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).