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
6.31%
for the week of 2024-10-25, compared to the national average (all FHA variants) of
6.253% for the same period.
Sioux City's average FHA mortgage closing costs are $6,727.
The average rate for the prior week (2024-10-18) was
5.9% and
one month ago for the week of 2024-09-20, the
average rate was 5.52%.
The average rate one year ago was 7.16%.
For refis of the same type during the week of 2024-10-25, the average rate
was 6.35%.
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).