Iowa FHA Loan Rates, Closing Costs & Stats

Iowa

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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.

    Iowa FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Iowa averaged 6.57% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    Iowa's average FHA mortgage closing costs are $6,088.

    The average rate for the prior week (2024-04-05) was 6.7% and one month ago for the week of 2024-03-08, the average rate was 6.64%.

    The average rate one year ago was 5.87%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.81%.

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

    Iowa 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 Iowa level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 594 6.33% $8,173
    BROKER SOLUTIONS, INC. 281 6.82% $8,357
    GREENSTATE CREDIT UNION 254 6.12% $5,939
    AMERICAN PACIFIC MORTGAGE CORPORATION 152 6.81% $9,523
    UNITED WHOLESALE MORTGAGE, LLC 147 6.58% $9,284
    HOMESERVICES LENDING, LLC 137 6.53% $8,340
    GUILD MORTGAGE COMPANY 132 6.72% $7,757
    Plains Commerce Bank 131 6.65% $6,198
    Lincoln Savings Bank 112 6.30% $7,030
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 112 6.93% $7,968
    DHI MORTGAGE COMPANY, LTD. 106 5.40% $9,319
    PENNYMAC LOAN SERVICES, LLC 95 6.41% $8,624
    U.S. Bank 90 6.54% $6,267
    HOMESIDE FINANCIAL, LLC 86 6.90% $8,499
    Fortress Bank 85 6.57% $7,532
    RESIDENTIAL MORTGAGE NETWORK, INC. 78 6.43% $6,139
    Ixonia Bank 78 6.56% $10,030
    CARDINAL FINANCIAL 76 6.55% $10,674
    FRONTIER FINANCIAL, INC. 76 6.64% $5,546
    FREEDOM MORTGAGE CORPORATION 72 6.86% $12,211
    NEWREZ LLC 68 6.45% $8,189
    Flanagan State Bank 67 6.67% $7,891
    GUARANTEED RATE, INC. 65 6.70% $9,017
    LOANDEPOT.COM, LLC 59 6.37% $10,626
    AMERISAVE MORTGAGE CORPORATION 56 6.13% $10,868
    GERSHMAN INVESTMENT CORP. 55 6.59% $7,209
    LAND HOME FINANCIAL SERVICES, INC. 54 6.60% $7,947
    The Central Trust Bank 53 6.54% $8,348
    PLAZA HOME MORTGAGE, INC. 51 6.69% $7,591
    Mr. Cooper ( Nationstar Mortgage ) 51 6.19% $9,006
    OPEN MORTGAGE, LLC 50 6.97% $8,751
    CROSSCOUNTRY MORTGAGE, LLC 48 6.67% $8,669
    Carrington Mortgage Services, LLC 46 6.49% $8,285
    Barrington Bank & Trust Company, N.A. 45 6.50% $7,771
    IOWA BANKERS MORTGAGE CORPORATION 45 6.91% $5,840
    RUHL MORTGAGE, LLC 45 6.28% $5,360
    Chickasaw Community Bank 41 6.96% $8,654
    Servion, Inc. 41 6.57% $5,822
    COMPASS MORTGAGE, INC. 40 6.63% $9,252
    Flagstar Bank, FSB 38 6.55% $7,502
    CMG MORTGAGE, INC. 37 6.73% $9,536
    FLAT BRANCH MORTGAGE, INC. 37 6.74% $7,473
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 36 7.06% $6,866
    Mortgage Research Center, LLC 34 7.03% $4,664
    HOMEOWNERS FINANCIAL GROUP USA, LLC 32 6.75% $7,741
    MUTUAL OF OMAHA MORTGAGE, INC. 31 6.51% $14,074
    CHARTER WEST BANK 28 6.88% $7,759
    TOWNE MORTGAGE COMPANY 27 6.51% $8,447
    CASTLE & COOKE MORTGAGE, LLC 26 6.50% $8,806
    Northwest Bank 25 6.75% $7,683
    Wells Fargo Bank 23 6.83% $7,013
    V.I.P. MORTGAGE, INC. 23 6.55% $7,006
    SUN WEST MORTGAGE COMPANY, INC. 22 6.88% $7,845
    Great Southern Bank 21 6.47% $6,469
    AmeriHome Mortgage Company, LLC 21 6.60% $10,642
    AMERICAN FINANCIAL NETWORK, INC. 20 7.10% $9,466
    ENDEAVOR CAPITAL, LLC. 20 7.04% $8,971
    MOVEMENT MORTGAGE, LLC 18 6.82% $8,464
    LAKEVIEW LOAN SERVICING, LLC 18 6.26% $10,624
    PRIMARY RESIDENTIAL MORTGAGE, INC. 17 7.08% $11,071
    First National Bank of Omaha 16 6.52% $7,092
    AMERICAN FINANCING CORPORATION 16 6.80% $10,875
    Heritage Bank 15 6.96% $7,972
    Waterstone Mortgage Corporation 14 6.69% $8,186
    American Mortgage & Equity Consultants, Inc. 14 7.09% $10,022
    ENVOY MORTGAGE, LTD 13 7.01% $9,925
    POLARIS HOME FUNDING CORP. 12 6.93% $11,230
    CALIBER HOME LOANS, INC. 12 6.75% $6,204
    Paramount Residential Mortgage Group, Inc. 12 6.82% $7,681
    EMM LOANS LLC 10 6.18% $13,149
    BMO Harris Bank 10 6.50% $9,032
    Regions Bank 9 6.40% $7,636
    MID AMERICA MORTGAGE, INC. 9 6.93% $5,117
    HOMEBRIDGE FINANCIAL SERVICES, INC. 8 6.41% $7,661
    AMCAP MORTGAGE, LTD. 8 6.55% $9,714
    Access Bank 8 6.53% $6,994
    Citizens Bank 8 6.52% $7,101
    Regent Financial Group, Inc. 8 6.81% $11,038
    VILLAGE CAPITAL MORTGAGE 8 6.02% $7,504
    DAS Acquisition Company, LLC 7 7.05% $8,015
    EVERETT FINANCIAL, INC. 7 6.88% $8,091
    MORIA DEVELOPMENT, INC. 7 6.61% $7,984
    ROYAL UNITED MORTGAGE LLC 7 7.05% $9,248
    The Federal Savings Bank 7 6.91% $10,467
    ZILLOW HOME LOANS, LLC 6 6.29% $10,090
    American National Bank 6 6.77% $7,209
    CHURCHILL MORTGAGE CORPORATION 6 6.92% $9,945
    LIBERTY HOME MORTGAGE CORPORATION 6 6.77% $11,904
    CITY FIRST MORTGAGE SERVICES, L.L.C. 6 6.58% $11,733
    UNION HOME MORTGAGE CORP. 6 6.52% $12,571
    First Federal Bank 6 7.13% $7,863
    NATIONWIDE MORTGAGE BANKERS, INC. 5 6.63% $9,110
    GREATER IOWA CREDIT UNION 5 7.13% $6,061
    Summit Mortgage Corporation 5 7.05% $7,788
    Reliabank Dakota 5 6.23% $7,525
    BNC National Bank 5 6.58% $5,659
    PLANET HOME LENDING, LLC 5 5.45% $7,171
    First Interstate Bank 5 6.33% $5,362
    STOCKTON MORTGAGE CORPORATION 4 7.69% $7,827
    NBKC BANK 4 6.53% $8,049
    NFM, INC. 4 6.72% $8,749
    PREMIA MORTGAGE, LLC 4 6.13% $5,704
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 6.69% $11,183
    BETTER MORTGAGE CORPORATION 4 6.66% $8,182
    RUOFF MORTGAGE COMPANY, INC. 4 6.34% $5,185
    TOP FLITE FINANCIAL, INC. 4 6.84% $10,413
    TruHome Solutions, LLC 3 6.96% $7,113
    Old National Bank 3 6.88% $6,301
    Sierra Pacific Mortgage Company, Inc. 3 7.17% $8,848
    Bank of America 3 6.21% $4,590
    VANDERBILT MORTGAGE AND FINANCE, INC. 3 6.29% $16,648
    Bell Bank 3 6.71% $8,223
    American Bank and Trust Company 3 6.96% $5,477
    UNIVERSAL LENDING CORPORATION 3 6.58% $7,628
    NETWORK CAPITAL FUNDING CORPORATION 3 6.50% $7,421
    Bank of England 3 6.00% $12,082
    SUCCESS MORTGAGE PARTNERS, INC. 3 6.71% $10,599
    GENEVA FINANCIAL, LLC 3 7.00% $11,980
    HOMESTAR FINANCIAL CORPORATION 3 6.88% $7,509
    Northpointe Bank 3 6.33% $12,793
    ON Q FINANCIAL, INC. 2 6.50% $6,226
    M&T Bank 2 6.88% $8,682
    Neighborhood Loans, Inc. 2 7.00% $6,233
    VERITAS FUNDING, LLC 2 6.56% $17,179
    Equity Prime Mortgage LLC 2 6.69% $5,734
    Encompass Lending Group, LP 2 7.50% $10,927
    EMBRACE HOME LOANS, INC. 2 6.69% $9,895
    PHH Mortgage Corporation 2 6.63% $12,471
    First Savings Bank 2 6.13% $10,643
    CALCON MUTUAL MORTGAGE LLC 2 6.69% $20,362
    Lakeview Community Capital, LLC 2 6.00% $11,044
    SIRVA MORTGAGE, INC. 2 7.19% $3,910
    Bankers Trust Company 2 6.19% $6,298
    First International Bank & Trust 2 5.75% $7,807
    MEMBER FIRST MORTGAGE, LLC 2 6.81% $4,987
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.31% $10,335
    Members Mortgage Services, L.L.C. 1 7.13% $7,435
    BOKF 1 7.13% $6,891
    Gateway First Bank 1 6.88% $8,043
    MICHIGAN MUTUAL, INC. 1 6.50% $4,012
    GUARANTEED RATE AFFINITY, LLC 1 7.00% $8,441
    PENTAGON FEDERAL CREDIT UNION 1 5.50% $5,986
    Bethpage Federal Credit Union 1 6.25% $3,497
    GSF Mortgage Corporation 1 5.63% $5,610
    S1L, Inc. 1 5.75% $10,326
    First PREMIER Bank 1 6.50% $7,089
    First Bank & Trust 1 6.13% $8,050
    FIRST COMMUNITY MORTGAGE, INC. 1 7.25% $11,371
    South State Bank 1 6.50% $13,015
    SOUTHWEST STAGE FUNDING, LLC 1 5.88% $3,378
    North American Savings Bank, F.S.B. 1 6.25% $11,853
    FIDELITY BANK 1 6.63% $13,538
    KELLER MORTGAGE, LLC 1 6.13% $8,066
    BANKWEST, INC. 1 6.63% $9,522
    NEW DAY FINANCIAL, LLC 1 7.25% $3,220
    JPMorgan Chase Bank 1 7.75% $4,198
    TIB The Independent Bankersbank 1 7.25% $5,623
    Hometown Equity Mortgage, LLC 1 6.75% $10,879
    TOTAL MORTGAGE SERVICES, LLC 1 6.75% $6,762
    Magnolia Bank 1 6.13% $13,463
    NATIONS RELIABLE LENDING, LLC 1 6.99% $4,848
    Truist 1 6.20% $5,442
    Nations Lending Corporation 1 6.25% $6,253
    BankIowa of Cedar Rapids 1 6.75% $4,590
    First Bank 1 6.63% $10,185
    LEADERONE FINANCIAL CORPORATION 1 7.25% $9,500
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $5,260
    Century Mortgage Company DBA Century Lending Company 1 7.25% $4,988
    Central Bank 1 6.75% $7,157
    Arvest Bank 1 7.50% $7,314
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 7.25% $7,009
    CENTENNIAL LENDING, LLC 1 7.13% $8,100
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 7.75% $6,318

    The top Iowa FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 594 FHA loans originated. Their average total fees are $8,173, which is $184 lower than the next largest lender, BROKER SOLUTIONS, INC..

    The lowest fee Iowa FHA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,664), RUHL MORTGAGE, LLC ($5,360), FRONTIER FINANCIAL, INC. ($5,546), Servion, Inc. ($5,822) and IOWA BANKERS MORTGAGE CORPORATION ($5,840).

    The lowest rate Iowa FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.40%), GREENSTATE CREDIT UNION (6.12%), AMERISAVE MORTGAGE CORPORATION (6.13%), EMM LOANS LLC (6.18%) and Mr. Cooper ( Nationstar Mortgage ) (6.19%).

    Iowa FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    NON-METRO ADAIR 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO ADAMS 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO ALLAMAKEE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO APPANOOSE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO AUDUBON 2022 $420,680 $538,650 $651,050 $809,150
    CEDAR RAPIDS, IA BENTON 2022 $420,680 $538,650 $651,050 $809,150
    WATERLOO-CEDAR FALLS, IA BLACK HAWK 2022 $420,680 $538,650 $651,050 $809,150
    AMES, IA BOONE 2022 $420,680 $538,650 $651,050 $809,150
    WATERLOO-CEDAR FALLS, IA BREMER 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO BUCHANAN 2022 $420,680 $538,650 $651,050 $809,150
    STORM LAKE, IA BUENA VISTA 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO BUTLER 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO CALHOUN 2022 $420,680 $538,650 $651,050 $809,150
    CARROLL, IA CARROLL 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO CASS 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO CEDAR 2022 $420,680 $538,650 $651,050 $809,150
    MASON CITY, IA CERRO GORDO 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO CHEROKEE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO CHICKASAW 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO CLARKE 2022 $420,680 $538,650 $651,050 $809,150
    SPENCER, IA CLAY 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO CLAYTON 2022 $420,680 $538,650 $651,050 $809,150
    CLINTON, IA CLINTON 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO CRAWFORD 2022 $420,680 $538,650 $651,050 $809,150
    DES MOINES-WEST DES MOINES, IA DALLAS 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO DAVIS 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO DECATUR 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO DELAWARE 2022 $420,680 $538,650 $651,050 $809,150
    BURLINGTON, IA-IL DES MOINES 2022 $420,680 $538,650 $651,050 $809,150
    SPIRIT LAKE, IA DICKINSON 2022 $420,680 $538,650 $651,050 $809,150
    DUBUQUE, IA DUBUQUE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO EMMET 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO FAYETTE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO FLOYD 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO FRANKLIN 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO FREMONT 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO GREENE 2022 $420,680 $538,650 $651,050 $809,150
    WATERLOO-CEDAR FALLS, IA GRUNDY 2022 $420,680 $538,650 $651,050 $809,150
    DES MOINES-WEST DES MOINES, IA GUTHRIE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO HAMILTON 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO HANCOCK 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO HARDIN 2022 $420,680 $538,650 $651,050 $809,150
    OMAHA-COUNCIL BLUFFS, NE-IA HARRISON 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO HENRY 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO HOWARD 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO HUMBOLDT 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO IDA 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO IOWA 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO JACKSON 2022 $420,680 $538,650 $651,050 $809,150
    DES MOINES-WEST DES MOINES, IA JASPER 2022 $420,680 $538,650 $651,050 $809,150
    FAIRFIELD, IA JEFFERSON 2022 $420,680 $538,650 $651,050 $809,150
    IOWA CITY, IA JOHNSON 2022 $420,680 $538,650 $651,050 $809,150
    CEDAR RAPIDS, IA JONES 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO KEOKUK 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO KOSSUTH 2022 $420,680 $538,650 $651,050 $809,150
    FORT MADISON-KEOKUK, IA-IL-MO LEE 2022 $420,680 $538,650 $651,050 $809,150
    CEDAR RAPIDS, IA LINN 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO LOUISA 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO LUCAS 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO LYON 2022 $420,680 $538,650 $651,050 $809,150
    DES MOINES-WEST DES MOINES, IA MADISON 2022 $420,680 $538,650 $651,050 $809,150
    OSKALOOSA, IA MAHASKA 2022 $420,680 $538,650 $651,050 $809,150
    PELLA, IA MARION 2022 $420,680 $538,650 $651,050 $809,150
    MARSHALLTOWN, IA MARSHALL 2022 $420,680 $538,650 $651,050 $809,150
    OMAHA-COUNCIL BLUFFS, NE-IA MILLS 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO MITCHELL 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO MONONA 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO MONROE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO MONTGOMERY 2022 $420,680 $538,650 $651,050 $809,150
    MUSCATINE, IA MUSCATINE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO O'BRIEN 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO OSCEOLA 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO PAGE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO PALO ALTO 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO PLYMOUTH 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO POCAHONTAS 2022 $420,680 $538,650 $651,050 $809,150
    DES MOINES-WEST DES MOINES, IA POLK 2022 $420,680 $538,650 $651,050 $809,150
    OMAHA-COUNCIL BLUFFS, NE-IA POTTAWATTAMIE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO POWESHIEK 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO RINGGOLD 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO SAC 2022 $420,680 $538,650 $651,050 $809,150
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL SCOTT 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO SHELBY 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO SIOUX 2022 $420,680 $538,650 $651,050 $809,150
    AMES, IA STORY 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO TAMA 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO TAYLOR 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO UNION 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO VAN BUREN 2022 $420,680 $538,650 $651,050 $809,150
    OTTUMWA, IA WAPELLO 2022 $420,680 $538,650 $651,050 $809,150
    DES MOINES-WEST DES MOINES, IA WARREN 2022 $420,680 $538,650 $651,050 $809,150
    IOWA CITY, IA WASHINGTON 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO WAYNE 2022 $420,680 $538,650 $651,050 $809,150
    FORT DODGE, IA WEBSTER 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO WINNEBAGO 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO WINNESHIEK 2022 $420,680 $538,650 $651,050 $809,150
    SIOUX CITY, IA-NE-SD WOODBURY 2022 $420,680 $538,650 $651,050 $809,150
    MASON CITY, IA WORTH 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO WRIGHT 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO ADAIR 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO ADAMS 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO ALLAMAKEE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO APPANOOSE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO AUDUBON 2023 $472,030 $604,400 $730,525 $907,900
    CEDAR RAPIDS, IA BENTON 2023 $472,030 $604,400 $730,525 $907,900
    WATERLOO-CEDAR FALLS, IA BLACK HAWK 2023 $472,030 $604,400 $730,525 $907,900
    AMES, IA BOONE 2023 $472,030 $604,400 $730,525 $907,900
    WATERLOO-CEDAR FALLS, IA BREMER 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO BUCHANAN 2023 $472,030 $604,400 $730,525 $907,900
    STORM LAKE, IA BUENA VISTA 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO BUTLER 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO CALHOUN 2023 $472,030 $604,400 $730,525 $907,900
    CARROLL, IA CARROLL 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO CASS 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO CEDAR 2023 $472,030 $604,400 $730,525 $907,900
    MASON CITY, IA CERRO GORDO 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO CHEROKEE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO CHICKASAW 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO CLARKE 2023 $472,030 $604,400 $730,525 $907,900
    SPENCER, IA CLAY 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO CLAYTON 2023 $472,030 $604,400 $730,525 $907,900
    CLINTON, IA CLINTON 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO CRAWFORD 2023 $472,030 $604,400 $730,525 $907,900
    DES MOINES-WEST DES MOINES, IA DALLAS 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO DAVIS 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO DECATUR 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO DELAWARE 2023 $472,030 $604,400 $730,525 $907,900
    BURLINGTON, IA-IL DES MOINES 2023 $472,030 $604,400 $730,525 $907,900
    SPIRIT LAKE, IA DICKINSON 2023 $472,030 $604,400 $730,525 $907,900
    DUBUQUE, IA DUBUQUE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO EMMET 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO FAYETTE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO FLOYD 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO FRANKLIN 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO FREMONT 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO GREENE 2023 $472,030 $604,400 $730,525 $907,900
    WATERLOO-CEDAR FALLS, IA GRUNDY 2023 $472,030 $604,400 $730,525 $907,900
    DES MOINES-WEST DES MOINES, IA GUTHRIE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO HAMILTON 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO HANCOCK 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO HARDIN 2023 $472,030 $604,400 $730,525 $907,900
    OMAHA-COUNCIL BLUFFS, NE-IA HARRISON 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO HENRY 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO HOWARD 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO HUMBOLDT 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO IDA 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO IOWA 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO JACKSON 2023 $472,030 $604,400 $730,525 $907,900
    DES MOINES-WEST DES MOINES, IA JASPER 2023 $472,030 $604,400 $730,525 $907,900
    FAIRFIELD, IA JEFFERSON 2023 $472,030 $604,400 $730,525 $907,900
    IOWA CITY, IA JOHNSON 2023 $472,030 $604,400 $730,525 $907,900
    CEDAR RAPIDS, IA JONES 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO KEOKUK 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO KOSSUTH 2023 $472,030 $604,400 $730,525 $907,900
    FORT MADISON-KEOKUK, IA-IL-MO LEE 2023 $472,030 $604,400 $730,525 $907,900
    CEDAR RAPIDS, IA LINN 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO LOUISA 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO LUCAS 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO LYON 2023 $472,030 $604,400 $730,525 $907,900
    DES MOINES-WEST DES MOINES, IA MADISON 2023 $472,030 $604,400 $730,525 $907,900
    OSKALOOSA, IA MAHASKA 2023 $472,030 $604,400 $730,525 $907,900
    PELLA, IA MARION 2023 $472,030 $604,400 $730,525 $907,900
    MARSHALLTOWN, IA MARSHALL 2023 $472,030 $604,400 $730,525 $907,900
    OMAHA-COUNCIL BLUFFS, NE-IA MILLS 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO MITCHELL 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO MONONA 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO MONROE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO MONTGOMERY 2023 $472,030 $604,400 $730,525 $907,900
    MUSCATINE, IA MUSCATINE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO O'BRIEN 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO OSCEOLA 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO PAGE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO PALO ALTO 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO PLYMOUTH 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO POCAHONTAS 2023 $472,030 $604,400 $730,525 $907,900
    DES MOINES-WEST DES MOINES, IA POLK 2023 $472,030 $604,400 $730,525 $907,900
    OMAHA-COUNCIL BLUFFS, NE-IA POTTAWATTAMIE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO POWESHIEK 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO RINGGOLD 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO SAC 2023 $472,030 $604,400 $730,525 $907,900
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL SCOTT 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO SHELBY 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO SIOUX 2023 $472,030 $604,400 $730,525 $907,900
    AMES, IA STORY 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO TAMA 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO TAYLOR 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO UNION 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO VAN BUREN 2023 $472,030 $604,400 $730,525 $907,900
    OTTUMWA, IA WAPELLO 2023 $472,030 $604,400 $730,525 $907,900
    DES MOINES-WEST DES MOINES, IA WARREN 2023 $472,030 $604,400 $730,525 $907,900
    IOWA CITY, IA WASHINGTON 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO WAYNE 2023 $472,030 $604,400 $730,525 $907,900
    FORT DODGE, IA WEBSTER 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO WINNEBAGO 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO WINNESHIEK 2023 $472,030 $604,400 $730,525 $907,900
    SIOUX CITY, IA-NE-SD WOODBURY 2023 $472,030 $604,400 $730,525 $907,900
    MASON CITY, IA WORTH 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO WRIGHT 2023 $472,030 $604,400 $730,525 $907,900

    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).