Ottumwa FHA Loan Rates, Closing Costs & Stats

Ottumwa, 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.

    Ottumwa's 22 lenders originated 70 FHA loans during 2023. The total origination value was $9,780,000, with an average FHA loan value of $139,714.

    Ottumwa FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Ottumwa 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.

    Ottumwa's average FHA mortgage closing costs are $5,367.

    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 6.72%.

    The average rate one year ago was 6.25%.

    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.

    Ottumwa 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 Ottumwa level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 16 6.50% $6,400
    U.S. Bank 16 6.48% $5,021
    CROSSCOUNTRY MORTGAGE, LLC 12 7.12% $7,196
    BROKER SOLUTIONS, INC. 4 7.34% $7,292
    CARDINAL FINANCIAL 2 7.12% $11,384
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.94% $5,328
    UNITED WHOLESALE MORTGAGE, LLC 2 7.31% $8,197
    AMERICAN FINANCING CORPORATION 1 7.88% $8,463
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 7.25% $5,035
    HOMESERVICES LENDING, LLC 1 7.25% $5,984
    LOANDEPOT.COM, LLC 1 6.63% $6,997
    Mortgage Research Center, LLC 1 5.63% $3,124
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $12,243
    RESIDENTIAL MORTGAGE NETWORK, INC. 1 5.50% $5,038
    Sierra Pacific Mortgage Company, Inc. 1 7.63% $7,682
    GUILD MORTGAGE COMPANY 1 7.13% $4,984
    AMERISAVE MORTGAGE CORPORATION 1 6.75% $8,014
    Bank of America 1 6.50% $7,433
    ENDEAVOR CAPITAL, LLC. 1 7.25% $8,709
    Fortress Bank 1 6.63% $6,103
    FREEDOM MORTGAGE CORPORATION 1 8.50% $7,067
    GUARANTEED RATE, INC. 1 7.13% $9,647

    The top Ottumwa FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 16 FHA loans originated. Their average total fees are $6,400, which is $1,378 higher than the next largest lender, U.S. Bank.

    The lowest fee Ottumwa FHA lenders (with over 10 loans originated) are U.S. Bank ($5,021), QUICKEN LOANS, LLC ($6,400), CROSSCOUNTRY MORTGAGE, LLC ($7,196), .

    The lowest rate Ottumwa FHA lenders (with over 10 loans originated) are U.S. Bank (6.48%), QUICKEN LOANS, LLC (6.50%), CROSSCOUNTRY MORTGAGE, LLC (7.12%), .

    Ottumwa FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Ottumwa (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 $84,950 (-17.1%) $116,556 (-7.8%) 0.00 114
    2018-02-01 $81,250 (-21.6%) $106,350 (-17.1%) 0.00 120
    2018-03-01 $82,750 (-27.3%) $114,085 (-15.3%) 0.00 120
    2018-04-01 $88,850 (-22.7%) $124,103 (-8.1%) 0.00 125
    2018-05-01 $94,900 (-9.1%) $125,821 (-7.6%) 0.00 127
    2018-06-01 $93,950 (-14.0%) $124,857 (-11.1%) 0.00 136
    2018-07-01 $89,000 (-13.6%) $121,065 (-11.5%) 0.00 151
    2018-08-01 $91,175 (-9.2%) $121,446 (-10.4%) 0.00 157
    2018-09-01 $89,900 (-10.0%) $122,630 (-3.0%) 0.00 156
    2018-10-01 $100,875 (6.4%) $123,019 (4.2%) 0.00 148
    2018-11-01 $107,250 (10.6%) $124,914 (6.8%) 0.00 145
    2018-12-01 $107,750 (20.4%) $126,371 (9.4%) 0.00 142
    2019-01-01 $110,725 (30.3%) $129,860 (11.4%) 0.00 132
    2019-02-01 $105,000 (29.2%) $126,903 (19.3%) 0.00 128
    2019-03-01 $105,943 (28.0%) $126,992 (11.3%) 0.00 120
    2019-04-01 $110,493 (24.4%) $132,345 (6.6%) 0.00 117
    2019-05-01 $105,225 (10.9%) $129,609 (3.0%) 0.00 131
    2019-06-01 $102,500 (9.1%) $129,854 (4.0%) 0.00 129
    2019-07-01 $109,475 (23.0%) $132,660 (9.6%) 0.00 135
    2019-08-01 $110,382 (21.1%) $134,404 (10.7%) 0.00 134
    2019-09-01 $118,605 (31.9%) $139,260 (13.6%) 0.00 133
    2019-10-01 $125,000 (23.9%) $142,619 (15.9%) 0.00 135
    2019-11-01 $128,250 (19.6%) $151,588 (21.4%) 0.00 129
    2019-12-01 $127,000 (17.9%) $150,115 (18.8%) 0.00 117
    2020-01-01 $129,350 (16.8%) $153,660 (18.3%) 0.00 114
    2020-02-01 $129,000 (22.9%) $152,932 (20.5%) 0.00 107
    2020-03-01 $143,125 (35.1%) $157,880 (24.3%) 0.00 107
    2020-04-01 $146,350 (32.5%) $161,134 (21.8%) 0.00 106
    2020-05-01 $152,000 (44.5%) $164,653 (27.0%) 0.00 101
    2020-06-01 $155,000 (51.2%) $168,777 (30.0%) 0.00 84
    2020-07-01 $147,000 (34.3%) $166,969 (25.9%) 0.00 71
    2020-08-01 $157,500 (42.7%) $179,250 (33.4%) 0.00 70
    2020-09-01 $142,875 (20.5%) $155,794 (11.9%) 0.00 68
    2020-10-01 $115,000 (-8.0%) $133,399 (-6.5%) 0.00 63
    2020-11-01 $125,000 (-2.5%) $136,676 (-9.8%) 0.00 72
    2020-12-01 $122,500 (-3.5%) $140,221 (-6.6%) 0.00 59
    2021-01-01 $98,000 (-24.2%) $124,376 (-19.1%) 0.00 52
    2021-02-01 $104,250 (-19.2%) $140,564 (-8.1%) 0.00 53
    2021-03-01 $103,750 (-27.5%) $136,548 (-13.5%) 0.00 52
    2021-04-01 $108,250 (-26.0%) $134,749 (-16.4%) 0.00 44
    2021-05-01 $129,450 (-14.8%) $146,236 (-11.2%) 0.00 45
    2021-06-01 $128,750 (-16.9%) $141,866 (-15.9%) 0.00 45
    2021-07-01 $108,000 (-26.5%) $130,660 (-21.8%) 0.00 47
    2021-08-01 $101,875 (-35.3%) $119,634 (-33.3%) 0.00 59
    2021-09-01 $102,250 (-28.4%) $117,458 (-24.6%) 0.00 54
    2021-10-01 $105,000 (-8.7%) $121,577 (-8.9%) 0.00 62
    2021-11-01 $101,600 (-18.7%) $121,946 (-10.8%) 0.00 54
    2021-12-01 $97,500 (-20.4%) $115,114 (-17.9%) 0.00 50
    2022-01-01 $89,000 (-9.2%) $114,103 (-8.3%) 0.00 46
    2022-02-01 $99,675 (-4.4%) $134,818 (-4.1%) 0.00 45
    2022-03-01 $115,000 (10.8%) $148,501 (8.8%) 0.00 46
    2022-04-01 $124,950 (15.4%) $161,193 (19.6%) 0.00 43
    2022-05-01 $142,375 (10.0%) $161,686 (10.6%) 0.00 56
    2022-06-01 $121,850 (-5.4%) $152,965 (7.8%) 0.00 66
    2022-07-01 $133,950 (24.0%) $160,544 (22.9%) 0.00 75
    2022-08-01 $123,700 (21.4%) $164,101 (37.2%) 0.00 58
    2022-09-01 $122,000 (19.3%) $168,942 (43.8%) 0.00 61
    2022-10-01 $131,250 (25.0%) $177,315 (45.9%) 0.00 66
    2022-11-01 $133,125 (31.0%) $184,067 (50.9%) 0.00 65
    2022-12-01 $133,750 (37.2%) $171,429 (48.9%) 0.00 70
    2023-01-01 $138,450 (55.6%) $172,730 (51.4%) 0.00 64
    2023-02-01 $133,750 (34.2%) $165,178 (22.5%) 0.00 54
    2023-03-01 $130,000 (13.0%) $165,787 (11.6%) 0.00 47
    2023-04-01 $139,950 (12.0%) $178,473 (10.7%) 0.00 38
    2023-05-01 $177,350 (24.6%) $205,180 (26.9%) 0.00 52
    2023-06-01 $166,100 (36.3%) $199,480 (30.4%) 0.00 56
    2023-07-01 $174,000 (29.9%) $210,512 (31.1%) 0.00 58
    2023-08-01 $156,625 (26.6%) $214,512 (30.7%) 0.00 63
    2023-09-01 $159,900 (31.1%) $200,985 (19.0%) 0.00 58
    2023-10-01 $146,975 (12.0%) $188,022 (6.0%) 0.00 65
    2023-11-01 $155,600 (16.9%) $201,311 (9.4%) 0.00 65
    2023-12-01 $153,750 (15.0%) $196,585 (14.7%) 0.00 65
    2024-01-01 $145,725 (5.3%) $178,148 (3.1%) 0.00 58
    2024-02-01 $157,400 (17.7%) $189,773 (14.9%) 0.00 55
    2024-03-01 $149,450 (15.0%) $190,856 (15.1%) 0.00 57
    Ottumwa's median listing price for 2024-03-01 was $149,450, a difference of $19,450 (15.0%) versus the prior year and $-7,950 versus the prior month.

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

    Ottumwa's average listing price for 2024-03-01 was $190,856, a difference of $25,069 (15.1%) versus the prior year and $1,083 versus the prior month.

    For the 2024-03-01 period, Ottumwa had 57 MLS listings, a difference of 2 listings (4%) versus the prior month and 10 listings (21%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Ottumwa (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,286 sqft
    2018-02-01 0 days 1,262 sqft
    2018-03-01 0 days 1,250 sqft
    2018-04-01 0 days 1,330 sqft
    2018-05-01 0 days 1,296 sqft
    2018-06-01 0 days 1,358 sqft
    2018-07-01 0 days 1,308 sqft
    2018-08-01 0 days 1,296 sqft
    2018-09-01 0 days 1,308 sqft
    2018-10-01 0 days 1,356 sqft
    2018-11-01 0 days 1,384 sqft
    2018-12-01 0 days 1,357 sqft
    2019-01-01 0 days 1,376 sqft
    2019-02-01 0 days 1,422 sqft
    2019-03-01 0 days 1,442 sqft
    2019-04-01 0 days 1,465 sqft
    2019-05-01 0 days 1,452 sqft
    2019-06-01 0 days 1,440 sqft
    2019-07-01 0 days 1,446 sqft
    2019-08-01 0 days 1,423 sqft
    2019-09-01 0 days 1,396 sqft
    2019-10-01 0 days 1,376 sqft
    2019-11-01 0 days 1,434 sqft
    2019-12-01 0 days 1,356 sqft
    2020-01-01 0 days 1,665 sqft
    2020-02-01 0 days 1,392 sqft
    2020-03-01 0 days 1,401 sqft
    2020-04-01 0 days 1,500 sqft
    2020-05-01 0 days 1,456 sqft
    2020-06-01 0 days 1,459 sqft
    2020-07-01 0 days 1,460 sqft
    2020-08-01 0 days 1,500 sqft
    2020-09-01 0 days 1,479 sqft
    2020-10-01 0 days 1,380 sqft
    2020-11-01 0 days 1,444 sqft
    2020-12-01 0 days 1,428 sqft
    2021-01-01 0 days 1,318 sqft
    2021-02-01 0 days 1,297 sqft
    2021-03-01 0 days 1,285 sqft
    2021-04-01 0 days 1,238 sqft
    2021-05-01 0 days 1,362 sqft
    2021-06-01 0 days 1,303 sqft
    2021-07-01 0 days 1,152 sqft
    2021-08-01 0 days 1,179 sqft
    2021-09-01 0 days 1,225 sqft
    2021-10-01 0 days 1,242 sqft
    2021-11-01 0 days 1,170 sqft
    2021-12-01 0 days 1,153 sqft
    2022-01-01 0 days 1,150 sqft
    2022-02-01 0 days 1,175 sqft
    2022-03-01 0 days 1,292 sqft
    2022-04-01 0 days 1,292 sqft
    2022-05-01 0 days 1,303 sqft
    2022-06-01 0 days 1,316 sqft
    2022-07-01 0 days 1,344 sqft
    2022-08-01 0 days 1,370 sqft
    2022-09-01 0 days 1,382 sqft
    2022-10-01 0 days 1,430 sqft
    2022-11-01 0 days 1,488 sqft
    2022-12-01 0 days 1,380 sqft
    2023-01-01 0 days 1,314 sqft
    2023-02-01 0 days 1,344 sqft
    2023-03-01 0 days 1,468 sqft
    2023-04-01 0 days 1,405 sqft
    2023-05-01 0 days 1,512 sqft
    2023-06-01 0 days 1,401 sqft
    2023-07-01 0 days 1,388 sqft
    2023-08-01 0 days 1,462 sqft
    2023-09-01 0 days 1,404 sqft
    2023-10-01 0 days 1,410 sqft
    2023-11-01 0 days 1,470 sqft
    2023-12-01 0 days 1,469 sqft
    2024-01-01 0 days 1,443 sqft
    2024-02-01 0 days 1,458 sqft
    2024-03-01 0 days 1,223 sqft
    Ottumwa's median listing age (time on market) for 2024-03-01 was 0 days.

    Ottumwa's median square footage for active listings during the 2024-03-01 period was 1,223 sqft. One year prior, the average listing was 1,468 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).