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 6.55% for the week of 2024-06-14, compared to the national average (all FHA variants) of 6.712% for the same period.

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

The average rate for the prior week (2024-06-07) was 6.74% and one month ago for the week of 2024-05-10, the average rate was 6.82%.

The average rate one year ago was 6.37%.

For refis of the same type during the week of 2024-06-14, the average rate was 6.49%.

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).