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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.