Iowa City FHA Loan Rates, Closing Costs & Stats
IOWA CITY, IA
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.
Iowa City's 29 lenders originated 105 FHA loans during 2023. The total origination value was $24,565,000, with an average FHA loan value of $233,952.
Iowa City FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Iowa City
averaged
5.86%
for the week of 2024-10-11, compared to the national average (all FHA variants) of
6.1% for the same period.
Iowa City's average FHA mortgage closing costs are $6,908.
The average rate for the prior week (2024-10-04) was
5.48% and
one month ago for the week of 2024-09-06, the
average rate was 5.81%.
The average rate one year ago was 7.04%.
For refis of the same type during the week of 2024-10-11, the average rate
was 5.35%.
Iowa City 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 Iowa City level.
The top Iowa City FHA lender as defined by loan originations is RESIDENTIAL MORTGAGE NETWORK, INC., with
27 FHA loans originated. Their average total fees are
$6,732, which is $149
lower than the next largest lender,
GREENSTATE CREDIT UNION.
The lowest fee Iowa City FHA lenders (with over 10 loans originated) are
RESIDENTIAL MORTGAGE NETWORK, INC. ($6,732), GREENSTATE CREDIT UNION ($6,880), QUICKEN LOANS, LLC ($8,669), .
The lowest rate Iowa City FHA lenders (with over 10 loans originated) are
GREENSTATE CREDIT UNION (6.14%), QUICKEN LOANS, LLC (6.31%), RESIDENTIAL MORTGAGE NETWORK, INC. (6.42%), .
Iowa City FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
IOWA CITY, IA | JOHNSON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
IOWA CITY, IA | WASHINGTON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
IOWA CITY, IA | JOHNSON | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
IOWA CITY, IA | WASHINGTON | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Iowa City (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $297,620 (6.7%) | $330,694 (9.4%) | 1.10 | 698 |
2018-02-01 | $287,738 (2.8%) | $325,822 (6.4%) | 1.04 | 814 |
2018-03-01 | $300,000 (10.7%) | $348,102 (15.3%) | 1.05 | 730 |
2018-04-01 | $316,425 (19.5%) | $358,478 (20.2%) | 1.07 | 729 |
2018-05-01 | $304,950 (12.1%) | $350,856 (17.0%) | 1.02 | 780 |
2018-06-01 | $299,900 (8.1%) | $343,284 (12.2%) | 1.00 | 786 |
2018-07-01 | $288,400 (1.0%) | $338,663 (7.4%) | 0.96 | 783 |
2018-08-01 | $281,900 (-4.4%) | $328,975 (1.5%) | 0.94 | 813 |
2018-09-01 | $281,900 (-5.7%) | $348,303 (7.1%) | 0.95 | 854 |
2018-10-01 | $279,925 (-4.4%) | $325,506 (1.2%) | 0.95 | 845 |
2018-11-01 | $274,675 (-6.9%) | $322,036 (-1.6%) | 0.93 | 804 |
2018-12-01 | $274,900 (-6.3%) | $326,923 (-0.2%) | 0.95 | 740 |
2019-01-01 | $279,450 (-6.1%) | $321,034 (-2.9%) | 0.97 | 716 |
2019-02-01 | $283,400 (-1.5%) | $325,837 (0.0%) | 0.96 | 777 |
2019-03-01 | $278,514 (-7.2%) | $327,556 (-5.9%) | 0.91 | 976 |
2019-04-01 | $271,064 (-14.3%) | $320,835 (-10.5%) | 0.86 | 1,199 |
2019-05-01 | $273,950 (-10.2%) | $312,813 (-10.8%) | 0.86 | 1,239 |
2019-06-01 | $279,000 (-7.0%) | $320,811 (-6.6%) | 0.87 | 1,180 |
2019-07-01 | $279,450 (-3.1%) | $319,734 (-5.6%) | 0.87 | 1,103 |
2019-08-01 | $278,564 (-1.2%) | $321,295 (-2.3%) | 0.88 | 1,046 |
2019-09-01 | $276,559 (-1.9%) | $320,082 (-8.1%) | 0.89 | 1,024 |
2019-10-01 | $274,950 (-1.8%) | $317,923 (-2.3%) | 0.89 | 1,001 |
2019-11-01 | $274,900 (0.1%) | $318,401 (-1.1%) | 0.90 | 919 |
2019-12-01 | $274,900 (0.0%) | $315,746 (-3.4%) | 0.92 | 804 |
2020-01-01 | $274,900 (-1.6%) | $309,201 (-3.7%) | 0.92 | 794 |
2020-02-01 | $274,900 (-3.0%) | $308,424 (-5.3%) | 0.90 | 952 |
2020-03-01 | $269,950 (-3.1%) | $306,590 (-6.4%) | 0.85 | 1,207 |
2020-04-01 | $272,450 (0.5%) | $309,717 (-3.5%) | 0.85 | 1,214 |
2020-05-01 | $275,000 (0.4%) | $317,757 (1.6%) | 0.84 | 1,207 |
2020-06-01 | $278,400 (-0.2%) | $326,791 (1.9%) | 0.82 | 1,180 |
2020-07-01 | $279,700 (0.1%) | $326,716 (2.2%) | 0.81 | 1,087 |
2020-08-01 | $279,900 (0.5%) | $328,923 (2.4%) | 0.80 | 997 |
2020-09-01 | $271,725 (-1.8%) | $324,557 (1.4%) | 0.78 | 989 |
2020-10-01 | $274,900 (0.0%) | $324,917 (2.2%) | 0.79 | 936 |
2020-11-01 | $273,450 (-0.5%) | $327,140 (2.7%) | 0.80 | 825 |
2020-12-01 | $270,100 (-1.8%) | $327,863 (3.8%) | 0.80 | 724 |
2021-01-01 | $279,900 (1.8%) | $329,954 (6.7%) | 0.84 | 607 |
2021-02-01 | $280,491 (2.0%) | $336,764 (9.2%) | 0.82 | 739 |
2021-03-01 | $278,925 (3.3%) | $330,589 (7.8%) | 0.79 | 850 |
2021-04-01 | $280,950 (3.1%) | $331,393 (7.0%) | 0.76 | 932 |
2021-05-01 | $289,900 (5.4%) | $337,754 (6.3%) | 0.77 | 939 |
2021-06-01 | $299,660 (7.6%) | $358,097 (9.6%) | 0.79 | 868 |
2021-07-01 | $289,900 (3.7%) | $360,155 (10.2%) | 0.76 | 813 |
2021-08-01 | $298,450 (6.6%) | $369,300 (12.3%) | 0.80 | 731 |
2021-09-01 | $300,475 (10.6%) | $379,646 (17.0%) | 0.80 | 657 |
2021-10-01 | $298,900 (8.7%) | $371,244 (14.3%) | 0.80 | 632 |
2021-11-01 | $299,900 (9.7%) | $374,472 (14.5%) | 0.80 | 619 |
2021-12-01 | $294,925 (9.2%) | $373,611 (14.0%) | 0.80 | 588 |
2022-01-01 | $310,000 (10.8%) | $372,698 (13.0%) | 0.84 | 540 |
2022-02-01 | $315,950 (12.6%) | $372,607 (10.6%) | 0.82 | 603 |
2022-03-01 | $309,500 (11.0%) | $369,964 (11.9%) | 0.77 | 704 |
2022-04-01 | $315,000 (12.1%) | $385,107 (16.2%) | 0.75 | 830 |
2022-05-01 | $323,725 (11.7%) | $393,573 (16.5%) | 0.74 | 822 |
2022-06-01 | $333,000 (11.1%) | $405,526 (13.2%) | 0.74 | 793 |
2022-07-01 | $339,900 (17.3%) | $408,053 (13.3%) | 0.77 | 733 |
2022-08-01 | $339,900 (13.9%) | $403,939 (9.4%) | 0.79 | 660 |
2022-09-01 | $337,000 (12.2%) | $397,801 (4.8%) | 0.79 | 652 |
2022-10-01 | $339,900 (13.7%) | $400,248 (7.8%) | 0.80 | 612 |
2022-11-01 | $343,000 (14.4%) | $410,327 (9.6%) | 0.82 | 597 |
2022-12-01 | $349,900 (18.6%) | $415,590 (11.2%) | 0.86 | 550 |
2023-01-01 | $359,900 (16.1%) | $419,046 (12.4%) | 0.89 | 553 |
2023-02-01 | $357,450 (13.1%) | $422,099 (13.3%) | 0.86 | 611 |
2023-03-01 | $357,450 (15.5%) | $425,499 (15.0%) | 0.84 | 688 |
2023-04-01 | $354,900 (12.7%) | $430,604 (11.8%) | 0.83 | 755 |
2023-05-01 | $368,495 (13.8%) | $446,333 (13.4%) | 0.84 | 754 |
2023-06-01 | $365,873 (9.9%) | $442,838 (9.2%) | 0.82 | 749 |
2023-07-01 | $365,000 (7.4%) | $443,131 (8.6%) | 0.83 | 697 |
2023-08-01 | $364,900 (7.4%) | $440,324 (9.0%) | 0.84 | 680 |
2023-09-01 | $362,500 (7.6%) | $439,491 (10.5%) | 0.84 | 668 |
2023-10-01 | $349,675 (2.9%) | $673,077 (68.2%) | 0.82 | 576 |
2023-11-01 | $347,500 (1.3%) | $432,255 (5.3%) | 0.83 | 563 |
2023-12-01 | $360,000 (2.9%) | $441,369 (6.2%) | 0.88 | 517 |
2024-01-01 | $362,448 (0.7%) | $447,710 (6.8%) | 0.89 | 496 |
2024-02-01 | $350,000 (-2.1%) | $436,306 (3.4%) | 0.84 | 541 |
2024-03-01 | $349,900 (-2.1%) | $424,105 (-0.3%) | 0.82 | 668 |
2024-04-01 | $344,975 (-2.8%) | $415,963 (-3.4%) | 0.80 | 743 |
2024-05-01 | $357,450 (-3.0%) | $429,395 (-3.8%) | 0.81 | 740 |
2024-06-01 | $365,900 (0.0%) | $435,496 (-1.7%) | 0.82 | 759 |
2024-07-01 | $370,470 (1.5%) | $440,384 (-0.6%) | 0.85 | 711 |
2024-08-01 | $365,000 (0.0%) | $440,752 (0.1%) | 0.85 | 664 |
2024-09-01 | $355,345 (-2.0%) | $431,271 (-1.9%) | 0.84 | 680 |
Iowa City's median listing price comes in at 84% of the national average.
Iowa City's average listing price for 2024-09-01 was $431,271, a difference of $-8,220 (-1.9%) versus the prior year and $-9,481 versus the prior month.
For the 2024-09-01 period, Iowa City had 680 MLS listings, a difference of 16 listings (2%) versus the prior month and 12 listings (2%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Iowa City (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 45 days | 2,137 sqft |
2018-02-01 | 40 days | 2,131 sqft |
2018-03-01 | 50 days | 2,190 sqft |
2018-04-01 | 54 days | 2,202 sqft |
2018-05-01 | 60 days | 2,179 sqft |
2018-06-01 | 63 days | 2,176 sqft |
2018-07-01 | 62 days | 2,130 sqft |
2018-08-01 | 65 days | 2,106 sqft |
2018-09-01 | 64 days | 2,099 sqft |
2018-10-01 | 69 days | 2,093 sqft |
2018-11-01 | 77 days | 2,060 sqft |
2018-12-01 | 95 days | 2,089 sqft |
2019-01-01 | 50 days | 2,092 sqft |
2019-02-01 | 42 days | 2,090 sqft |
2019-03-01 | 47 days | 2,087 sqft |
2019-04-01 | 49 days | 2,047 sqft |
2019-05-01 | 55 days | 2,046 sqft |
2019-06-01 | 60 days | 2,080 sqft |
2019-07-01 | 61 days | 2,098 sqft |
2019-08-01 | 61 days | 2,088 sqft |
2019-09-01 | 63 days | 2,057 sqft |
2019-10-01 | 65 days | 2,030 sqft |
2019-11-01 | 79 days | 2,030 sqft |
2019-12-01 | 98 days | 2,021 sqft |
2020-01-01 | 62 days | 1,972 sqft |
2020-02-01 | 40 days | 1,941 sqft |
2020-03-01 | 51 days | 1,966 sqft |
2020-04-01 | 58 days | 1,984 sqft |
2020-05-01 | 68 days | 1,998 sqft |
2020-06-01 | 73 days | 2,008 sqft |
2020-07-01 | 71 days | 1,992 sqft |
2020-08-01 | 70 days | 1,988 sqft |
2020-09-01 | 67 days | 1,939 sqft |
2020-10-01 | 68 days | 1,920 sqft |
2020-11-01 | 76 days | 1,950 sqft |
2020-12-01 | 83 days | 1,891 sqft |
2021-01-01 | 53 days | 1,888 sqft |
2021-02-01 | 39 days | 1,846 sqft |
2021-03-01 | 42 days | 1,828 sqft |
2021-04-01 | 40 days | 1,842 sqft |
2021-05-01 | 47 days | 1,852 sqft |
2021-06-01 | 49 days | 1,907 sqft |
2021-07-01 | 50 days | 1,906 sqft |
2021-08-01 | 50 days | 1,868 sqft |
2021-09-01 | 58 days | 1,898 sqft |
2021-10-01 | 53 days | 1,856 sqft |
2021-11-01 | 51 days | 1,845 sqft |
2021-12-01 | 61 days | 1,809 sqft |
2022-01-01 | 50 days | 1,868 sqft |
2022-02-01 | 47 days | 1,876 sqft |
2022-03-01 | 36 days | 1,873 sqft |
2022-04-01 | 34 days | 1,870 sqft |
2022-05-01 | 44 days | 1,935 sqft |
2022-06-01 | 48 days | 1,972 sqft |
2022-07-01 | 51 days | 1,971 sqft |
2022-08-01 | 56 days | 2,005 sqft |
2022-09-01 | 53 days | 2,025 sqft |
2022-10-01 | 59 days | 2,022 sqft |
2022-11-01 | 68 days | 2,096 sqft |
2022-12-01 | 82 days | 2,093 sqft |
2023-01-01 | 56 days | 2,120 sqft |
2023-02-01 | 40 days | 2,112 sqft |
2023-03-01 | 46 days | 2,118 sqft |
2023-04-01 | 43 days | 2,108 sqft |
2023-05-01 | 44 days | 2,186 sqft |
2023-06-01 | 50 days | 2,179 sqft |
2023-07-01 | 52 days | 2,182 sqft |
2023-08-01 | 52 days | 2,177 sqft |
2023-09-01 | 49 days | 2,146 sqft |
2023-10-01 | 54 days | 2,136 sqft |
2023-11-01 | 58 days | 2,119 sqft |
2023-12-01 | 71 days | 2,131 sqft |
2024-01-01 | 59 days | 2,131 sqft |
2024-02-01 | 46 days | 2,119 sqft |
2024-03-01 | 41 days | 2,102 sqft |
2024-04-01 | 39 days | 2,063 sqft |
2024-05-01 | 43 days | 2,130 sqft |
2024-06-01 | 45 days | 2,130 sqft |
2024-07-01 | 51 days | 2,159 sqft |
2024-08-01 | 57 days | 2,146 sqft |
2024-09-01 | 52 days | 2,058 sqft |
Iowa City's median square footage for active listings during the 2024-09-01 period was 2,058 sqft. One year prior, the average listing was 2,146 sqft.