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 95 lenders originated 1,824 FHA loans during 2024. The total origination value was $451,130,000, with an average FHA loan value of $247,330.

Des Moines FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Des Moines averaged 0.21% for the week of 2025-07-04, compared to the national average (all FHA variants) of 0% for the same period.

Des Moines's average FHA mortgage closing costs are $6,771.

The average rate for the prior week (2025-06-27) was 6.49% and one month ago for the week of 2025-05-30, the average rate was 6.47%.

The average rate one year ago was 6.59%.

For refis of the same type during the week of 2025-07-04, the average rate was -0.46%.

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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
DHI MORTGAGE COMPANY, LTD. 175 5.30% $10,558
BROKER SOLUTIONS, INC. 113 6.81% $9,037
QUICKEN LOANS, LLC 112 6.29% $11,041
Fortress Bank 104 6.62% $7,667
GREENSTATE CREDIT UNION 95 5.98% $6,602
GERSHMAN INVESTMENT CORP. 87 6.20% $8,352
HOMESERVICES LENDING, LLC 80 6.42% $8,744
UNITED WHOLESALE MORTGAGE, LLC 62 6.20% $11,073
Barrington Bank & Trust Company, N.A. 50 6.71% $8,507
STOCKTON MORTGAGE CORPORATION 46 6.50% $9,535
GUILD MORTGAGE COMPANY 39 6.81% $8,652
FREEDOM MORTGAGE CORPORATION 36 6.50% $11,346
NEWREZ LLC 36 6.43% $8,302
AmeriHome Mortgage Company, LLC 29 6.56% $9,418
PENNYMAC LOAN SERVICES, LLC 29 6.32% $8,633
COMPASS MORTGAGE, INC. 29 6.60% $7,891
AMERICAN PACIFIC MORTGAGE CORPORATION 27 6.75% $12,249
MOVEMENT MORTGAGE, LLC 27 6.67% $9,095
HOMESIDE FINANCIAL, LLC 27 6.71% $10,058
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 26 6.76% $7,745
Plains Commerce Bank 23 6.55% $6,875
GUARANTEED RATE, INC. 23 6.56% $10,696
CARDINAL FINANCIAL 22 7.02% $13,235
FRONTIER FINANCIAL, INC. 19 6.68% $6,205
Flagstar Bank, FSB 18 6.43% $7,798
ENDEAVOR CAPITAL, LLC. 16 6.31% $8,994
CMG MORTGAGE, INC. 16 6.80% $9,149
The Central Trust Bank 16 6.66% $7,846
Mr. Cooper ( Nationstar Mortgage ) 16 6.34% $12,434
LAND HOME FINANCIAL SERVICES, INC. 16 6.41% $8,146
PLAZA HOME MORTGAGE, INC. 14 6.71% $7,585
LOANDEPOT.COM, LLC 14 6.06% $10,624
Lincoln Savings Bank 11 6.75% $7,197
FIRST COMMUNITY MORTGAGE, INC. 11 6.42% $9,563
Servion, Inc. 10 6.41% $6,413
Mortgage Research Center, LLC 8 6.92% $5,634
ENVOY MORTGAGE, LTD 8 6.67% $6,952
U.S. Bank 8 6.83% $5,971
Carrington Mortgage Services, LLC 7 6.52% $9,541
VILLAGE CAPITAL MORTGAGE 7 6.71% $6,150
MUTUAL OF OMAHA MORTGAGE, INC. 6 6.25% $14,059
Equity Prime Mortgage LLC 6 6.29% $10,741
Northwest Bank 6 6.40% $8,872
MID AMERICA MORTGAGE, INC. 5 6.60% $9,770
LAKEVIEW LOAN SERVICING, LLC 5 6.53% $8,246
The Loan Store, Inc. 5 6.38% $11,936
AMERISAVE MORTGAGE CORPORATION 4 5.97% $13,154
ROYAL UNITED MORTGAGE LLC 4 6.50% $13,311
Paramount Residential Mortgage Group, Inc. 4 6.47% $9,064
RESIDENTIAL MORTGAGE NETWORK, INC. 4 6.59% $6,558
Central Bank 3 5.79% $7,701
AMERICAN FINANCING CORPORATION 3 6.58% $7,577
CITY FIRST MORTGAGE SERVICES, L.L.C. 3 6.88% $10,298
EMM LOANS LLC 3 6.20% $15,251
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.17% $5,382
IOWA BANKERS MORTGAGE CORPORATION 3 6.50% $7,632
MICHIGAN MUTUAL, INC. 3 5.83% $7,094
PRIMARY RESIDENTIAL MORTGAGE, INC. 3 7.50% $10,519
TruHome Solutions, LLC 3 6.29% $7,029
Great Southern Bank 2 6.50% $5,141
Ixonia Bank 2 6.88% $11,532
JPMorgan Chase Bank 2 6.19% $9,165
CROSSCOUNTRY MORTGAGE, LLC 2 6.25% $8,050
POLARIS HOME FUNDING CORP. 2 6.25% $12,554
PREMIA MORTGAGE, LLC 2 6.31% $6,057
Wells Fargo Bank 2 6.94% $8,096
Lakeview Community Capital, LLC 2 6.44% $9,812
Century Mortgage Company DBA Century Lending Company 2 5.69% $11,078
GENEVA FINANCIAL, LLC 1 7.25% $9,631
Flanagan State Bank 1 6.63% $9,460
RESIDENTIAL BANCORP 1 5.00% $16,998
Extraco Banks 1 6.00% $9,233
Encompass Lending Group, LP 1 6.25% $10,206
Sierra Pacific Mortgage Company, Inc. 1 5.63% $8,430
Community Choice Credit Union 1 7.13% $8,803
Texana Bank 1 6.63% $6,313
CHURCHILL MORTGAGE CORPORATION 1 6.25% $10,349
TOWNE MORTGAGE COMPANY 1 7.75% $8,181
ZILLOW HOME LOANS, LLC 1 5.88% $12,510
AMERICAN FINANCIAL NETWORK, INC. 1 7.13% $13,752
Bank of America 1 6.38% $9,918
AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $9,499
V.I.P. MORTGAGE, INC. 1 5.75% $11,317
Waterstone Mortgage Corporation 1 6.50% $8,577
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.75% $4,907
M&T Bank 1 7.13% $6,550
MLD MORTGAGE INC. 1 8.13% $8,247
LIBERTY HOME MORTGAGE CORPORATION 1 5.88% $17,372
NBKC BANK 1 5.63% $12,658
NEXERA HOLDING LLC 1 5.88% $6,050
Northpointe Bank 1 5.25% $15,059
OCEANSIDE MORTGAGE COMPANY 1 6.50% $3,833
GUARANTEED RATE AFFINITY, LLC 1 6.70% $6,780
PENTAGON FEDERAL CREDIT UNION 1 5.63% $10,826
PLANET HOME LENDING, LLC 1 5.88% $12,092

The top Des Moines FHA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with 175 FHA loans originated. Their average total fees are $10,558, which is $1,521 higher than the next largest lender, BROKER SOLUTIONS, INC..

The lowest fee Des Moines FHA lenders (with over 10 loans originated) are FRONTIER FINANCIAL, INC. ($6,205), Servion, Inc. ($6,413), GREENSTATE CREDIT UNION ($6,602), Plains Commerce Bank ($6,875) and Lincoln Savings Bank ($7,197).

The lowest rate Des Moines FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.30%), GREENSTATE CREDIT UNION (5.98%), LOANDEPOT.COM, LLC (6.06%), GERSHMAN INVESTMENT CORP. (6.20%) and UNITED WHOLESALE MORTGAGE, LLC (6.20%).

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).