Muscatine FHA Loan Rates, Closing Costs & Stats

Muscatine, 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.

    Muscatine's 30 lenders originated 86 FHA loans during 2023. The total origination value was $15,980,000, with an average FHA loan value of $185,814.

    Muscatine FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Muscatine averaged 6.85% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Muscatine's average FHA mortgage closing costs are $5,988.

    The average rate for the prior week (2024-04-12) was 6.64% and one month ago for the week of 2024-03-15, the average rate was 6.41%.

    The average rate one year ago was 6.04%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

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

    Muscatine 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 Muscatine level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    RUHL MORTGAGE, LLC 11 6.41% $5,146
    BROKER SOLUTIONS, INC. 10 6.78% $8,166
    QUICKEN LOANS, LLC 8 5.89% $9,346
    SUN WEST MORTGAGE COMPANY, INC. 8 7.30% $7,888
    HOMESIDE FINANCIAL, LLC 6 7.04% $8,216
    GREENSTATE CREDIT UNION 6 6.71% $6,016
    GUILD MORTGAGE COMPANY 3 6.83% $4,817
    U.S. Bank 3 6.58% $7,736
    Flanagan State Bank 3 7.29% $6,855
    Carrington Mortgage Services, LLC 2 6.31% $8,083
    CARDINAL FINANCIAL 2 6.00% $14,858
    Mr. Cooper ( Nationstar Mortgage ) 2 6.00% $8,502
    AMERISAVE MORTGAGE CORPORATION 2 5.75% $11,115
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 7.31% $6,980
    UNITED WHOLESALE MORTGAGE, LLC 1 6.38% $8,823
    AMERICAN FINANCING CORPORATION 1 7.50% $11,202
    VILLAGE CAPITAL MORTGAGE 1 5.13% $10,665
    CALIBER HOME LOANS, INC. 1 7.13% $8,154
    Chickasaw Community Bank 1 6.88% $8,859
    CROSSCOUNTRY MORTGAGE, LLC 1 6.25% $11,582
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $6,259
    Flagstar Bank, FSB 1 6.75% $7,132
    GUARANTEED RATE, INC. 1 6.25% $8,563
    IOWA BANKERS MORTGAGE CORPORATION 1 6.88% $5,338
    Mortgage Research Center, LLC 1 7.25% $13,718
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.38% $13,828
    OPEN MORTGAGE, LLC 1 8.25% $7,895
    Plains Commerce Bank 1 6.63% $6,707
    RESIDENTIAL MORTGAGE NETWORK, INC. 1 6.75% $5,531
    Servion, Inc. 1 6.13% $4,656

    The top Muscatine FHA lender as defined by loan originations is RUHL MORTGAGE, LLC, with 11 FHA loans originated. Their average total fees are $5,146, which is $3,020 lower than the next largest lender, BROKER SOLUTIONS, INC..

    The lowest fee Muscatine FHA lenders (with over 10 loans originated) are RUHL MORTGAGE, LLC ($5,146), BROKER SOLUTIONS, INC. ($8,166), .

    The lowest rate Muscatine FHA lenders (with over 10 loans originated) are RUHL MORTGAGE, LLC (6.41%), BROKER SOLUTIONS, INC. (6.78%), .

    Muscatine FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Muscatine (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 $147,175 (-0.9%) $173,597 (1.1%) 0.00 95
    2018-02-01 $146,975 (2.5%) $171,364 (-1.7%) 0.00 90
    2018-03-01 $149,900 (7.2%) $181,981 (6.8%) 0.00 89
    2018-04-01 $174,850 (17.0%) $202,860 (14.6%) 0.00 89
    2018-05-01 $180,150 (30.5%) $213,679 (24.4%) 0.00 92
    2018-06-01 $197,000 (30.9%) $223,418 (31.6%) 0.00 108
    2018-07-01 $199,075 (32.8%) $218,919 (28.9%) 0.00 118
    2018-08-01 $185,500 (23.8%) $205,585 (19.6%) 0.00 120
    2018-09-01 $174,900 (14.1%) $199,548 (15.3%) 0.00 134
    2018-10-01 $165,875 (15.5%) $197,839 (18.7%) 0.00 148
    2018-11-01 $166,225 (13.8%) $206,742 (19.8%) 0.00 142
    2018-12-01 $174,900 (20.7%) $212,930 (23.6%) 0.00 142
    2019-01-01 $157,950 (7.3%) $202,650 (16.7%) 0.00 147
    2019-02-01 $167,400 (13.9%) $217,297 (26.8%) 0.00 133
    2019-03-01 $167,836 (12.0%) $213,191 (17.2%) 0.00 126
    2019-04-01 $162,225 (-7.2%) $207,262 (2.2%) 0.00 124
    2019-05-01 $169,200 (-6.1%) $206,570 (-3.3%) 0.00 120
    2019-06-01 $165,000 (-16.2%) $201,521 (-9.8%) 0.00 124
    2019-07-01 $154,250 (-22.5%) $193,301 (-11.7%) 0.00 125
    2019-08-01 $161,545 (-12.9%) $199,192 (-3.1%) 0.00 120
    2019-09-01 $164,614 (-5.9%) $203,560 (2.0%) 0.00 119
    2019-10-01 $166,659 (0.5%) $206,472 (4.4%) 0.00 119
    2019-11-01 $154,900 (-6.8%) $198,647 (-3.9%) 0.00 128
    2019-12-01 $154,925 (-11.4%) $198,645 (-6.7%) 0.00 124
    2020-01-01 $145,000 (-8.2%) $192,254 (-5.1%) 0.00 119
    2020-02-01 $147,500 (-11.9%) $196,450 (-9.6%) 0.00 121
    2020-03-01 $152,750 (-9.0%) $201,213 (-5.6%) 0.00 122
    2020-04-01 $165,625 (2.1%) $203,923 (-1.6%) 0.00 124
    2020-05-01 $162,450 (-4.0%) $210,458 (1.9%) 0.00 121
    2020-06-01 $161,750 (-2.0%) $206,470 (2.5%) 0.00 120
    2020-07-01 $155,950 (1.1%) $198,265 (2.6%) 0.00 111
    2020-08-01 $155,950 (-3.5%) $202,075 (1.5%) 0.00 92
    2020-09-01 $158,675 (-3.6%) $199,520 (-2.0%) 0.00 91
    2020-10-01 $155,000 (-7.0%) $192,070 (-7.0%) 0.00 73
    2020-11-01 $148,150 (-4.4%) $186,975 (-5.9%) 0.00 70
    2020-12-01 $136,950 (-11.6%) $183,165 (-7.8%) 0.00 61
    2021-01-01 $124,750 (-14.0%) $174,883 (-9.0%) 0.00 58
    2021-02-01 $109,975 (-25.4%) $151,626 (-22.8%) 0.00 51
    2021-03-01 $110,000 (-28.0%) $150,809 (-25.1%) 0.00 43
    2021-04-01 $119,900 (-27.6%) $162,680 (-20.2%) 0.00 48
    2021-05-01 $144,900 (-10.8%) $185,431 (-11.9%) 0.00 48
    2021-06-01 $154,975 (-4.2%) $193,223 (-6.4%) 0.00 54
    2021-07-01 $153,900 (-1.3%) $188,851 (-4.8%) 0.00 56
    2021-08-01 $149,900 (-3.9%) $219,087 (8.4%) 0.00 59
    2021-09-01 $149,900 (-5.5%) $222,352 (11.4%) 0.00 68
    2021-10-01 $147,000 (-5.2%) $218,663 (13.9%) 0.00 63
    2021-11-01 $153,700 (3.8%) $225,598 (20.7%) 0.00 58
    2021-12-01 $149,900 (9.5%) $218,836 (19.5%) 0.00 60
    2022-01-01 $139,900 (12.1%) $181,532 (3.8%) 0.00 56
    2022-02-01 $135,950 (23.6%) $182,582 (20.4%) 0.00 49
    2022-03-01 $147,000 (33.6%) $200,804 (33.2%) 0.00 52
    2022-04-01 $170,000 (41.8%) $207,624 (27.6%) 0.00 72
    2022-05-01 $173,875 (20.0%) $241,654 (30.3%) 0.00 69
    2022-06-01 $203,000 (31.0%) $259,073 (34.1%) 0.00 74
    2022-07-01 $185,000 (20.2%) $235,476 (24.7%) 0.00 83
    2022-08-01 $197,625 (31.8%) $249,036 (13.7%) 0.00 95
    2022-09-01 $196,250 (30.9%) $246,186 (10.7%) 0.00 91
    2022-10-01 $186,250 (26.7%) $238,139 (8.9%) 0.00 88
    2022-11-01 $193,900 (26.2%) $236,782 (5.0%) 0.00 93
    2022-12-01 $199,900 (33.4%) $240,767 (10.0%) 0.00 81
    2023-01-01 $215,375 (54.0%) $240,147 (32.3%) 0.00 71
    2023-02-01 $199,925 (47.1%) $222,731 (22.0%) 0.00 63
    2023-03-01 $182,425 (24.1%) $236,017 (17.5%) 0.00 52
    2023-04-01 $182,500 (7.4%) $239,606 (15.4%) 0.00 63
    2023-05-01 $212,150 (22.0%) $252,176 (4.4%) 0.00 50
    2023-06-01 $227,500 (12.1%) $253,988 (-2.0%) 0.00 67
    2023-07-01 $225,000 (21.6%) $241,995 (2.8%) 0.00 68
    2023-08-01 $220,925 (11.8%) $245,380 (-1.5%) 0.00 74
    2023-09-01 $225,000 (14.7%) $255,508 (3.8%) 0.00 83
    2023-10-01 $207,000 (11.1%) $246,304 (3.4%) 0.00 87
    2023-11-01 $219,450 (13.2%) $254,671 (7.6%) 0.00 87
    2023-12-01 $219,900 (10.0%) $252,251 (4.8%) 0.00 84
    2024-01-01 $219,950 (2.1%) $251,281 (4.6%) 0.00 71
    2024-02-01 $211,225 (5.7%) $244,892 (10.0%) 0.00 71
    2024-03-01 $225,000 (23.3%) $252,349 (6.9%) 0.00 71
    Muscatine's median listing price for 2024-03-01 was $225,000, a difference of $42,575 (23.3%) versus the prior year and $13,775 versus the prior month.

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

    Muscatine's average listing price for 2024-03-01 was $252,349, a difference of $16,332 (6.9%) versus the prior year and $7,457 versus the prior month.

    For the 2024-03-01 period, Muscatine had 71 MLS listings, a difference of 0 listings (0%) versus the prior month and 19 listings (37%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Muscatine (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,546 sqft
    2018-02-01 0 days 1,586 sqft
    2018-03-01 0 days 1,502 sqft
    2018-04-01 0 days 1,617 sqft
    2018-05-01 0 days 1,640 sqft
    2018-06-01 0 days 1,680 sqft
    2018-07-01 0 days 1,686 sqft
    2018-08-01 0 days 1,636 sqft
    2018-09-01 0 days 1,577 sqft
    2018-10-01 0 days 1,548 sqft
    2018-11-01 0 days 1,552 sqft
    2018-12-01 0 days 1,560 sqft
    2019-01-01 0 days 1,513 sqft
    2019-02-01 0 days 1,494 sqft
    2019-03-01 0 days 1,490 sqft
    2019-04-01 0 days 1,469 sqft
    2019-05-01 0 days 1,523 sqft
    2019-06-01 0 days 1,525 sqft
    2019-07-01 0 days 1,536 sqft
    2019-08-01 0 days 1,568 sqft
    2019-09-01 0 days 1,583 sqft
    2019-10-01 0 days 1,593 sqft
    2019-11-01 0 days 1,501 sqft
    2019-12-01 0 days 1,536 sqft
    2020-01-01 0 days 1,533 sqft
    2020-02-01 0 days 1,574 sqft
    2020-03-01 0 days 1,613 sqft
    2020-04-01 0 days 1,632 sqft
    2020-05-01 0 days 1,654 sqft
    2020-06-01 0 days 1,609 sqft
    2020-07-01 0 days 1,572 sqft
    2020-08-01 0 days 1,617 sqft
    2020-09-01 0 days 1,637 sqft
    2020-10-01 0 days 1,626 sqft
    2020-11-01 0 days 1,643 sqft
    2020-12-01 0 days 1,569 sqft
    2021-01-01 0 days 1,464 sqft
    2021-02-01 0 days 1,411 sqft
    2021-03-01 0 days 1,348 sqft
    2021-04-01 0 days 1,268 sqft
    2021-05-01 0 days 1,442 sqft
    2021-06-01 0 days 1,607 sqft
    2021-07-01 0 days 1,476 sqft
    2021-08-01 0 days 1,619 sqft
    2021-09-01 0 days 1,645 sqft
    2021-10-01 0 days 1,640 sqft
    2021-11-01 0 days 1,582 sqft
    2021-12-01 0 days 1,487 sqft
    2022-01-01 0 days 1,446 sqft
    2022-02-01 0 days 1,457 sqft
    2022-03-01 0 days 1,566 sqft
    2022-04-01 0 days 1,611 sqft
    2022-05-01 0 days 1,622 sqft
    2022-06-01 0 days 1,761 sqft
    2022-07-01 0 days 1,757 sqft
    2022-08-01 0 days 1,771 sqft
    2022-09-01 0 days 1,798 sqft
    2022-10-01 0 days 1,798 sqft
    2022-11-01 0 days 1,800 sqft
    2022-12-01 0 days 1,800 sqft
    2023-01-01 0 days 1,760 sqft
    2023-02-01 0 days 1,712 sqft
    2023-03-01 0 days 1,740 sqft
    2023-04-01 0 days 1,688 sqft
    2023-05-01 0 days 1,735 sqft
    2023-06-01 0 days 1,809 sqft
    2023-07-01 0 days 1,858 sqft
    2023-08-01 0 days 1,934 sqft
    2023-09-01 0 days 1,903 sqft
    2023-10-01 0 days 1,785 sqft
    2023-11-01 0 days 1,739 sqft
    2023-12-01 0 days 1,796 sqft
    2024-01-01 0 days 1,872 sqft
    2024-02-01 0 days 1,778 sqft
    2024-03-01 0 days 1,954 sqft
    Muscatine's median listing age (time on market) for 2024-03-01 was 0 days.

    Muscatine's median square footage for active listings during the 2024-03-01 period was 1,954 sqft. One year prior, the average listing was 1,740 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).