Iowa FHA Loan Rates, Closing Costs & Stats

Iowa

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).