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 107 lenders originated 1,726 FHA loans during 2023. The total origination value was $407,460,000, with an average FHA loan value of $236,072.

    Des Moines FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Des Moines averaged 6.11% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Des Moines's average FHA mortgage closing costs are $6,459.

    The average rate for the prior week (2024-11-01) was 6.38% and one month ago for the week of 2024-10-04, the average rate was 5.9%.

    The average rate one year ago was 6.95%.

    For refis of the same type during the week of 2024-11-08, the average rate was 5.94%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    HOMESERVICES LENDING, LLC 102 6.51% $8,804
    QUICKEN LOANS, LLC 101 6.26% $9,833
    DHI MORTGAGE COMPANY, LTD. 91 5.38% $9,147
    Lincoln Savings Bank 81 6.26% $7,524
    GREENSTATE CREDIT UNION 78 6.12% $6,332
    BROKER SOLUTIONS, INC. 72 6.83% $9,005
    Fortress Bank 70 6.55% $7,908
    AMERICAN PACIFIC MORTGAGE CORPORATION 67 6.81% $10,491
    Ixonia Bank 57 6.48% $10,471
    UNITED WHOLESALE MORTGAGE, LLC 54 6.26% $10,654
    The Central Trust Bank 44 6.53% $8,599
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 42 6.88% $8,866
    GERSHMAN INVESTMENT CORP. 39 6.56% $7,498
    GUILD MORTGAGE COMPANY 38 6.63% $8,898
    COMPASS MORTGAGE, INC. 35 6.56% $9,209
    Barrington Bank & Trust Company, N.A. 34 6.32% $7,792
    PENNYMAC LOAN SERVICES, LLC 32 6.25% $10,260
    FREEDOM MORTGAGE CORPORATION 31 6.75% $13,596
    LAND HOME FINANCIAL SERVICES, INC. 30 6.52% $8,459
    NEWREZ LLC 28 6.26% $7,925
    HOMESIDE FINANCIAL, LLC 28 6.77% $9,409
    PLAZA HOME MORTGAGE, INC. 26 6.56% $8,413
    Chickasaw Community Bank 26 6.92% $8,360
    FRONTIER FINANCIAL, INC. 26 6.70% $6,110
    U.S. Bank 20 6.52% $7,037
    Plains Commerce Bank 19 6.38% $7,032
    AMERISAVE MORTGAGE CORPORATION 18 6.03% $13,270
    Mr. Cooper ( Nationstar Mortgage ) 18 6.12% $9,647
    GUARANTEED RATE, INC. 18 6.28% $10,988
    LOANDEPOT.COM, LLC 17 6.25% $11,651
    CMG MORTGAGE, INC. 15 6.53% $9,804
    AmeriHome Mortgage Company, LLC 15 6.49% $11,002
    Flagstar Bank, FSB 13 6.60% $7,624
    MUTUAL OF OMAHA MORTGAGE, INC. 12 6.41% $15,969
    CROSSCOUNTRY MORTGAGE, LLC 12 6.41% $10,645
    V.I.P. MORTGAGE, INC. 11 6.42% $7,819
    CARDINAL FINANCIAL 8 7.13% $9,452
    Carrington Mortgage Services, LLC 8 6.44% $10,064
    Regions Bank 8 6.30% $8,070
    AMERICAN FINANCIAL NETWORK, INC. 7 7.27% $7,695
    LAKEVIEW LOAN SERVICING, LLC 7 5.79% $11,505
    ENVOY MORTGAGE, LTD 7 6.82% $9,888
    Servion, Inc. 6 7.00% $6,480
    BMO Harris Bank 6 6.31% $10,039
    DAS Acquisition Company, LLC 6 6.94% $8,201
    RESIDENTIAL MORTGAGE NETWORK, INC. 6 6.42% $5,904
    Great Southern Bank 5 6.80% $5,434
    Wells Fargo Bank 5 6.88% $8,373
    IOWA BANKERS MORTGAGE CORPORATION 5 6.65% $8,648
    Northwest Bank 5 6.43% $7,873
    Summit Mortgage Corporation 5 7.05% $7,788
    GREATER IOWA CREDIT UNION 4 7.13% $6,935
    UNION HOME MORTGAGE CORP. 4 6.47% $12,730
    EVERETT FINANCIAL, INC. 4 6.94% $9,844
    ENDEAVOR CAPITAL, LLC. 4 7.18% $12,320
    EMM LOANS LLC 4 6.13% $13,215
    CITY FIRST MORTGAGE SERVICES, L.L.C. 4 6.59% $13,307
    POLARIS HOME FUNDING CORP. 3 7.46% $16,147
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.79% $6,943
    MID AMERICA MORTGAGE, INC. 3 6.75% $6,737
    LIBERTY HOME MORTGAGE CORPORATION 3 7.08% $8,904
    AMERICAN FINANCING CORPORATION 3 6.58% $11,992
    Mortgage Research Center, LLC 3 7.33% $3,759
    PLANET HOME LENDING, LLC 3 5.00% $7,814
    VANDERBILT MORTGAGE AND FINANCE, INC. 3 6.29% $16,648
    STOCKTON MORTGAGE CORPORATION 2 7.69% $8,717
    Bankers Trust Company 2 6.19% $6,298
    Bank of America 2 6.06% $3,169
    BETTER MORTGAGE CORPORATION 2 6.94% $7,104
    CHURCHILL MORTGAGE CORPORATION 2 6.63% $10,674
    Encompass Lending Group, LP 2 7.50% $10,927
    First Savings Bank 2 6.13% $10,643
    HOMESTAR FINANCIAL CORPORATION 2 6.50% $9,752
    MOVEMENT MORTGAGE, LLC 2 7.38% $14,013
    NFM, INC. 2 6.63% $8,999
    Paramount Residential Mortgage Group, Inc. 2 7.44% $11,180
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.63% $13,359
    TOP FLITE FINANCIAL, INC. 2 6.94% $8,959
    VILLAGE CAPITAL MORTGAGE 2 6.94% $3,083
    PHH Mortgage Corporation 1 5.63% $14,525
    North American Savings Bank, F.S.B. 1 6.25% $11,853
    NETWORK CAPITAL FUNDING CORPORATION 1 5.75% $4,079
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.13% $12,686
    Lakeview Community Capital, LLC 1 6.25% $13,998
    PREMIA MORTGAGE, LLC 1 5.75% $8,058
    Bank of England 1 6.75% $15,605
    JPMorgan Chase Bank 1 7.75% $4,198
    Gateway First Bank 1 6.88% $8,043
    FLAT BRANCH MORTGAGE, INC. 1 6.63% $7,817
    RUOFF MORTGAGE COMPANY, INC. 1 7.25% $4,091
    S1L, Inc. 1 5.75% $10,326
    Flanagan State Bank 1 6.63% $8,031
    Sierra Pacific Mortgage Company, Inc. 1 6.75% $7,102
    AMCAP MORTGAGE, LTD. 1 6.50% $10,965
    First International Bank & Trust 1 5.75% $8,467
    SUN WEST MORTGAGE COMPANY, INC. 1 7.13% $8,030
    FIRST COMMUNITY MORTGAGE, INC. 1 7.25% $11,371
    American Mortgage & Equity Consultants, Inc. 1 6.25% $18,637
    TOWNE MORTGAGE COMPANY 1 6.25% $19,467
    FIDELITY BANK 1 6.63% $13,538
    CASTLE & COOKE MORTGAGE, LLC 1 6.25% $13,384
    CALIBER HOME LOANS, INC. 1 7.25% $6,529
    Bell Bank 1 6.25% $6,648
    ON Q FINANCIAL, INC. 1 6.25% $6,096
    OPEN MORTGAGE, LLC 1 6.75% $15,501
    ZILLOW HOME LOANS, LLC 1 6.75% $7,837
    Northpointe Bank 1 6.75% $13,087

    The top Des Moines FHA lender as defined by loan originations is HOMESERVICES LENDING, LLC, with 102 FHA loans originated. Their average total fees are $8,804, which is $1,029 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Des Moines FHA lenders (with over 10 loans originated) are FRONTIER FINANCIAL, INC. ($6,110), GREENSTATE CREDIT UNION ($6,332), Plains Commerce Bank ($7,032), U.S. Bank ($7,037) and GERSHMAN INVESTMENT CORP. ($7,498).

    The lowest rate Des Moines FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.38%), AMERISAVE MORTGAGE CORPORATION (6.03%), Mr. Cooper ( Nationstar Mortgage ) (6.12%), GREENSTATE CREDIT UNION (6.12%) and LOANDEPOT.COM, LLC (6.25%).

    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).