Fort Dodge FHA Loan Rates, Closing Costs & Stats

Fort Dodge, 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.

    Fort Dodge's 18 lenders originated 68 FHA loans during 2023. The total origination value was $8,520,000, with an average FHA loan value of $125,294.

    Fort Dodge FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Fort Dodge averaged 6.86% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Fort Dodge's average FHA mortgage closing costs are $4,943.

    The average rate for the prior week (2024-04-12) was 6.45% and one month ago for the week of 2024-03-15, the average rate was 6.42%.

    The average rate one year ago was 6.05%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.66%.

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

    Fort Dodge 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 Fort Dodge level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FRONTIER FINANCIAL, INC. 28 6.59% $4,911
    QUICKEN LOANS, LLC 10 6.33% $6,552
    BROKER SOLUTIONS, INC. 3 6.54% $6,667
    GREENSTATE CREDIT UNION 2 6.44% $4,392
    First Interstate Bank 2 6.50% $5,142
    FLAT BRANCH MORTGAGE, INC. 2 6.88% $5,707
    FREEDOM MORTGAGE CORPORATION 2 6.75% $12,503
    GUILD MORTGAGE COMPANY 2 6.81% $9,103
    LAND HOME FINANCIAL SERVICES, INC. 2 6.50% $5,891
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.25% $6,834
    GUARANTEED RATE, INC. 1 7.25% $6,928
    Chickasaw Community Bank 1 6.75% $7,489
    IOWA BANKERS MORTGAGE CORPORATION 1 7.00% $4,440
    Servion, Inc. 1 6.13% $6,736
    Flanagan State Bank 1 7.13% $10,355
    LOANDEPOT.COM, LLC 1 6.50% $7,458
    Plains Commerce Bank 1 7.25% $5,595
    First National Bank of Omaha 1 6.63% $7,088

    The top Fort Dodge FHA lender as defined by loan originations is FRONTIER FINANCIAL, INC., with 28 FHA loans originated. Their average total fees are $4,911, which is $1,641 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Fort Dodge FHA lenders (with over 10 loans originated) are FRONTIER FINANCIAL, INC. ($4,911), QUICKEN LOANS, LLC ($6,552), .

    The lowest rate Fort Dodge FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.33%), FRONTIER FINANCIAL, INC. (6.59%), .

    Fort Dodge FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Fort Dodge (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 $104,250 (30.6%) $140,615 (16.7%) 0.00 147
    2018-02-01 $109,850 (42.9%) $143,484 (23.3%) 0.00 139
    2018-03-01 $114,900 (45.5%) $144,117 (22.2%) 0.00 135
    2018-04-01 $122,475 (55.0%) $150,418 (18.5%) 0.00 151
    2018-05-01 $123,200 (50.8%) $150,463 (16.3%) 0.00 148
    2018-06-01 $115,000 (33.0%) $142,854 (13.4%) 0.00 164
    2018-07-01 $104,975 (24.4%) $140,370 (11.5%) 0.00 170
    2018-08-01 $109,550 (21.8%) $142,716 (3.5%) 0.00 181
    2018-09-01 $108,900 (9.2%) $137,352 (-4.3%) 0.00 195
    2018-10-01 $109,900 (5.0%) $138,401 (-3.2%) 0.00 188
    2018-11-01 $109,950 (7.3%) $135,755 (-6.8%) 0.00 181
    2018-12-01 $117,450 (17.6%) $135,622 (-1.8%) 0.00 171
    2019-01-01 $121,650 (16.7%) $139,352 (-0.9%) 0.00 163
    2019-02-01 $125,950 (14.7%) $142,427 (-0.7%) 0.00 139
    2019-03-01 $123,900 (7.8%) $145,503 (1.0%) 0.00 129
    2019-04-01 $119,900 (-2.1%) $144,206 (-4.1%) 0.00 138
    2019-05-01 $122,200 (-0.8%) $150,387 (-0.1%) 0.00 146
    2019-06-01 $119,500 (3.9%) $152,748 (6.9%) 0.00 152
    2019-07-01 $118,850 (13.2%) $349,515 (149.0%) 0.00 158
    2019-08-01 $117,555 (7.3%) $292,597 (105.0%) 0.00 162
    2019-09-01 $115,836 (6.4%) $206,521 (50.4%) 0.00 162
    2019-10-01 $117,391 (6.8%) $142,966 (3.3%) 0.00 161
    2019-11-01 $114,000 (3.7%) $136,496 (0.6%) 0.00 151
    2019-12-01 $116,975 (-0.4%) $138,387 (2.0%) 0.00 144
    2020-01-01 $121,875 (0.2%) $143,755 (3.2%) 0.00 132
    2020-02-01 $124,900 (-0.8%) $148,568 (4.3%) 0.00 132
    2020-03-01 $132,000 (6.5%) $163,709 (12.5%) 0.00 133
    2020-04-01 $138,325 (15.4%) $164,578 (14.1%) 0.00 127
    2020-05-01 $149,900 (22.7%) $175,126 (16.5%) 0.00 115
    2020-06-01 $141,700 (18.6%) $171,569 (12.3%) 0.00 113
    2020-07-01 $152,450 (28.3%) $175,774 (-49.7%) 0.00 103
    2020-08-01 $132,450 (12.7%) $172,545 (-41.0%) 0.00 100
    2020-09-01 $132,950 (14.8%) $165,679 (-19.8%) 0.00 93
    2020-10-01 $147,400 (25.6%) $172,671 (20.8%) 0.00 103
    2020-11-01 $149,900 (31.5%) $178,530 (30.8%) 0.00 97
    2020-12-01 $144,900 (23.9%) $179,819 (29.9%) 0.00 94
    2021-01-01 $157,400 (29.2%) $197,105 (37.1%) 0.00 90
    2021-02-01 $137,450 (10.1%) $193,529 (30.3%) 0.00 77
    2021-03-01 $169,950 (28.8%) $201,172 (22.9%) 0.00 73
    2021-04-01 $164,300 (18.8%) $186,074 (13.1%) 0.00 63
    2021-05-01 $159,900 (6.7%) $188,878 (7.9%) 0.00 59
    2021-06-01 $143,675 (1.4%) $187,548 (9.3%) 0.00 64
    2021-07-01 $139,450 (-8.5%) $182,423 (3.8%) 0.00 65
    2021-08-01 $131,500 (-0.7%) $179,373 (4.0%) 0.00 62
    2021-09-01 $122,450 (-7.9%) $169,611 (2.4%) 0.00 69
    2021-10-01 $136,000 (-7.7%) $173,833 (0.7%) 0.00 72
    2021-11-01 $125,075 (-16.6%) $168,107 (-5.8%) 0.00 67
    2021-12-01 $136,200 (-6.0%) $167,121 (-7.1%) 0.00 63
    2022-01-01 $130,000 (-17.4%) $165,980 (-15.8%) 0.00 56
    2022-02-01 $118,700 (-13.6%) $151,816 (-21.6%) 0.00 53
    2022-03-01 $146,000 (-14.1%) $196,060 (-2.5%) 0.00 53
    2022-04-01 $149,900 (-8.8%) $183,579 (-1.3%) 0.00 52
    2022-05-01 $145,750 (-8.9%) $180,522 (-4.4%) 0.00 60
    2022-06-01 $144,750 (0.8%) $183,900 (-2.0%) 0.00 67
    2022-07-01 $139,000 (-0.3%) $165,792 (-9.1%) 0.00 85
    2022-08-01 $146,250 (11.2%) $164,017 (-8.6%) 0.00 82
    2022-09-01 $159,900 (30.6%) $179,675 (5.9%) 0.00 83
    2022-10-01 $149,900 (10.2%) $171,441 (-1.4%) 0.00 85
    2022-11-01 $149,900 (19.9%) $163,782 (-2.6%) 0.00 86
    2022-12-01 $149,500 (9.8%) $155,956 (-6.7%) 0.00 74
    2023-01-01 $149,550 (15.0%) $161,789 (-2.5%) 0.00 65
    2023-02-01 $149,600 (26.0%) $202,238 (33.2%) 0.00 67
    2023-03-01 $149,925 (2.7%) $198,404 (1.2%) 0.00 67
    2023-04-01 $160,000 (6.7%) $228,270 (24.3%) 0.00 53
    2023-05-01 $168,925 (15.9%) $221,160 (22.5%) 0.00 66
    2023-06-01 $159,675 (10.3%) $222,028 (20.7%) 0.00 62
    2023-07-01 $179,900 (29.4%) $218,249 (31.6%) 0.00 85
    2023-08-01 $174,900 (19.6%) $184,422 (12.4%) 0.00 92
    2023-09-01 $169,000 (5.7%) $184,071 (2.5%) 0.00 94
    2023-10-01 $159,900 (6.7%) $176,747 (3.1%) 0.00 91
    2023-11-01 $149,900 (0.0%) $177,071 (8.1%) 0.00 87
    2023-12-01 $149,900 (0.3%) $171,374 (9.9%) 0.00 85
    2024-01-01 $141,925 (-5.1%) $165,305 (2.2%) 0.00 81
    2024-02-01 $145,000 (-3.1%) $175,168 (-13.4%) 0.00 84
    2024-03-01 $151,200 (0.9%) $183,992 (-7.3%) 0.00 81
    Fort Dodge's median listing price for 2024-03-01 was $151,200, a difference of $1,275 (0.9%) versus the prior year and $6,200 versus the prior month.

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

    Fort Dodge's average listing price for 2024-03-01 was $183,992, a difference of $-14,412 (-7.3%) versus the prior year and $8,824 versus the prior month.

    For the 2024-03-01 period, Fort Dodge had 81 MLS listings, a difference of -3 listings (-4%) versus the prior month and 14 listings (21%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Fort Dodge (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,400 sqft
    2018-02-01 0 days 1,383 sqft
    2018-03-01 0 days 1,407 sqft
    2018-04-01 0 days 1,471 sqft
    2018-05-01 0 days 1,489 sqft
    2018-06-01 0 days 1,493 sqft
    2018-07-01 0 days 1,513 sqft
    2018-08-01 0 days 1,521 sqft
    2018-09-01 0 days 1,475 sqft
    2018-10-01 0 days 1,492 sqft
    2018-11-01 0 days 1,483 sqft
    2018-12-01 0 days 1,470 sqft
    2019-01-01 0 days 1,433 sqft
    2019-02-01 0 days 1,461 sqft
    2019-03-01 0 days 1,507 sqft
    2019-04-01 0 days 1,552 sqft
    2019-05-01 0 days 1,564 sqft
    2019-06-01 0 days 1,622 sqft
    2019-07-01 0 days 1,553 sqft
    2019-08-01 0 days 1,537 sqft
    2019-09-01 0 days 1,526 sqft
    2019-10-01 0 days 1,525 sqft
    2019-11-01 0 days 1,517 sqft
    2019-12-01 0 days 1,481 sqft
    2020-01-01 0 days 1,484 sqft
    2020-02-01 0 days 1,488 sqft
    2020-03-01 0 days 1,537 sqft
    2020-04-01 0 days 1,544 sqft
    2020-05-01 0 days 1,571 sqft
    2020-06-01 0 days 1,582 sqft
    2020-07-01 0 days 1,643 sqft
    2020-08-01 0 days 1,593 sqft
    2020-09-01 0 days 1,599 sqft
    2020-10-01 0 days 1,602 sqft
    2020-11-01 0 days 1,640 sqft
    2020-12-01 0 days 1,641 sqft
    2021-01-01 0 days 1,607 sqft
    2021-02-01 0 days 1,582 sqft
    2021-03-01 0 days 1,628 sqft
    2021-04-01 0 days 1,566 sqft
    2021-05-01 0 days 1,648 sqft
    2021-06-01 0 days 1,651 sqft
    2021-07-01 0 days 1,625 sqft
    2021-08-01 0 days 1,639 sqft
    2021-09-01 0 days 1,571 sqft
    2021-10-01 0 days 1,564 sqft
    2021-11-01 0 days 1,472 sqft
    2021-12-01 0 days 1,458 sqft
    2022-01-01 0 days 1,450 sqft
    2022-02-01 0 days 1,445 sqft
    2022-03-01 0 days 1,458 sqft
    2022-04-01 0 days 1,692 sqft
    2022-05-01 0 days 1,585 sqft
    2022-06-01 0 days 1,448 sqft
    2022-07-01 0 days 1,428 sqft
    2022-08-01 0 days 1,427 sqft
    2022-09-01 0 days 1,500 sqft
    2022-10-01 0 days 1,498 sqft
    2022-11-01 0 days 1,469 sqft
    2022-12-01 0 days 1,519 sqft
    2023-01-01 0 days 1,487 sqft
    2023-02-01 0 days 1,506 sqft
    2023-03-01 0 days 1,479 sqft
    2023-04-01 0 days 1,476 sqft
    2023-05-01 0 days 1,439 sqft
    2023-06-01 0 days 1,439 sqft
    2023-07-01 0 days 1,490 sqft
    2023-08-01 0 days 1,474 sqft
    2023-09-01 0 days 1,485 sqft
    2023-10-01 0 days 1,452 sqft
    2023-11-01 0 days 1,420 sqft
    2023-12-01 0 days 1,296 sqft
    2024-01-01 0 days 1,296 sqft
    2024-02-01 0 days 1,351 sqft
    2024-03-01 0 days 1,427 sqft
    Fort Dodge's median listing age (time on market) for 2024-03-01 was 0 days.

    Fort Dodge's median square footage for active listings during the 2024-03-01 period was 1,427 sqft. One year prior, the average listing was 1,479 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).