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%.

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

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.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 124 4.34% $8,776
GERSHMAN INVESTMENT CORP. 97 4.71% $6,746
HOMESERVICES LENDING, LLC 80 4.91% $8,029
Fidelity Bank 73 4.54% $6,958
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 68 4.82% $6,560
Lincoln Savings Bank 66 4.76% $6,411
The Central Trust Bank 57 4.65% $7,078
LAND HOME FINANCIAL SERVICES, INC. 55 4.79% $7,477
MOVEMENT MORTGAGE, LLC 52 4.49% $7,498
Ixonia Bank 49 5.25% $8,285
AMERICAN PACIFIC MORTGAGE CORPORATION 48 5.54% $9,019
DHI MORTGAGE COMPANY, LTD. 48 4.01% $8,417
GUILD MORTGAGE COMPANY 46 4.96% $7,905
COMPASS MORTGAGE, INC. 43 4.98% $7,333
Flagstar Bank, FSB 42 4.80% $7,170
FREEDOM MORTGAGE CORPORATION 38 5.07% $8,450
HOMESIDE FINANCIAL, LLC 37 4.97% $8,155
GUARANTEED RATE, INC. 36 4.90% $8,795
Chickasaw Community Bank 35 4.95% $8,131
BROKER SOLUTIONS, INC. 33 5.13% $8,759
INLANTA MORTGAGE, INC. 30 4.92% $7,499
NEWREZ LLC 28 4.48% $6,321
UNITED WHOLESALE MORTGAGE, LLC 26 5.10% $7,621
CARDINAL FINANCIAL 26 4.90% $11,797
Mr. Cooper ( Nationstar Mortgage ) 25 4.21% $9,355
PENNYMAC LOAN SERVICES, LLC 24 4.28% $6,728
FRONTIER FINANCIAL, INC. 24 5.31% $5,990
LOANDEPOT.COM, LLC 23 5.26% $8,881
Fortress Bank 22 5.15% $5,816
CALIBER HOME LOANS, INC. 22 4.43% $7,502
U.S. Bank 19 4.97% $7,076
PLAZA HOME MORTGAGE, INC. 18 4.96% $6,980
Barrington Bank & Trust Company, N.A. 18 5.16% $7,873
AMERISAVE MORTGAGE CORPORATION 18 4.85% $10,984
CROSSCOUNTRY MORTGAGE, LLC 13 5.47% $8,663
LAKEVIEW LOAN SERVICING, LLC 12 3.82% $5,063
VILLAGE CAPITAL MORTGAGE 12 3.43% $3,379
Carrington Mortgage Services, LLC 12 5.11% $11,275
FINANCE OF AMERICA MORTGAGE LLC 11 4.93% $7,672
DAS Acquisition Company, LLC 10 5.09% $9,196
CMG MORTGAGE, INC. 10 5.09% $9,370
Plains Commerce Bank 10 4.49% $6,674
OPEN MORTGAGE, LLC 9 5.33% $7,990
EVERETT FINANCIAL, INC. 9 5.32% $4,953
Northwest Bank 9 4.94% $8,320
UNION HOME MORTGAGE CORP. 8 4.31% $9,764
Bank of the West 7 4.86% $7,508
MUTUAL OF OMAHA MORTGAGE, INC. 7 5.20% $13,679
RESIDENTIAL MORTGAGE NETWORK, INC. 6 4.92% $4,814
Wells Fargo Bank 6 5.06% $7,961
Great Southern Bank 6 5.08% $4,722
TOP FLITE FINANCIAL, INC. 4 4.94% $8,972
CITY FIRST MORTGAGE SERVICES, L.L.C. 4 5.72% $12,258
V.I.P. MORTGAGE, INC. 4 5.78% $7,233
HOME POINT FINANCIAL CORPORATION 4 3.19% $5,468
IOWA BANKERS MORTGAGE CORPORATION 4 5.31% $6,811
NFM, INC. 3 5.46% $7,793
RESIDENTIAL BANCORP. 3 4.04% $9,874
TJC Mortgage, Inc. 3 4.38% $6,839
Equity Prime Mortgage LLC 3 5.67% $5,513
Bank of America 3 4.17% $4,327
THOMPSON KANE & COMPANY, LLC 3 4.63% $5,808
Servion, Inc. 3 3.38% $5,408
Mortgage Research Center, LLC 3 4.96% $6,220
The Federal Savings Bank 3 4.17% $11,158
Lakeview Community Capital, LLC 2 5.00% $6,336
VANDERBILT MORTGAGE AND FINANCE, INC. 2 4.75% $9,066
M&T Bank 2 3.94% $10,458
Paramount Residential Mortgage Group, Inc. 2 5.06% $7,650
Peoples Bank 2 4.69% $11,423
First Guaranty Mortgage Corporation 2 4.25% $8,359
LEADERONE FINANCIAL CORPORATION 2 5.00% $13,588
NETWORK CAPITAL FUNDING CORPORATION 2 5.38% $8,413
ZILLOW HOME LOANS, LLC 1 6.25% $6,661
AMERICAN FINANCIAL RESOURCES, INC. 1 3.75% $5,040
AMERICAN FINANCING CORPORATION 1 4.13% $12,702
American Mortgage & Equity Consultants, Inc. 1 5.25% $7,985
AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 5.25% $7,706
Bankers Trust Company 1 6.63% $12,621
BETTER MORTGAGE CORPORATION 1 5.50% $5,604
Capital Bank 1 5.49% $8,595
CHERRY CREEK MORTGAGE, LLC 1 4.13% $4,762
CHURCHILL MORTGAGE CORPORATION 1 5.75% $7,407
EMBRACE HOME LOANS, INC. 1 5.75% $5,367
ENVOY MORTGAGE, LTD 1 5.63% $8,241
FBC MORTGAGE, LLC 1 5.75% $9,453
First Home Bank 1 3.38% $11,396
First Interstate Bank 1 5.25% $8,732
Flanagan State Bank 1 5.00% $10,212
HOMESTAR FINANCIAL CORPORATION 1 6.63% $6,570
Hometown Lenders, Inc. 1 5.00% $9,793
JPMorgan Chase Bank 1 5.49% $7,495
Magnolia Bank 1 4.75% $8,391
MID AMERICA MORTGAGE, INC. 1 6.63% $3,569
MORIA DEVELOPMENT, INC. 1 4.75% $9,494
NATIONWIDE MORTGAGE BANKERS, INC. 1 4.75% $10,458
Neighborhood Loans, Inc. 1 5.25% $5,990
NP, Inc. 1 5.13% $5,725
OCEANSIDE MORTGAGE COMPANY 1 2.75% $3,787
Paramount Bank 1 3.75% $4,592
PHH Mortgage Corporation 1 5.50% $10,972
Pinnacle Bank 1 3.25% $8,376
POLARIS HOME FUNDING CORP. 1 6.63% $9,585
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 4.75% $6,497
Princeton Mortgage Corporation 1 3.75% $7,432
Regions Bank 1 6.38% $6,816
S1L, Inc. 1 3.50% $10,109
Wyndham Capital Mortgage, Inc. 1 3.75% $4,816
ACADEMY MORTGAGE CORPORATION 1 5.75% $9,458

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. Louis
Date 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 for 2023-04-01 was $374,990, a difference of $15,065 (4.2%) versus the prior year and $5,040 versus the prior month.

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. Louis
Date 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 listing age (time on market) for 2023-04-01 was 74 days. This is 51% longer than the same period one year ago.

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.

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).