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 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 6.09% for the week of 2024-10-11, compared to the national average (all FHA variants) of 6.1% for the same period.

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

The average rate for the prior week (2024-10-04) was 5.5% and one month ago for the week of 2024-09-06, the average rate was 5.63%.

The average rate one year ago was 6.86%.

For refis of the same type during the week of 2024-10-11, the average rate was 5.72%.

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).