Waterloo FHA Loan Rates, Closing Costs & Stats

WATERLOO-CEDAR FALLS, 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.

    Waterloo's 31 lenders originated 137 FHA loans during 2023. The total origination value was $21,565,000, with an average FHA loan value of $157,409.

    Waterloo FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Waterloo averaged 6.6% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Waterloo's average FHA mortgage closing costs are $5,839.

    The average rate for the prior week (2024-04-12) was 6.79% and one month ago for the week of 2024-03-15, the average rate was 6.46%.

    The average rate one year ago was 6.39%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.96%.

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

    Waterloo 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 Waterloo level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GREENSTATE CREDIT UNION 28 6.19% $5,291
    QUICKEN LOANS, LLC 26 6.43% $6,785
    AMERICAN PACIFIC MORTGAGE CORPORATION 15 6.84% $8,831
    Lincoln Savings Bank 9 6.35% $5,518
    U.S. Bank 5 6.58% $5,775
    GUARANTEED RATE, INC. 3 6.54% $8,543
    UNITED WHOLESALE MORTGAGE, LLC 3 6.71% $7,045
    BROKER SOLUTIONS, INC. 3 6.67% $6,139
    Flanagan State Bank 3 6.46% $5,795
    LOANDEPOT.COM, LLC 3 6.66% $13,495
    Carrington Mortgage Services, LLC 2 6.31% $5,809
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.50% $9,354
    CARDINAL FINANCIAL 2 7.50% $14,455
    GUILD MORTGAGE COMPANY 2 7.31% $5,109
    LAKEVIEW LOAN SERVICING, LLC 2 6.19% $9,092
    Mr. Cooper ( Nationstar Mortgage ) 2 6.88% $9,949
    PENNYMAC LOAN SERVICES, LLC 2 6.56% $7,278
    AMERISAVE MORTGAGE CORPORATION 2 5.88% $13,088
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $12,416
    Nations Lending Corporation 1 6.25% $6,253
    NATIONWIDE MORTGAGE BANKERS, INC. 1 5.75% $9,173
    NEWREZ LLC 1 7.25% $7,335
    Chickasaw Community Bank 1 6.75% $17,661
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.13% $12,198
    VILLAGE CAPITAL MORTGAGE 1 5.25% $7,612
    The Federal Savings Bank 1 7.75% $4,772
    TOWNE MORTGAGE COMPANY 1 7.25% $4,052
    TruHome Solutions, LLC 1 6.88% $6,757
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 7.25% $6,495
    Fortress Bank 1 6.00% $8,035
    First Interstate Bank 1 7.00% $4,579

    The top Waterloo FHA lender as defined by loan originations is GREENSTATE CREDIT UNION, with 28 FHA loans originated. Their average total fees are $5,291, which is $1,493 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Waterloo FHA lenders (with over 10 loans originated) are GREENSTATE CREDIT UNION ($5,291), QUICKEN LOANS, LLC ($6,785), AMERICAN PACIFIC MORTGAGE CORPORATION ($8,831), .

    The lowest rate Waterloo FHA lenders (with over 10 loans originated) are GREENSTATE CREDIT UNION (6.19%), QUICKEN LOANS, LLC (6.43%), AMERICAN PACIFIC MORTGAGE CORPORATION (6.84%), .

    Waterloo FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    WATERLOO-CEDAR FALLS, IA BLACK HAWK 2022 $420,680 $538,650 $651,050 $809,150
    WATERLOO-CEDAR FALLS, IA BREMER 2022 $420,680 $538,650 $651,050 $809,150
    WATERLOO-CEDAR FALLS, IA GRUNDY 2022 $420,680 $538,650 $651,050 $809,150
    WATERLOO-CEDAR FALLS, IA BLACK HAWK 2023 $472,030 $604,400 $730,525 $907,900
    WATERLOO-CEDAR FALLS, IA BREMER 2023 $472,030 $604,400 $730,525 $907,900
    WATERLOO-CEDAR FALLS, IA GRUNDY 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Waterloo (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 $134,450 (-0.4%) $174,971 (3.1%) 0.50 638
    2018-02-01 $136,675 (-2.0%) $172,046 (0.1%) 0.50 609
    2018-03-01 $139,900 (-3.3%) $174,382 (-2.5%) 0.49 578
    2018-04-01 $144,350 (-2.9%) $179,836 (-0.4%) 0.49 563
    2018-05-01 $140,950 (-2.8%) $180,471 (0.9%) 0.47 573
    2018-06-01 $145,000 (-0.5%) $183,976 (2.5%) 0.48 622
    2018-07-01 $146,750 (1.2%) $183,529 (2.2%) 0.49 652
    2018-08-01 $144,900 (-0.2%) $183,942 (1.1%) 0.49 682
    2018-09-01 $143,000 (0.2%) $185,299 (3.5%) 0.48 660
    2018-10-01 $144,750 (3.5%) $184,141 (2.4%) 0.49 656
    2018-11-01 $144,900 (3.9%) $182,257 (2.3%) 0.49 642
    2018-12-01 $139,900 (4.5%) $183,931 (6.3%) 0.48 595
    2019-01-01 $143,700 (6.9%) $187,857 (7.4%) 0.50 529
    2019-02-01 $148,200 (8.4%) $193,424 (12.4%) 0.50 496
    2019-03-01 $154,186 (10.2%) $204,567 (17.3%) 0.50 484
    2019-04-01 $159,186 (10.3%) $209,612 (16.6%) 0.51 499
    2019-05-01 $161,900 (14.9%) $212,423 (17.7%) 0.51 528
    2019-06-01 $169,900 (17.2%) $216,133 (17.5%) 0.53 577
    2019-07-01 $170,700 (16.3%) $214,103 (16.7%) 0.53 560
    2019-08-01 $167,118 (15.3%) $209,836 (14.1%) 0.53 579
    2019-09-01 $165,870 (16.0%) $210,417 (13.6%) 0.53 604
    2019-10-01 $165,039 (14.0%) $210,292 (14.2%) 0.53 624
    2019-11-01 $162,500 (12.2%) $203,873 (11.9%) 0.53 608
    2019-12-01 $164,400 (17.5%) $201,060 (9.3%) 0.55 572
    2020-01-01 $164,575 (14.5%) $202,332 (7.7%) 0.55 525
    2020-02-01 $165,000 (11.3%) $207,932 (7.5%) 0.54 476
    2020-03-01 $159,000 (3.1%) $204,694 (0.1%) 0.50 487
    2020-04-01 $159,600 (0.3%) $206,654 (-1.4%) 0.50 490
    2020-05-01 $170,000 (5.0%) $216,575 (2.0%) 0.52 456
    2020-06-01 $175,488 (3.3%) $225,125 (4.2%) 0.52 460
    2020-07-01 $179,500 (5.2%) $231,431 (8.1%) 0.52 445
    2020-08-01 $177,500 (6.2%) $230,356 (9.8%) 0.51 437
    2020-09-01 $171,500 (3.4%) $223,629 (6.3%) 0.49 416
    2020-10-01 $164,900 (-0.1%) $217,744 (3.5%) 0.47 441
    2020-11-01 $158,600 (-2.4%) $219,702 (7.8%) 0.46 432
    2020-12-01 $151,800 (-7.7%) $225,401 (12.1%) 0.45 360
    2021-01-01 $159,900 (-2.8%) $233,656 (15.5%) 0.48 303
    2021-02-01 $161,250 (-2.3%) $226,888 (9.1%) 0.47 253
    2021-03-01 $158,725 (-0.2%) $224,142 (9.5%) 0.45 219
    2021-04-01 $169,900 (6.5%) $236,546 (14.5%) 0.46 196
    2021-05-01 $168,950 (-0.6%) $225,015 (3.9%) 0.45 188
    2021-06-01 $161,500 (-8.0%) $217,287 (-3.5%) 0.43 218
    2021-07-01 $164,900 (-8.1%) $216,372 (-6.5%) 0.44 260
    2021-08-01 $159,862 (-9.9%) $214,679 (-6.8%) 0.43 295
    2021-09-01 $151,100 (-11.9%) $213,810 (-4.4%) 0.40 290
    2021-10-01 $149,900 (-9.1%) $212,255 (-2.5%) 0.40 278
    2021-11-01 $149,450 (-5.8%) $202,300 (-7.9%) 0.40 255
    2021-12-01 $148,450 (-2.2%) $196,329 (-12.9%) 0.40 219
    2022-01-01 $159,250 (-0.4%) $207,197 (-11.3%) 0.43 186
    2022-02-01 $182,425 (13.1%) $256,410 (13.0%) 0.47 142
    2022-03-01 $237,450 (49.6%) $262,136 (17.0%) 0.59 127
    2022-04-01 $229,950 (35.3%) $272,845 (15.4%) 0.55 128
    2022-05-01 $227,500 (34.7%) $277,517 (23.3%) 0.52 148
    2022-06-01 $223,500 (38.4%) $270,979 (24.7%) 0.50 177
    2022-07-01 $199,000 (20.7%) $247,402 (14.3%) 0.45 222
    2022-08-01 $217,188 (35.9%) $260,678 (21.4%) 0.50 227
    2022-09-01 $234,130 (55.0%) $274,516 (28.4%) 0.55 226
    2022-10-01 $239,500 (59.8%) $285,647 (34.6%) 0.56 228
    2022-11-01 $229,575 (53.6%) $276,979 (36.9%) 0.55 224
    2022-12-01 $219,950 (48.2%) $265,692 (35.3%) 0.54 201
    2023-01-01 $218,450 (37.2%) $262,936 (26.9%) 0.54 183
    2023-02-01 $257,225 (41.0%) $279,394 (9.0%) 0.62 163
    2023-03-01 $262,950 (10.7%) $275,798 (5.2%) 0.62 162
    2023-04-01 $258,500 (12.4%) $268,712 (-1.5%) 0.60 155
    2023-05-01 $268,675 (18.1%) $282,049 (1.6%) 0.61 166
    2023-06-01 $254,925 (14.1%) $280,959 (3.7%) 0.57 183
    2023-07-01 $259,750 (30.5%) $290,972 (17.6%) 0.59 191
    2023-08-01 $216,225 (-0.4%) $275,106 (5.5%) 0.50 231
    2023-09-01 $224,900 (-3.9%) $274,471 (0.0%) 0.52 233
    2023-10-01 $249,950 (4.4%) $278,611 (-2.5%) 0.59 246
    2023-11-01 $264,450 (15.2%) $286,544 (3.5%) 0.63 264
    2023-12-01 $259,900 (18.2%) $284,475 (7.1%) 0.63 255
    2024-01-01 $267,450 (22.4%) $299,271 (13.8%) 0.65 227
    2024-02-01 $273,900 (6.5%) $310,535 (11.2%) 0.66 211
    2024-03-01 $280,450 (6.7%) $320,963 (16.4%) 0.66 220
    Waterloo's median listing price for 2024-03-01 was $280,450, a difference of $17,500 (6.7%) versus the prior year and $6,550 versus the prior month.

    Waterloo's median listing price comes in at 66% of the national average.

    Waterloo's average listing price for 2024-03-01 was $320,963, a difference of $45,165 (16.4%) versus the prior year and $10,428 versus the prior month.

    For the 2024-03-01 period, Waterloo had 220 MLS listings, a difference of 9 listings (4%) versus the prior month and 58 listings (36%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Waterloo (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 80 days 1,570 sqft
    2018-02-01 79 days 1,560 sqft
    2018-03-01 62 days 1,565 sqft
    2018-04-01 51 days 1,584 sqft
    2018-05-01 46 days 1,593 sqft
    2018-06-01 49 days 1,624 sqft
    2018-07-01 53 days 1,600 sqft
    2018-08-01 52 days 1,612 sqft
    2018-09-01 59 days 1,607 sqft
    2018-10-01 65 days 1,616 sqft
    2018-11-01 68 days 1,617 sqft
    2018-12-01 78 days 1,612 sqft
    2019-01-01 83 days 1,624 sqft
    2019-02-01 87 days 1,638 sqft
    2019-03-01 70 days 1,659 sqft
    2019-04-01 50 days 1,623 sqft
    2019-05-01 45 days 1,547 sqft
    2019-06-01 51 days 1,484 sqft
    2019-07-01 58 days 1,477 sqft
    2019-08-01 58 days 1,462 sqft
    2019-09-01 58 days 1,450 sqft
    2019-10-01 59 days 1,442 sqft
    2019-11-01 65 days 1,430 sqft
    2019-12-01 73 days 1,392 sqft
    2020-01-01 83 days 1,429 sqft
    2020-02-01 86 days 1,451 sqft
    2020-03-01 56 days 1,441 sqft
    2020-04-01 54 days 1,436 sqft
    2020-05-01 67 days 1,497 sqft
    2020-06-01 67 days 1,516 sqft
    2020-07-01 54 days 1,477 sqft
    2020-08-01 58 days 1,457 sqft
    2020-09-01 63 days 1,441 sqft
    2020-10-01 52 days 1,431 sqft
    2020-11-01 52 days 1,400 sqft
    2020-12-01 56 days 1,403 sqft
    2021-01-01 69 days 1,395 sqft
    2021-02-01 86 days 1,435 sqft
    2021-03-01 56 days 1,430 sqft
    2021-04-01 52 days 1,477 sqft
    2021-05-01 39 days 1,503 sqft
    2021-06-01 32 days 1,456 sqft
    2021-07-01 32 days 1,432 sqft
    2021-08-01 38 days 1,389 sqft
    2021-09-01 46 days 1,428 sqft
    2021-10-01 54 days 1,359 sqft
    2021-11-01 48 days 1,335 sqft
    2021-12-01 51 days 1,310 sqft
    2022-01-01 62 days 1,334 sqft
    2022-02-01 62 days 1,373 sqft
    2022-03-01 45 days 1,449 sqft
    2022-04-01 31 days 1,501 sqft
    2022-05-01 22 days 1,456 sqft
    2022-06-01 24 days 1,629 sqft
    2022-07-01 24 days 1,618 sqft
    2022-08-01 37 days 1,681 sqft
    2022-09-01 41 days 1,743 sqft
    2022-10-01 43 days 1,782 sqft
    2022-11-01 51 days 1,701 sqft
    2022-12-01 60 days 1,664 sqft
    2023-01-01 74 days 1,587 sqft
    2023-02-01 57 days 1,597 sqft
    2023-03-01 48 days 1,569 sqft
    2023-04-01 46 days 1,562 sqft
    2023-05-01 31 days 1,556 sqft
    2023-06-01 35 days 1,628 sqft
    2023-07-01 45 days 1,660 sqft
    2023-08-01 34 days 1,608 sqft
    2023-09-01 45 days 1,569 sqft
    2023-10-01 41 days 1,601 sqft
    2023-11-01 39 days 1,599 sqft
    2023-12-01 54 days 1,561 sqft
    2024-01-01 74 days 1,584 sqft
    2024-02-01 68 days 1,618 sqft
    2024-03-01 46 days 1,583 sqft
    Waterloo's median listing age (time on market) for 2024-03-01 was 46 days. This is -5% shorter than the same period one year ago.

    Waterloo's median square footage for active listings during the 2024-03-01 period was 1,583 sqft. One year prior, the average listing was 1,569 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).