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 5.8% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    Iowa's average FHA mortgage closing costs are $5,756.

    The average rate for the prior week (2023-05-19) was 5.67% and one month ago for the week of 2023-04-21, the average rate was 5.71%.

    The average rate one year ago was 4.73%.

    For refis of the same type during the week of 2023-05-26, the average rate was 4.92%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 668 4.54% $7,516
    BROKER SOLUTIONS, INC. 255 5.38% $7,732
    Plains Commerce Bank 168 5.17% $6,249
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 159 5.03% $6,339
    CARDINAL FINANCIAL 141 4.99% $9,287
    AMERICAN PACIFIC MORTGAGE CORPORATION 130 5.36% $8,043
    GERSHMAN INVESTMENT CORP. 123 4.77% $6,570
    UNITED WHOLESALE MORTGAGE, LLC 120 5.22% $6,964
    HOMESIDE FINANCIAL, LLC 114 5.03% $7,612
    GUILD MORTGAGE COMPANY 109 4.95% $7,225
    HOMESERVICES LENDING, LLC 106 4.98% $7,646
    U.S. Bank 103 4.82% $5,659
    Flagstar Bank, FSB 102 4.94% $6,738
    PENNYMAC LOAN SERVICES, LLC 98 4.64% $7,065
    MOVEMENT MORTGAGE, LLC 97 4.49% $6,938
    GUARANTEED RATE, INC. 97 5.07% $8,027
    Lincoln Savings Bank 96 4.72% $6,233
    FREEDOM MORTGAGE CORPORATION 95 4.75% $7,981
    AMERISAVE MORTGAGE CORPORATION 90 4.73% $9,379
    RUHL MORTGAGE, LLC 84 4.84% $4,142
    LOANDEPOT.COM, LLC 84 5.00% $8,510
    OPEN MORTGAGE, LLC 82 5.39% $8,698
    LAND HOME FINANCIAL SERVICES, INC. 78 4.97% $6,965
    Fidelity Bank 76 4.60% $6,864
    Mr. Cooper ( Nationstar Mortgage ) 76 4.66% $8,461
    American National Bank 76 5.10% $6,268
    FRONTIER FINANCIAL, INC. 75 5.14% $5,166
    INLANTA MORTGAGE, INC. 72 4.92% $6,884
    RESIDENTIAL MORTGAGE NETWORK, INC. 71 4.71% $5,704
    Carrington Mortgage Services, LLC 66 5.43% $8,067
    The Central Trust Bank 65 4.74% $7,110
    Ixonia Bank 62 5.35% $8,656
    CALIBER HOME LOANS, INC. 62 4.53% $6,423
    Chickasaw Community Bank 61 5.03% $8,309
    COMPASS MORTGAGE, INC. 54 5.04% $7,214
    DHI MORTGAGE COMPANY, LTD. 51 4.05% $8,602
    Flanagan State Bank 50 5.24% $8,943
    CROSSCOUNTRY MORTGAGE, LLC 44 5.66% $7,551
    LAKEVIEW LOAN SERVICING, LLC 43 4.01% $5,086
    NEWREZ LLC 39 4.57% $6,189
    Mortgage Research Center, LLC 38 5.50% $4,968
    CMG MORTGAGE, INC. 38 4.96% $8,075
    Northwest Bank 38 4.95% $7,054
    Servion, Inc. 36 4.48% $5,040
    HOMEOWNERS FINANCIAL GROUP USA, LLC 36 5.14% $7,294
    PLAZA HOME MORTGAGE, INC. 34 4.89% $6,297
    VILLAGE CAPITAL MORTGAGE 33 3.64% $2,719
    IOWA BANKERS MORTGAGE CORPORATION 33 4.75% $6,212
    CASTLE & COOKE MORTGAGE, LLC 32 5.01% $6,845
    CHARTER WEST BANK 32 5.15% $6,311
    Fortress Bank 29 5.05% $5,720
    First National Bank of Omaha 29 4.85% $6,515
    Great Southern Bank 24 5.00% $5,582
    Barrington Bank & Trust Company, N.A. 22 5.30% $7,938
    HOME POINT FINANCIAL CORPORATION 22 4.53% $6,086
    MUTUAL OF OMAHA MORTGAGE, INC. 21 5.04% $11,408
    Wells Fargo Bank 21 5.01% $5,956
    EVERETT FINANCIAL, INC. 20 5.18% $4,993
    FINANCE OF AMERICA MORTGAGE LLC 19 4.98% $7,082
    Heritage Bank 19 5.02% $6,958
    Waterstone Mortgage Corporation 18 5.22% $8,023
    Equity Prime Mortgage LLC 18 5.53% $5,930
    DAS Acquisition Company, LLC 17 5.38% $8,449
    SOUTHWEST FUNDING, LP 13 5.69% $7,136
    FLAT BRANCH MORTGAGE, INC. 12 5.51% $7,846
    UNIVERSAL LENDING CORPORATION 12 4.76% $6,164
    AMERICAN FINANCING CORPORATION 12 4.60% $8,390
    The Home Loan Expert LLC 12 5.02% $5,611
    Paramount Residential Mortgage Group, Inc. 11 4.58% $7,930
    Bank of the West 11 5.09% $7,026
    Regent Financial Group, Inc. 11 5.34% $6,695
    CITY FIRST MORTGAGE SERVICES, L.L.C. 11 5.60% $12,126
    SUN WEST MORTGAGE COMPANY, INC. 11 6.16% $7,885
    First Interstate Bank 11 5.00% $5,785
    MORIA DEVELOPMENT, INC. 10 5.56% $6,861
    UNION HOME MORTGAGE CORP. 10 4.65% $9,310
    Hometown Equity Mortgage, LLC 9 5.14% $6,957
    First Guaranty Mortgage Corporation 9 3.67% $7,679
    Bank of England 9 5.19% $7,686
    ZILLOW HOME LOANS, LLC 8 5.52% $7,801
    The Federal Savings Bank 8 4.88% $8,419
    First PREMIER Bank 8 5.14% $6,496
    TOWNE MORTGAGE COMPANY 8 5.89% $7,481
    THOMPSON KANE & COMPANY, LLC 7 4.79% $5,617
    M&T Bank 7 4.11% $7,468
    SUCCESS MORTGAGE PARTNERS, INC. 7 5.34% $7,268
    Citizens Bank 7 4.80% $5,479
    CHERRY CREEK MORTGAGE, LLC 7 5.57% $2,199
    MID AMERICA MORTGAGE, INC. 7 5.13% $5,049
    First International Bank & Trust 6 3.90% $4,448
    V.I.P. MORTGAGE, INC. 6 5.75% $7,331
    American Bank and Trust Company 6 5.96% $5,532
    BankIowa of Cedar Rapids 6 4.02% $4,089
    ENVOY MORTGAGE, LTD 6 5.77% $8,013
    TOP FLITE FINANCIAL, INC. 6 4.90% $8,777
    Tradition Mortgage, LLC 5 6.05% $5,941
    RESIDENTIAL BANCORP. 5 4.33% $8,836
    BNC National Bank 5 4.70% $5,184
    AMCAP MORTGAGE, LTD. 5 5.13% $7,949
    Bank of America 5 4.48% $4,815
    LIBERTY HOME MORTGAGE CORPORATION 5 5.15% $6,511
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.23% $4,867
    PRIMARY RESIDENTIAL MORTGAGE, INC. 5 4.88% $7,421
    NATIONWIDE MORTGAGE BANKERS, INC. 4 5.47% $9,578
    AMERICAN FINANCIAL RESOURCES, INC. 4 4.75% $9,888
    Colonial Savings, F.A. 4 4.97% $6,905
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 5.37% $7,110
    NFM, INC. 4 5.63% $7,150
    Magnolia Bank 3 3.75% $11,010
    ROYAL UNITED MORTGAGE LLC 3 5.96% $8,911
    EMBRACE HOME LOANS, INC. 3 5.71% $6,888
    Gateway First Bank 3 4.42% $7,522
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 5.92% $7,248
    TJC Mortgage, Inc. 3 4.38% $6,839
    JPMorgan Chase Bank 3 4.66% $9,342
    Core Bank 3 5.63% $6,886
    Lakeview Community Capital, LLC 3 4.42% $5,288
    PLANET HOME LENDING, LLC 3 4.00% $4,465
    LEADERONE FINANCIAL CORPORATION 3 5.21% $10,811
    Dundee Bank 3 4.50% $5,300
    Paramount Bank 3 5.21% $6,310
    Hometown Lenders, Inc. 2 4.19% $9,480
    Access Bank 2 4.19% $5,985
    AmeriHome Mortgage Company, LLC 2 4.88% $8,244
    BETTER MORTGAGE CORPORATION 2 4.69% $5,099
    Blue Ridge Bank 2 5.13% $8,561
    CHURCHILL MORTGAGE CORPORATION 2 6.13% $7,116
    Financial Funding Solutions, Inc. 2 5.44% $5,282
    FIRST 2 5.63% $4,944
    GENEVA FINANCIAL, LLC 2 4.19% $9,171
    GREATER IOWA CREDIT UNION 2 4.75% $5,155
    HOMESTAR FINANCIAL CORPORATION 2 5.13% $5,941
    MEMBER FIRST MORTGAGE, LLC 2 5.00% $5,680
    Midwest Community Bank 2 3.63% $4,921
    NATIONS RELIABLE LENDING, LLC 2 4.25% $7,673
    NETWORK CAPITAL FUNDING CORPORATION 2 5.38% $8,413
    Northpointe Bank 2 5.13% $9,723
    OCEANSIDE MORTGAGE COMPANY 2 3.19% $2,830
    Peoples Bank 2 4.69% $11,423
    PHH Mortgage Corporation 2 5.38% $9,249
    POLARIS HOME FUNDING CORP. 2 6.38% $8,748
    PREMIA MORTGAGE, LLC 2 5.94% $3,409
    Reliabank Dakota 2 5.31% $7,013
    RUOFF MORTGAGE COMPANY, INC. 2 5.31% $5,012
    VANDERBILT MORTGAGE AND FINANCE, INC. 2 4.75% $9,066
    Wyndham Capital Mortgage, Inc. 2 3.63% $5,390
    Neighborhood Loans, Inc. 1 5.25% $5,990
    NBH Bank 1 5.63% $7,808
    Nations Lending Corporation 1 5.75% $5,817
    PNC Bank 1 6.63% $3,672
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 5.25% $7,706
    American Mortgage & Equity Consultants, Inc. 1 5.25% $7,985
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 2.75% $4,711
    MLD MORTGAGE INC. 1 3.88% $5,289
    Princeton Mortgage Corporation 1 3.75% $7,432
    MICHIGAN MUTUAL, INC. 1 4.99% $4,100
    Members Mortgage Services, L.L.C. 1 4.75% $7,265
    Regions Bank 1 6.38% $6,816
    AMERICAN HERITAGE FCU 1 5.38% $8,394
    INLAND BANK & TRUST 1 4.25% $5,664
    ACADEMY MORTGAGE CORPORATION 1 5.75% $9,458
    GSF Mortgage Corporation 1 6.13% $9,519
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 4.75% $7,186
    Allied First Bank,sb 1 5.63% $4,850
    S1L, Inc. 1 3.50% $10,109
    SECURITYNATIONAL MORTGAGE COMPANY 1 3.63% $11,034
    First State Bank of St. Charles, Missouri 1 2.88% $4,674
    Simmons Bank 1 5.63% $4,769
    First State Bank 1 4.25% $4,079
    First Savings Bank 1 5.25% $7,029
    First Home Bank 1 3.38% $11,396
    FIRST COMMUNITY MORTGAGE, INC. 1 2.88% $5,009
    First Bank & Trust 1 4.88% $6,207
    First Bank 1 3.75% $7,419
    Fifth Third Bank 1 6.50% $4,969
    FBC MORTGAGE, LLC 1 5.75% $9,453
    FAY SERVICING, LLC 1 4.88% $8,307
    EMM LOANS LLC 1 5.50% $12,947
    Capital Bank 1 5.49% $8,595
    TruHome Solutions, LLC 1 5.38% $5,422
    BOKF 1 6.13% $8,259
    United Community Bank 1 5.50% $3,933
    UNITED MORTGAGE CORP. 1 6.25% $10,400
    Bankers Trust Company 1 6.63% $12,621
    Austin Capital Bank SSB 1 5.13% $7,445
    ON Q FINANCIAL, INC. 1 3.75% $4,438
    Old National Bank 1 3.63% $4,213
    NP, Inc. 1 5.13% $5,725
    NEW DAY FINANCIAL, LLC 1 5.49% $6,618
    PENTAGON FEDERAL CREDIT UNION 1 4.25% $4,587
    Armed Forces Bank 1 5.13% $4,953
    Alerus Financial 1 5.75% $8,282
    Pinnacle Bank 1 3.25% $8,376

    The top Iowa FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 668 FHA loans originated. Their average total fees are $7,516, which is $216 lower than the next largest lender, BROKER SOLUTIONS, INC..

    The lowest fee Iowa FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($2,719), RUHL MORTGAGE, LLC ($4,142), Mortgage Research Center, LLC ($4,968), EVERETT FINANCIAL, INC. ($4,993) and Servion, Inc. ($5,040).

    The lowest rate Iowa FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE (3.64%), LAKEVIEW LOAN SERVICING, LLC (4.01%), DHI MORTGAGE COMPANY, LTD. (4.05%), Servion, Inc. (4.48%) and MOVEMENT MORTGAGE, LLC (4.49%).

    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).