Iowa USDA Loan Rates, Closing Costs & Stats

Iowa

USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.

Iowa USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Iowa averaged -0.77% for the week of 2023-11-24, compared to the national average (all USDA variants) of 0% for the same period.

Iowa's average USDA mortgage closing costs are $3,977.

The average rate for the prior week (2023-11-17) was 6.72% and one month ago for the week of 2023-10-20, the average rate was 6.84%.

The average rate one year ago was 5.68%.

For refis of the same type during the week of 2023-11-24, the average rate was -1.35%.

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

Iowa USDA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for USDA 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
IOWA BANKERS MORTGAGE CORPORATION 148 4.64% $4,168
RESIDENTIAL MORTGAGE NETWORK, INC. 73 4.67% $3,884
Flanagan State Bank 67 5.04% $6,829
United Bank of Iowa 55 5.30% $3,887
CASTLE & COOKE MORTGAGE, LLC 39 4.70% $6,040
Bank Iowa 36 4.42% $3,656
Central Bank 33 5.45% $4,907
OPEN MORTGAGE, LLC 31 5.07% $7,502
Northwest Bank 26 5.07% $3,769
COMPASS MORTGAGE, INC. 25 5.02% $4,284
Flagstar Bank, FSB 24 4.35% $4,368
AMERICAN PACIFIC MORTGAGE CORPORATION 24 4.73% $5,657
INLANTA MORTGAGE, INC. 23 4.95% $5,453
Community Savings Bank 21 4.45% $3,119
Chickasaw Community Bank 18 5.43% $4,992
Great Southern Bank 18 4.81% $4,142
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 18 4.84% $4,167
GERSHMAN INVESTMENT CORP. 16 4.77% $4,466
GREENSTATE CREDIT UNION 15 4.12% $3,851
UNITED WHOLESALE MORTGAGE, LLC 14 5.32% $5,445
Lincoln Savings Bank 13 4.78% $4,273
HOMESERVICES LENDING, LLC 12 4.35% $4,580
Waterstone Mortgage Corporation 11 5.26% $6,610
Plains Commerce Bank 11 4.77% $5,007
Ixonia Bank 11 5.39% $6,654
BROKER SOLUTIONS, INC. 10 4.97% $5,552
GUILD MORTGAGE COMPANY 10 4.59% $4,720
FRONTIER FINANCIAL, INC. 10 5.11% $4,672
GUARANTEED RATE, INC. 9 5.00% $5,774
PLANET HOME LENDING, LLC 9 4.36% $4,567
Paramount Residential Mortgage Group, Inc. 8 3.94% $5,701
CARDINAL FINANCIAL 7 5.96% $6,677
U.S. Bank 7 5.05% $4,602
CALIBER HOME LOANS, INC. 7 5.09% $5,437
Fidelity Bank 6 4.65% $5,188
Barrington Bank & Trust Company, N.A. 6 4.63% $5,927
First Interstate Bank 6 4.90% $4,003
First National Bank of Omaha 6 4.96% $4,846
HOMESIDE FINANCIAL, LLC 6 4.73% $5,359
CHARTER WEST BANK 5 4.90% $4,570
LAND HOME FINANCIAL SERVICES, INC. 5 4.60% $5,405
The Central Trust Bank 5 4.48% $6,151
Bankers' Bank 5 4.28% $4,983
First Savings Bank 5 4.28% $5,405
CMG MORTGAGE, INC. 5 4.90% $4,823
Wells Fargo Bank 5 4.65% $4,027
CROSSCOUNTRY MORTGAGE, LLC 4 5.03% $5,235
Carrington Mortgage Services, LLC 4 4.25% $5,180
PENNYMAC LOAN SERVICES, LLC 4 3.22% $5,498
MID AMERICA MORTGAGE, INC. 4 4.13% $2,928
HOME POINT FINANCIAL CORPORATION 4 4.38% $3,641
Mortgage Research Center, LLC 3 6.38% $2,537
ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 5.79% $6,786
RUHL MORTGAGE, LLC 3 5.04% $3,124
MORIA DEVELOPMENT, INC. 3 4.54% $6,347
FINANCE OF AMERICA MORTGAGE LLC 3 4.29% $4,569
TOP FLITE FINANCIAL, INC. 3 6.25% $7,414
West Gate Bank 3 3.75% $3,922
CRESCENT MORTGAGE COMPANY 3 5.17% $3,859
United Community Bank 3 4.67% $3,328
Heritage Bank 3 5.54% $5,199
HOMEOWNERS FINANCIAL GROUP USA, LLC 3 5.54% $7,223
MidWestOne Bank 3 4.50% $4,566
Bank of England 3 5.83% $6,476
Hometown Equity Mortgage, LLC 3 4.71% $4,230
BankIowa of Cedar Rapids 3 4.46% $3,426
LIBERTY HOME MORTGAGE CORPORATION 2 5.75% $6,033
DAS Acquisition Company, LLC 2 4.38% $5,098
Equity Prime Mortgage LLC 2 6.19% $4,752
First International Bank & Trust 2 4.50% $3,744
AMCAP MORTGAGE, LTD. 2 6.06% $4,696
MOVEMENT MORTGAGE, LLC 2 3.75% $5,401
PLAZA HOME MORTGAGE, INC. 2 5.63% $5,915
The Home Loan Expert LLC 2 3.56% $4,263
UNION HOME MORTGAGE CORP. 2 4.88% $5,220
HOMESTAR FINANCIAL CORPORATION 1 4.13% $3,887
Great Western Bank 1 3.00% $4,130
GENEVA FINANCIAL, LLC 1 4.25% $7,136
Fortress Bank 1 5.25% $3,702
Bank Midwest 1 5.00% $5,119
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 5.50% $4,170
First PREMIER Bank 1 5.25% $5,715
First Guaranty Mortgage Corporation 1 4.38% $4,239
Servion, Inc. 1 4.38% $5,572
SOUTHWEST FUNDING, LP 1 5.88% $6,006
SUCCESS MORTGAGE PARTNERS, INC. 1 6.63% $7,476
SUN WEST MORTGAGE COMPANY, INC. 1 3.25% $5,090
EMM LOANS LLC 1 5.50% $4,969
The Federal Savings Bank 1 3.25% $1,754
Bankers Trust Company 1 2.63% $3,628
THOMPSON KANE & COMPANY, LLC 1 5.50% $3,820
DRAPER AND KRAMER MORTGAGE CORP. 1 5.49% $4,668
American Bank and Trust Company 1 5.00% $5,549
DHI MORTGAGE COMPANY, LTD. 1 3.99% $4,859
COMMUNITY MORTGAGE, LLC 1 6.25% $5,320
Bell Bank 1 6.75% $5,443
UNIVERSAL LENDING CORPORATION 1 4.75% $6,432
Bank of the West 1 5.50% $4,598
VILLAGE CAPITAL MORTGAGE 1 2.75% $3,112
V.I.P. MORTGAGE, INC. 1 5.63% $5,731
Northpointe Bank 1 3.00% $5,407
Nations Lending Corporation 1 6.75% $4,540
LOANDEPOT.COM, LLC 1 3.75% $4,806

The top Iowa USDA lender as defined by loan originations is IOWA BANKERS MORTGAGE CORPORATION, with 148 USDA loans originated. Their average total fees are $4,168, which is $284 higher than the next largest lender, RESIDENTIAL MORTGAGE NETWORK, INC..

The lowest fee Iowa USDA lenders (with over 10 loans originated) are Community Savings Bank ($3,119), Bank Iowa ($3,656), Northwest Bank ($3,769), GREENSTATE CREDIT UNION ($3,851) and RESIDENTIAL MORTGAGE NETWORK, INC. ($3,884).

The lowest rate Iowa USDA lenders (with over 10 loans originated) are GREENSTATE CREDIT UNION (4.12%), HOMESERVICES LENDING, LLC (4.35%), Flagstar Bank, FSB (4.35%), Bank Iowa (4.42%) and Community Savings Bank (4.45%).