Fairfield FHA Loan Rates, Closing Costs & Stats

Fairfield, 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.

    Fairfield's 11 lenders originated 17 FHA loans during 2023. The total origination value was $2,635,000, with an average FHA loan value of $155,000.

    Fairfield FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Fairfield averaged 6.21% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Fairfield's average FHA mortgage closing costs are $5,744.

    The average rate for the prior week (2024-12-06) was 6.38% and one month ago for the week of 2024-11-08, the average rate was 6.44%.

    The average rate one year ago was 6.75%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.18%.

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

    Fairfield 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 Fairfield level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 3 6.75% $6,605
    U.S. Bank 2 6.38% $5,309
    Flagstar Bank, FSB 1 6.25% $7,500
    FREEDOM MORTGAGE CORPORATION 1 7.25% $8,512
    LAND HOME FINANCIAL SERVICES, INC. 1 7.63% $6,370
    Chickasaw Community Bank 1 5.75% $5,229
    OPEN MORTGAGE, LLC 1 6.88% $21,785
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.75% $6,512
    TOWNE MORTGAGE COMPANY 1 6.25% $5,412
    Mortgage Research Center, LLC 1 8.13% $3,424
    CROSSCOUNTRY MORTGAGE, LLC 1 5.38% $5,039

    The top Fairfield FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 3 FHA loans originated. Their average total fees are $6,605, which is $1,296 higher than the next largest lender, U.S. Bank.

    The lowest fee Fairfield FHA lenders (with over 10 loans originated) are .

    The lowest rate Fairfield FHA lenders (with over 10 loans originated) are .

    Fairfield FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    FAIRFIELD, IA JEFFERSON 2022 $420,680 $538,650 $651,050 $809,150
    FAIRFIELD, IA JEFFERSON 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Fairfield (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $129,450 (-8.6%) $206,149 (21.0%) 0.00 56
    2018-02-01 $126,000 (-11.2%) $206,441 (20.6%) 0.00 54
    2018-03-01 $139,000 (-6.7%) $218,553 (18.7%) 0.00 59
    2018-04-01 $138,900 (-10.3%) $220,895 (17.6%) 0.00 55
    2018-05-01 $184,100 (24.9%) $228,467 (16.3%) 0.00 57
    2018-06-01 $177,500 (18.4%) $218,887 (2.2%) 0.00 68
    2018-07-01 $164,500 (6.1%) $214,238 (-5.0%) 0.00 75
    2018-08-01 $153,000 (2.9%) $214,866 (-6.7%) 0.00 68
    2018-09-01 $144,000 (1.2%) $199,397 (-14.2%) 0.00 72
    2018-10-01 $145,675 (5.8%) $208,518 (-8.5%) 0.00 75
    2018-11-01 $154,000 (12.4%) $205,615 (-9.3%) 0.00 76
    2018-12-01 $146,500 (10.3%) $208,308 (0.7%) 0.00 74
    2019-01-01 $149,125 (15.2%) $213,463 (3.6%) 0.00 68
    2019-02-01 $137,450 (9.1%) $199,956 (-3.1%) 0.00 73
    2019-03-01 $141,386 (1.7%) $197,506 (-9.6%) 0.00 72
    2019-04-01 $149,900 (7.9%) $205,125 (-7.1%) 0.00 74
    2019-05-01 $159,500 (-13.4%) $222,856 (-2.5%) 0.00 79
    2019-06-01 $165,000 (-7.0%) $233,391 (6.6%) 0.00 76
    2019-07-01 $159,700 (-2.9%) $223,570 (4.4%) 0.00 91
    2019-08-01 $158,636 (3.7%) $220,014 (2.4%) 0.00 90
    2019-09-01 $156,591 (8.7%) $211,449 (6.0%) 0.00 89
    2019-10-01 $155,000 (6.4%) $205,061 (-1.7%) 0.00 87
    2019-11-01 $154,900 (0.6%) $201,357 (-2.1%) 0.00 87
    2019-12-01 $152,500 (4.1%) $187,958 (-9.8%) 0.00 84
    2020-01-01 $154,200 (3.4%) $195,907 (-8.2%) 0.00 84
    2020-02-01 $154,900 (12.7%) $204,905 (2.5%) 0.00 84
    2020-03-01 $149,000 (5.4%) $193,029 (-2.3%) 0.00 86
    2020-04-01 $142,200 (-5.1%) $188,106 (-8.3%) 0.00 85
    2020-05-01 $147,700 (-7.4%) $196,163 (-12.0%) 0.00 80
    2020-06-01 $146,975 (-10.9%) $198,537 (-14.9%) 0.00 72
    2020-07-01 $143,500 (-10.1%) $204,081 (-8.7%) 0.00 65
    2020-08-01 $171,200 (7.9%) $225,226 (2.4%) 0.00 68
    2020-09-01 $179,700 (14.8%) $228,640 (8.1%) 0.00 62
    2020-10-01 $167,200 (7.9%) $219,241 (6.9%) 0.00 65
    2020-11-01 $170,950 (10.4%) $225,110 (11.8%) 0.00 59
    2020-12-01 $172,325 (13.0%) $232,546 (23.7%) 0.00 51
    2021-01-01 $165,000 (7.0%) $228,123 (16.4%) 0.00 36
    2021-02-01 $163,425 (5.5%) $226,021 (10.3%) 0.00 38
    2021-03-01 $162,150 (8.8%) $239,814 (24.2%) 0.00 36
    2021-04-01 $179,675 (26.4%) $260,114 (38.3%) 0.00 36
    2021-05-01 $202,450 (37.1%) $259,616 (32.4%) 0.00 34
    2021-06-01 $236,750 (61.1%) $266,984 (34.5%) 0.00 39
    2021-07-01 $210,000 (46.3%) $248,480 (21.8%) 0.00 45
    2021-08-01 $178,650 (4.4%) $227,849 (1.2%) 0.00 51
    2021-09-01 $169,900 (-5.5%) $234,159 (2.4%) 0.00 57
    2021-10-01 $207,000 (23.8%) $231,053 (5.4%) 0.00 47
    2021-11-01 $216,250 (26.5%) $220,876 (-1.9%) 0.00 49
    2021-12-01 $235,700 (36.8%) $253,782 (9.1%) 0.00 52
    2022-01-01 $225,000 (36.4%) $253,454 (11.1%) 0.00 48
    2022-02-01 $207,000 (26.7%) $254,436 (12.6%) 0.00 39
    2022-03-01 $207,000 (27.7%) $263,306 (9.8%) 0.00 38
    2022-04-01 $210,000 (16.9%) $247,689 (-4.8%) 0.00 40
    2022-05-01 $176,000 (-13.1%) $235,886 (-9.1%) 0.00 48
    2022-06-01 $170,825 (-27.9%) $225,304 (-15.6%) 0.00 55
    2022-07-01 $185,000 (-11.9%) $251,407 (1.2%) 0.00 62
    2022-08-01 $189,225 (5.9%) $264,438 (16.1%) 0.00 53
    2022-09-01 $189,900 (11.8%) $295,908 (26.4%) 0.00 46
    2022-10-01 $193,500 (-6.5%) $298,150 (29.0%) 0.00 44
    2022-11-01 $199,900 (-7.6%) $307,966 (39.4%) 0.00 40
    2022-12-01 $207,000 (-12.2%) $296,563 (16.9%) 0.00 43
    2023-01-01 $205,000 (-8.9%) $318,346 (25.6%) 0.00 41
    2023-02-01 $199,700 (-3.5%) $306,263 (20.4%) 0.00 38
    2023-03-01 $203,500 (-1.7%) $292,902 (11.2%) 0.00 42
    2023-04-01 $225,000 (7.1%) $293,539 (18.5%) 0.00 46
    2023-05-01 $216,225 (22.9%) $289,797 (22.9%) 0.00 45
    2023-06-01 $191,225 (11.9%) $274,370 (21.8%) 0.00 45
    2023-07-01 $179,900 (-2.8%) $255,404 (1.6%) 0.00 44
    2023-08-01 $180,725 (-4.5%) $259,979 (-1.7%) 0.00 38
    2023-09-01 $182,250 (-4.0%) $292,049 (-1.3%) 0.00 42
    2023-10-01 $197,450 (2.0%) $315,475 (5.8%) 0.00 48
    2023-11-01 $194,950 (-2.5%) $312,921 (1.6%) 0.00 51
    2023-12-01 $210,000 (1.5%) $319,189 (7.6%) 0.00 47
    2024-01-01 $200,375 (-2.3%) $318,999 (0.2%) 0.00 50
    2024-02-01 $203,425 (1.9%) $326,936 (6.8%) 0.00 47
    2024-03-01 $206,725 (1.6%) $308,447 (5.3%) 0.00 51
    2024-04-01 $216,875 (-3.6%) $307,676 (4.8%) 0.00 56
    2024-05-01 $206,200 (-4.6%) $318,772 (10.0%) 0.00 55
    2024-06-01 $204,450 (6.9%) $315,542 (15.0%) 0.00 56
    2024-07-01 $206,875 (15.0%) $312,560 (22.4%) 0.00 63
    2024-08-01 $192,000 (6.2%) $306,131 (17.8%) 0.00 64
    2024-09-01 $189,250 (3.8%) $313,074 (7.2%) 0.00 65
    2024-10-01 $179,000 (-9.3%) $272,873 (-13.5%) 0.00 84
    2024-11-01 $173,950 (-10.8%) $255,808 (-18.3%) 0.00 87
    Fairfield's median listing price for 2024-11-01 was $173,950, a difference of $-21,000 (-10.8%) versus the prior year and $-5,050 versus the prior month.

    Fairfield's median listing price comes in at 0% of the national average.

    Fairfield's average listing price for 2024-11-01 was $255,808, a difference of $-57,113 (-18.3%) versus the prior year and $-17,065 versus the prior month.

    For the 2024-11-01 period, Fairfield had 87 MLS listings, a difference of 3 listings (4%) versus the prior month and 36 listings (71%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Fairfield (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,496 sqft
    2018-02-01 0 days 1,505 sqft
    2018-03-01 0 days 1,712 sqft
    2018-04-01 0 days 1,754 sqft
    2018-05-01 0 days 1,779 sqft
    2018-06-01 0 days 1,767 sqft
    2018-07-01 0 days 1,633 sqft
    2018-08-01 0 days 1,564 sqft
    2018-09-01 0 days 1,600 sqft
    2018-10-01 0 days 1,538 sqft
    2018-11-01 0 days 1,505 sqft
    2018-12-01 0 days 1,564 sqft
    2019-01-01 0 days 1,574 sqft
    2019-02-01 0 days 1,606 sqft
    2019-03-01 0 days 1,568 sqft
    2019-04-01 0 days 1,515 sqft
    2019-05-01 0 days 1,568 sqft
    2019-06-01 0 days 1,660 sqft
    2019-07-01 0 days 1,669 sqft
    2019-08-01 0 days 1,655 sqft
    2019-09-01 0 days 1,617 sqft
    2019-10-01 0 days 1,587 sqft
    2019-11-01 0 days 1,507 sqft
    2019-12-01 0 days 1,518 sqft
    2020-01-01 0 days 1,986 sqft
    2020-02-01 0 days 1,584 sqft
    2020-03-01 0 days 1,548 sqft
    2020-04-01 0 days 1,469 sqft
    2020-05-01 0 days 1,694 sqft
    2020-06-01 0 days 1,679 sqft
    2020-07-01 0 days 1,675 sqft
    2020-08-01 0 days 1,712 sqft
    2020-09-01 0 days 1,624 sqft
    2020-10-01 0 days 1,588 sqft
    2020-11-01 0 days 1,588 sqft
    2020-12-01 0 days 1,668 sqft
    2021-01-01 0 days 1,660 sqft
    2021-02-01 0 days 1,609 sqft
    2021-03-01 0 days 1,608 sqft
    2021-04-01 0 days 1,850 sqft
    2021-05-01 0 days 1,784 sqft
    2021-06-01 0 days 1,748 sqft
    2021-07-01 0 days 1,640 sqft
    2021-08-01 0 days 1,541 sqft
    2021-09-01 0 days 1,488 sqft
    2021-10-01 0 days 1,479 sqft
    2021-11-01 0 days 1,475 sqft
    2021-12-01 0 days 1,536 sqft
    2022-01-01 0 days 1,592 sqft
    2022-02-01 0 days 1,602 sqft
    2022-03-01 0 days 1,611 sqft
    2022-04-01 0 days 1,624 sqft
    2022-05-01 0 days 1,496 sqft
    2022-06-01 0 days 1,425 sqft
    2022-07-01 0 days 1,584 sqft
    2022-08-01 0 days 1,623 sqft
    2022-09-01 0 days 1,641 sqft
    2022-10-01 0 days 1,640 sqft
    2022-11-01 0 days 1,650 sqft
    2022-12-01 0 days 1,640 sqft
    2023-01-01 0 days 1,608 sqft
    2023-02-01 0 days 1,620 sqft
    2023-03-01 0 days 1,630 sqft
    2023-04-01 0 days 1,620 sqft
    2023-05-01 0 days 1,603 sqft
    2023-06-01 0 days 1,539 sqft
    2023-07-01 0 days 1,465 sqft
    2023-08-01 0 days 1,448 sqft
    2023-09-01 0 days 1,449 sqft
    2023-10-01 0 days 1,463 sqft
    2023-11-01 0 days 1,462 sqft
    2023-12-01 0 days 1,607 sqft
    2024-01-01 0 days 1,619 sqft
    2024-02-01 0 days 1,591 sqft
    2024-03-01 0 days 1,586 sqft
    2024-04-01 0 days 1,586 sqft
    2024-05-01 0 days 1,605 sqft
    2024-06-01 0 days 1,660 sqft
    2024-07-01 0 days 1,659 sqft
    2024-08-01 0 days 1,714 sqft
    2024-09-01 0 days 1,565 sqft
    2024-10-01 0 days 1,521 sqft
    2024-11-01 0 days 1,466 sqft
    Fairfield's median listing age (time on market) for 2024-11-01 was 0 days.

    Fairfield's median square footage for active listings during the 2024-11-01 period was 1,466 sqft. One year prior, the average listing was 1,462 sqft.

    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).