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%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 46 6.89% $8,194
GREENSTATE CREDIT UNION 45 6.09% $6,213
BROKER SOLUTIONS, INC. 38 6.74% $7,583
QUICKEN LOANS, LLC 34 6.18% $8,097
OPEN MORTGAGE, LLC 33 6.95% $8,398
RESIDENTIAL MORTGAGE NETWORK, INC. 22 6.41% $6,222
TOWNE MORTGAGE COMPANY 19 6.47% $8,456
FLAT BRANCH MORTGAGE, INC. 18 6.66% $6,818
Servion, Inc. 10 6.04% $5,808
PRIMARY RESIDENTIAL MORTGAGE, INC. 10 7.09% $10,994
DHI MORTGAGE COMPANY, LTD. 10 5.49% $10,095
Plains Commerce Bank 9 6.35% $5,813
CARDINAL FINANCIAL 8 6.52% $12,333
GUILD MORTGAGE COMPANY 8 6.50% $7,899
Waterstone Mortgage Corporation 8 6.80% $7,920
HOMESERVICES LENDING, LLC 7 6.29% $7,961
FREEDOM MORTGAGE CORPORATION 7 6.82% $12,992
U.S. Bank 6 6.23% $5,275
PENNYMAC LOAN SERVICES, LLC 5 6.47% $7,404
AMERICAN FINANCIAL NETWORK, INC. 5 7.38% $7,371
AMERICAN PACIFIC MORTGAGE CORPORATION 4 6.56% $15,651
AMERISAVE MORTGAGE CORPORATION 4 6.09% $9,645
LOANDEPOT.COM, LLC 4 6.25% $13,176
Carrington Mortgage Services, LLC 3 6.79% $8,581
Lincoln Savings Bank 3 7.08% $6,486
IOWA BANKERS MORTGAGE CORPORATION 3 7.25% $6,799
POLARIS HOME FUNDING CORP. 2 6.56% $8,861
BMO Harris Bank 2 7.25% $7,042
EMM LOANS LLC 2 6.06% $10,463
GENEVA FINANCIAL, LLC 2 6.69% $12,951
Mortgage Research Center, LLC 2 7.12% $5,990
Mr. Cooper ( Nationstar Mortgage ) 2 5.81% $7,475
NEWREZ LLC 2 6.50% $6,995
ROYAL UNITED MORTGAGE LLC 2 6.75% $7,104
UNIVERSAL LENDING CORPORATION 2 6.50% $6,851
Wells Fargo Bank 2 6.44% $7,903
KELLER MORTGAGE, LLC 1 6.13% $8,066
Ixonia Bank 1 6.25% $8,865
HOMESIDE FINANCIAL, LLC 1 6.75% $7,287
PLAZA HOME MORTGAGE, INC. 1 6.25% $6,832
AMCAP MORTGAGE, LTD. 1 6.63% $7,400
First Federal Bank 1 7.38% $8,742
EVERETT FINANCIAL, INC. 1 6.63% $6,811
CROSSCOUNTRY MORTGAGE, LLC 1 6.63% $5,721
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.63% $5,546
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.50% $8,217
The Federal Savings Bank 1 7.25% $10,129
LAKEVIEW LOAN SERVICING, LLC 1 6.99% $11,897
CHURCHILL MORTGAGE CORPORATION 1 7.13% $10,857
Century Mortgage Company DBA Century Lending Company 1 7.25% $4,988
NATIONS RELIABLE LENDING, LLC 1 6.99% $4,848
AmeriHome Mortgage Company, LLC 1 6.63% $12,259
Northpointe Bank 1 5.75% $16,479

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. Louis
Date 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 for 2024-10-01 was $275,000, a difference of $0 (0.0%) versus the prior year and $-7,394 versus the prior month.

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. Louis
Date 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 listing age (time on market) for 2024-10-01 was 45 days. This is 13% longer than the same period one year ago.

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.

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).