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 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).