Iowa USDA Loan Rates, Closing Costs & Stats

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    • 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 6.15% for the week of 2025-04-04, compared to the national average (all USDA variants) of 6.324% for the same period.

    Iowa's average USDA mortgage closing costs are $4,127.

    The average rate for the prior week (2025-03-28) was 6.31% and one month ago for the week of 2025-02-28, the average rate was 6.46%.

    The average rate one year ago was 6.82%.

    For refis of the same type during the week of 2025-04-04, the average rate was 5.88%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    IOWA BANKERS MORTGAGE CORPORATION 96 6.43% $4,007
    RESIDENTIAL MORTGAGE NETWORK, INC. 54 6.38% $4,239
    United Bank of Iowa 34 7.41% $4,184
    Flanagan State Bank 32 6.48% $6,428
    STOCKTON MORTGAGE CORPORATION 27 6.51% $6,066
    Bank Iowa 22 6.55% $4,843
    CASTLE & COOKE MORTGAGE, LLC 19 6.60% $5,290
    Central Bank 19 6.75% $5,010
    GUILD MORTGAGE COMPANY 18 6.60% $5,102
    GREENSTATE CREDIT UNION 18 6.08% $3,870
    V.I.P. MORTGAGE, INC. 12 6.43% $6,315
    FIRST COMMUNITY MORTGAGE, INC. 11 6.25% $4,954
    MLD MORTGAGE INC. 11 6.76% $5,569
    Waterstone Mortgage Corporation 9 6.39% $7,085
    COMPASS MORTGAGE, INC. 9 6.76% $5,951
    CARDINAL FINANCIAL 8 6.61% $8,105
    AMERICAN PACIFIC MORTGAGE CORPORATION 8 6.80% $6,061
    BROKER SOLUTIONS, INC. 7 6.64% $5,946
    Plains Commerce Bank 6 6.46% $4,098
    MID AMERICA MORTGAGE, INC. 6 7.06% $5,227
    UNITED WHOLESALE MORTGAGE, LLC 6 6.53% $5,873
    Sierra Pacific Mortgage Company, Inc. 6 6.88% $5,924
    GERSHMAN INVESTMENT CORP. 6 6.21% $4,819
    U.S. Bank 5 6.78% $4,555
    Great Southern Bank 5 6.40% $4,392
    Lincoln Savings Bank 5 5.90% $4,271
    Barrington Bank & Trust Company, N.A. 5 5.75% $5,371
    Northwest Bank 5 6.63% $4,344
    NEWREZ LLC 5 6.60% $3,510
    Fortress Bank 5 6.65% $4,415
    OPEN MORTGAGE, LLC 4 6.84% $5,084
    Bankers' Bank 4 6.56% $4,907
    HOMESERVICES LENDING, LLC 4 6.69% $4,836
    FLAT BRANCH MORTGAGE, INC. 4 6.56% $4,760
    United Community Bank 4 6.16% $3,446
    The Central Trust Bank 4 6.53% $6,206
    Flagstar Bank, FSB 4 6.60% $5,696
    Mortgage Research Center, LLC 3 6.00% $2,772
    DHI MORTGAGE COMPANY, LTD. 3 5.58% $9,243
    HOMESIDE FINANCIAL, LLC 3 6.33% $5,357
    West Gate Bank 2 6.31% $3,484
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.38% $4,984
    Century Mortgage Company DBA Century Lending Company 2 6.25% $3,710
    Chickasaw Community Bank 2 7.38% $7,587
    CROSSCOUNTRY MORTGAGE, LLC 2 6.44% $7,607
    Equity Prime Mortgage LLC 2 6.81% $4,962
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.00% $9,830
    First Interstate Bank 2 6.63% $3,986
    FRONTIER FINANCIAL, INC. 2 6.31% $4,743
    GUARANTEED RATE, INC. 2 6.44% $5,626
    MidWestOne Bank 2 6.69% $4,452
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.94% $7,324
    Reliabank Dakota 2 6.69% $5,004
    RUHL MORTGAGE, LLC 2 5.62% $3,861
    THOMPSON KANE & COMPANY, LLC 2 7.19% $4,957
    TOWNE MORTGAGE COMPANY 2 6.00% $6,375
    NATIONWIDE MORTGAGE BANKERS, INC. 1 7.13% $4,733
    First Federal Bank 1 7.13% $3,765
    DAS Acquisition Company, LLC 1 6.75% $3,463
    Community Choice Credit Union 1 6.38% $6,073
    Paramount Residential Mortgage Group, Inc. 1 6.25% $8,138
    CMG MORTGAGE, INC. 1 6.63% $5,292
    PLAZA HOME MORTGAGE, INC. 1 6.63% $4,014
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.50% $7,214
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $7,823
    VILLAGE CAPITAL MORTGAGE 1 6.25% $4,776
    CHURCHILL MORTGAGE CORPORATION 1 6.63% $5,283
    AMERICAN FINANCIAL NETWORK, INC. 1 6.25% $10,209
    CHARTER WEST BANK 1 6.50% $4,753
    CALCON MUTUAL MORTGAGE LLC 1 6.49% $4,451
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.63% $10,087
    Bremer Bank 1 5.88% $4,985
    American Bank and Trust Company 1 5.75% $4,831
    TOP FLITE FINANCIAL, INC. 1 7.25% $6,159
    Alerus Financial 1 6.63% $4,086
    Bank of England 1 6.75% $8,919
    American Mortgage & Equity Consultants, Inc. 1 6.50% $5,587
    MICHIGAN MUTUAL, INC. 1 6.25% $5,443
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 7.13% $5,148
    AMERICAN FINANCING CORPORATION 1 5.75% $6,081
    First National Bank of Omaha 1 6.63% $5,379
    First Horizon Bank 1 7.13% $3,991
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $5,865

    The top Iowa USDA lender as defined by loan originations is IOWA BANKERS MORTGAGE CORPORATION, with 96 USDA loans originated. Their average total fees are $4,007, which is $232 lower than the next largest lender, RESIDENTIAL MORTGAGE NETWORK, INC..

    The lowest fee Iowa USDA lenders (with over 10 loans originated) are GREENSTATE CREDIT UNION ($3,870), IOWA BANKERS MORTGAGE CORPORATION ($4,007), United Bank of Iowa ($4,184), RESIDENTIAL MORTGAGE NETWORK, INC. ($4,239) and Bank Iowa ($4,843).

    The lowest rate Iowa USDA lenders (with over 10 loans originated) are GREENSTATE CREDIT UNION (6.08%), FIRST COMMUNITY MORTGAGE, INC. (6.25%), RESIDENTIAL MORTGAGE NETWORK, INC. (6.38%), V.I.P. MORTGAGE, INC. (6.43%) and IOWA BANKERS MORTGAGE CORPORATION (6.43%).