Oskaloosa FHA Loan Rates, Closing Costs & Stats

Oskaloosa, 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.

    Oskaloosa's 20 lenders originated 30 FHA loans during 2023. The total origination value was $5,070,000, with an average FHA loan value of $169,000.

    Oskaloosa FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Oskaloosa averaged 6.66% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Oskaloosa's average FHA mortgage closing costs are $5,307.

    The average rate for the prior week (2024-04-12) was 6.55% and one month ago for the week of 2024-03-15, the average rate was 6.42%.

    The average rate one year ago was 6.15%.

    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.

    Oskaloosa 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 Oskaloosa level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 4 6.59% $8,499
    HOMESERVICES LENDING, LLC 3 6.50% $6,799
    Great Southern Bank 3 6.46% $5,935
    Lincoln Savings Bank 2 5.94% $5,616
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.25% $6,745
    GREENSTATE CREDIT UNION 1 6.50% $4,603
    HOMESIDE FINANCIAL, LLC 1 7.75% $4,912
    Ixonia Bank 1 7.63% $14,415
    LOANDEPOT.COM, LLC 1 6.25% $8,496
    Mortgage Research Center, LLC 1 6.75% $5,219
    Mr. Cooper ( Nationstar Mortgage ) 1 6.00% $6,796
    Regions Bank 1 7.25% $4,169
    RESIDENTIAL MORTGAGE NETWORK, INC. 1 6.88% $4,771
    UNITED WHOLESALE MORTGAGE, LLC 1 5.53% $6,924
    U.S. Bank 1 7.00% $6,377
    AMERICAN FINANCIAL NETWORK, INC. 1 7.50% $18,967
    V.I.P. MORTGAGE, INC. 1 6.13% $7,076
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.75% $6,224
    COMPASS MORTGAGE, INC. 1 7.25% $7,682
    CROSSCOUNTRY MORTGAGE, LLC 1 7.50% $10,545

    The top Oskaloosa FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 4 FHA loans originated. Their average total fees are $8,499, which is $1,700 higher than the next largest lender, HOMESERVICES LENDING, LLC.

    The lowest fee Oskaloosa FHA lenders (with over 10 loans originated) are .

    The lowest rate Oskaloosa FHA lenders (with over 10 loans originated) are .

    Oskaloosa FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Oskaloosa (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 $112,900 (14.7%) $128,872 (-4.2%) 0.00 53
    2018-02-01 $121,225 (27.6%) $134,177 (1.9%) 0.00 48
    2018-03-01 $102,450 (3.6%) $126,313 (-7.0%) 0.00 48
    2018-04-01 $119,900 (5.5%) $139,764 (0.0%) 0.00 49
    2018-05-01 $133,700 (17.1%) $146,105 (3.3%) 0.00 52
    2018-06-01 $127,500 (14.7%) $151,505 (7.7%) 0.00 53
    2018-07-01 $154,900 (35.4%) $162,701 (15.8%) 0.00 56
    2018-08-01 $149,700 (24.8%) $160,941 (10.8%) 0.00 54
    2018-09-01 $135,000 (12.6%) $163,046 (18.2%) 0.00 55
    2018-10-01 $132,500 (16.3%) $167,005 (22.4%) 0.00 60
    2018-11-01 $147,900 (37.7%) $170,477 (30.4%) 0.00 59
    2018-12-01 $149,900 (32.8%) $169,195 (28.9%) 0.00 60
    2019-01-01 $124,900 (10.6%) $156,070 (21.1%) 0.00 51
    2019-02-01 $115,175 (-5.0%) $148,035 (10.3%) 0.00 45
    2019-03-01 $133,457 (30.3%) $158,905 (25.8%) 0.00 45
    2019-04-01 $144,975 (20.9%) $167,115 (19.6%) 0.00 45
    2019-05-01 $149,825 (12.1%) $171,684 (17.5%) 0.00 47
    2019-06-01 $147,400 (15.6%) $174,217 (15.0%) 0.00 54
    2019-07-01 $139,000 (-10.3%) $160,492 (-1.4%) 0.00 62
    2019-08-01 $137,364 (-8.2%) $157,165 (-2.4%) 0.00 65
    2019-09-01 $136,034 (0.8%) $155,916 (-4.4%) 0.00 63
    2019-10-01 $135,148 (2.0%) $155,088 (-7.1%) 0.00 64
    2019-11-01 $144,900 (-2.0%) $170,704 (0.1%) 0.00 70
    2019-12-01 $144,900 (-3.3%) $170,505 (0.8%) 0.00 59
    2020-01-01 $144,950 (16.1%) $173,100 (10.9%) 0.00 58
    2020-02-01 $144,900 (25.8%) $169,405 (14.4%) 0.00 56
    2020-03-01 $129,875 (-2.7%) $153,163 (-3.6%) 0.00 52
    2020-04-01 $123,750 (-14.6%) $152,941 (-8.5%) 0.00 48
    2020-05-01 $137,400 (-8.3%) $152,165 (-11.4%) 0.00 44
    2020-06-01 $136,650 (-7.3%) $155,137 (-11.0%) 0.00 39
    2020-07-01 $144,900 (4.2%) $161,800 (0.8%) 0.00 38
    2020-08-01 $144,900 (5.5%) $155,118 (-1.3%) 0.00 39
    2020-09-01 $123,750 (-9.0%) $141,301 (-9.4%) 0.00 40
    2020-10-01 $109,000 (-19.4%) $137,227 (-11.5%) 0.00 43
    2020-11-01 $123,450 (-14.8%) $143,627 (-15.9%) 0.00 41
    2020-12-01 $121,300 (-16.3%) $149,483 (-12.3%) 0.00 37
    2021-01-01 $121,250 (-16.4%) $142,907 (-17.4%) 0.00 33
    2021-02-01 $127,400 (-12.1%) $147,551 (-12.9%) 0.00 30
    2021-03-01 $109,900 (-15.4%) $133,275 (-13.0%) 0.00 26
    2021-04-01 $117,384 (-5.1%) $149,826 (-2.0%) 0.00 25
    2021-05-01 $129,900 (-5.5%) $157,642 (3.6%) 0.00 23
    2021-06-01 $168,450 (23.3%) $209,535 (35.1%) 0.00 24
    2021-07-01 $179,500 (23.9%) $235,391 (45.5%) 0.00 21
    2021-08-01 $154,700 (6.8%) $177,373 (14.4%) 0.00 34
    2021-09-01 $144,400 (16.7%) $167,472 (18.5%) 0.00 36
    2021-10-01 $139,900 (28.4%) $161,439 (17.6%) 0.00 45
    2021-11-01 $137,450 (11.3%) $175,683 (22.3%) 0.00 34
    2021-12-01 $139,900 (15.3%) $162,050 (8.4%) 0.00 27
    2022-01-01 $120,000 (-1.0%) $169,513 (18.6%) 0.00 24
    2022-02-01 $131,000 (2.8%) $181,357 (22.9%) 0.00 18
    2022-03-01 $146,500 (33.3%) $211,415 (58.6%) 0.00 17
    2022-04-01 $160,000 (36.3%) $217,582 (45.2%) 0.00 18
    2022-05-01 $176,250 (35.7%) $221,394 (40.4%) 0.00 27
    2022-06-01 $171,200 (1.6%) $184,602 (-11.9%) 0.00 33
    2022-07-01 $174,900 (-2.6%) $191,267 (-18.8%) 0.00 43
    2022-08-01 $177,225 (14.6%) $207,176 (16.8%) 0.00 39
    2022-09-01 $189,500 (31.2%) $218,872 (30.7%) 0.00 37
    2022-10-01 $175,000 (25.1%) $191,197 (18.4%) 0.00 27
    2022-11-01 $167,400 (21.8%) $183,099 (4.2%) 0.00 25
    2022-12-01 $155,000 (10.8%) $189,269 (16.8%) 0.00 25
    2023-01-01 $178,700 (48.9%) $203,951 (20.3%) 0.00 23
    2023-02-01 $168,250 (28.4%) $186,306 (2.7%) 0.00 22
    2023-03-01 $166,100 (13.4%) $186,910 (-11.6%) 0.00 20
    2023-04-01 $189,500 (18.4%) $216,348 (-0.6%) 0.00 12
    2023-05-01 $179,900 (2.1%) $209,354 (-5.4%) 0.00 14
    2023-06-01 $193,950 (13.3%) $223,368 (21.0%) 0.00 19
    2023-07-01 $215,000 (22.9%) $225,393 (17.8%) 0.00 15
    2023-08-01 $188,950 (6.6%) $218,425 (5.4%) 0.00 21
    2023-09-01 $175,000 (-7.7%) $214,957 (-1.8%) 0.00 23
    2023-10-01 $168,450 (-3.7%) $190,830 (-0.2%) 0.00 21
    2023-11-01 $209,675 (25.3%) $222,634 (21.6%) 0.00 21
    2023-12-01 $209,900 (35.4%) $223,963 (18.3%) 0.00 22
    2024-01-01 $158,975 (-11.0%) $208,842 (2.4%) 0.00 22
    2024-02-01 $187,450 (11.4%) $224,263 (20.4%) 0.00 20
    2024-03-01 $228,500 (37.6%) $247,009 (32.2%) 0.00 19
    Oskaloosa's median listing price for 2024-03-01 was $228,500, a difference of $62,400 (37.6%) versus the prior year and $41,050 versus the prior month.

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

    Oskaloosa's average listing price for 2024-03-01 was $247,009, a difference of $60,099 (32.2%) versus the prior year and $22,746 versus the prior month.

    For the 2024-03-01 period, Oskaloosa had 19 MLS listings, a difference of -1 listings (-5%) versus the prior month and -1 listings (-5%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Oskaloosa (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,580 sqft
    2018-02-01 0 days 1,563 sqft
    2018-03-01 0 days 1,460 sqft
    2018-04-01 0 days 1,429 sqft
    2018-05-01 0 days 1,443 sqft
    2018-06-01 0 days 1,512 sqft
    2018-07-01 0 days 1,580 sqft
    2018-08-01 0 days 1,689 sqft
    2018-09-01 0 days 1,704 sqft
    2018-10-01 0 days 1,600 sqft
    2018-11-01 0 days 1,592 sqft
    2018-12-01 0 days 1,512 sqft
    2019-01-01 0 days 1,432 sqft
    2019-02-01 0 days 1,360 sqft
    2019-03-01 0 days 1,449 sqft
    2019-04-01 0 days 1,521 sqft
    2019-05-01 0 days 1,525 sqft
    2019-06-01 0 days 1,459 sqft
    2019-07-01 0 days 1,401 sqft
    2019-08-01 0 days 1,398 sqft
    2019-09-01 0 days 1,392 sqft
    2019-10-01 0 days 1,388 sqft
    2019-11-01 0 days 1,472 sqft
    2019-12-01 0 days 1,532 sqft
    2020-01-01 0 days 1,773 sqft
    2020-02-01 0 days 1,574 sqft
    2020-03-01 0 days 1,525 sqft
    2020-04-01 0 days 1,549 sqft
    2020-05-01 0 days 1,462 sqft
    2020-06-01 0 days 1,443 sqft
    2020-07-01 0 days 1,480 sqft
    2020-08-01 0 days 1,436 sqft
    2020-09-01 0 days 1,429 sqft
    2020-10-01 0 days 1,290 sqft
    2020-11-01 0 days 1,406 sqft
    2020-12-01 0 days 1,416 sqft
    2021-01-01 0 days 1,446 sqft
    2021-02-01 0 days 1,442 sqft
    2021-03-01 0 days 1,374 sqft
    2021-04-01 0 days 1,413 sqft
    2021-05-01 0 days 1,428 sqft
    2021-06-01 0 days 1,584 sqft
    2021-07-01 0 days 1,543 sqft
    2021-08-01 0 days 1,268 sqft
    2021-09-01 0 days 1,275 sqft
    2021-10-01 0 days 1,285 sqft
    2021-11-01 0 days 1,285 sqft
    2021-12-01 0 days 1,424 sqft
    2022-01-01 0 days 1,732 sqft
    2022-02-01 0 days 1,696 sqft
    2022-03-01 0 days 1,557 sqft
    2022-04-01 0 days 1,690 sqft
    2022-05-01 0 days 1,709 sqft
    2022-06-01 0 days 1,482 sqft
    2022-07-01 0 days 1,520 sqft
    2022-08-01 0 days 1,531 sqft
    2022-09-01 0 days 1,518 sqft
    2022-10-01 0 days 1,583 sqft
    2022-11-01 0 days 1,523 sqft
    2022-12-01 0 days 1,435 sqft
    2023-01-01 0 days 1,499 sqft
    2023-02-01 0 days 1,435 sqft
    2023-03-01 0 days 1,452 sqft
    2023-04-01 0 days 1,403 sqft
    2023-05-01 0 days 1,302 sqft
    2023-06-01 0 days 1,486 sqft
    2023-07-01 0 days 1,344 sqft
    2023-08-01 0 days 1,460 sqft
    2023-09-01 0 days 1,456 sqft
    2023-10-01 0 days 1,457 sqft
    2023-11-01 0 days 1,544 sqft
    2023-12-01 0 days 1,449 sqft
    2024-01-01 0 days 1,482 sqft
    2024-02-01 0 days 1,534 sqft
    2024-03-01 0 days 1,698 sqft
    Oskaloosa's median listing age (time on market) for 2024-03-01 was 0 days.

    Oskaloosa's median square footage for active listings during the 2024-03-01 period was 1,698 sqft. One year prior, the average listing was 1,452 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).