Mason City FHA Loan Rates, Closing Costs & Stats

Mason City, 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.

    Mason City's 22 lenders originated 103 FHA loans during 2023. The total origination value was $14,345,000, with an average FHA loan value of $139,272.

    Mason City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Mason City averaged 6.79% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Mason City's average FHA mortgage closing costs are $5,592.

    The average rate for the prior week (2024-04-12) was 6.88% and one month ago for the week of 2024-03-15, the average rate was 6.65%.

    The average rate one year ago was 6.28%.

    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.

    Mason 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 Mason City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Plains Commerce Bank 30 6.83% $5,485
    QUICKEN LOANS, LLC 16 6.12% $7,549
    CARDINAL FINANCIAL 5 6.35% $12,183
    BROKER SOLUTIONS, INC. 5 6.70% $8,846
    Wells Fargo Bank 4 6.97% $5,755
    Servion, Inc. 3 6.29% $5,315
    IOWA BANKERS MORTGAGE CORPORATION 3 6.71% $5,014
    Flanagan State Bank 3 7.29% $8,127
    ENDEAVOR CAPITAL, LLC. 2 6.75% $7,966
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.75% $6,693
    PENNYMAC LOAN SERVICES, LLC 2 6.50% $5,501
    LOANDEPOT.COM, LLC 1 6.25% $10,501
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $8,605
    Carrington Mortgage Services, LLC 1 5.75% $6,460
    CROSSCOUNTRY MORTGAGE, LLC 1 7.13% $7,508
    Flagstar Bank, FSB 1 6.75% $5,913
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.25% $12,637
    Mortgage Research Center, LLC 1 6.88% $3,356
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $6,055
    NFM, INC. 1 6.13% $6,399
    PLAZA HOME MORTGAGE, INC. 1 8.13% $2,573
    Sierra Pacific Mortgage Company, Inc. 1 7.13% $11,761

    The top Mason City FHA lender as defined by loan originations is Plains Commerce Bank, with 30 FHA loans originated. Their average total fees are $5,485, which is $2,064 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Mason City FHA lenders (with over 10 loans originated) are Plains Commerce Bank ($5,485), QUICKEN LOANS, LLC ($7,549), .

    The lowest rate Mason City FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.12%), Plains Commerce Bank (6.83%), .

    Mason City FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Mason City (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 $135,450 (4.2%) $195,274 (5.3%) 0.00 262
    2018-02-01 $139,900 (0.0%) $197,527 (-0.7%) 0.00 277
    2018-03-01 $144,985 (2.7%) $211,988 (5.6%) 0.00 268
    2018-04-01 $144,703 (-0.1%) $216,359 (4.7%) 0.00 288
    2018-05-01 $152,425 (2.8%) $230,640 (8.3%) 0.00 315
    2018-06-01 $149,900 (0.2%) $236,614 (10.6%) 0.00 346
    2018-07-01 $148,825 (1.2%) $229,871 (11.0%) 0.00 348
    2018-08-01 $147,225 (2.8%) $225,338 (14.0%) 0.00 351
    2018-09-01 $143,233 (4.6%) $215,033 (8.5%) 0.00 348
    2018-10-01 $147,912 (11.5%) $210,646 (8.7%) 0.00 349
    2018-11-01 $145,000 (7.4%) $207,901 (6.4%) 0.00 342
    2018-12-01 $139,900 (3.6%) $201,773 (1.3%) 0.00 303
    2019-01-01 $140,950 (4.1%) $204,863 (4.9%) 0.00 290
    2019-02-01 $147,250 (5.3%) $206,726 (4.7%) 0.00 296
    2019-03-01 $152,086 (4.9%) $210,884 (-0.5%) 0.00 305
    2019-04-01 $154,893 (7.0%) $216,666 (0.1%) 0.00 323
    2019-05-01 $159,900 (4.9%) $225,348 (-2.3%) 0.00 347
    2019-06-01 $170,000 (13.4%) $236,573 (0.0%) 0.00 352
    2019-07-01 $169,433 (13.9%) $223,249 (-2.9%) 0.00 400
    2019-08-01 $169,463 (15.1%) $222,898 (-1.1%) 0.00 400
    2019-09-01 $169,062 (18.0%) $222,111 (3.3%) 0.00 393
    2019-10-01 $168,325 (13.8%) $220,944 (4.9%) 0.00 389
    2019-11-01 $159,900 (10.3%) $212,501 (2.2%) 0.00 384
    2019-12-01 $156,850 (12.1%) $204,654 (1.4%) 0.00 336
    2020-01-01 $161,475 (14.6%) $210,105 (2.6%) 0.00 299
    2020-02-01 $161,050 (9.4%) $208,286 (0.8%) 0.00 324
    2020-03-01 $159,825 (5.1%) $204,677 (-2.9%) 0.00 318
    2020-04-01 $162,302 (4.8%) $214,532 (-1.0%) 0.00 291
    2020-05-01 $174,000 (8.8%) $221,637 (-1.7%) 0.00 304
    2020-06-01 $169,600 (-0.2%) $224,129 (-5.3%) 0.00 305
    2020-07-01 $171,750 (1.4%) $223,763 (0.2%) 0.00 262
    2020-08-01 $175,000 (3.3%) $233,075 (4.6%) 0.00 224
    2020-09-01 $173,225 (2.5%) $224,378 (1.0%) 0.00 217
    2020-10-01 $149,625 (-11.1%) $205,505 (-7.0%) 0.00 197
    2020-11-01 $141,700 (-11.4%) $199,662 (-6.0%) 0.00 197
    2020-12-01 $136,675 (-12.9%) $191,523 (-6.4%) 0.00 191
    2021-01-01 $148,600 (-8.0%) $201,710 (-4.0%) 0.00 174
    2021-02-01 $163,000 (1.2%) $206,742 (-0.7%) 0.00 141
    2021-03-01 $174,750 (9.3%) $225,378 (10.1%) 0.00 133
    2021-04-01 $202,600 (24.8%) $245,512 (14.4%) 0.00 145
    2021-05-01 $214,500 (23.3%) $274,114 (23.7%) 0.00 153
    2021-06-01 $191,150 (12.7%) $249,409 (11.3%) 0.00 168
    2021-07-01 $175,000 (1.9%) $232,759 (4.0%) 0.00 185
    2021-08-01 $170,625 (-2.5%) $228,246 (-2.1%) 0.00 189
    2021-09-01 $173,750 (0.3%) $239,297 (6.7%) 0.00 169
    2021-10-01 $162,500 (8.6%) $204,620 (-0.4%) 0.00 181
    2021-11-01 $149,650 (5.6%) $194,226 (-2.7%) 0.00 160
    2021-12-01 $147,000 (7.6%) $193,862 (1.2%) 0.00 157
    2022-01-01 $158,250 (6.5%) $199,443 (-1.1%) 0.00 140
    2022-02-01 $144,395 (-11.4%) $193,699 (-6.3%) 0.00 122
    2022-03-01 $138,400 (-20.8%) $190,776 (-15.4%) 0.00 112
    2022-04-01 $162,500 (-19.8%) $208,594 (-15.0%) 0.00 113
    2022-05-01 $211,500 (-1.4%) $284,541 (3.8%) 0.00 109
    2022-06-01 $228,000 (19.3%) $298,010 (19.5%) 0.00 119
    2022-07-01 $215,000 (22.9%) $310,594 (33.4%) 0.00 135
    2022-08-01 $215,000 (26.0%) $332,328 (45.6%) 0.00 141
    2022-09-01 $225,000 (29.5%) $351,072 (46.7%) 0.00 133
    2022-10-01 $234,900 (44.6%) $356,633 (74.3%) 0.00 140
    2022-11-01 $232,400 (55.3%) $354,378 (82.5%) 0.00 152
    2022-12-01 $247,450 (68.3%) $356,642 (84.0%) 0.00 138
    2023-01-01 $233,575 (47.6%) $336,432 (68.7%) 0.00 124
    2023-02-01 $249,900 (73.1%) $356,907 (84.3%) 0.00 127
    2023-03-01 $249,900 (80.6%) $374,087 (96.1%) 0.00 114
    2023-04-01 $247,450 (52.3%) $370,824 (77.8%) 0.00 109
    2023-05-01 $251,250 (18.8%) $371,136 (30.4%) 0.00 122
    2023-06-01 $257,500 (12.9%) $425,525 (42.8%) 0.00 116
    2023-07-01 $277,400 (29.0%) $444,878 (43.2%) 0.00 114
    2023-08-01 $290,475 (35.1%) $449,037 (35.1%) 0.00 105
    2023-09-01 $225,000 (0.0%) $384,022 (9.4%) 0.00 124
    2023-10-01 $229,725 (-2.2%) $353,802 (-0.8%) 0.00 143
    2023-11-01 $219,750 (-5.4%) $316,106 (-10.8%) 0.00 135
    2023-12-01 $220,000 (-11.1%) $311,034 (-12.8%) 0.00 129
    2024-01-01 $222,475 (-4.8%) $318,470 (-5.3%) 0.00 123
    2024-02-01 $216,225 (-13.5%) $306,318 (-14.2%) 0.00 136
    2024-03-01 $225,000 (-10.0%) $321,093 (-14.2%) 0.00 148
    Mason City's median listing price for 2024-03-01 was $225,000, a difference of $-24,900 (-10.0%) versus the prior year and $8,775 versus the prior month.

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

    Mason City's average listing price for 2024-03-01 was $321,093, a difference of $-52,994 (-14.2%) versus the prior year and $14,775 versus the prior month.

    For the 2024-03-01 period, Mason City had 148 MLS listings, a difference of 12 listings (9%) versus the prior month and 34 listings (30%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Mason City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,911 sqft
    2018-02-01 0 days 1,927 sqft
    2018-03-01 0 days 1,962 sqft
    2018-04-01 0 days 1,968 sqft
    2018-05-01 0 days 1,998 sqft
    2018-06-01 0 days 1,996 sqft
    2018-07-01 0 days 1,967 sqft
    2018-08-01 0 days 2,000 sqft
    2018-09-01 0 days 1,968 sqft
    2018-10-01 0 days 1,972 sqft
    2018-11-01 0 days 2,002 sqft
    2018-12-01 0 days 1,968 sqft
    2019-01-01 0 days 1,987 sqft
    2019-02-01 0 days 1,989 sqft
    2019-03-01 0 days 2,047 sqft
    2019-04-01 0 days 2,125 sqft
    2019-05-01 0 days 2,146 sqft
    2019-06-01 0 days 2,138 sqft
    2019-07-01 0 days 2,035 sqft
    2019-08-01 0 days 2,020 sqft
    2019-09-01 0 days 2,009 sqft
    2019-10-01 0 days 2,000 sqft
    2019-11-01 0 days 2,001 sqft
    2019-12-01 0 days 1,976 sqft
    2020-01-01 0 days 1,996 sqft
    2020-02-01 0 days 1,944 sqft
    2020-03-01 0 days 1,944 sqft
    2020-04-01 0 days 1,976 sqft
    2020-05-01 0 days 1,976 sqft
    2020-06-01 0 days 1,944 sqft
    2020-07-01 0 days 1,984 sqft
    2020-08-01 0 days 1,994 sqft
    2020-09-01 0 days 1,952 sqft
    2020-10-01 0 days 1,905 sqft
    2020-11-01 0 days 1,910 sqft
    2020-12-01 0 days 1,870 sqft
    2021-01-01 0 days 1,876 sqft
    2021-02-01 0 days 1,895 sqft
    2021-03-01 0 days 1,880 sqft
    2021-04-01 0 days 1,779 sqft
    2021-05-01 0 days 1,833 sqft
    2021-06-01 0 days 1,820 sqft
    2021-07-01 0 days 1,860 sqft
    2021-08-01 0 days 1,881 sqft
    2021-09-01 0 days 1,872 sqft
    2021-10-01 0 days 1,874 sqft
    2021-11-01 0 days 1,886 sqft
    2021-12-01 0 days 1,890 sqft
    2022-01-01 0 days 1,900 sqft
    2022-02-01 0 days 1,838 sqft
    2022-03-01 0 days 1,888 sqft
    2022-04-01 0 days 1,790 sqft
    2022-05-01 0 days 1,912 sqft
    2022-06-01 0 days 1,960 sqft
    2022-07-01 0 days 1,975 sqft
    2022-08-01 0 days 1,963 sqft
    2022-09-01 0 days 1,975 sqft
    2022-10-01 0 days 1,911 sqft
    2022-11-01 0 days 1,982 sqft
    2022-12-01 0 days 2,003 sqft
    2023-01-01 0 days 2,042 sqft
    2023-02-01 0 days 2,023 sqft
    2023-03-01 0 days 1,872 sqft
    2023-04-01 0 days 1,851 sqft
    2023-05-01 0 days 1,903 sqft
    2023-06-01 0 days 2,056 sqft
    2023-07-01 0 days 2,138 sqft
    2023-08-01 0 days 2,118 sqft
    2023-09-01 0 days 2,024 sqft
    2023-10-01 0 days 1,944 sqft
    2023-11-01 0 days 2,020 sqft
    2023-12-01 0 days 2,022 sqft
    2024-01-01 0 days 2,030 sqft
    2024-02-01 0 days 1,935 sqft
    2024-03-01 0 days 1,923 sqft
    Mason City's median listing age (time on market) for 2024-03-01 was 0 days.

    Mason City's median square footage for active listings during the 2024-03-01 period was 1,923 sqft. One year prior, the average listing was 1,872 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).