Dubuque FHA Loan Rates, Closing Costs & Stats

DUBUQUE, 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.

    Dubuque's 29 lenders originated 85 FHA loans during 2023. The total origination value was $14,985,000, with an average FHA loan value of $176,294.

    Dubuque FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Dubuque 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.

    Dubuque's average FHA mortgage closing costs are $6,065.

    The average rate for the prior week (2024-11-01) was 6.08% and one month ago for the week of 2024-10-04, the average rate was 5.7%.

    The average rate one year ago was 7.05%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.63%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Dubuque 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 Dubuque level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GREENSTATE CREDIT UNION 20 5.88% $5,233
    QUICKEN LOANS, LLC 13 6.34% $8,952
    MOVEMENT MORTGAGE, LLC 11 6.66% $7,612
    BROKER SOLUTIONS, INC. 3 6.92% $6,976
    PENNYMAC LOAN SERVICES, LLC 3 6.38% $6,628
    CARDINAL FINANCIAL 2 6.00% $9,214
    CROSSCOUNTRY MORTGAGE, LLC 2 6.72% $9,391
    Servion, Inc. 2 6.94% $6,048
    TOWNE MORTGAGE COMPANY 2 6.06% $9,414
    UNITED WHOLESALE MORTGAGE, LLC 2 6.06% $8,232
    U.S. Bank 2 7.06% $6,080
    NBKC BANK 1 6.63% $7,420
    NEWREZ LLC 1 6.75% $10,140
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.75% $9,067
    The Federal Savings Bank 1 6.75% $7,488
    VERITAS FUNDING, LLC 1 6.63% $16,735
    Wells Fargo Bank 1 6.63% $6,845
    AMERISAVE MORTGAGE CORPORATION 1 6.13% $9,886
    ZILLOW HOME LOANS, LLC 1 6.75% $9,685
    Bank of England 1 5.63% $9,717
    ENDEAVOR CAPITAL, LLC. 1 7.13% $7,622
    GERSHMAN INVESTMENT CORP. 1 6.25% $6,552
    GUILD MORTGAGE COMPANY 1 6.63% $6,733
    HOMESERVICES LENDING, LLC 1 7.25% $6,596
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $10,112
    LIBERTY HOME MORTGAGE CORPORATION 1 6.25% $9,883
    LOANDEPOT.COM, LLC 1 6.25% $12,468
    MEMBER FIRST MORTGAGE, LLC 1 6.63% $4,100
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $5,241

    The top Dubuque FHA lender as defined by loan originations is GREENSTATE CREDIT UNION, with 20 FHA loans originated. Their average total fees are $5,233, which is $3,720 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Dubuque FHA lenders (with over 10 loans originated) are GREENSTATE CREDIT UNION ($5,233), MOVEMENT MORTGAGE, LLC ($7,612), QUICKEN LOANS, LLC ($8,952), .

    The lowest rate Dubuque FHA lenders (with over 10 loans originated) are GREENSTATE CREDIT UNION (5.88%), QUICKEN LOANS, LLC (6.34%), MOVEMENT MORTGAGE, LLC (6.66%), .

    Dubuque FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    DUBUQUE, IA DUBUQUE 2022 $420,680 $538,650 $651,050 $809,150
    DUBUQUE, IA DUBUQUE 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).