Spirit Lake FHA Loan Rates, Closing Costs & Stats

Spirit Lake, 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.

    Spirit Lake's 13 lenders originated 29 FHA loans during 2023. The total origination value was $6,735,000, with an average FHA loan value of $232,241.

    Spirit Lake FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Spirit Lake averaged 6.75% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Spirit Lake's average FHA mortgage closing costs are $6,648.

    The average rate for the prior week (2024-04-12) was 6.64% and one month ago for the week of 2024-03-15, the average rate was 6.31%.

    The average rate one year ago was 5.94%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

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

    Spirit Lake 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 Spirit Lake level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Plains Commerce Bank 5 6.13% $11,103
    Northwest Bank 4 6.59% $8,767
    QUICKEN LOANS, LLC 3 6.37% $8,330
    Paramount Residential Mortgage Group, Inc. 2 6.44% $7,330
    Reliabank Dakota 2 6.44% $8,528
    GUARANTEED RATE, INC. 1 6.25% $6,833
    AmeriHome Mortgage Company, LLC 1 6.50% $9,784
    PLAZA HOME MORTGAGE, INC. 1 6.75% $8,596
    LOANDEPOT.COM, LLC 1 6.50% $17,273
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.13% $2,387
    Chickasaw Community Bank 1 6.50% $10,343
    Flagstar Bank, FSB 1 6.25% $5,983
    Flanagan State Bank 1 6.63% $7,664

    The top Spirit Lake FHA lender as defined by loan originations is Plains Commerce Bank, with 5 FHA loans originated. Their average total fees are $11,103, which is $2,336 higher than the next largest lender, Northwest Bank.

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

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

    Spirit Lake FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Spirit Lake (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 $243,825 (-2.4%) $409,697 (5.7%) 0.00 215
    2018-02-01 $245,938 (-2.1%) $423,644 (10.0%) 0.00 219
    2018-03-01 $279,900 (10.6%) $472,664 (28.5%) 0.00 207
    2018-04-01 $296,200 (14.4%) $486,417 (20.1%) 0.00 233
    2018-05-01 $301,749 (12.1%) $488,350 (11.2%) 0.00 233
    2018-06-01 $319,000 (25.4%) $492,116 (12.7%) 0.00 242
    2018-07-01 $324,800 (30.3%) $492,498 (15.7%) 0.00 236
    2018-08-01 $321,975 (27.5%) $431,217 (-2.4%) 0.00 246
    2018-09-01 $324,850 (25.1%) $435,042 (-2.1%) 0.00 237
    2018-10-01 $338,875 (28.0%) $449,230 (1.9%) 0.00 224
    2018-11-01 $335,200 (34.6%) $438,603 (3.3%) 0.00 205
    2018-12-01 $329,000 (34.6%) $438,933 (5.7%) 0.00 181
    2019-01-01 $323,750 (32.8%) $434,079 (6.0%) 0.00 162
    2019-02-01 $323,350 (31.5%) $426,234 (0.6%) 0.00 172
    2019-03-01 $323,357 (15.5%) $420,360 (-11.1%) 0.00 203
    2019-04-01 $324,900 (9.7%) $422,019 (-13.2%) 0.00 236
    2019-05-01 $329,000 (9.0%) $432,644 (-11.4%) 0.00 263
    2019-06-01 $329,000 (3.1%) $463,606 (-5.8%) 0.00 277
    2019-07-01 $310,975 (-4.3%) $451,412 (-8.3%) 0.00 296
    2019-08-01 $302,427 (-6.1%) $447,190 (3.7%) 0.00 291
    2019-09-01 $292,568 (-9.9%) $439,912 (1.1%) 0.00 280
    2019-10-01 $280,950 (-17.1%) $435,060 (-3.2%) 0.00 260
    2019-11-01 $275,000 (-18.0%) $429,499 (-2.1%) 0.00 227
    2019-12-01 $271,000 (-17.6%) $402,178 (-8.4%) 0.00 191
    2020-01-01 $299,750 (-7.4%) $425,320 (-2.0%) 0.00 164
    2020-02-01 $288,500 (-10.8%) $425,303 (-0.2%) 0.00 168
    2020-03-01 $281,350 (-13.0%) $408,649 (-2.8%) 0.00 175
    2020-04-01 $316,250 (-2.7%) $426,550 (1.1%) 0.00 192
    2020-05-01 $317,500 (-3.5%) $502,861 (16.2%) 0.00 211
    2020-06-01 $332,500 (1.1%) $547,660 (18.1%) 0.00 192
    2020-07-01 $320,750 (3.1%) $551,294 (22.1%) 0.00 190
    2020-08-01 $270,000 (-10.7%) $493,216 (10.3%) 0.00 158
    2020-09-01 $256,500 (-12.3%) $469,486 (6.7%) 0.00 131
    2020-10-01 $256,250 (-8.8%) $476,831 (9.6%) 0.00 116
    2020-11-01 $258,375 (-6.1%) $517,164 (20.4%) 0.00 99
    2020-12-01 $254,500 (-6.1%) $504,255 (25.4%) 0.00 87
    2021-01-01 $254,500 (-15.1%) $394,606 (-7.2%) 0.00 78
    2021-02-01 $249,500 (-13.5%) $354,279 (-16.7%) 0.00 76
    2021-03-01 $255,000 (-9.4%) $453,375 (11.0%) 0.00 59
    2021-04-01 $245,750 (-22.3%) $444,032 (4.1%) 0.00 59
    2021-05-01 $246,500 (-22.4%) $429,802 (-14.5%) 0.00 58
    2021-06-01 $283,375 (-14.8%) $654,721 (19.6%) 0.00 51
    2021-07-01 $287,000 (-10.5%) $648,495 (17.6%) 0.00 56
    2021-08-01 $288,375 (6.8%) $518,479 (5.1%) 0.00 78
    2021-09-01 $289,900 (13.0%) $472,801 (0.7%) 0.00 95
    2021-10-01 $289,900 (13.1%) $493,768 (3.6%) 0.00 91
    2021-11-01 $289,900 (12.2%) $499,211 (-3.5%) 0.00 69
    2021-12-01 $289,900 (13.9%) $494,075 (-2.0%) 0.00 64
    2022-01-01 $289,900 (13.9%) $476,345 (20.7%) 0.00 54
    2022-02-01 $289,900 (16.2%) $361,291 (2.0%) 0.00 53
    2022-03-01 $289,900 (13.7%) $411,537 (-9.2%) 0.00 51
    2022-04-01 $314,900 (28.1%) $654,708 (47.5%) 0.00 60
    2022-05-01 $314,900 (27.8%) $690,028 (60.6%) 0.00 64
    2022-06-01 $319,950 (12.9%) $693,437 (5.9%) 0.00 71
    2022-07-01 $325,000 (13.2%) $802,094 (23.7%) 0.00 92
    2022-08-01 $303,275 (5.2%) $651,537 (25.7%) 0.00 104
    2022-09-01 $312,400 (7.8%) $629,703 (33.2%) 0.00 93
    2022-10-01 $328,400 (13.3%) $625,270 (26.6%) 0.00 106
    2022-11-01 $324,900 (12.1%) $598,338 (19.9%) 0.00 102
    2022-12-01 $326,650 (12.7%) $618,921 (25.3%) 0.00 98
    2023-01-01 $324,500 (11.9%) $601,526 (26.3%) 0.00 93
    2023-02-01 $324,500 (11.9%) $606,753 (67.9%) 0.00 89
    2023-03-01 $324,500 (11.9%) $658,782 (60.1%) 0.00 84
    2023-04-01 $328,400 (4.3%) $610,175 (-6.8%) 0.00 96
    2023-05-01 $349,900 (11.1%) $691,644 (0.2%) 0.00 106
    2023-06-01 $339,150 (6.0%) $714,006 (3.0%) 0.00 109
    2023-07-01 $338,650 (4.2%) $777,435 (-3.1%) 0.00 104
    2023-08-01 $349,450 (15.2%) $748,980 (15.0%) 0.00 96
    2023-09-01 $349,000 (11.7%) $736,836 (17.0%) 0.00 104
    2023-10-01 $375,010 (14.2%) $715,584 (14.4%) 0.00 112
    2023-11-01 $389,020 (19.7%) $740,445 (23.8%) 0.00 107
    2023-12-01 $398,000 (21.8%) $586,846 (-5.2%) 0.00 96
    2024-01-01 $385,030 (18.7%) $569,290 (-5.4%) 0.00 85
    2024-02-01 $377,030 (16.2%) $589,165 (-2.9%) 0.00 88
    2024-03-01 $380,270 (17.2%) $573,647 (-12.9%) 0.00 105
    Spirit Lake's median listing price for 2024-03-01 was $380,270, a difference of $55,770 (17.2%) versus the prior year and $3,240 versus the prior month.

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

    Spirit Lake's average listing price for 2024-03-01 was $573,647, a difference of $-85,135 (-12.9%) versus the prior year and $-15,518 versus the prior month.

    For the 2024-03-01 period, Spirit Lake had 105 MLS listings, a difference of 17 listings (19%) versus the prior month and 21 listings (25%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Spirit Lake (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,770 sqft
    2018-02-01 0 days 1,760 sqft
    2018-03-01 0 days 1,944 sqft
    2018-04-01 0 days 1,921 sqft
    2018-05-01 0 days 1,929 sqft
    2018-06-01 0 days 2,089 sqft
    2018-07-01 0 days 2,082 sqft
    2018-08-01 0 days 2,082 sqft
    2018-09-01 0 days 2,136 sqft
    2018-10-01 0 days 2,196 sqft
    2018-11-01 0 days 2,148 sqft
    2018-12-01 0 days 2,228 sqft
    2019-01-01 0 days 2,082 sqft
    2019-02-01 0 days 2,001 sqft
    2019-03-01 0 days 1,941 sqft
    2019-04-01 0 days 1,979 sqft
    2019-05-01 0 days 1,980 sqft
    2019-06-01 0 days 1,985 sqft
    2019-07-01 0 days 1,916 sqft
    2019-08-01 0 days 1,896 sqft
    2019-09-01 0 days 1,854 sqft
    2019-10-01 0 days 1,835 sqft
    2019-11-01 0 days 1,811 sqft
    2019-12-01 0 days 1,728 sqft
    2020-01-01 0 days 1,747 sqft
    2020-02-01 0 days 1,704 sqft
    2020-03-01 0 days 1,704 sqft
    2020-04-01 0 days 1,719 sqft
    2020-05-01 0 days 1,704 sqft
    2020-06-01 0 days 1,895 sqft
    2020-07-01 0 days 1,936 sqft
    2020-08-01 0 days 1,629 sqft
    2020-09-01 0 days 1,693 sqft
    2020-10-01 0 days 1,488 sqft
    2020-11-01 0 days 1,647 sqft
    2020-12-01 0 days 1,478 sqft
    2021-01-01 0 days 1,440 sqft
    2021-02-01 0 days 1,404 sqft
    2021-03-01 0 days 1,427 sqft
    2021-04-01 0 days 1,371 sqft
    2021-05-01 0 days 1,408 sqft
    2021-06-01 0 days 1,536 sqft
    2021-07-01 0 days 1,704 sqft
    2021-08-01 0 days 1,478 sqft
    2021-09-01 0 days 1,588 sqft
    2021-10-01 0 days 1,588 sqft
    2021-11-01 0 days 1,557 sqft
    2021-12-01 0 days 1,536 sqft
    2022-01-01 0 days 1,478 sqft
    2022-02-01 0 days 1,492 sqft
    2022-03-01 0 days 1,588 sqft
    2022-04-01 0 days 1,588 sqft
    2022-05-01 0 days 1,588 sqft
    2022-06-01 0 days 1,588 sqft
    2022-07-01 0 days 1,865 sqft
    2022-08-01 0 days 1,588 sqft
    2022-09-01 0 days 1,588 sqft
    2022-10-01 0 days 1,588 sqft
    2022-11-01 0 days 1,588 sqft
    2022-12-01 0 days 1,588 sqft
    2023-01-01 0 days 1,588 sqft
    2023-02-01 0 days 1,588 sqft
    2023-03-01 0 days 1,588 sqft
    2023-04-01 0 days 1,588 sqft
    2023-05-01 0 days 1,588 sqft
    2023-06-01 0 days 1,588 sqft
    2023-07-01 0 days 1,588 sqft
    2023-08-01 0 days 1,588 sqft
    2023-09-01 0 days 1,588 sqft
    2023-10-01 0 days 1,588 sqft
    2023-11-01 0 days 1,588 sqft
    2023-12-01 0 days 1,588 sqft
    2024-01-01 0 days 1,588 sqft
    2024-02-01 0 days 1,588 sqft
    2024-03-01 0 days 1,588 sqft
    Spirit Lake's median listing age (time on market) for 2024-03-01 was 0 days.

    Spirit Lake's median square footage for active listings during the 2024-03-01 period was 1,588 sqft. One year prior, the average listing was 1,588 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).