Iowa USDA Loan Rates, Closing Costs & Stats
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
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%.
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.
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%).