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 -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%).