Spencer FHA Loan Rates, Closing Costs & Stats

Spencer, 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.

    Spencer's 15 lenders originated 32 FHA loans during 2023. The total origination value was $4,220,000, with an average FHA loan value of $131,875.

    Spencer FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Spencer averaged 6.59% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    Spencer's average FHA mortgage closing costs are $6,168.

    The average rate for the prior week (2024-04-05) was 6.61% and one month ago for the week of 2024-03-08, the average rate was 6.55%.

    The average rate one year ago was 5.78%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.94%.

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

    Spencer 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 Spencer level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 7 6.19% $8,445
    Flanagan State Bank 5 6.30% $8,411
    Northwest Bank 3 6.96% $5,711
    Plains Commerce Bank 3 6.38% $6,472
    HOMEOWNERS FINANCIAL GROUP USA, LLC 2 6.25% $5,898
    HOMESERVICES LENDING, LLC 2 5.75% $8,710
    V.I.P. MORTGAGE, INC. 2 6.87% $3,906
    U.S. Bank 1 6.13% $4,357
    Mr. Cooper ( Nationstar Mortgage ) 1 6.25% $7,576
    BROKER SOLUTIONS, INC. 1 6.75% $6,101
    CARDINAL FINANCIAL 1 5.25% $7,818
    FREEDOM MORTGAGE CORPORATION 1 7.25% $9,458
    AMERICAN FINANCIAL NETWORK, INC. 1 6.88% $8,920
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $6,928
    Reliabank Dakota 1 6.00% $6,215

    The top Spencer FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 7 FHA loans originated. Their average total fees are $8,445, which is $34 higher than the next largest lender, Flanagan State Bank.

    The lowest fee Spencer FHA lenders (with over 10 loans originated) are .

    The lowest rate Spencer FHA lenders (with over 10 loans originated) are .

    Spencer FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Spencer (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 $145,975 (8.3%) $164,113 (5.9%) 0.00 66
    2018-02-01 $142,625 (3.5%) $161,219 (3.2%) 0.00 61
    2018-03-01 $151,400 (9.7%) $170,134 (2.3%) 0.00 59
    2018-04-01 $155,925 (5.9%) $179,759 (0.7%) 0.00 56
    2018-05-01 $154,950 (3.7%) $174,742 (-2.5%) 0.00 57
    2018-06-01 $165,200 (1.3%) $187,605 (5.9%) 0.00 64
    2018-07-01 $153,650 (-9.6%) $180,869 (0.3%) 0.00 58
    2018-08-01 $149,250 (-9.3%) $181,336 (-0.1%) 0.00 71
    2018-09-01 $138,500 (-11.7%) $167,764 (-3.0%) 0.00 92
    2018-10-01 $128,950 (-19.2%) $168,988 (-4.4%) 0.00 84
    2018-11-01 $142,450 (-10.1%) $174,448 (0.7%) 0.00 79
    2018-12-01 $148,500 (-4.2%) $176,906 (5.0%) 0.00 73
    2019-01-01 $149,800 (2.6%) $186,430 (13.6%) 0.00 65
    2019-02-01 $152,725 (7.1%) $188,136 (16.7%) 0.00 58
    2019-03-01 $148,100 (-2.2%) $184,518 (8.5%) 0.00 68
    2019-04-01 $142,050 (-8.9%) $180,943 (0.7%) 0.00 80
    2019-05-01 $142,150 (-8.3%) $178,885 (2.4%) 0.00 86
    2019-06-01 $139,450 (-15.6%) $178,991 (-4.6%) 0.00 81
    2019-07-01 $136,500 (-11.2%) $172,161 (-4.8%) 0.00 85
    2019-08-01 $138,805 (-7.0%) $181,219 (-0.1%) 0.00 87
    2019-09-01 $142,261 (2.7%) $192,822 (14.9%) 0.00 92
    2019-10-01 $144,566 (12.1%) $200,558 (18.7%) 0.00 96
    2019-11-01 $162,400 (14.0%) $206,633 (18.5%) 0.00 90
    2019-12-01 $159,700 (7.5%) $207,605 (17.4%) 0.00 83
    2020-01-01 $155,950 (4.1%) $201,419 (8.0%) 0.00 71
    2020-02-01 $155,950 (2.1%) $198,749 (5.6%) 0.00 67
    2020-03-01 $149,375 (0.9%) $196,891 (6.7%) 0.00 54
    2020-04-01 $129,925 (-8.5%) $196,108 (8.4%) 0.00 50
    2020-05-01 $130,700 (-8.1%) $203,712 (13.9%) 0.00 49
    2020-06-01 $153,725 (10.2%) $214,445 (19.8%) 0.00 53
    2020-07-01 $199,900 (46.5%) $239,921 (39.4%) 0.00 52
    2020-08-01 $177,450 (27.8%) $213,941 (18.1%) 0.00 56
    2020-09-01 $184,975 (30.0%) $210,806 (9.3%) 0.00 58
    2020-10-01 $169,000 (16.9%) $221,396 (10.4%) 0.00 47
    2020-11-01 $182,925 (12.6%) $215,714 (4.4%) 0.00 35
    2020-12-01 $189,450 (18.6%) $229,031 (10.3%) 0.00 33
    2021-01-01 $138,900 (-10.9%) $229,101 (13.7%) 0.00 32
    2021-02-01 $139,200 (-10.7%) $255,226 (28.4%) 0.00 30
    2021-03-01 $192,500 (28.9%) $302,617 (53.7%) 0.00 22
    2021-04-01 $177,000 (36.2%) $289,548 (47.7%) 0.00 24
    2021-05-01 $199,250 (52.5%) $305,208 (49.8%) 0.00 23
    2021-06-01 $159,900 (4.0%) $277,765 (29.5%) 0.00 26
    2021-07-01 $185,900 (-7.0%) $255,078 (6.3%) 0.00 31
    2021-08-01 $189,950 (7.0%) $247,182 (15.5%) 0.00 34
    2021-09-01 $194,950 (5.4%) $264,577 (25.5%) 0.00 29
    2021-10-01 $172,900 (2.3%) $259,295 (17.1%) 0.00 25
    2021-11-01 $148,575 (-18.8%) $214,946 (-0.4%) 0.00 22
    2021-12-01 $146,500 (-22.7%) $214,329 (-6.4%) 0.00 25
    2022-01-01 $150,000 (8.0%) $243,811 (6.4%) 0.00 20
    2022-02-01 $195,000 (40.1%) $221,150 (-13.4%) 0.00 30
    2022-03-01 $195,400 (1.5%) $224,836 (-25.7%) 0.00 28
    2022-04-01 $199,000 (12.4%) $255,461 (-11.8%) 0.00 21
    2022-05-01 $194,050 (-2.6%) $223,049 (-26.9%) 0.00 25
    2022-06-01 $189,200 (18.3%) $211,510 (-23.9%) 0.00 37
    2022-07-01 $189,900 (2.2%) $211,065 (-17.3%) 0.00 41
    2022-08-01 $203,600 (7.2%) $228,812 (-7.4%) 0.00 36
    2022-09-01 $214,950 (10.3%) $233,036 (-11.9%) 0.00 35
    2022-10-01 $195,600 (13.1%) $215,441 (-16.9%) 0.00 37
    2022-11-01 $194,800 (31.1%) $208,918 (-2.8%) 0.00 41
    2022-12-01 $193,650 (32.2%) $216,225 (0.9%) 0.00 42
    2023-01-01 $195,600 (30.4%) $221,703 (-9.1%) 0.00 34
    2023-02-01 $195,600 (0.3%) $223,066 (0.9%) 0.00 28
    2023-03-01 $209,900 (7.4%) $241,826 (7.6%) 0.00 31
    2023-04-01 $267,450 (34.4%) $269,839 (5.6%) 0.00 30
    2023-05-01 $226,200 (16.6%) $245,946 (10.3%) 0.00 25
    2023-06-01 $211,150 (11.6%) $229,063 (8.3%) 0.00 24
    2023-07-01 $259,900 (36.9%) $281,091 (33.2%) 0.00 22
    2023-08-01 $223,425 (9.7%) $276,125 (20.7%) 0.00 25
    2023-09-01 $225,000 (4.7%) $255,532 (9.7%) 0.00 27
    2023-10-01 $218,225 (11.6%) $241,590 (12.1%) 0.00 35
    2023-11-01 $223,750 (14.9%) $243,521 (16.6%) 0.00 42
    2023-12-01 $243,500 (25.7%) $256,951 (18.8%) 0.00 46
    2024-01-01 $251,100 (28.4%) $264,811 (19.4%) 0.00 39
    2024-02-01 $249,425 (27.5%) $259,550 (16.4%) 0.00 36
    2024-03-01 $252,000 (20.1%) $275,389 (13.9%) 0.00 37
    Spencer's median listing price for 2024-03-01 was $252,000, a difference of $42,100 (20.1%) versus the prior year and $2,575 versus the prior month.

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

    Spencer's average listing price for 2024-03-01 was $275,389, a difference of $33,563 (13.9%) versus the prior year and $15,839 versus the prior month.

    For the 2024-03-01 period, Spencer had 37 MLS listings, a difference of 1 listings (3%) versus the prior month and 6 listings (19%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Spencer (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,663 sqft
    2018-02-01 0 days 1,541 sqft
    2018-03-01 0 days 1,669 sqft
    2018-04-01 0 days 1,681 sqft
    2018-05-01 0 days 1,687 sqft
    2018-06-01 0 days 1,662 sqft
    2018-07-01 0 days 1,672 sqft
    2018-08-01 0 days 1,774 sqft
    2018-09-01 0 days 1,660 sqft
    2018-10-01 0 days 1,585 sqft
    2018-11-01 0 days 1,668 sqft
    2018-12-01 0 days 1,668 sqft
    2019-01-01 0 days 1,672 sqft
    2019-02-01 0 days 1,664 sqft
    2019-03-01 0 days 1,685 sqft
    2019-04-01 0 days 1,681 sqft
    2019-05-01 0 days 1,655 sqft
    2019-06-01 0 days 1,656 sqft
    2019-07-01 0 days 1,658 sqft
    2019-08-01 0 days 1,730 sqft
    2019-09-01 0 days 1,790 sqft
    2019-10-01 0 days 1,829 sqft
    2019-11-01 0 days 1,835 sqft
    2019-12-01 0 days 1,840 sqft
    2020-01-01 0 days 1,842 sqft
    2020-02-01 0 days 1,936 sqft
    2020-03-01 0 days 1,885 sqft
    2020-04-01 0 days 1,819 sqft
    2020-05-01 0 days 1,812 sqft
    2020-06-01 0 days 1,839 sqft
    2020-07-01 0 days 1,817 sqft
    2020-08-01 0 days 1,795 sqft
    2020-09-01 0 days 1,786 sqft
    2020-10-01 0 days 1,960 sqft
    2020-11-01 0 days 1,908 sqft
    2020-12-01 0 days 1,712 sqft
    2021-01-01 0 days 1,613 sqft
    2021-02-01 0 days 1,707 sqft
    2021-03-01 0 days 1,948 sqft
    2021-04-01 0 days 2,092 sqft
    2021-05-01 0 days 2,252 sqft
    2021-06-01 0 days 1,912 sqft
    2021-07-01 0 days 1,867 sqft
    2021-08-01 0 days 1,980 sqft
    2021-09-01 0 days 1,948 sqft
    2021-10-01 0 days 1,521 sqft
    2021-11-01 0 days 1,553 sqft
    2021-12-01 0 days 1,612 sqft
    2022-01-01 0 days 1,644 sqft
    2022-02-01 0 days 1,498 sqft
    2022-03-01 0 days 1,365 sqft
    2022-04-01 0 days 1,540 sqft
    2022-05-01 0 days 1,595 sqft
    2022-06-01 0 days 1,540 sqft
    2022-07-01 0 days 1,643 sqft
    2022-08-01 0 days 1,698 sqft
    2022-09-01 0 days 1,642 sqft
    2022-10-01 0 days 1,512 sqft
    2022-11-01 0 days 1,512 sqft
    2022-12-01 0 days 1,512 sqft
    2023-01-01 0 days 1,512 sqft
    2023-02-01 0 days 1,548 sqft
    2023-03-01 0 days 1,568 sqft
    2023-04-01 0 days 1,642 sqft
    2023-05-01 0 days 1,632 sqft
    2023-06-01 0 days 1,626 sqft
    2023-07-01 0 days 1,760 sqft
    2023-08-01 0 days 1,691 sqft
    2023-09-01 0 days 1,810 sqft
    2023-10-01 0 days 1,632 sqft
    2023-11-01 0 days 1,672 sqft
    2023-12-01 0 days 1,663 sqft
    2024-01-01 0 days 1,677 sqft
    2024-02-01 0 days 1,653 sqft
    2024-03-01 0 days 1,653 sqft
    Spencer's median listing age (time on market) for 2024-03-01 was 0 days.

    Spencer's median square footage for active listings during the 2024-03-01 period was 1,653 sqft. One year prior, the average listing was 1,568 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).