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 6.46% for the week of 2025-05-23, compared to the national average (all FHA variants) of 6.612% for the same period.

    Iowa's average FHA mortgage closing costs are $6,362.

    The average rate for the prior week (2025-05-16) was 6.59% and one month ago for the week of 2025-04-18, the average rate was 6.41%.

    The average rate one year ago was 6.79%.

    For refis of the same type during the week of 2025-05-23, the average rate was 6.29%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 533 6.38% $9,226
    BROKER SOLUTIONS, INC. 349 6.84% $8,591
    GREENSTATE CREDIT UNION 274 6.06% $6,042
    DHI MORTGAGE COMPANY, LTD. 218 5.32% $10,413
    UNITED WHOLESALE MORTGAGE, LLC 207 6.35% $9,548
    GUILD MORTGAGE COMPANY 148 6.73% $7,623
    Fortress Bank 128 6.63% $7,446
    FREEDOM MORTGAGE CORPORATION 116 6.49% $10,719
    HOMESERVICES LENDING, LLC 111 6.41% $8,297
    Plains Commerce Bank 109 6.70% $6,343
    GERSHMAN INVESTMENT CORP. 109 6.25% $7,995
    PENNYMAC LOAN SERVICES, LLC 104 6.33% $8,160
    RESIDENTIAL MORTGAGE NETWORK, INC. 94 6.51% $6,184
    NEWREZ LLC 83 6.50% $8,171
    CARDINAL FINANCIAL 80 7.04% $11,024
    AMERICAN PACIFIC MORTGAGE CORPORATION 76 6.68% $10,323
    LOANDEPOT.COM, LLC 76 6.30% $10,085
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 75 6.82% $7,430
    HOMESIDE FINANCIAL, LLC 75 6.88% $9,411
    U.S. Bank 69 6.67% $6,466
    Barrington Bank & Trust Company, N.A. 69 6.75% $8,248
    FRONTIER FINANCIAL, INC. 66 6.72% $4,593
    STOCKTON MORTGAGE CORPORATION 60 6.50% $9,535
    Flanagan State Bank 59 6.64% $8,468
    IOWA BANKERS MORTGAGE CORPORATION 58 6.75% $6,270
    MOVEMENT MORTGAGE, LLC 55 6.72% $8,490
    ENDEAVOR CAPITAL, LLC. 49 6.27% $8,579
    CMG MORTGAGE, INC. 49 6.83% $8,714
    Flagstar Bank, FSB 48 6.33% $8,321
    RUHL MORTGAGE, LLC 47 6.28% $4,977
    GUARANTEED RATE, INC. 46 6.63% $9,310
    CHARTER WEST BANK 45 6.63% $7,535
    PLAZA HOME MORTGAGE, INC. 44 6.96% $6,961
    AmeriHome Mortgage Company, LLC 43 6.55% $9,403
    Mortgage Research Center, LLC 42 6.95% $4,895
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 42 6.74% $6,532
    Mr. Cooper ( Nationstar Mortgage ) 40 6.45% $11,966
    MUTUAL OF OMAHA MORTGAGE, INC. 37 6.35% $13,656
    Northwest Bank 36 6.74% $7,372
    Carrington Mortgage Services, LLC 36 6.31% $9,415
    COMPASS MORTGAGE, INC. 36 6.62% $8,194
    CROSSCOUNTRY MORTGAGE, LLC 36 6.69% $7,463
    LAND HOME FINANCIAL SERVICES, INC. 35 6.50% $8,222
    FLAT BRANCH MORTGAGE, INC. 32 6.73% $8,718
    Servion, Inc. 27 6.66% $6,035
    CASTLE & COOKE MORTGAGE, LLC 26 6.74% $6,246
    Lincoln Savings Bank 24 6.68% $6,615
    MLD MORTGAGE INC. 23 6.96% $8,264
    TOWNE MORTGAGE COMPANY 22 6.62% $9,362
    Paramount Residential Mortgage Group, Inc. 22 6.33% $7,910
    PRIMARY RESIDENTIAL MORTGAGE, INC. 21 7.22% $9,831
    The Central Trust Bank 20 6.61% $7,757
    FIRST COMMUNITY MORTGAGE, INC. 19 6.63% $9,181
    Great Southern Bank 19 6.51% $6,210
    Equity Prime Mortgage LLC 18 6.65% $9,571
    V.I.P. MORTGAGE, INC. 18 6.56% $7,475
    PLANET HOME LENDING, LLC 18 6.46% $7,226
    MID AMERICA MORTGAGE, INC. 18 6.65% $9,267
    HOMEOWNERS FINANCIAL GROUP USA, LLC 18 6.79% $8,864
    LAKEVIEW LOAN SERVICING, LLC 17 6.45% $8,143
    AMERISAVE MORTGAGE CORPORATION 17 6.19% $11,198
    American Mortgage & Equity Consultants, Inc. 16 6.80% $8,475
    Sierra Pacific Mortgage Company, Inc. 15 6.82% $8,013
    Waterstone Mortgage Corporation 15 6.58% $9,068
    VILLAGE CAPITAL MORTGAGE 14 6.66% $6,205
    First National Bank of Omaha 13 6.51% $6,327
    Central Bank 12 5.96% $8,769
    ENVOY MORTGAGE, LTD 12 6.68% $7,111
    AMERICAN FINANCING CORPORATION 12 6.03% $9,673
    Wells Fargo Bank 12 6.61% $6,431
    OPEN MORTGAGE, LLC 11 6.95% $9,124
    Regent Financial Group, Inc. 11 6.66% $7,607
    ROYAL UNITED MORTGAGE LLC 11 6.52% $10,333
    AXIA FINANCIAL, LLC 11 7.02% $8,472
    TruHome Solutions, LLC 11 6.33% $6,246
    MICHIGAN MUTUAL, INC. 10 6.18% $6,135
    American National Bank 9 6.89% $6,620
    First Federal Bank 9 6.57% $6,755
    HOMEBRIDGE FINANCIAL SERVICES, INC. 8 6.31% $5,514
    Core Bank 8 6.33% $6,624
    ZILLOW HOME LOANS, LLC 7 6.66% $8,968
    EMM LOANS LLC 7 5.98% $14,494
    NATIONWIDE MORTGAGE BANKERS, INC. 7 6.96% $6,527
    UNION HOME MORTGAGE CORP. 7 6.71% $8,820
    AMERICAN FINANCIAL RESOURCES, INC. 6 7.25% $7,636
    CALCON MUTUAL MORTGAGE LLC 6 6.88% $7,015
    Access Bank 6 7.04% $6,785
    JPMorgan Chase Bank 5 6.18% $7,254
    The Loan Store, Inc. 5 6.38% $11,936
    First Interstate Bank 5 6.23% $5,098
    Citizens Bank 4 5.91% $9,302
    NETWORK CAPITAL FUNDING CORPORATION 4 6.56% $9,541
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 6.59% $9,496
    PREMIA MORTGAGE, LLC 4 6.22% $6,047
    Century Mortgage Company DBA Century Lending Company 4 6.22% $10,874
    CHURCHILL MORTGAGE CORPORATION 4 6.34% $10,396
    MORIA DEVELOPMENT, INC. 4 6.56% $7,548
    NBKC BANK 4 5.97% $9,732
    Ixonia Bank 4 6.91% $12,109
    Arbor Bank 3 6.75% $5,515
    GUARANTEED RATE AFFINITY, LLC 3 6.73% $6,433
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 6.42% $13,546
    M&T Bank 3 6.63% $6,186
    Alerus Financial 3 6.67% $5,558
    NEXERA HOLDING LLC 3 5.79% $6,888
    Old National Bank 3 5.96% $8,019
    CITY FIRST MORTGAGE SERVICES, L.L.C. 3 6.88% $10,298
    PENTAGON FEDERAL CREDIT UNION 3 5.88% $8,491
    PHH Mortgage Corporation 3 6.83% $9,736
    POLARIS HOME FUNDING CORP. 3 6.42% $11,365
    Texana Bank 3 7.13% $6,639
    The Federal Savings Bank 3 6.67% $14,743
    American Bank and Trust Company 3 6.67% $5,731
    BETTER MORTGAGE CORPORATION 2 6.44% $9,748
    Arvest Bank 2 6.94% $4,744
    Lakeview Community Capital, LLC 2 6.44% $9,812
    Stride Bank 2 6.69% $7,220
    SUCCESS MORTGAGE PARTNERS, INC. 2 6.63% $10,284
    MEMBER FIRST MORTGAGE, LLC 2 6.94% $6,236
    First PREMIER Bank 2 6.13% $7,401
    AMERICAN FINANCIAL NETWORK, INC. 2 6.69% $8,917
    Hometown Equity Mortgage, LLC 2 6.19% $8,669
    ON Q FINANCIAL, INC. 2 7.13% $5,262
    LIBERTY HOME MORTGAGE CORPORATION 2 6.69% $16,183
    Northpointe Bank 2 5.50% $11,822
    BMO Harris Bank 2 7.06% $5,812
    GENEVA FINANCIAL, LLC 1 7.25% $9,631
    CANOPY MORTGAGE, LLC 1 6.99% $8,186
    Regions Bank 1 6.63% $3,334
    Reliabank Dakota 1 6.25% $7,244
    RESIDENTIAL BANCORP 1 5.00% $16,998
    Bell Bank 1 7.75% $5,704
    SeaTrust Mortgage Company 1 7.25% $11,273
    BELEM SERVICING LLC 1 7.63% $8,113
    BAY EQUITY LLC 1 6.63% $7,511
    SOUTHWEST FUNDING, LP 1 7.13% $1,616
    Bank of England 1 6.75% $5,986
    Summit Mortgage Corporation 1 6.75% $6,215
    SUN WEST MORTGAGE COMPANY, INC. 1 7.63% $5,471
    T2 FINANCIAL LLC 1 6.75% $9,427
    Bank of America 1 6.38% $9,918
    Magnolia Bank 1 6.25% $12,059
    TIB The Independent Bankersbank 1 6.13% $6,298
    NATIONS RELIABLE LENDING, LLC 1 6.13% $11,387
    Granite Community Bank 1 7.13% $7,114
    EVERETT FINANCIAL, INC. 1 7.13% $7,830
    Extraco Banks 1 6.00% $9,233
    NEW DAY FINANCIAL, LLC 1 7.99% $4,493
    Encompass Lending Group, LP 1 6.25% $10,206
    United Community Bank 1 6.50% $4,970
    NFM, INC. 1 6.75% $10,361
    NORTHWEST BANK OF ROCKFORD 1 6.25% $8,310
    DAS Acquisition Company, LLC 1 6.63% $8,003
    UNITED MORTGAGE CORP 1 6.50% $9,404
    Community Choice Credit Union 1 7.13% $8,803
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 6.75% $9,417
    Financial Funding Solutions, Inc. 1 6.63% $6,203
    American Mortgage Bank, LLC 1 6.13% $8,898
    GSF Mortgage Corporation 1 7.13% $13,186
    Pinnacle Bank 1 6.13% $8,908
    Citibank 1 6.63% $5,612
    Midwest BankCentre 1 6.25% $6,007
    PNC Bank 1 6.50% $9,265
    First Western Trust Bank 1 6.13% $9,496
    CENTENNIAL LENDING, LLC 1 6.25% $14,234

    The top Iowa FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 533 FHA loans originated. Their average total fees are $9,226, which is $634 higher than the next largest lender, BROKER SOLUTIONS, INC..

    The lowest fee Iowa FHA lenders (with over 10 loans originated) are FRONTIER FINANCIAL, INC. ($4,593), Mortgage Research Center, LLC ($4,895), RUHL MORTGAGE, LLC ($4,977), Servion, Inc. ($6,035) and GREENSTATE CREDIT UNION ($6,042).

    The lowest rate Iowa FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.32%), Central Bank (5.96%), AMERICAN FINANCING CORPORATION (6.03%), GREENSTATE CREDIT UNION (6.06%) and MICHIGAN MUTUAL, INC. (6.18%).

    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).