Des Moines FHA Loan Rates, Closing Costs & Stats

DES MOINES-WEST DES MOINES, IA

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    • 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 6.28% for the week of 2023-12-01, compared to the national average (all FHA variants) of 6.949% for the same period.

    Des Moines's average FHA mortgage closing costs are $6,073.

    The average rate for the prior week (2023-11-24) was 6.29% and one month ago for the week of 2023-10-27, the average rate was 6.6%.

    The average rate one year ago was 5.91%.

    For refis of the same type during the week of 2023-12-01, the average rate was 5.58%.

    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

    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).