Sioux City FHA Loan Rates, Closing Costs & Stats

SIOUX CITY, IA-NE-SD

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 6.65% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

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

The average rate for the prior week (2024-05-31) was 6.73% and one month ago for the week of 2024-05-03, the average rate was 6.63%.

The average rate one year ago was 6.3%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.49%.

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Sioux 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 $209,000 (17.2%) $267,531 (9.0%) 0.74 310
2018-02-01 $209,863 (17.9%) $270,215 (15.8%) 0.75 296
2018-03-01 $219,900 (18.9%) $261,810 (8.6%) 0.71 300
2018-04-01 $216,450 (12.2%) $257,976 (5.7%) 0.69 325
2018-05-01 $224,975 (16.9%) $263,283 (3.1%) 0.70 318
2018-06-01 $224,900 (18.4%) $264,335 (3.6%) 0.72 321
2018-07-01 $224,950 (12.5%) $266,536 (5.3%) 0.73 319
2018-08-01 $210,499 (5.3%) $260,234 (2.9%) 0.69 320
2018-09-01 $200,000 (0.0%) $256,460 (-0.1%) 0.70 343
2018-10-01 $209,938 (5.0%) $256,192 (0.0%) 0.72 341
2018-11-01 $202,000 (1.2%) $252,981 (1.8%) 0.70 354
2018-12-01 $199,450 (-4.6%) $255,955 (-1.6%) 0.70 344
2019-01-01 $196,125 (-6.2%) $246,290 (-7.9%) 0.69 344
2019-02-01 $204,500 (-2.6%) $250,711 (-7.2%) 0.72 313
2019-03-01 $226,143 (2.8%) $264,090 (0.9%) 0.73 288
2019-04-01 $249,338 (15.2%) $283,899 (10.1%) 0.76 268
2019-05-01 $249,988 (11.1%) $297,044 (12.8%) 0.76 275
2019-06-01 $250,000 (11.2%) $298,226 (12.8%) 0.77 284
2019-07-01 $239,450 (6.5%) $286,316 (7.4%) 0.73 293
2019-08-01 $228,336 (8.5%) $277,804 (6.8%) 0.71 317
2019-09-01 $212,341 (6.2%) $263,466 (2.7%) 0.69 351
2019-10-01 $199,325 (-5.1%) $251,926 (-1.7%) 0.63 384
2019-11-01 $193,750 (-4.1%) $245,878 (-2.8%) 0.62 380
2019-12-01 $189,699 (-4.9%) $246,197 (-3.8%) 0.64 353
2020-01-01 $189,000 (-3.6%) $246,683 (0.2%) 0.64 337
2020-02-01 $189,950 (-7.1%) $247,584 (-1.3%) 0.64 309
2020-03-01 $202,500 (-10.5%) $256,592 (-2.8%) 0.63 305
2020-04-01 $214,725 (-13.9%) $260,377 (-8.3%) 0.69 301
2020-05-01 $231,000 (-7.6%) $277,678 (-6.5%) 0.70 301
2020-06-01 $234,475 (-6.2%) $272,006 (-8.8%) 0.68 320
2020-07-01 $237,463 (-0.8%) $274,590 (-4.1%) 0.68 293
2020-08-01 $221,000 (-3.2%) $273,882 (-1.4%) 0.64 273
2020-09-01 $218,500 (2.9%) $275,978 (4.8%) 0.64 269
2020-10-01 $220,000 (10.4%) $275,257 (9.3%) 0.62 250
2020-11-01 $218,825 (12.9%) $278,688 (13.3%) 0.63 244
2020-12-01 $227,475 (19.9%) $279,618 (13.6%) 0.68 213
2021-01-01 $248,450 (31.5%) $287,546 (16.6%) 0.73 190
2021-02-01 $263,750 (38.9%) $299,636 (21.0%) 0.73 177
2021-03-01 $269,925 (33.3%) $306,010 (19.3%) 0.73 165
2021-04-01 $276,200 (28.6%) $322,410 (23.8%) 0.75 154
2021-05-01 $255,000 (10.4%) $306,727 (10.5%) 0.70 157
2021-06-01 $254,950 (8.7%) $297,489 (9.4%) 0.69 163
2021-07-01 $225,000 (-5.3%) $286,749 (4.4%) 0.61 176
2021-08-01 $219,575 (-0.6%) $285,222 (4.1%) 0.60 202
2021-09-01 $202,450 (-7.4%) $266,651 (-3.4%) 0.54 199
2021-10-01 $199,000 (-9.6%) $257,821 (-6.3%) 0.53 197
2021-11-01 $193,350 (-11.6%) $297,816 (6.9%) 0.51 175
2021-12-01 $205,000 (-9.9%) $316,562 (13.2%) 0.55 147
2022-01-01 $205,000 (-17.5%) $345,757 (20.2%) 0.55 115
2022-02-01 $287,250 (8.9%) $389,296 (29.9%) 0.74 112
2022-03-01 $305,000 (13.0%) $400,661 (30.9%) 0.73 102
2022-04-01 $300,000 (8.6%) $389,195 (20.7%) 0.73 109
2022-05-01 $300,000 (17.7%) $397,681 (29.7%) 0.69 131
2022-06-01 $312,250 (22.5%) $400,202 (34.5%) 0.68 153
2022-07-01 $295,000 (31.1%) $376,055 (31.1%) 0.66 179
2022-08-01 $292,725 (33.3%) $374,425 (31.3%) 0.66 185
2022-09-01 $284,988 (40.8%) $368,343 (38.1%) 0.00 187
2022-10-01 $297,000 (49.3%) $356,656 (38.3%) 0.00 188
2022-11-01 $294,000 (52.1%) $350,748 (17.8%) 0.00 226
2022-12-01 $307,500 (50.0%) $390,205 (23.3%) 0.00 223
2023-01-01 $312,875 (52.6%) $396,123 (14.6%) 0.00 199
2023-02-01 $308,500 (7.4%) $403,415 (3.6%) 0.00 197
2023-03-01 $335,575 (10.0%) $423,661 (5.7%) 0.00 187
2023-04-01 $344,500 (14.8%) $430,874 (10.7%) 0.00 178
2023-05-01 $330,000 (10.0%) $427,164 (7.4%) 0.00 191
2023-06-01 $342,250 (9.6%) $429,800 (7.4%) 0.00 207
2023-07-01 $335,000 (13.6%) $411,440 (9.4%) 0.00 221
2023-08-01 $319,700 (9.2%) $406,273 (8.5%) 0.00 231
2023-09-01 $284,950 (0.0%) $385,780 (4.7%) 0.00 274
2023-10-01 $270,738 (-8.8%) $376,637 (5.6%) 0.00 266
2023-11-01 $256,875 (-12.6%) $350,937 (0.1%) 0.00 278
2023-12-01 $252,950 (-17.7%) $354,017 (-9.3%) 0.00 259
2024-01-01 $250,713 (-19.9%) $352,647 (-11.0%) 0.00 238
2024-02-01 $249,975 (-19.0%) $359,927 (-10.8%) 0.00 214
2024-03-01 $282,425 (-15.8%) $379,485 (-10.4%) 0.00 231
2024-04-01 $294,963 (-14.4%) $380,489 (-11.7%) 0.00 249
2024-05-01 $324,475 (-1.7%) $394,728 (-7.6%) 0.00 257
Sioux City's median listing price for 2024-05-01 was $324,475, a difference of $-5,525 (-1.7%) versus the prior year and $29,512 versus the prior month.

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

Sioux City's average listing price for 2024-05-01 was $394,728, a difference of $-32,436 (-7.6%) versus the prior year and $14,239 versus the prior month.

For the 2024-05-01 period, Sioux City had 257 MLS listings, a difference of 8 listings (3%) versus the prior month and 66 listings (35%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Sioux City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 95 days 1,948 sqft
2018-02-01 94 days 1,978 sqft
2018-03-01 74 days 1,945 sqft
2018-04-01 50 days 1,933 sqft
2018-05-01 53 days 1,965 sqft
2018-06-01 57 days 1,982 sqft
2018-07-01 61 days 1,958 sqft
2018-08-01 58 days 2,005 sqft
2018-09-01 51 days 1,954 sqft
2018-10-01 58 days 1,965 sqft
2018-11-01 59 days 1,916 sqft
2018-12-01 72 days 1,900 sqft
2019-01-01 88 days 1,886 sqft
2019-02-01 95 days 1,838 sqft
2019-03-01 90 days 1,850 sqft
2019-04-01 64 days 1,903 sqft
2019-05-01 48 days 1,982 sqft
2019-06-01 56 days 2,016 sqft
2019-07-01 52 days 1,975 sqft
2019-08-01 55 days 1,959 sqft
2019-09-01 51 days 1,942 sqft
2019-10-01 49 days 1,920 sqft
2019-11-01 59 days 1,910 sqft
2019-12-01 72 days 1,924 sqft
2020-01-01 84 days 1,930 sqft
2020-02-01 80 days 1,936 sqft
2020-03-01 63 days 1,965 sqft
2020-04-01 67 days 1,929 sqft
2020-05-01 64 days 1,958 sqft
2020-06-01 54 days 1,930 sqft
2020-07-01 57 days 1,908 sqft
2020-08-01 65 days 1,824 sqft
2020-09-01 58 days 1,851 sqft
2020-10-01 55 days 1,902 sqft
2020-11-01 58 days 1,837 sqft
2020-12-01 71 days 1,755 sqft
2021-01-01 85 days 1,767 sqft
2021-02-01 94 days 1,773 sqft
2021-03-01 64 days 1,822 sqft
2021-04-01 50 days 1,921 sqft
2021-05-01 38 days 1,872 sqft
2021-06-01 37 days 1,853 sqft
2021-07-01 32 days 1,817 sqft
2021-08-01 38 days 1,704 sqft
2021-09-01 41 days 1,611 sqft
2021-10-01 37 days 1,668 sqft
2021-11-01 45 days 1,616 sqft
2021-12-01 55 days 1,616 sqft
2022-01-01 67 days 1,569 sqft
2022-02-01 37 days 1,696 sqft
2022-03-01 46 days 1,776 sqft
2022-04-01 38 days 1,753 sqft
2022-05-01 34 days 1,851 sqft
2022-06-01 30 days 1,937 sqft
2022-07-01 35 days 1,928 sqft
2022-08-01 39 days 1,930 sqft
2022-09-01 0 days 1,919 sqft
2022-10-01 0 days 1,992 sqft
2022-11-01 0 days 1,918 sqft
2022-12-01 0 days 2,103 sqft
2023-01-01 0 days 2,144 sqft
2023-02-01 0 days 2,141 sqft
2023-03-01 0 days 2,240 sqft
2023-04-01 0 days 2,259 sqft
2023-05-01 0 days 2,104 sqft
2023-06-01 0 days 2,170 sqft
2023-07-01 0 days 2,100 sqft
2023-08-01 0 days 2,102 sqft
2023-09-01 0 days 2,067 sqft
2023-10-01 0 days 1,981 sqft
2023-11-01 0 days 1,873 sqft
2023-12-01 0 days 1,869 sqft
2024-01-01 0 days 1,874 sqft
2024-02-01 0 days 1,874 sqft
2024-03-01 0 days 1,904 sqft
2024-04-01 0 days 2,026 sqft
2024-05-01 0 days 2,046 sqft
Sioux City's median listing age (time on market) for 2024-05-01 was 0 days.

Sioux City's median square footage for active listings during the 2024-05-01 period was 2,046 sqft. One year prior, the average listing was 2,104 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).