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 56 lenders originated 287 FHA loans during 2024. The total origination value was $59,455,000, with an average FHA loan value of $207,160.

    Sioux City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Sioux City averaged 0.15% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Sioux City's average FHA mortgage closing costs are $7,068.

    The average rate for the prior week (2025-06-13) was 6.54% and one month ago for the week of 2025-05-16, the average rate was 6.5%.

    The average rate one year ago was 6.55%.

    For refis of the same type during the week of 2025-06-20, the average rate was -0.4%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 31 6.53% $9,462
    V.I.P. MORTGAGE, INC. 15 6.56% $7,988
    PLAZA HOME MORTGAGE, INC. 14 7.31% $7,381
    NEWREZ LLC 13 6.60% $8,994
    Plains Commerce Bank 11 6.72% $7,909
    Central Bank 11 6.20% $9,401
    CHARTER WEST BANK 11 6.48% $7,130
    Flagstar Bank, FSB 9 5.71% $12,239
    Northwest Bank 9 6.96% $8,074
    MID AMERICA MORTGAGE, INC. 8 6.45% $10,713
    GUARANTEED RATE, INC. 8 6.50% $9,531
    U.S. Bank 7 6.80% $10,343
    PENNYMAC LOAN SERVICES, LLC 7 6.28% $11,437
    Great Southern Bank 6 6.31% $6,931
    IOWA BANKERS MORTGAGE CORPORATION 6 6.77% $7,744
    MUTUAL OF OMAHA MORTGAGE, INC. 5 6.15% $14,368
    FREEDOM MORTGAGE CORPORATION 5 6.48% $11,983
    GUILD MORTGAGE COMPANY 5 6.55% $7,634
    LOANDEPOT.COM, LLC 4 6.28% $10,788
    HOMEOWNERS FINANCIAL GROUP USA, LLC 4 6.66% $7,174
    Carrington Mortgage Services, LLC 4 6.06% $12,178
    ENDEAVOR CAPITAL, LLC. 3 6.00% $9,549
    BROKER SOLUTIONS, INC. 3 6.88% $11,185
    CARDINAL FINANCIAL 3 7.08% $10,001
    Citizens Bank 3 5.83% $8,814
    First Bank & Trust 3 6.21% $7,529
    First PREMIER Bank 3 6.16% $5,972
    UNITED WHOLESALE MORTGAGE, LLC 3 6.38% $9,546
    Paramount Residential Mortgage Group, Inc. 2 6.13% $8,098
    AMERICAN FINANCING CORPORATION 2 5.69% $11,561
    CROSSCOUNTRY MORTGAGE, LLC 2 6.31% $5,515
    LAKEVIEW LOAN SERVICING, LLC 1 6.75% $9,789
    First National Bank of Omaha 1 6.13% $18,594
    FIRST COMMUNITY MORTGAGE, INC. 1 7.13% $12,781
    MORIA DEVELOPMENT, INC. 1 6.50% $7,809
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $17,278
    Mr. Cooper ( Nationstar Mortgage ) 1 6.00% $15,227
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.99% $5,548
    NBKC BANK 1 6.13% $5,584
    NETWORK CAPITAL FUNDING CORPORATION 1 7.25% $7,876
    EMM LOANS LLC 1 5.99% $16,981
    DELMAR FINANCIAL COMPANY 1 6.50% $5,684
    DAS Acquisition Company, LLC 1 6.63% $8,003
    CU MORTGAGE DIRECT, LLC 1 5.75% $7,874
    Reliabank Dakota 1 7.13% $7,119
    UNITED MORTGAGE CORP 1 6.50% $9,404
    ZILLOW HOME LOANS, LLC 1 6.75% $10,547
    CMG MORTGAGE, INC. 1 6.88% $6,186
    VILLAGE CAPITAL MORTGAGE 1 5.99% $20,667
    BETTER MORTGAGE CORPORATION 1 5.25% $13,133
    Waterstone Mortgage Corporation 1 6.63% $17,225
    Wells Fargo Bank 1 6.00% $8,435
    FLAT BRANCH MORTGAGE, INC. 1 6.63% $9,025
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.00% $6,795
    HOMESIDE FINANCIAL, LLC 1 6.00% $13,863
    First Western Trust Bank 1 6.13% $9,496

    The top Sioux City FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 31 FHA loans originated. Their average total fees are $9,462, which is $1,475 higher than the next largest lender, V.I.P. MORTGAGE, INC..

    The lowest fee Sioux City FHA lenders (with over 10 loans originated) are CHARTER WEST BANK ($7,130), PLAZA HOME MORTGAGE, INC. ($7,381), Plains Commerce Bank ($7,909), V.I.P. MORTGAGE, INC. ($7,988) and NEWREZ LLC ($8,994).

    The lowest rate Sioux City FHA lenders (with over 10 loans originated) are Central Bank (6.20%), CHARTER WEST BANK (6.48%), QUICKEN LOANS, LLC (6.53%), V.I.P. MORTGAGE, INC. (6.56%) and NEWREZ LLC (6.60%).

    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).