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 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 6.08% for the week of 2023-01-27, compared to the national average (all FHA variants) of 6.186% for the same period.

    Des Moines's average FHA mortgage closing costs are $5,769.

    The average rate for the prior week (2023-01-20) was 5.86% and one month ago for the week of 2022-12-23, the average rate was 6.15%.

    The average rate one year ago was 3.44%.

    For refis of the same type during the week of 2023-01-27, the average rate was 6.07%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    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 MORTGAGE 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 MORTGAGE ($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

    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 (6.0%) $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 $288,862 (-0.2%) $314,410 (1.2%) 0.94 3,006
    2019-04-01 $288,762 (-1.3%) $317,580 (-0.1%) 0.92 3,015
    2019-05-01 $283,210 (-2.8%) $318,434 (-0.9%) 0.89 3,146
    2019-06-01 $279,900 (-3.5%) $317,167 (-0.2%) 0.87 3,291
    2019-07-01 $277,200 (-4.4%) $314,686 (-0.7%) 0.87 3,415
    2019-08-01 $271,796 (-4.3%) $310,798 (-0.7%) 0.86 3,542
    2019-09-01 $264,141 (-5.7%) $303,706 (-1.5%) 0.85 3,675
    2019-10-01 $259,894 (-7.6%) $299,405 (-3.1%) 0.84 3,739
    2019-11-01 $255,000 (-9.3%) $296,103 (-3.9%) 0.84 3,509
    2019-12-01 $255,000 (-8.9%) $294,537 (-3.0%) 0.85 3,326
    2020-01-01 $258,900 (-8.6%) $294,735 (-3.9%) 0.87 3,152
    2020-02-01 $264,900 (-7.8%) $301,293 (-3.1%) 0.87 3,038
    2020-03-01 $268,393 (-7.1%) $307,214 (-2.3%) 0.84 3,036
    2020-04-01 $268,404 (-7.1%) $306,888 (-3.4%) 0.84 3,077
    2020-05-01 $274,650 (-3.0%) $315,168 (-1.0%) 0.83 2,891
    2020-06-01 $277,776 (-0.8%) $324,078 (2.2%) 0.82 2,628
    2020-07-01 $274,808 (-0.9%) $325,228 (3.4%) 0.80 2,476
    2020-08-01 $272,800 (0.4%) $321,923 (3.6%) 0.78 2,439
    2020-09-01 $271,197 (2.7%) $317,137 (4.4%) 0.78 2,370
    2020-10-01 $270,500 (4.1%) $315,762 (5.5%) 0.78 2,369
    2020-11-01 $270,000 (5.9%) $313,208 (5.8%) 0.79 2,315
    2020-12-01 $272,481 (6.9%) $316,592 (7.5%) 0.81 2,116
    2021-01-01 $275,000 (6.2%) $324,926 (10.2%) 0.82 1,815
    2021-02-01 $280,448 (5.9%) $332,584 (10.4%) 0.82 1,656
    2021-03-01 $285,000 (6.2%) $337,525 (9.9%) 0.81 1,512
    2021-04-01 $298,382 (11.2%) $350,671 (14.3%) 0.81 1,454
    2021-05-01 $299,475 (9.0%) $357,617 (13.5%) 0.79 1,460
    2021-06-01 $302,400 (8.9%) $356,742 (10.1%) 0.80 1,566
    2021-07-01 $304,925 (11.0%) $350,195 (7.7%) 0.80 1,603
    2021-08-01 $302,072 (10.7%) $354,169 (10.0%) 0.81 1,757
    2021-09-01 $302,425 (11.5%) $356,714 (12.5%) 0.81 1,789
    2021-10-01 $303,275 (12.1%) $355,533 (12.6%) 0.81 1,810
    2021-11-01 $308,901 (14.4%) $357,293 (14.1%) 0.82 1,820
    2021-12-01 $313,215 (15.0%) $354,769 (12.1%) 0.85 1,729
    2022-01-01 $326,153 (18.6%) $365,405 (12.5%) 0.88 1,470
    2022-02-01 $349,900 (24.8%) $387,082 (16.4%) 0.91 1,299
    2022-03-01 $351,000 (23.2%) $391,758 (16.1%) 0.88 1,306
    2022-04-01 $359,900 (20.6%) $398,612 (13.7%) 0.86 1,350
    2022-05-01 $354,950 (18.5%) $402,124 (12.5%) 0.81 1,534
    2022-06-01 $356,675 (18.0%) $406,869 (14.1%) 0.79 1,696
    2022-07-01 $350,000 (14.8%) $400,977 (14.5%) 0.79 2,000
    2022-08-01 $350,500 (16.0%) $405,695 (14.6%) 0.81 2,102
    2022-09-01 $355,625 (17.6%) $409,092 (14.7%) 0.83 2,221
    2022-10-01 $350,000 (15.4%) $404,387 (13.7%) 0.82 2,436
    2022-11-01 $349,900 (13.3%) $399,190 (11.7%) 0.84 2,523
    2022-12-01 $348,000 (11.1%) $400,572 (12.9%) 0.87 2,328
    Des Moines's median listing price for 2022-12-01 was $348,000, a difference of $34,785 (11.1%) versus the prior year and $-1,900 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 2022-12-01 was $400,572, a difference of $45,803 (12.9%) versus the prior year and $1,382 versus the prior month.

    For the 2022-12-01 period, Des Moines had 2,328 MLS listings, a difference of -195 listings (-8%) versus the prior month and 599 listings (35%) 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 1,599 sqft
    2019-04-01 71 days 1,602 sqft
    2019-05-01 57 days 1,606 sqft
    2019-06-01 58 days 1,610 sqft
    2019-07-01 63 days 1,600 sqft
    2019-08-01 66 days 1,587 sqft
    2019-09-01 66 days 1,568 sqft
    2019-10-01 67 days 1,556 sqft
    2019-11-01 68 days 1,544 sqft
    2019-12-01 79 days 1,538 sqft
    2020-01-01 87 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 66 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 63 days 1,552 sqft
    2020-10-01 61 days 1,533 sqft
    2020-11-01 66 days 1,520 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 1,519 sqft
    2021-05-01 45 days 1,519 sqft
    2021-06-01 51 days 1,522 sqft
    2021-07-01 53 days 1,516 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 1,494 sqft
    2022-01-01 82 days 1,501 sqft
    2022-02-01 77 days 1,511 sqft
    2022-03-01 52 days 1,514 sqft
    2022-04-01 50 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
    Des Moines's median listing age (time on market) for 2022-12-01 was 74 days. This is 17% longer than the same period one year ago.

    Des Moines's median square footage for active listings during the 2022-12-01 period was 1,554 sqft. One year prior, the average listing was 1,494 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).