1%) | $265,820 (9.0%) | 0.72 | 920 |
2019-08-01 | $225,070 (16.5%) | $258,291 (6.7%) | 0.71 | 977 |
2019-09-01 | $217,676 (14.6%) | $250,590 (5.2%) | 0.70 | 1,005 |
2019-10-01 | $212,685 (11.9%) | $245,380 (4.4%) | 0.69 | 1,018 |
2019-11-01 | $209,900 (6.9%) | $241,664 (1.8%) | 0.69 | 977 |
2019-12-01 | $206,500 (3.3%) | $233,876 (-1.6%) | 0.69 | 883 |
2020-01-01 | $205,000 (0.0%) | $231,327 (-3.7%) | 0.69 | 830 |
2020-02-01 | $214,975 (0.0%) | $234,578 (-3.7%) | 0.70 | 783 |
2020-03-01 | $218,750 (-0.2%) | $239,510 (-4.3%) | 0.69 | 752 |
2020-04-01 | $222,450 (-1.1%) | $241,546 (-5.8%) | 0.70 | 780 |
2020-05-01 | $234,900 (4.5%) | $255,680 (-3.4%) | 0.71 | 731 |
2020-06-01 | $234,900 (2.2%) | $259,427 (-3.3%) | 0.69 | 688 |
2020-07-01 | $234,900 (2.2%) | $258,495 (-2.8%) | 0.68 | 654 |
2020-08-01 | $225,000 (0.0%) | $250,512 (-3.0%) | 0.64 | 611 |
2020-09-01 | $223,725 (2.8%) | $244,849 (-2.3%) | 0.64 | 561 |
2020-10-01 | $219,900 (3.4%) | $255,093 (4.0%) | 0.63 | 546 |
2020-11-01 | $213,750 (1.8%) | $254,043 (5.1%) | 0.63 | 500 |
2020-12-01 | $210,000 (1.7%) | $247,311 (5.7%) | 0.62 | 429 |
2021-01-01 | $210,000 (2.4%) | $251,430 (8.7%) | 0.63 | 360 |
2021-02-01 | $232,925 (8.4%) | $264,789 (12.9%) | 0.68 | 314 |
2021-03-01 | $234,900 (7.4%) | $267,313 (11.6%) | 0.67 | 308 |
2021-04-01 | $227,000 (2.1%) | $263,901 (9.3%) | 0.61 | 314 |
2021-05-01 | $239,900 (2.1%) | $277,518 (8.5%) | 0.64 | 340 |
2021-06-01 | $219,975 (-6.4%) | $269,512 (3.9%) | 0.58 | 364 |
2021-07-01 | $215,000 (-8.5%) | $264,455 (2.3%) | 0.57 | 401 |
2021-08-01 | $211,250 (-6.1%) | $257,407 (2.8%) | 0.56 | 468 |
2021-09-01 | $217,450 (-2.8%) | $257,807 (5.3%) | 0.58 | 490 |
2021-10-01 | $219,900 (0.0%) | $266,713 (4.6%) | 0.59 | 525 |
2021-11-01 | $232,475 (8.8%) | $274,597 (8.1%) | 0.62 | 487 |
2021-12-01 | $236,500 (12.6%) | $281,752 (13.9%) | 0.64 | 434 |
2022-01-01 | $249,725 (18.9%) | $285,580 (13.6%) | 0.68 | 375 |
2022-02-01 | $259,675 (11.5%) | $296,854 (12.1%) | 0.68 | 300 |
2022-03-01 | $290,575 (23.7%) | $318,937 (19.3%) | 0.73 | 278 |
2022-04-01 | $299,000 (31.7%) | $338,957 (28.4%) | 0.71 | 301 |
2022-05-01 | $312,475 (30.3%) | $339,297 (22.3%) | 0.71 | 398 |
2022-06-01 | $299,950 (36.4%) | $321,314 (19.2%) | 0.67 | 458 |
2022-07-01 | $280,000 (30.2%) | $313,307 (18.5%) | 0.63 | 553 |
2022-08-01 | $274,426 (29.9%) | $307,807 (19.6%) | 0.63 | 582 |
2022-09-01 | $292,813 (34.7%) | $313,671 (21.7%) | 0.68 | 596 |
2022-10-01 | $289,950 (31.9%) | $317,507 (19.0%) | 0.68 | 625 |
2022-11-01 | $270,588 (16.4%) | $301,256 (9.7%) | 0.65 | 666 |
2022-12-01 | $279,000 (18.0%) | $309,703 (9.9%) | 0.69 | 617 |
2023-01-01 | $299,900 (20.1%) | $321,083 (12.4%) | 0.74 | 538 |
2023-02-01 | $317,111 (22.1%) | $329,620 (11.0%) | 0.77 | 496 |
2023-03-01 | $334,900 (15.3%) | $340,099 (6.6%) | 0.79 | 484 |
2023-04-01 | $335,000 (12.0%) | $346,898 (2.3%) | 0.78 | 482 |
2023-05-01 | $339,548 (8.7%) | $349,335 (3.0%) | 0.77 | 493 |
2023-06-01 | $339,945 (13.3%) | $354,663 (10.4%) | 0.76 | 519 |
2023-07-01 | $325,000 (16.1%) | $342,036 (9.2%) | 0.74 | 540 |
2023-08-01 | $312,500 (13.9%) | $334,564 (8.7%) | 0.72 | 550 |
2023-09-01 | $286,450 (-2.2%) | $316,615 (0.9%) | 0.67 | 599 |
2023-10-01 | $275,000 (-5.2%) | $307,924 (-3.0%) | 0.65 | 654 |
2023-11-01 | $273,725 (1.2%) | $308,213 (2.3%) | 0.65 | 645 |
2023-12-01 | $275,000 (-1.4%) | $307,283 (-0.8%) | 0.67 | 614 |
2024-01-01 | $277,450 (-7.5%) | $310,526 (-3.3%) | 0.68 | 551 |
2024-02-01 | $295,625 (-6.8%) | $319,147 (-3.2%) | 0.71 | 533 |
2024-03-01 | $314,900 (-6.0%) | $328,607 (-3.4%) | 0.74 | 524 |
2024-04-01 | $309,450 (-7.6%) | $326,226 (-6.0%) | 0.72 | 550 |
2024-05-01 | $314,900 (-7.3%) | $332,500 (-4.8%) | 0.71 | 595 |
2024-06-01 | $299,000 (-12.0%) | $332,285 (-6.3%) | 0.67 | 621 |
2024-07-01 | $283,000 (-12.9%) | $320,959 (-6.2%) | 0.65 | 695 |
2024-08-01 | $280,000 (-10.4%) | $318,647 (-4.8%) | 0.65 | 709 |
2024-09-01 | $282,394 (-1.4%) | $309,152 (-2.4%) | 0.66 | 745 |
2024-10-01 | $275,000 (0.0%) | $302,638 (-1.7%) | 0.65 | 796 |
Cedar Rapids's median listing price comes in at 65% of the national average.
Cedar Rapids's average listing price for 2024-10-01 was $302,638, a difference of $-5,286 (-1.7%) versus the prior year and $-6,514 versus the prior month.
For the 2024-10-01 period, Cedar Rapids had 796 MLS listings, a difference of 51 listings (7%) versus the prior month and 142 listings (22%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Cedar Rapids (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 79 days | 1,839 sqft |
2018-02-01 | 75 days | 1,849 sqft |
2018-03-01 | 53 days | 1,834 sqft |
2018-04-01 | 36 days | 1,796 sqft |
2018-05-01 | 38 days | 1,825 sqft |
2018-06-01 | 38 days | 1,786 sqft |
2018-07-01 | 42 days | 1,778 sqft |
2018-08-01 | 43 days | 1,789 sqft |
2018-09-01 | 50 days | 1,798 sqft |
2018-10-01 | 53 days | 1,805 sqft |
2018-11-01 | 58 days | 1,818 sqft |
2018-12-01 | 67 days | 1,814 sqft |
2019-01-01 | 73 days | 1,808 sqft |
2019-02-01 | 73 days | 1,781 sqft |
2019-03-01 | 57 days | 1,822 sqft |
2019-04-01 | 37 days | 1,879 sqft |
2019-05-01 | 37 days | 1,907 sqft |
2019-06-01 | 43 days | 1,948 sqft |
2019-07-01 | 45 days | 1,893 sqft |
2019-08-01 | 48 days | 1,808 sqft |
2019-09-01 | 54 days | 1,775 sqft |
2019-10-01 | 58 days | 1,754 sqft |
2019-11-01 | 66 days | 1,707 sqft |
2019-12-01 | 74 days | 1,687 sqft |
2020-01-01 | 74 days | 1,687 sqft |
2020-02-01 | 61 days | 1,687 sqft |
2020-03-01 | 51 days | 1,687 sqft |
2020-04-01 | 46 days | 1,718 sqft |
2020-05-01 | 56 days | 1,714 sqft |
2020-06-01 | 55 days | 1,729 sqft |
2020-07-01 | 52 days | 1,703 sqft |
2020-08-01 | 56 days | 1,705 sqft |
2020-09-01 | 64 days | 1,687 sqft |
2020-10-01 | 53 days | 1,646 sqft |
2020-11-01 | 63 days | 1,623 sqft |
2020-12-01 | 72 days | 1,600 sqft |
2021-01-01 | 85 days | 1,581 sqft |
2021-02-01 | 63 days | 1,585 sqft |
2021-03-01 | 48 days | 1,604 sqft |
2021-04-01 | 30 days | 1,628 sqft |
2021-05-01 | 25 days | 1,660 sqft |
2021-06-01 | 24 days | 1,627 sqft |
2021-07-01 | 29 days | 1,652 sqft |
2021-08-01 | 28 days | 1,613 sqft |
2021-09-01 | 32 days | 1,608 sqft |
2021-10-01 | 33 days | 1,616 sqft |
2021-11-01 | 40 days | 1,609 sqft |
2021-12-01 | 53 days | 1,587 sqft |
2022-01-01 | 66 days | 1,571 sqft |
2022-02-01 | 69 days | 1,553 sqft |
2022-03-01 | 49 days | 1,570 sqft |
2022-04-01 | 23 days | 1,720 sqft |
2022-05-01 | 18 days | 1,690 sqft |
2022-06-01 | 25 days | 1,702 sqft |
2022-07-01 | 25 days | 1,660 sqft |
2022-08-01 | 41 days | 1,646 sqft |
2022-09-01 | 46 days | 1,652 sqft |
2022-10-01 | 43 days | 1,705 sqft |
2022-11-01 | 46 days | 1,679 sqft |
2022-12-01 | 66 days | 1,660 sqft |
2023-01-01 | 79 days | 1,669 sqft |
2023-02-01 | 65 days | 1,663 sqft |
2023-03-01 | 54 days | 1,643 sqft |
2023-04-01 | 45 days | 1,672 sqft |
2023-05-01 | 49 days | 1,719 sqft |
2023-06-01 | 43 days | 1,769 sqft |
2023-07-01 | 36 days | 1,880 sqft |
2023-08-01 | 38 days | 1,800 sqft |
2023-09-01 | 40 days | 1,735 sqft |
2023-10-01 | 40 days | 1,730 sqft |
2023-11-01 | 47 days | 1,715 sqft |
2023-12-01 | 54 days | 1,721 sqft |
2024-01-01 | 66 days | 1,700 sqft |
2024-02-01 | 61 days | 1,738 sqft |
2024-03-01 | 49 days | 1,804 sqft |
2024-04-01 | 45 days | 1,814 sqft |
2024-05-01 | 37 days | 1,866 sqft |
2024-06-01 | 40 days | 1,880 sqft |
2024-07-01 | 40 days | 1,854 sqft |
2024-08-01 | 46 days | 1,827 sqft |
2024-09-01 | 47 days | 1,787 sqft |
2024-10-01 | 45 days | 1,753 sqft |
Cedar Rapids's median square footage for active listings during the 2024-10-01 period was 1,753 sqft. One year prior, the average listing was 1,730 sqft.