Waterloo FHA Loan Rates, Closing Costs & Stats

WATERLOO-CEDAR FALLS, IA

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 5.95% for the week of 2024-10-11, compared to the national average (all FHA variants) of 6.1% for the same period.

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

The average rate for the prior week (2024-10-04) was 5.67% and one month ago for the week of 2024-09-06, the average rate was 5.7%.

The average rate one year ago was 7.32%.

For refis of the same type during the week of 2024-10-11, the average rate was 6.2%.

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
2024-04-01 $281,250 (8.8%) $320,422 (19.2%) 0.65 219
2024-05-01 $299,588 (11.5%) $342,406 (21.4%) 0.68 217
2024-06-01 $283,000 (11.0%) $322,899 (14.9%) 0.64 265
2024-07-01 $278,500 (7.2%) $309,025 (6.2%) 0.64 300
2024-08-01 $269,900 (24.8%) $305,058 (10.9%) 0.63 346
2024-09-01 $264,475 (17.6%) $304,442 (10.9%) 0.62 370
Waterloo's median listing price for 2024-09-01 was $264,475, a difference of $39,575 (17.6%) versus the prior year and $-5,425 versus the prior month.

Waterloo's median listing price comes in at 62% of the national average.

Waterloo's average listing price for 2024-09-01 was $304,442, a difference of $29,971 (10.9%) versus the prior year and $-616 versus the prior month.

For the 2024-09-01 period, Waterloo had 370 MLS listings, a difference of 24 listings (7%) versus the prior month and 137 listings (59%) 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
2024-04-01 45 days 1,643 sqft
2024-05-01 52 days 1,772 sqft
2024-06-01 45 days 1,763 sqft
2024-07-01 44 days 1,752 sqft
2024-08-01 45 days 1,723 sqft
2024-09-01 52 days 1,686 sqft
Waterloo's median listing age (time on market) for 2024-09-01 was 52 days. This is 16% longer than the same period one year ago.

Waterloo's median square footage for active listings during the 2024-09-01 period was 1,686 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).