Des Moines FHA Loan Rates, Closing Costs & Stats
DES MOINES-WEST DES MOINES, 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.
Des Moines's 109 lenders originated 1,828 FHA loans during 2022. The total origination value was $392,220,000, with an average FHA loan value of $214,562.
Des Moines FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Des Moines
averaged
5.74%
for the week of 2023-05-26, compared to the national average (all FHA variants) of
6.612% for the same period.
Des Moines's average FHA mortgage closing costs are $6,073.
The average rate for the prior week (2023-05-19) was
5.71% and
one month ago for the week of 2023-04-21, the
average rate was 5.46%.
The average rate one year ago was 4.57%.
For refis of the same type during the week of 2023-05-26, the average rate
was 5.25%.
Des Moines 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 Des Moines level.
The top Des Moines FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
124 FHA loans originated. Their average total fees are
$8,776, which is $2,030
higher than the next largest lender,
GERSHMAN INVESTMENT CORP..
The lowest fee Des Moines FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL MORTGAGE ($3,379), LAKEVIEW LOAN SERVICING, LLC ($5,063), Fortress Bank ($5,816), FRONTIER FINANCIAL, INC. ($5,990) and NEWREZ LLC ($6,321).
The lowest rate Des Moines FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL MORTGAGE (3.43%), LAKEVIEW LOAN SERVICING, LLC (3.82%), DHI MORTGAGE COMPANY, LTD. (4.01%), Mr. Cooper ( Nationstar Mortgage ) (4.21%) and PENNYMAC LOAN SERVICES, LLC (4.28%).
Des Moines FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
DES MOINES-WEST DES MOINES, IA | DALLAS | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
DES MOINES-WEST DES MOINES, IA | GUTHRIE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
DES MOINES-WEST DES MOINES, IA | JASPER | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
DES MOINES-WEST DES MOINES, IA | MADISON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
DES MOINES-WEST DES MOINES, IA | POLK | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
DES MOINES-WEST DES MOINES, IA | WARREN | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
DES MOINES-WEST DES MOINES, IA | DALLAS | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
DES MOINES-WEST DES MOINES, IA | GUTHRIE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
DES MOINES-WEST DES MOINES, IA | JASPER | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
DES MOINES-WEST DES MOINES, IA | MADISON | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
DES MOINES-WEST DES MOINES, IA | POLK | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
DES MOINES-WEST DES MOINES, IA | WARREN | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Des Moines (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 | $281,250 (6.1%) | $296,297 (-0.3%) | 1.04 | 2,919 |
2018-02-01 | $289,178 (5.7%) | $306,338 (-0.4%) | 1.05 | 2,845 |
2018-03-01 | $289,500 (5.1%) | $310,723 (0.0%) | 1.02 | 2,833 |
2018-04-01 | $292,416 (3.7%) | $317,787 (0.0%) | 0.99 | 2,836 |
2018-05-01 | $291,225 (2.0%) | $321,301 (0.7%) | 0.97 | 2,906 |
2018-06-01 | $289,900 (3.6%) | $317,875 (2.0%) | 0.97 | 3,149 |
2018-07-01 | $289,900 (5.3%) | $316,746 (3.0%) | 0.97 | 3,261 |
2018-08-01 | $283,950 (5.2%) | $313,014 (4.0%) | 0.95 | 3,396 |
2018-09-01 | $279,975 (3.3%) | $308,391 (4.5%) | 0.94 | 3,576 |
2018-10-01 | $281,359 (3.2%) | $308,992 (5.6%) | 0.95 | 3,554 |
2018-11-01 | $281,118 (2.2%) | $307,995 (5.1%) | 0.95 | 3,506 |
2018-12-01 | $279,900 (1.1%) | $303,759 (3.3%) | 0.97 | 3,320 |
2019-01-01 | $283,235 (0.7%) | $306,573 (3.5%) | 0.98 | 3,163 |
2019-02-01 | $287,400 (-0.6%) | $310,791 (1.5%) | 0.97 | 3,073 |
2019-03-01 | $288,900 (-0.2%) | $313,519 (1.2%) | 0.96 | 2,914 |
2019-04-01 | $288,900 (-1.2%) | $318,301 (-0.1%) | 0.92 | 3,016 |
2019-05-01 | $283,210 (-2.8%) | $318,433 (-0.9%) | 0.89 | 3,143 |
2019-06-01 | $279,900 (-3.5%) | $317,190 (-0.2%) | 0.87 | 3,288 |
2019-07-01 | $277,200 (-4.4%) | $314,707 (-0.6%) | 0.87 | 3,411 |
2019-08-01 | $275,000 (-3.2%) | $313,639 (-0.7%) | 0.86 | 3,473 |
2019-09-01 | $272,500 (-2.7%) | $312,261 (-1.5%) | 0.86 | 3,421 |
2019-10-01 | $259,800 (-7.7%) | $299,796 (-3.1%) | 0.84 | 3,745 |
2019-11-01 | $255,000 (-9.3%) | $296,106 (-3.9%) | 0.84 | 3,505 |
2019-12-01 | $255,000 (-8.9%) | $294,538 (-3.0%) | 0.85 | 3,322 |
2020-01-01 | $258,900 (-8.6%) | $294,736 (-3.9%) | 0.87 | 3,148 |
2020-02-01 | $264,900 (-7.8%) | $301,303 (-3.1%) | 0.87 | 3,034 |
2020-03-01 | $268,305 (-7.1%) | $307,230 (-2.3%) | 0.84 | 3,032 |
2020-04-01 | $268,302 (-7.1%) | $306,904 (-3.4%) | 0.84 | 3,073 |
2020-05-01 | $274,500 (-3.1%) | $315,196 (-1.0%) | 0.83 | 2,887 |
2020-06-01 | $277,643 (-0.8%) | $324,120 (2.2%) | 0.82 | 2,624 |
2020-07-01 | $274,763 (-0.9%) | $325,272 (3.4%) | 0.80 | 2,472 |
2020-08-01 | $272,760 (-0.8%) | $321,963 (3.6%) | 0.78 | 2,435 |
2020-09-01 | $270,979 (-0.6%) | $317,172 (4.4%) | 0.78 | 2,366 |
2020-10-01 | $270,096 (4.0%) | $315,795 (5.5%) | 0.77 | 2,365 |
2020-11-01 | $269,950 (5.9%) | $313,238 (5.8%) | 0.79 | 2,311 |
2020-12-01 | $272,450 (6.8%) | $316,629 (7.5%) | 0.81 | 2,112 |
2021-01-01 | $275,000 (6.2%) | $324,993 (10.3%) | 0.82 | 1,811 |
2021-02-01 | $280,251 (5.8%) | $332,668 (10.4%) | 0.81 | 1,652 |
2021-03-01 | $284,950 (6.2%) | $337,625 (9.9%) | 0.81 | 1,508 |
2021-04-01 | $298,224 (11.2%) | $350,805 (14.3%) | 0.81 | 1,450 |
2021-05-01 | $299,425 (9.1%) | $357,764 (13.5%) | 0.80 | 1,456 |
2021-06-01 | $302,337 (8.9%) | $356,859 (10.1%) | 0.80 | 1,563 |
2021-07-01 | $304,900 (11.0%) | $350,167 (7.7%) | 0.80 | 1,601 |
2021-08-01 | $301,915 (10.7%) | $354,239 (10.0%) | 0.81 | 1,754 |
2021-09-01 | $302,123 (11.5%) | $356,715 (12.5%) | 0.81 | 1,786 |
2021-10-01 | $303,193 (12.3%) | $355,552 (12.6%) | 0.81 | 1,807 |
2021-11-01 | $308,776 (14.4%) | $357,414 (14.1%) | 0.83 | 1,816 |
2021-12-01 | $313,215 (15.0%) | $354,893 (12.1%) | 0.85 | 1,725 |
2022-01-01 | $327,183 (19.0%) | $365,575 (12.5%) | 0.88 | 1,466 |
2022-02-01 | $349,900 (24.9%) | $387,334 (16.4%) | 0.91 | 1,295 |
2022-03-01 | $351,126 (23.2%) | $392,006 (16.1%) | 0.88 | 1,302 |
2022-04-01 | $359,925 (20.7%) | $398,878 (13.7%) | 0.86 | 1,346 |
2022-05-01 | $355,256 (18.7%) | $402,431 (12.5%) | 0.81 | 1,530 |
2022-06-01 | $357,297 (18.2%) | $407,090 (14.1%) | 0.80 | 1,692 |
2022-07-01 | $350,050 (14.8%) | $401,157 (14.6%) | 0.79 | 1,996 |
2022-08-01 | $351,000 (16.3%) | $405,881 (14.6%) | 0.81 | 2,098 |
2022-09-01 | $355,888 (17.8%) | $409,277 (14.7%) | 0.83 | 2,217 |
2022-10-01 | $350,000 (15.4%) | $404,554 (13.8%) | 0.82 | 2,432 |
2022-11-01 | $349,925 (13.3%) | $399,342 (11.7%) | 0.84 | 2,519 |
2022-12-01 | $349,000 (11.4%) | $401,076 (13.0%) | 0.86 | 2,321 |
2023-01-01 | $357,450 (9.3%) | $408,068 (11.6%) | 0.88 | 2,115 |
2023-02-01 | $369,945 (5.7%) | $421,154 (8.7%) | 0.89 | 1,965 |
2023-03-01 | $369,950 (5.4%) | $425,749 (8.6%) | 0.87 | 1,971 |
2023-04-01 | $374,990 (4.2%) | $434,161 (0.0%) | 0.87 | 1,922 |
Des Moines's median listing price comes in at 87% of the national average.
Des Moines's average listing price for 2023-04-01 was $434,161, a difference of $35,283 (0.0%) versus the prior year and $8,412 versus the prior month.
For the 2023-04-01 period, Des Moines had 1,922 MLS listings, a difference of -49 listings (-2%) versus the prior month and 576 listings (43%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Des Moines (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 98 days | 1,619 sqft |
2018-02-01 | 96 days | 1,627 sqft |
2018-03-01 | 87 days | 1,630 sqft |
2018-04-01 | 73 days | 1,634 sqft |
2018-05-01 | 63 days | 1,642 sqft |
2018-06-01 | 61 days | 1,633 sqft |
2018-07-01 | 61 days | 1,632 sqft |
2018-08-01 | 66 days | 1,620 sqft |
2018-09-01 | 68 days | 1,610 sqft |
2018-10-01 | 73 days | 1,608 sqft |
2018-11-01 | 82 days | 1,607 sqft |
2018-12-01 | 94 days | 1,596 sqft |
2019-01-01 | 98 days | 1,589 sqft |
2019-02-01 | 101 days | 1,596 sqft |
2019-03-01 | 89 days | 1,600 sqft |
2019-04-01 | 71 days | 1,603 sqft |
2019-05-01 | 57 days | 1,606 sqft |
2019-06-01 | 58 days | 1,610 sqft |
2019-07-01 | 62 days | 1,599 sqft |
2019-08-01 | 67 days | 1,595 sqft |
2019-09-01 | 72 days | 1,588 sqft |
2019-10-01 | 68 days | 1,556 sqft |
2019-11-01 | 68 days | 1,544 sqft |
2019-12-01 | 79 days | 1,537 sqft |
2020-01-01 | 86 days | 1,528 sqft |
2020-02-01 | 90 days | 1,546 sqft |
2020-03-01 | 72 days | 1,563 sqft |
2020-04-01 | 66 days | 1,557 sqft |
2020-05-01 | 65 days | 1,579 sqft |
2020-06-01 | 66 days | 1,596 sqft |
2020-07-01 | 61 days | 1,595 sqft |
2020-08-01 | 58 days | 1,575 sqft |
2020-09-01 | 62 days | 1,552 sqft |
2020-10-01 | 61 days | 1,532 sqft |
2020-11-01 | 66 days | 1,519 sqft |
2020-12-01 | 72 days | 1,516 sqft |
2021-01-01 | 79 days | 1,512 sqft |
2021-02-01 | 77 days | 1,509 sqft |
2021-03-01 | 59 days | 1,515 sqft |
2021-04-01 | 51 days | 1,518 sqft |
2021-05-01 | 44 days | 1,518 sqft |
2021-06-01 | 51 days | 1,521 sqft |
2021-07-01 | 53 days | 1,514 sqft |
2021-08-01 | 53 days | 1,512 sqft |
2021-09-01 | 52 days | 1,503 sqft |
2021-10-01 | 57 days | 1,498 sqft |
2021-11-01 | 60 days | 1,494 sqft |
2021-12-01 | 63 days | 1,493 sqft |
2022-01-01 | 82 days | 1,501 sqft |
2022-02-01 | 76 days | 1,511 sqft |
2022-03-01 | 52 days | 1,514 sqft |
2022-04-01 | 49 days | 1,534 sqft |
2022-05-01 | 46 days | 1,534 sqft |
2022-06-01 | 47 days | 1,545 sqft |
2022-07-01 | 49 days | 1,540 sqft |
2022-08-01 | 53 days | 1,554 sqft |
2022-09-01 | 57 days | 1,551 sqft |
2022-10-01 | 59 days | 1,540 sqft |
2022-11-01 | 64 days | 1,548 sqft |
2022-12-01 | 74 days | 1,554 sqft |
2023-01-01 | 91 days | 1,553 sqft |
2023-02-01 | 95 days | 1,562 sqft |
2023-03-01 | 85 days | 1,568 sqft |
2023-04-01 | 74 days | 1,569 sqft |
Des Moines's median square footage for active listings during the 2023-04-01 period was 1,569 sqft. One year prior, the average listing was 1,534 sqft.