Fort Madison FHA Loan Rates, Closing Costs & Stats

Fort Madison-Keokuk, IA-IL-MO

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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 Madison's 23 lenders originated 60 FHA loans during 2023. The total origination value was $7,730,000, with an average FHA loan value of $128,833.

    Fort Madison FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Fort Madison averaged 6.76% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Fort Madison's average FHA mortgage closing costs are $5,411.

    The average rate for the prior week (2024-04-12) was 6.66% and one month ago for the week of 2024-03-15, the average rate was 6.52%.

    The average rate one year ago was 6.45%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

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

    Fort Madison 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 Madison level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 14 6.44% $7,364
    Plains Commerce Bank 10 6.69% $5,246
    FLAT BRANCH MORTGAGE, INC. 3 6.71% $6,001
    Fortress Bank 3 6.71% $4,270
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 6.58% $10,588
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.44% $5,525
    RUHL MORTGAGE, LLC 2 5.88% $2,684
    CROSSCOUNTRY MORTGAGE, LLC 2 6.00% $7,136
    DAS Acquisition Company, LLC 1 5.88% $4,831
    FBC MORTGAGE, LLC 1 5.75% $7,306
    Flagstar Bank, FSB 1 7.25% $5,960
    PENNYMAC LOAN SERVICES, LLC 1 6.88% $9,745
    SUN WEST MORTGAGE COMPANY, INC. 1 6.50% $7,789
    TOWNE MORTGAGE COMPANY 1 6.75% $8,208
    UNITED WHOLESALE MORTGAGE, LLC 1 6.12% $10,181
    U.S. Bank 1 6.75% $5,584
    Bank of America 1 7.00% $6,998
    Barrington Bank & Trust Company, N.A. 1 7.75% $10,993
    BAY EQUITY LLC 1 6.25% $6,326
    BROKER SOLUTIONS, INC. 1 7.25% $8,714
    CARDINAL FINANCIAL 1 6.25% $8,153
    Carrington Mortgage Services, LLC 1 6.13% $7,661
    Chickasaw Community Bank 1 7.00% $5,467

    The top Fort Madison FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 14 FHA loans originated. Their average total fees are $7,364, which is $2,117 higher than the next largest lender, Plains Commerce Bank.

    The lowest fee Fort Madison FHA lenders (with over 10 loans originated) are Plains Commerce Bank ($5,246), QUICKEN LOANS, LLC ($7,364), .

    The lowest rate Fort Madison FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.44%), Plains Commerce Bank (6.69%), .

    Fort Madison FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    FORT MADISON-KEOKUK, IA-IL-MO LEE 2022 $420,680 $538,650 $651,050 $809,150
    FORT MADISON-KEOKUK, IA-IL-MO HANCOCK 2022 $420,680 $538,650 $651,050 $809,150
    FORT MADISON-KEOKUK, IA-IL-MO CLARK 2022 $420,680 $538,650 $651,050 $809,150
    FORT MADISON-KEOKUK, IA-IL-MO LEE 2023 $472,030 $604,400 $730,525 $907,900
    FORT MADISON-KEOKUK, IA-IL-MO HANCOCK 2023 $472,030 $604,400 $730,525 $907,900
    FORT MADISON-KEOKUK, IA-IL-MO CLARK 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Fort Madison (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 $89,375 (-3.1%) $123,634 (-0.5%) 0.00 193
    2018-02-01 $99,000 (6.2%) $133,959 (7.5%) 0.00 179
    2018-03-01 $99,000 (-5.3%) $134,282 (6.4%) 0.00 182
    2018-04-01 $96,750 (-12.8%) $132,405 (4.6%) 0.00 198
    2018-05-01 $94,750 (-9.2%) $130,902 (5.5%) 0.00 227
    2018-06-01 $95,750 (-9.9%) $132,213 (4.9%) 0.00 261
    2018-07-01 $98,125 (-6.5%) $130,527 (5.6%) 0.00 288
    2018-08-01 $106,250 (9.1%) $131,349 (7.2%) 0.00 287
    2018-09-01 $105,900 (14.5%) $128,840 (5.5%) 0.00 285
    2018-10-01 $106,700 (18.7%) $127,862 (1.2%) 0.00 273
    2018-11-01 $106,275 (14.2%) $129,844 (2.3%) 0.00 249
    2018-12-01 $99,900 (16.2%) $129,715 (6.0%) 0.00 232
    2019-01-01 $99,900 (11.8%) $125,943 (1.9%) 0.00 218
    2019-02-01 $99,900 (0.9%) $129,066 (-3.7%) 0.00 199
    2019-03-01 $109,196 (10.3%) $132,503 (-1.3%) 0.00 202
    2019-04-01 $106,038 (9.6%) $132,258 (-0.1%) 0.00 210
    2019-05-01 $109,450 (15.5%) $137,283 (4.9%) 0.00 207
    2019-06-01 $109,000 (13.8%) $138,645 (4.9%) 0.00 207
    2019-07-01 $107,450 (9.5%) $138,444 (6.1%) 0.00 223
    2019-08-01 $104,509 (-1.6%) $136,259 (3.7%) 0.00 225
    2019-09-01 $107,598 (1.6%) $137,568 (6.8%) 0.00 230
    2019-10-01 $109,657 (2.8%) $138,551 (8.4%) 0.00 234
    2019-11-01 $105,950 (-0.3%) $136,484 (5.1%) 0.00 235
    2019-12-01 $99,575 (-0.3%) $129,971 (0.2%) 0.00 231
    2020-01-01 $98,750 (-1.2%) $129,357 (2.7%) 0.00 242
    2020-02-01 $99,000 (-0.9%) $128,549 (-0.4%) 0.00 225
    2020-03-01 $100,950 (-7.6%) $132,881 (0.3%) 0.00 214
    2020-04-01 $102,000 (-3.8%) $134,595 (1.8%) 0.00 216
    2020-05-01 $109,700 (0.2%) $139,987 (2.0%) 0.00 217
    2020-06-01 $112,300 (3.0%) $142,402 (2.7%) 0.00 229
    2020-07-01 $113,750 (5.9%) $140,626 (1.6%) 0.00 225
    2020-08-01 $119,900 (14.7%) $147,343 (8.1%) 0.00 220
    2020-09-01 $117,000 (8.7%) $143,477 (4.3%) 0.00 210
    2020-10-01 $118,900 (8.4%) $147,672 (6.6%) 0.00 203
    2020-11-01 $119,450 (12.7%) $153,569 (12.5%) 0.00 183
    2020-12-01 $118,225 (18.7%) $153,032 (17.7%) 0.00 158
    2021-01-01 $105,000 (6.3%) $144,460 (11.7%) 0.00 143
    2021-02-01 $105,000 (6.1%) $145,296 (13.0%) 0.00 140
    2021-03-01 $107,500 (6.5%) $147,960 (11.4%) 0.00 133
    2021-04-01 $93,700 (-8.1%) $134,436 (-0.1%) 0.00 140
    2021-05-01 $93,700 (-14.6%) $126,476 (-9.7%) 0.00 148
    2021-06-01 $94,225 (-16.1%) $124,943 (-12.3%) 0.00 150
    2021-07-01 $95,000 (-16.5%) $126,142 (-10.3%) 0.00 149
    2021-08-01 $105,725 (-11.8%) $134,655 (-8.6%) 0.00 154
    2021-09-01 $95,125 (-18.7%) $127,800 (-10.9%) 0.00 148
    2021-10-01 $95,000 (-20.1%) $128,496 (-13.0%) 0.00 147
    2021-11-01 $87,738 (-26.6%) $113,630 (-26.0%) 0.00 146
    2021-12-01 $85,850 (-27.4%) $115,638 (-24.4%) 0.00 134
    2022-01-01 $85,000 (-19.1%) $104,684 (-27.5%) 0.00 118
    2022-02-01 $84,975 (-19.1%) $113,395 (-22.0%) 0.00 105
    2022-03-01 $105,400 (-2.0%) $134,267 (-9.3%) 0.00 112
    2022-04-01 $115,000 (22.7%) $144,022 (7.1%) 0.00 119
    2022-05-01 $125,200 (33.6%) $153,146 (21.1%) 0.00 125
    2022-06-01 $127,675 (35.5%) $162,932 (30.4%) 0.00 133
    2022-07-01 $124,900 (31.5%) $156,119 (23.8%) 0.00 149
    2022-08-01 $126,250 (19.4%) $159,540 (18.5%) 0.00 130
    2022-09-01 $122,100 (28.4%) $149,891 (17.3%) 0.00 124
    2022-10-01 $120,000 (26.3%) $147,609 (14.9%) 0.00 122
    2022-11-01 $115,000 (31.1%) $133,416 (17.4%) 0.00 133
    2022-12-01 $113,750 (32.5%) $125,290 (8.4%) 0.00 115
    2023-01-01 $114,000 (34.1%) $133,705 (27.7%) 0.00 103
    2023-02-01 $115,375 (35.8%) $137,772 (21.5%) 0.00 102
    2023-03-01 $123,700 (17.4%) $153,896 (14.6%) 0.00 98
    2023-04-01 $125,000 (8.7%) $158,386 (10.0%) 0.00 96
    2023-05-01 $124,999 (-0.2%) $158,585 (3.6%) 0.00 92
    2023-06-01 $130,795 (2.4%) $152,759 (-6.2%) 0.00 97
    2023-07-01 $128,180 (2.6%) $157,080 (0.6%) 0.00 89
    2023-08-01 $127,450 (1.0%) $159,241 (-0.2%) 0.00 93
    2023-09-01 $125,000 (2.4%) $160,930 (7.4%) 0.00 97
    2023-10-01 $123,378 (2.8%) $160,685 (8.9%) 0.00 109
    2023-11-01 $126,425 (9.9%) $164,402 (23.2%) 0.00 113
    2023-12-01 $114,500 (0.7%) $149,394 (19.2%) 0.00 111
    2024-01-01 $119,750 (5.0%) $154,428 (15.5%) 0.00 109
    2024-02-01 $122,000 (5.7%) $157,850 (14.6%) 0.00 109
    2024-03-01 $122,000 (-1.4%) $148,702 (-3.4%) 0.00 121
    Fort Madison's median listing price for 2024-03-01 was $122,000, a difference of $-1,700 (-1.4%) versus the prior year and $0 versus the prior month.

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

    Fort Madison's average listing price for 2024-03-01 was $148,702, a difference of $-5,194 (-3.4%) versus the prior year and $-9,148 versus the prior month.

    For the 2024-03-01 period, Fort Madison had 121 MLS listings, a difference of 12 listings (11%) versus the prior month and 23 listings (23%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Fort Madison (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,488 sqft
    2018-02-01 0 days 1,514 sqft
    2018-03-01 0 days 1,513 sqft
    2018-04-01 0 days 1,489 sqft
    2018-05-01 0 days 1,467 sqft
    2018-06-01 0 days 1,440 sqft
    2018-07-01 0 days 1,423 sqft
    2018-08-01 0 days 1,464 sqft
    2018-09-01 0 days 1,404 sqft
    2018-10-01 0 days 1,423 sqft
    2018-11-01 0 days 1,440 sqft
    2018-12-01 0 days 1,437 sqft
    2019-01-01 0 days 1,408 sqft
    2019-02-01 0 days 1,424 sqft
    2019-03-01 0 days 1,426 sqft
    2019-04-01 0 days 1,404 sqft
    2019-05-01 0 days 1,408 sqft
    2019-06-01 0 days 1,440 sqft
    2019-07-01 0 days 1,506 sqft
    2019-08-01 0 days 1,517 sqft
    2019-09-01 0 days 1,539 sqft
    2019-10-01 0 days 1,561 sqft
    2019-11-01 0 days 1,536 sqft
    2019-12-01 0 days 1,506 sqft
    2020-01-01 0 days 1,774 sqft
    2020-02-01 0 days 1,516 sqft
    2020-03-01 0 days 1,501 sqft
    2020-04-01 0 days 1,503 sqft
    2020-05-01 0 days 1,480 sqft
    2020-06-01 0 days 1,444 sqft
    2020-07-01 0 days 1,456 sqft
    2020-08-01 0 days 1,488 sqft
    2020-09-01 0 days 1,447 sqft
    2020-10-01 0 days 1,440 sqft
    2020-11-01 0 days 1,474 sqft
    2020-12-01 0 days 1,489 sqft
    2021-01-01 0 days 1,486 sqft
    2021-02-01 0 days 1,501 sqft
    2021-03-01 0 days 1,560 sqft
    2021-04-01 0 days 1,456 sqft
    2021-05-01 0 days 1,453 sqft
    2021-06-01 0 days 1,445 sqft
    2021-07-01 0 days 1,434 sqft
    2021-08-01 0 days 1,503 sqft
    2021-09-01 0 days 1,552 sqft
    2021-10-01 0 days 1,456 sqft
    2021-11-01 0 days 1,380 sqft
    2021-12-01 0 days 1,353 sqft
    2022-01-01 0 days 1,330 sqft
    2022-02-01 0 days 1,398 sqft
    2022-03-01 0 days 1,430 sqft
    2022-04-01 0 days 1,456 sqft
    2022-05-01 0 days 1,468 sqft
    2022-06-01 0 days 1,486 sqft
    2022-07-01 0 days 1,424 sqft
    2022-08-01 0 days 1,403 sqft
    2022-09-01 0 days 1,330 sqft
    2022-10-01 0 days 1,357 sqft
    2022-11-01 0 days 1,417 sqft
    2022-12-01 0 days 1,448 sqft
    2023-01-01 0 days 1,467 sqft
    2023-02-01 0 days 1,456 sqft
    2023-03-01 0 days 1,494 sqft
    2023-04-01 0 days 1,469 sqft
    2023-05-01 0 days 1,430 sqft
    2023-06-01 0 days 1,400 sqft
    2023-07-01 0 days 1,400 sqft
    2023-08-01 0 days 1,462 sqft
    2023-09-01 0 days 1,443 sqft
    2023-10-01 0 days 1,438 sqft
    2023-11-01 0 days 1,451 sqft
    2023-12-01 0 days 1,461 sqft
    2024-01-01 0 days 1,441 sqft
    2024-02-01 0 days 1,443 sqft
    2024-03-01 0 days 1,436 sqft
    Fort Madison's median listing age (time on market) for 2024-03-01 was 0 days.

    Fort Madison's median square footage for active listings during the 2024-03-01 period was 1,436 sqft. One year prior, the average listing was 1,494 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).