Des Moines FHA Loans
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 3,215 FHA
loans during 2021. The total origination value was $629,325,000, with an average FHA loan value of
$195,747.
Des Moines FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Des Moines
averaged
4.95%
for the week of 2022-05-20, compared to the national average (all FHA variants) of
5.352% for the same period.
The average rate for the prior week (2022-05-13) was
5.26% and
one month ago for the week of 2022-04-15, the
average rate was 4.75%.
The average rate one year ago was 3.22%.
For refis of the same type during the week of 2022-05-20, the average rate
was 4.84%.
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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender
at the Des Moines level.
Name |
# of Loans |
2021 Avg. 30yFix Rate |
2021 Avg. Total Fees |
QUICKEN LOANS, LLC
|
245
|
2.74%
|
$5,840
|
Fidelity Bank
|
238
|
2.59%
|
$6,039
|
HOMESERVICES LENDING, LLC
|
187
|
3.11%
|
$6,521
|
GERSHMAN INVESTMENT CORP.
|
181
|
3.04%
|
$6,086
|
Lincoln Savings Bank
|
123
|
2.79%
|
$6,294
|
GUILD MORTGAGE COMPANY
|
118
|
2.87%
|
$6,304
|
LAND HOME FINANCIAL SERVICES, INC.
|
98
|
3.19%
|
$8,014
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
97
|
3.03%
|
$5,620
|
MOVEMENT MORTGAGE, LLC
|
94
|
3.18%
|
$5,685
|
FREEDOM MORTGAGE CORPORATION
|
94
|
2.91%
|
$4,966
|
Chickasaw Community Bank
|
88
|
3.14%
|
$7,309
|
CALIBER HOME LOANS, INC.
|
76
|
2.69%
|
$5,548
|
Ixonia Bank
|
69
|
3.03%
|
$6,898
|
LAKEVIEW LOAN SERVICING, LLC
|
62
|
3.00%
|
$4,199
|
Mr. Cooper ( Nationstar Mortgage )
|
61
|
3.36%
|
$3,583
|
COMPASS MORTGAGE, INC.
|
55
|
2.98%
|
$6,242
|
Fortress Bank
|
53
|
2.85%
|
$5,927
|
INLANTA MORTGAGE, INC.
|
52
|
3.06%
|
$6,076
|
VILLAGE CAPITAL & INVESTMENT LLC
|
47
|
2.94%
|
$1,559
|
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP
|
45
|
3.55%
|
$8,472
|
PENNYMAC LOAN SERVICES, LLC
|
45
|
3.13%
|
$4,609
|
BROKER SOLUTIONS, INC.
|
44
|
3.26%
|
$7,145
|
HOMESIDE FINANCIAL, LLC
|
39
|
3.26%
|
$6,783
|
Flagstar Bank, FSB
|
37
|
2.84%
|
$5,660
|
DHI MORTGAGE COMPANY, LTD.
|
33
|
2.84%
|
$6,528
|
The Central Trust Bank
|
31
|
3.01%
|
$6,151
|
CMG MORTGAGE, INC.
|
30
|
3.28%
|
$7,350
|
GUARANTEED RATE, INC.
|
28
|
3.17%
|
$6,735
|
DAS Acquisition Company, LLC
|
25
|
3.46%
|
$6,680
|
Barrington Bank & Trust Company, N.A.
|
23
|
3.26%
|
$6,983
|
Northwest Bank
|
22
|
2.83%
|
$7,442
|
FRONTIER FINANCIAL, INC.
|
22
|
2.92%
|
$5,405
|
AMCAP MORTGAGE, LTD.
|
22
|
2.91%
|
$7,917
|
FINANCE OF AMERICA MORTGAGE LLC
|
21
|
3.39%
|
$7,051
|
AMERISAVE MORTGAGE CORPORATION
|
21
|
2.98%
|
$7,612
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
20
|
2.48%
|
$4,912
|
HOME POINT FINANCIAL CORPORATION
|
20
|
2.71%
|
$5,390
|
STEARNS LENDING, LLC
|
18
|
3.01%
|
$7,461
|
NEWREZ LLC
|
17
|
2.84%
|
$4,440
|
Carrington Mortgage Services, LLC
|
16
|
3.66%
|
$6,089
|
U.S. Bank
|
14
|
3.03%
|
$5,933
|
Plains Commerce Bank
|
12
|
2.79%
|
$6,217
|
PLAZA HOME MORTGAGE, INC.
|
12
|
2.71%
|
$6,054
|
UNION HOME MORTGAGE CORP.
|
12
|
2.96%
|
$8,001
|
AmeriHome Mortgage Company, LLC
|
12
|
2.94%
|
$4,331
|
IOWA BANKERS MORTGAGE CORPORATION
|
9
|
2.93%
|
$7,133
|
Bankers Trust Company
|
9
|
2.38%
|
$5,489
|
RESIDENTIAL MORTGAGE NETWORK, INC.
|
8
|
2.66%
|
$4,544
|
UNITED WHOLESALE MORTGAGE, LLC
|
8
|
2.75%
|
$5,637
|
Lakeview Community Capital, LLC
|
8
|
3.16%
|
$4,100
|
Bank of the West
|
7
|
3.59%
|
$7,619
|
Mortgage Research Center, LLC
|
7
|
3.12%
|
$3,521
|
Servion, Inc.
|
7
|
3.00%
|
$6,142
|
Great Southern Bank
|
7
|
2.89%
|
$5,341
|
LOANDEPOT.COM, LLC
|
7
|
3.23%
|
$7,478
|
AMERICAN FINANCIAL NETWORK, INC.
|
7
|
3.63%
|
$10,513
|
First Guaranty Mortgage Corporation
|
6
|
3.02%
|
$4,524
|
SUMMIT FUNDING, INC.
|
6
|
3.42%
|
$7,277
|
First International Bank & Trust
|
6
|
2.83%
|
$5,164
|
CROSSCOUNTRY MORTGAGE, LLC
|
5
|
3.20%
|
$6,502
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
5
|
2.85%
|
$5,244
|
LEADERONE FINANCIAL CORPORATION
|
5
|
2.78%
|
$4,614
|
Gateway First Bank
|
5
|
2.75%
|
$6,420
|
AMERICAN FINANCING CORPORATION
|
4
|
2.69%
|
$7,453
|
TOP FLITE FINANCIAL, INC.
|
4
|
3.25%
|
$6,046
|
Great Western Bank
|
4
|
2.53%
|
$5,482
|
MID AMERICA MORTGAGE, INC.
|
3
|
3.63%
|
$2,513
|
EVERETT FINANCIAL, INC.
|
3
|
3.38%
|
$4,297
|
INSPIRE HOME LOANS INC.
|
3
|
2.92%
|
$8,114
|
KELLER MORTGAGE, LLC
|
3
|
3.25%
|
$4,519
|
OCEANSIDE MORTGAGE COMPANY
|
3
|
3.12%
|
$2,023
|
Wells Fargo Bank
|
3
|
3.54%
|
$4,497
|
The Federal Savings Bank
|
2
|
2.69%
|
$8,937
|
PREMIA MORTGAGE, LLC
|
2
|
3.12%
|
$4,795
|
Bank of England
|
2
|
2.81%
|
$7,154
|
Bank of America
|
2
|
2.81%
|
$5,632
|
OPEN MORTGAGE, LLC
|
2
|
3.00%
|
$6,341
|
EMBRACE HOME LOANS, INC.
|
2
|
3.50%
|
$4,579
|
PLANET HOME LENDING, LLC
|
2
|
2.81%
|
$3,985
|
CITY FIRST MORTGAGE SERVICES, L.L.C.
|
2
|
3.69%
|
$6,962
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
2
|
2.81%
|
$5,479
|
Waterstone Mortgage Corporation
|
2
|
3.06%
|
$5,939
|
ON Q FINANCIAL, INC.
|
2
|
3.31%
|
$7,525
|
BNC National Bank
|
2
|
2.75%
|
$6,241
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
1
|
3.00%
|
$8,174
|
Princeton Mortgage Corporation
|
1
|
2.88%
|
$5,804
|
Equity Prime Mortgage LLC
|
1
|
2.75%
|
$4,826
|
RESIDENTIAL BANCORP.
|
1
|
2.88%
|
$6,849
|
DRAPER AND KRAMER MORTGAGE CORP.
|
1
|
2.63%
|
$3,946
|
CHURCHILL MORTGAGE CORPORATION
|
1
|
3.25%
|
$7,658
|
THOMPSON KANE & COMPANY, LLC
|
1
|
2.38%
|
$7,360
|
ARC HOME LLC
|
1
|
2.25%
|
$5,069
|
UNIVERSAL LENDING CORPORATION
|
1
|
3.75%
|
$6,782
|
Amerifirst Financial, Inc.
|
1
|
2.75%
|
$3,031
|
VANDERBILT MORTGAGE AND FINANCE, INC.
|
1
|
3.00%
|
$9,769
|
MORTGAGE SOLUTIONS OF COLORADO, LLC
|
1
|
3.75%
|
$3,495
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
1
|
2.75%
|
$8,030
|
LIBERTY HOME MORTGAGE CORPORATION
|
1
|
3.50%
|
$12,578
|
Nations Lending Corporation
|
1
|
3.50%
|
$7,011
|
INTERSTATE HOME LOAN CENTER, INC.
|
1
|
2.25%
|
$5,254
|
InterContinental Capital Group, Inc
|
1
|
3.13%
|
$7,119
|
NP, Inc.
|
1
|
2.63%
|
$6,653
|
ZILLOW HOME LOANS, LLC
|
1
|
3.25%
|
$7,185
|
Paramount Residential Mortgage Group, Inc.
|
1
|
3.25%
|
$4,616
|
GSF Mortgage Corporation
|
1
|
3.75%
|
$10,194
|
PHH Mortgage Corporation
|
1
|
3.50%
|
$3,742
|
First Horizon Bank
|
1
|
2.88%
|
$7,284
|
FIRST COMMUNITY MORTGAGE, INC.
|
1
|
3.75%
|
$7,185
|
PRIMARY RESIDENTIAL MORTGAGE, INC.
|
1
|
2.88%
|
$8,948
|
The top Des Moines FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
245 FHA loans originated. Their average total fees are
$5,840, which is $199
lower than the next largest lender,
Fidelity Bank.
The lowest fee Des Moines FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL & INVESTMENT LLC ($1,559), Mr. Cooper ( Nationstar Mortgage ) ($3,583), LAKEVIEW LOAN SERVICING, LLC ($4,199), AmeriHome Mortgage Company, LLC ($4,331) and NEWREZ LLC ($4,440).
The lowest rate Des Moines FHA lenders (with over 10 loans originated) are
HOMEBRIDGE FINANCIAL SERVICES, INC. (2.48%), Fidelity Bank (2.59%), CALIBER HOME LOANS, INC. (2.69%), PLAZA HOME MORTGAGE, INC. (2.71%) and HOME POINT FINANCIAL CORPORATION (2.71%).
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 |
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).