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%).