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 6.62% for the week of 2024-04-12, compared to the national average (all USDA variants) of 6.705% for the same period.

Iowa's average USDA mortgage closing costs are $4,063.

The average rate for the prior week (2024-04-05) was 6.55% and one month ago for the week of 2024-03-08, the average rate was 6.51%.

The average rate one year ago was 6.11%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.56%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
IOWA BANKERS MORTGAGE CORPORATION 98 6.48% $3,922
RESIDENTIAL MORTGAGE NETWORK, INC. 61 6.25% $4,110
Flanagan State Bank 44 6.74% $6,798
United Bank of Iowa 34 7.39% $4,214
OPEN MORTGAGE, LLC 27 6.94% $7,114
GUILD MORTGAGE COMPANY 25 6.78% $5,552
Bank Iowa 24 6.30% $4,306
GREENSTATE CREDIT UNION 21 6.26% $3,787
Ixonia Bank 18 6.57% $6,817
Central Bank 15 6.86% $4,566
Plains Commerce Bank 13 6.01% $4,514
Northwest Bank 13 6.54% $4,275
Barrington Bank & Trust Company, N.A. 13 6.49% $5,445
CASTLE & COOKE MORTGAGE, LLC 13 6.44% $8,296
MID AMERICA MORTGAGE, INC. 11 6.78% $5,334
COMPASS MORTGAGE, INC. 11 6.27% $5,701
BROKER SOLUTIONS, INC. 11 6.43% $5,772
HOMESERVICES LENDING, LLC 10 6.41% $5,303
Lincoln Savings Bank 10 6.04% $4,238
Great Southern Bank 9 6.33% $4,367
UNITED WHOLESALE MORTGAGE, LLC 9 6.76% $5,448
NEWREZ LLC 8 6.64% $4,494
Fortress Bank 7 6.04% $5,122
GUARANTEED RATE, INC. 7 6.60% $6,240
Chickasaw Community Bank 6 7.15% $5,563
V.I.P. MORTGAGE, INC. 6 6.54% $5,671
AMERICAN PACIFIC MORTGAGE CORPORATION 6 6.46% $7,256
Reliabank Dakota 5 6.80% $5,193
U.S. Bank 5 6.55% $3,799
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.42% $5,713
Waterstone Mortgage Corporation 4 6.59% $6,889
AMCAP MORTGAGE, LTD. 4 7.03% $5,367
CARDINAL FINANCIAL 4 6.50% $5,647
First National Bank of Omaha 4 6.50% $5,266
BankIowa of Cedar Rapids 4 6.59% $2,643
Wells Fargo Bank 4 6.31% $3,093
Heritage Bank 3 7.00% $5,606
Flagstar Bank, FSB 3 6.33% $5,335
TOWNE MORTGAGE COMPANY 3 7.21% $6,141
FLAT BRANCH MORTGAGE, INC. 3 6.33% $6,148
MidWestOne Bank 3 5.92% $4,545
FRONTIER FINANCIAL, INC. 3 6.17% $5,442
West Gate Bank 3 6.38% $3,839
SUN WEST MORTGAGE COMPANY, INC. 3 7.00% $6,196
RUHL MORTGAGE, LLC 3 6.00% $2,180
Mortgage Research Center, LLC 2 6.56% $3,572
First Interstate Bank 2 7.31% $4,127
GERSHMAN INVESTMENT CORP. 2 6.81% $4,821
Carrington Mortgage Services, LLC 2 7.31% $7,382
Sierra Pacific Mortgage Company, Inc. 2 6.94% $7,620
CROSSCOUNTRY MORTGAGE, LLC 2 6.63% $3,466
Hometown Equity Mortgage, LLC 2 6.88% $7,792
TOP FLITE FINANCIAL, INC. 1 7.13% $3,174
American Bank and Trust Company 1 6.50% $4,857
AMERICAN FINANCIAL NETWORK, INC. 1 7.13% $4,650
AMERISAVE MORTGAGE CORPORATION 1 7.25% $4,926
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.25% $2,416
Bankers' Bank 1 6.88% $5,151
Bank of England 1 5.75% $6,517
Bank of the West 1 7.13% $5,474
BNC National Bank 1 5.63% $7,072
CHARTER WEST BANK 1 7.00% $4,555
CHURCHILL MORTGAGE CORPORATION 1 7.13% $5,700
Community Choice Credit Union 1 6.75% $4,110
CRESCENT MORTGAGE COMPANY 1 6.38% $4,829
DAS Acquisition Company, LLC 1 7.25% $8,176
DHI MORTGAGE COMPANY, LTD. 1 4.75% $14,940
ENVOY MORTGAGE, LTD 1 7.13% $8,635
EVERETT FINANCIAL, INC. 1 6.00% $9,850
FIRST COMMUNITY MORTGAGE, INC. 1 5.63% $6,127
FREEDOM MORTGAGE CORPORATION 1 7.00% $9,387
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.63% $6,481
LAND HOME FINANCIAL SERVICES, INC. 1 5.63% $5,166
LOANDEPOT.COM, LLC 1 6.25% $5,750
Paramount Residential Mortgage Group, Inc. 1 7.25% $4,585
PLAZA HOME MORTGAGE, INC. 1 6.75% $3,307
ROYAL UNITED MORTGAGE LLC 1 6.88% $6,130
The Central Trust Bank 1 6.13% $9,323
The Federal Savings Bank 1 6.50% $8,286
THOMPSON KANE & COMPANY, LLC 1 7.00% $4,771
UNION HOME MORTGAGE CORP. 1 7.00% $7,484
United Community Bank 1 6.38% $2,718

The top Iowa USDA lender as defined by loan originations is IOWA BANKERS MORTGAGE CORPORATION, with 98 USDA loans originated. Their average total fees are $3,922, which is $187 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 ($3,787), IOWA BANKERS MORTGAGE CORPORATION ($3,922), RESIDENTIAL MORTGAGE NETWORK, INC. ($4,110), United Bank of Iowa ($4,214) and Lincoln Savings Bank ($4,238).

The lowest rate Iowa USDA lenders (with over 10 loans originated) are Plains Commerce Bank (6.01%), Lincoln Savings Bank (6.04%), RESIDENTIAL MORTGAGE NETWORK, INC. (6.25%), GREENSTATE CREDIT UNION (6.26%) and COMPASS MORTGAGE, INC. (6.27%).