Clinton FHA Loan Rates, Closing Costs & Stats

Clinton, 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.

Clinton's 24 lenders originated 88 FHA loans during 2023. The total origination value was $12,610,000, with an average FHA loan value of $143,295.

Clinton FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Clinton averaged 6.14% for the week of 2024-10-11, compared to the national average (all FHA variants) of 6.1% for the same period.

Clinton's average FHA mortgage closing costs are $5,479.

The average rate for the prior week (2024-10-04) was 5.86% and one month ago for the week of 2024-09-06, the average rate was 6.18%.

The average rate one year ago was 7.31%.

For refis of the same type during the week of 2024-10-11, the average rate was 5.9%.

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

Clinton 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 Clinton level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
HOMESIDE FINANCIAL, LLC 20 6.93% $6,803
BROKER SOLUTIONS, INC. 15 6.91% $7,998
QUICKEN LOANS, LLC 15 6.52% $6,936
Plains Commerce Bank 9 6.92% $6,045
Mr. Cooper ( Nationstar Mortgage ) 2 6.50% $7,906
RUHL MORTGAGE, LLC 2 6.25% $5,480
ENDEAVOR CAPITAL, LLC. 2 7.25% $6,636
U.S. Bank 2 6.25% $4,987
CROSSCOUNTRY MORTGAGE, LLC 2 6.94% $10,379
LOANDEPOT.COM, LLC 1 5.63% $8,442
NATIONWIDE MORTGAGE BANKERS, INC. 1 6.63% $9,087
NBKC BANK 1 6.63% $5,964
NEWREZ LLC 1 7.13% $3,190
Servion, Inc. 1 6.63% $5,237
AMERICAN FINANCING CORPORATION 1 6.38% $5,290
ZILLOW HOME LOANS, LLC 1 6.13% $8,206
American Mortgage & Equity Consultants, Inc. 1 7.62% $8,673
Barrington Bank & Trust Company, N.A. 1 7.25% $4,390
CARDINAL FINANCIAL 1 8.25% $10,246
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $5,742
Fortress Bank 1 6.75% $5,127
FREEDOM MORTGAGE CORPORATION 1 6.75% $9,873
GREENSTATE CREDIT UNION 1 6.38% $4,479
GUARANTEED RATE, INC. 1 7.68% $6,987

The top Clinton FHA lender as defined by loan originations is HOMESIDE FINANCIAL, LLC, with 20 FHA loans originated. Their average total fees are $6,803, which is $1,195 lower than the next largest lender, BROKER SOLUTIONS, INC..

The lowest fee Clinton FHA lenders (with over 10 loans originated) are HOMESIDE FINANCIAL, LLC ($6,803), QUICKEN LOANS, LLC ($6,936), BROKER SOLUTIONS, INC. ($7,998), .

The lowest rate Clinton FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.52%), BROKER SOLUTIONS, INC. (6.91%), HOMESIDE FINANCIAL, LLC (6.93%), .

Clinton FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Clinton (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 $85,000 (-3.5%) $111,817 (0.5%) 0.00 214
2018-02-01 $84,975 (0.0%) $108,340 (0.0%) 0.00 218
2018-03-01 $85,000 (0.1%) $109,243 (1.9%) 0.00 207
2018-04-01 $83,475 (4.5%) $109,863 (5.8%) 0.00 221
2018-05-01 $82,500 (3.3%) $115,253 (8.5%) 0.00 233
2018-06-01 $79,900 (0.0%) $113,562 (8.1%) 0.00 224
2018-07-01 $88,625 (10.8%) $127,417 (15.1%) 0.00 232
2018-08-01 $89,900 (12.5%) $121,559 (7.6%) 0.00 240
2018-09-01 $89,900 (12.5%) $120,900 (7.2%) 0.00 224
2018-10-01 $84,425 (5.6%) $120,141 (5.7%) 0.00 213
2018-11-01 $85,000 (3.9%) $123,865 (9.0%) 0.00 210
2018-12-01 $89,900 (5.8%) $129,470 (12.2%) 0.00 190
2019-01-01 $89,925 (5.8%) $130,200 (16.4%) 0.00 185
2019-02-01 $87,250 (2.7%) $128,401 (18.5%) 0.00 170
2019-03-01 $96,021 (13.0%) $130,849 (19.8%) 0.00 168
2019-04-01 $107,771 (29.1%) $132,412 (20.5%) 0.00 168
2019-05-01 $81,000 (-1.8%) $115,732 (0.4%) 0.00 186
2019-06-01 $79,900 (0.0%) $112,880 (-0.6%) 0.00 205
2019-07-01 $81,300 (-8.3%) $114,950 (-9.8%) 0.00 211
2019-08-01 $81,973 (-8.8%) $118,150 (-2.8%) 0.00 224
2019-09-01 $85,082 (-5.4%) $117,239 (-3.0%) 0.00 232
2019-10-01 $85,855 (1.7%) $116,631 (-2.9%) 0.00 233
2019-11-01 $81,500 (-4.1%) $118,057 (-4.7%) 0.00 221
2019-12-01 $81,900 (-8.9%) $116,603 (-9.9%) 0.00 194
2020-01-01 $75,200 (-16.4%) $110,055 (-15.5%) 0.00 176
2020-02-01 $79,900 (-8.4%) $119,729 (-6.8%) 0.00 165
2020-03-01 $74,800 (-22.1%) $118,955 (-9.1%) 0.00 170
2020-04-01 $73,700 (-31.6%) $118,647 (-10.4%) 0.00 177
2020-05-01 $74,900 (-7.5%) $123,162 (6.4%) 0.00 172
2020-06-01 $80,250 (0.4%) $131,873 (16.8%) 0.00 171
2020-07-01 $76,950 (-5.4%) $128,141 (11.5%) 0.00 158
2020-08-01 $75,000 (-8.5%) $115,102 (-2.6%) 0.00 151
2020-09-01 $78,475 (-7.8%) $115,620 (-1.4%) 0.00 139
2020-10-01 $79,900 (-6.9%) $113,341 (-2.8%) 0.00 142
2020-11-01 $78,625 (-3.5%) $113,311 (-4.0%) 0.00 142
2020-12-01 $78,250 (-4.5%) $105,457 (-9.6%) 0.00 135
2021-01-01 $71,950 (-4.3%) $102,186 (-7.2%) 0.00 124
2021-02-01 $68,125 (-14.7%) $107,038 (-10.6%) 0.00 114
2021-03-01 $60,625 (-19.0%) $97,544 (-18.0%) 0.00 91
2021-04-01 $62,500 (-15.2%) $100,926 (-14.9%) 0.00 68
2021-05-01 $62,500 (-16.6%) $88,768 (-27.9%) 0.00 62
2021-06-01 $74,900 (-6.7%) $114,954 (-12.8%) 0.00 79
2021-07-01 $79,900 (3.8%) $127,056 (-0.9%) 0.00 86
2021-08-01 $83,975 (12.0%) $130,889 (13.7%) 0.00 87
2021-09-01 $99,675 (27.0%) $151,431 (31.0%) 0.00 91
2021-10-01 $98,900 (23.8%) $150,059 (32.4%) 0.00 102
2021-11-01 $119,600 (52.1%) $182,405 (61.0%) 0.00 111
2021-12-01 $129,225 (65.1%) $189,963 (80.1%) 0.00 107
2022-01-01 $127,350 (77.0%) $193,656 (89.5%) 0.00 93
2022-02-01 $114,700 (68.4%) $191,489 (78.9%) 0.00 89
2022-03-01 $137,425 (126.7%) $201,796 (106.9%) 0.00 83
2022-04-01 $155,450 (148.7%) $211,343 (109.4%) 0.00 73
2022-05-01 $143,700 (129.9%) $216,848 (144.3%) 0.00 77
2022-06-01 $151,400 (102.1%) $216,461 (88.3%) 0.00 90
2022-07-01 $169,900 (112.6%) $225,897 (77.8%) 0.00 114
2022-08-01 $165,950 (97.6%) $226,287 (72.9%) 0.00 119
2022-09-01 $175,500 (76.1%) $229,866 (51.8%) 0.00 130
2022-10-01 $164,950 (66.8%) $220,645 (47.0%) 0.00 135
2022-11-01 $159,925 (33.7%) $221,500 (21.4%) 0.00 131
2022-12-01 $169,900 (31.5%) $218,574 (15.1%) 0.00 120
2023-01-01 $170,650 (34.0%) $223,233 (15.3%) 0.00 104
2023-02-01 $185,700 (61.9%) $226,432 (18.3%) 0.00 97
2023-03-01 $220,000 (60.1%) $235,215 (16.6%) 0.00 90
2023-04-01 $274,900 (76.8%) $261,651 (23.8%) 0.00 72
2023-05-01 $257,400 (79.1%) $255,595 (17.9%) 0.00 79
2023-06-01 $224,750 (48.5%) $243,383 (12.4%) 0.00 89
2023-07-01 $234,900 (38.3%) $243,819 (7.9%) 0.00 100
2023-08-01 $207,400 (25.0%) $237,770 (5.1%) 0.00 109
2023-09-01 $199,450 (13.7%) $231,337 (0.6%) 0.00 107
2023-10-01 $168,670 (2.3%) $217,068 (-1.6%) 0.00 117
2023-11-01 $176,200 (10.2%) $225,048 (1.6%) 0.00 120
2023-12-01 $184,900 (8.8%) $229,103 (4.8%) 0.00 114
2024-01-01 $212,450 (24.5%) $247,153 (10.7%) 0.00 101
2024-02-01 $225,250 (21.3%) $251,493 (11.1%) 0.00 96
2024-03-01 $224,900 (2.2%) $256,435 (9.0%) 0.00 88
2024-04-01 $226,225 (-17.7%) $259,375 (-0.9%) 0.00 90
2024-05-01 $237,400 (-7.8%) $271,286 (6.1%) 0.00 98
2024-06-01 $229,900 (2.3%) $278,759 (14.5%) 0.00 98
2024-07-01 $219,617 (-6.5%) $265,686 (9.0%) 0.00 114
2024-08-01 $209,900 (1.2%) $262,145 (10.3%) 0.00 122
2024-09-01 $193,500 (-3.0%) $243,892 (5.4%) 0.00 122
Clinton's median listing price for 2024-09-01 was $193,500, a difference of $-5,950 (-3.0%) versus the prior year and $-16,400 versus the prior month.

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

Clinton's average listing price for 2024-09-01 was $243,892, a difference of $12,555 (5.4%) versus the prior year and $-18,253 versus the prior month.

For the 2024-09-01 period, Clinton had 122 MLS listings, a difference of 0 listings (0%) versus the prior month and 15 listings (14%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Clinton (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,482 sqft
2018-02-01 0 days 1,454 sqft
2018-03-01 0 days 1,497 sqft
2018-04-01 0 days 1,448 sqft
2018-05-01 0 days 1,460 sqft
2018-06-01 0 days 1,478 sqft
2018-07-01 0 days 1,488 sqft
2018-08-01 0 days 1,458 sqft
2018-09-01 0 days 1,460 sqft
2018-10-01 0 days 1,458 sqft
2018-11-01 0 days 1,478 sqft
2018-12-01 0 days 1,467 sqft
2019-01-01 0 days 1,456 sqft
2019-02-01 0 days 1,450 sqft
2019-03-01 0 days 1,425 sqft
2019-04-01 0 days 1,445 sqft
2019-05-01 0 days 1,329 sqft
2019-06-01 0 days 1,330 sqft
2019-07-01 0 days 1,428 sqft
2019-08-01 0 days 1,439 sqft
2019-09-01 0 days 1,460 sqft
2019-10-01 0 days 1,476 sqft
2019-11-01 0 days 1,476 sqft
2019-12-01 0 days 1,461 sqft
2020-01-01 0 days 1,408 sqft
2020-02-01 0 days 1,442 sqft
2020-03-01 0 days 1,408 sqft
2020-04-01 0 days 1,408 sqft
2020-05-01 0 days 1,442 sqft
2020-06-01 0 days 1,479 sqft
2020-07-01 0 days 1,479 sqft
2020-08-01 0 days 1,476 sqft
2020-09-01 0 days 1,476 sqft
2020-10-01 0 days 1,476 sqft
2020-11-01 0 days 1,468 sqft
2020-12-01 0 days 1,476 sqft
2021-01-01 0 days 1,476 sqft
2021-02-01 0 days 1,469 sqft
2021-03-01 0 days 1,401 sqft
2021-04-01 0 days 1,380 sqft
2021-05-01 0 days 1,382 sqft
2021-06-01 0 days 1,482 sqft
2021-07-01 0 days 1,544 sqft
2021-08-01 0 days 1,525 sqft
2021-09-01 0 days 1,598 sqft
2021-10-01 0 days 1,546 sqft
2021-11-01 0 days 1,582 sqft
2021-12-01 0 days 1,582 sqft
2022-01-01 0 days 1,582 sqft
2022-02-01 0 days 1,581 sqft
2022-03-01 0 days 1,582 sqft
2022-04-01 0 days 1,569 sqft
2022-05-01 0 days 1,582 sqft
2022-06-01 0 days 1,582 sqft
2022-07-01 0 days 1,582 sqft
2022-08-01 0 days 1,582 sqft
2022-09-01 0 days 1,582 sqft
2022-10-01 0 days 1,582 sqft
2022-11-01 0 days 1,582 sqft
2022-12-01 0 days 1,582 sqft
2023-01-01 0 days 1,582 sqft
2023-02-01 0 days 1,582 sqft
2023-03-01 0 days 1,582 sqft
2023-04-01 0 days 1,582 sqft
2023-05-01 0 days 1,582 sqft
2023-06-01 0 days 1,582 sqft
2023-07-01 0 days 1,582 sqft
2023-08-01 0 days 1,582 sqft
2023-09-01 0 days 1,582 sqft
2023-10-01 0 days 1,582 sqft
2023-11-01 0 days 1,582 sqft
2023-12-01 0 days 1,582 sqft
2024-01-01 0 days 1,610 sqft
2024-02-01 0 days 1,648 sqft
2024-03-01 0 days 1,715 sqft
2024-04-01 0 days 1,729 sqft
2024-05-01 0 days 1,812 sqft
2024-06-01 0 days 1,827 sqft
2024-07-01 0 days 1,812 sqft
2024-08-01 0 days 1,740 sqft
2024-09-01 0 days 1,710 sqft
Clinton's median listing age (time on market) for 2024-09-01 was 0 days.

Clinton's median square footage for active listings during the 2024-09-01 period was 1,710 sqft. One year prior, the average listing was 1,582 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).