Iowa City USDA Loan Rates, Closing Costs & Stats
IOWA CITY, IA
USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.
Iowa City's 5 lenders originated 32 USDA loans during 2023. The total origination value was $6,430,000, with an average USDA loan value of $200,938.
Iowa City USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Iowa City
averaged
6.12%
for the week of 2024-11-08, compared to the national average (all USDA variants) of
6.477% for the same period.
Iowa City's average USDA mortgage closing costs are $3,918.
The average rate for the prior week (2024-11-01) was
5.9% and
one month ago for the week of 2024-10-04, the
average rate was 5.72%.
The average rate one year ago was 7.16%.
For refis of the same type during the week of 2024-11-08, the average rate
was 5.91%.
Iowa City USDA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Iowa City level.
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| RESIDENTIAL MORTGAGE NETWORK, INC. | 28 | 6.23% | $4,498 |
| GREENSTATE CREDIT UNION | 1 | 5.63% | $2,975 |
| GUILD MORTGAGE COMPANY | 1 | 7.13% | $7,222 |
| Mortgage Research Center, LLC | 1 | 5.50% | $4,440 |
| TOWNE MORTGAGE COMPANY | 1 | 7.13% | $6,762 |
The top Iowa City USDA lender as defined by loan originations is RESIDENTIAL MORTGAGE NETWORK, INC., with
28 USDA loans originated. Their average total fees are
$4,498, which is $1,524
higher than the next largest lender,
GREENSTATE CREDIT UNION.
The lowest fee Iowa City USDA lenders (with over 10 loans originated) are
RESIDENTIAL MORTGAGE NETWORK, INC. ($4,498), .
The lowest rate Iowa City USDA lenders (with over 10 loans originated) are
RESIDENTIAL MORTGAGE NETWORK, INC. (6.23%), .