Sioux City FHA Loan Rates, Closing Costs & Stats

SIOUX CITY, IA-NE-SD

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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.

    Sioux City's 58 lenders originated 259 FHA loans during 2023. The total origination value was $51,195,000, with an average FHA loan value of $197,664.

    Sioux City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Sioux City averaged 6.48% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Sioux City's average FHA mortgage closing costs are $6,727.

    The average rate for the prior week (2024-11-01) was 6.45% and one month ago for the week of 2024-10-04, the average rate was 5.57%.

    The average rate one year ago was 7.12%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.23%.

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

    Sioux 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 Sioux City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 39 6.35% $8,336
    NEWREZ LLC 21 6.66% $9,269
    Heritage Bank 14 6.83% $8,650
    Plains Commerce Bank 11 6.51% $8,699
    Northwest Bank 9 7.15% $9,271
    PLAZA HOME MORTGAGE, INC. 9 6.74% $9,427
    Citizens Bank 9 6.61% $7,443
    Great Southern Bank 8 6.39% $7,198
    Flagstar Bank, FSB 7 6.44% $9,524
    GUARANTEED RATE, INC. 7 6.79% $9,686
    MUTUAL OF OMAHA MORTGAGE, INC. 6 6.77% $12,246
    IOWA BANKERS MORTGAGE CORPORATION 6 6.85% $5,984
    FREEDOM MORTGAGE CORPORATION 6 6.94% $10,262
    GUILD MORTGAGE COMPANY 6 6.44% $8,885
    PENNYMAC LOAN SERVICES, LLC 6 6.83% $9,575
    HOMEOWNERS FINANCIAL GROUP USA, LLC 5 6.90% $9,936
    V.I.P. MORTGAGE, INC. 5 6.78% $7,758
    BROKER SOLUTIONS, INC. 4 6.63% $7,588
    UNITED WHOLESALE MORTGAGE, LLC 4 6.41% $9,208
    U.S. Bank 4 6.50% $7,999
    CHARTER WEST BANK 4 6.69% $6,546
    Carrington Mortgage Services, LLC 4 6.34% $6,972
    Paramount Residential Mortgage Group, Inc. 4 6.65% $7,237
    Chickasaw Community Bank 3 7.96% $12,229
    CROSSCOUNTRY MORTGAGE, LLC 2 6.88% $7,495
    LOANDEPOT.COM, LLC 2 6.25% $8,320
    Mr. Cooper ( Nationstar Mortgage ) 2 6.63% $12,701
    AMERICAN FINANCING CORPORATION 2 7.12% $15,235
    AMERISAVE MORTGAGE CORPORATION 2 7.25% $6,503
    AmeriHome Mortgage Company, LLC 2 7.06% $10,120
    The Central Trust Bank 2 7.31% $8,184
    LIBERTY HOME MORTGAGE CORPORATION 1 7.00% $19,097
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.38% $3,724
    BANKWEST, INC. 1 6.63% $9,522
    Barrington Bank & Trust Company, N.A. 1 6.25% $5,869
    CARDINAL FINANCIAL 1 6.63% $11,164
    Central Bank 1 6.75% $7,157
    Core Bank 1 7.13% $9,449
    ENDEAVOR CAPITAL, LLC. 1 7.13% $7,555
    EVERETT FINANCIAL, INC. 1 7.13% $6,781
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.99% $6,412
    First Bank & Trust 1 7.13% $5,166
    First Dakota National Bank 1 6.50% $6,486
    First National Bank 1 6.38% $6,426
    First National Bank of Omaha 1 5.63% $15,863
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 7.75% $6,318
    GUARANTEED RATE AFFINITY, LLC 1 7.00% $8,441
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.88% $3,223
    HOMESERVICES LENDING, LLC 1 6.63% $12,822
    LAKEVIEW LOAN SERVICING, LLC 1 6.75% $8,801
    AMERICAN FINANCIAL NETWORK, INC. 1 6.63% $5,106
    MID AMERICA MORTGAGE, INC. 1 6.63% $4,243
    Mortgage Research Center, LLC 1 6.75% $2,843
    POLARIS HOME FUNDING CORP. 1 6.75% $15,485
    PREMIA MORTGAGE, LLC 1 6.75% $7,995
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 8.25% $15,171
    Servion, Inc. 1 7.13% $8,029
    VILLAGE CAPITAL MORTGAGE 1 5.25% $15,830

    The top Sioux City FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 39 FHA loans originated. Their average total fees are $8,336, which is $933 lower than the next largest lender, NEWREZ LLC.

    The lowest fee Sioux City FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($8,336), Heritage Bank ($8,650), Plains Commerce Bank ($8,699), NEWREZ LLC ($9,269) and .

    The lowest rate Sioux City FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.35%), Plains Commerce Bank (6.51%), NEWREZ LLC (6.66%), Heritage Bank (6.83%) and .

    Sioux City FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    SIOUX CITY, IA-NE-SD WOODBURY 2022 $420,680 $538,650 $651,050 $809,150
    SIOUX CITY, IA-NE-SD DAKOTA 2022 $420,680 $538,650 $651,050 $809,150
    SIOUX CITY, IA-NE-SD DIXON 2022 $420,680 $538,650 $651,050 $809,150
    SIOUX CITY, IA-NE-SD UNION 2022 $420,680 $538,650 $651,050 $809,150
    SIOUX CITY, IA-NE-SD WOODBURY 2023 $472,030 $604,400 $730,525 $907,900
    SIOUX CITY, IA-NE-SD DAKOTA 2023 $472,030 $604,400 $730,525 $907,900
    SIOUX CITY, IA-NE-SD DIXON 2023 $472,030 $604,400 $730,525 $907,900
    SIOUX CITY, IA-NE-SD UNION 2023 $472,030 $604,400 $730,525 $907,900

    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).