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 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).