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Securing an FHA Loan in Iowa

FHA loans are mortgage loans insured by the Federal Housing Administration that are issued by federally qualified FHA lenders. Iowa FHA loans allow prospective homeowners to borrow money for the purchase of homes that they would not otherwise be able to afford. To find out how much you can borrow, check the table below for the  Iowa FHA loan limits by county.

Iowa FHA Loan Requirements

In order to obtain an FHA loan, borrowers must satisfy Iowa FHA Loan Requirements. While loans guaranteed by the Federal Housing Administration include fairly lenient qualifications, borrowers must satisfy requirements regarding down payment, debt to income ratio, income and residency.

General Requirements

  • Your down payment must be 3.5% or greater (96.5% loan-to-value, or LTV).
  • FHA requires a credit score of 500 or greater, but many lenders will not accept less than 580.
  • Your debt-to-income ratio (DTI) should be no greater than 45 - 50%.
  • Loan Limit (max allowable loan amount): Up to $625,500 in higher cost areas and as low as $271,050 in lower cost areas (see bottom of this page). 
  • Mortgage Insurance is required depending on loan terms and down payment.
  • Properties must meet FHA guidelines based on a home inspection.

Mortgage Insurance

  • An upfront premium of 1.75% the base loan amount is required at closing. 
  • Unless your mortgage term is less than or equal to 15 years and down payment is greater than or equal to 22%, a monthly mortgage insurance premium (MIP) must be paid alongside your principal and interest. 
  • The monthly payment can be canceled on loans with 10% or more down payment after reaching 78% LTV and the 11 year mark. 
  • If your down payment is less than 10%, you must also pay monthly mortgage insurance for the life of the loan.

Iowa FHA Streamline Refinance 

FHA homeowners can get a lower rate or adjust their mortgage term with little hassle through an FHA Streamline refinance. Unlike other refinances, the FHA Streamline does not require a new home appraisal, and there is no income or employment verification step; the result is a faster process and with less paperwork. Borrowers who are underwater on their FHA mortgage, without significant equity, or have experienced any employment or credit hardships can still qualify for the fixed or adjustable-rate mortgage a Streamline refinance provides. 

Streamline Refinance Requirements:

  • Borrower must currently have an FHA-insured mortgage.
  • The refinance must pose a net tangible benefit for the borrower, meaning the process and fees won't outweigh the advantages. 
  • A minimum of six mortgage payments must have been made at the time of applying, or applying must be at least 210 days from closing.
  • Borrower must have clean payment history from the past year. 

Refinancing borrowers will likely have to pay an upfront and monthly mortgage insurance premium (MIP).

Iowa FHA Loan Lenders

As mentioned above, FHA loans can be originated by qualified FHA loan lenders in IA. These lenders have received approval from the U.S. Department of Housing and Urban Development (HUD) and are qualified to issue all types of FHA loans, including FHA Streamline Refinances, FHA 203k Loans, and FHA Loans for the purchase of FHA-Approved Condos.

Iowa Counties and FHA Loan Limits

County Name One-Family Two-Family Three-Family Four-Family
ADAIR $271,050 $347,000 $419,400 $521,250
ADAMS $271,050 $347,000 $419,400 $521,250
ALLAMAKEE $271,050 $347,000 $419,400 $521,250
APPANOOSE $271,050 $347,000 $419,400 $521,250
AUDUBON $271,050 $347,000 $419,400 $521,250
BENTON $271,050 $347,000 $419,400 $521,250
BLACK HAWK $271,050 $347,000 $419,400 $521,250
BOONE $271,050 $347,000 $419,400 $521,250
BREMER $271,050 $347,000 $419,400 $521,250
BUCHANAN $271,050 $347,000 $419,400 $521,250
BUENA VISTA $271,050 $347,000 $419,400 $521,250
BUTLER $271,050 $347,000 $419,400 $521,250
CALHOUN $271,050 $347,000 $419,400 $521,250
CARROLL $271,050 $347,000 $419,400 $521,250
CASS $271,050 $347,000 $419,400 $521,250
CEDAR $271,050 $347,000 $419,400 $521,250
CERRO GORDO $271,050 $347,000 $419,400 $521,250
CHEROKEE $271,050 $347,000 $419,400 $521,250
CHICKASAW $271,050 $347,000 $419,400 $521,250
CLARKE $271,050 $347,000 $419,400 $521,250
CLAY $271,050 $347,000 $419,400 $521,250
CLAYTON $271,050 $347,000 $419,400 $521,250
CLINTON $271,050 $347,000 $419,400 $521,250
CRAWFORD $271,050 $347,000 $419,400 $521,250
DALLAS $271,050 $347,000 $419,400 $521,250
DAVIS $271,050 $347,000 $419,400 $521,250
DECATUR $271,050 $347,000 $419,400 $521,250
DELAWARE $271,050 $347,000 $419,400 $521,250
DES MOINES $271,050 $347,000 $419,400 $521,250
DICKINSON $271,050 $347,000 $419,400 $521,250
DUBUQUE $271,050 $347,000 $419,400 $521,250
EMMET $271,050 $347,000 $419,400 $521,250
FAYETTE $271,050 $347,000 $419,400 $521,250
FLOYD $271,050 $347,000 $419,400 $521,250
FRANKLIN $271,050 $347,000 $419,400 $521,250
FREMONT $271,050 $347,000 $419,400 $521,250
GREENE $271,050 $347,000 $419,400 $521,250
GRUNDY $271,050 $347,000 $419,400 $521,250
GUTHRIE $271,050 $347,000 $419,400 $521,250
HAMILTON $271,050 $347,000 $419,400 $521,250
HANCOCK $271,050 $347,000 $419,400 $521,250
HARDIN $271,050 $347,000 $419,400 $521,250
HARRISON $271,050 $347,000 $419,400 $521,250
HENRY $271,050 $347,000 $419,400 $521,250
HOWARD $271,050 $347,000 $419,400 $521,250
HUMBOLDT $271,050 $347,000 $419,400 $521,250
IDA $271,050 $347,000 $419,400 $521,250
IOWA $271,050 $347,000 $419,400 $521,250
JACKSON $271,050 $347,000 $419,400 $521,250
JASPER $271,050 $347,000 $419,400 $521,250
JEFFERSON $271,050 $347,000 $419,425 $521,250
JOHNSON $271,050 $347,000 $419,425 $521,250
JONES $271,050 $347,000 $419,425 $521,250
KEOKUK $271,050 $347,000 $419,425 $521,250
KOSSUTH $271,050 $347,000 $419,425 $521,250
LEE $271,050 $347,000 $419,425 $521,250
LINN $271,050 $347,000 $419,425 $521,250
LOUISA $271,050 $347,000 $419,425 $521,250
LUCAS $271,050 $347,000 $419,425 $521,250
LYON $271,050 $347,000 $419,425 $521,250
MADISON $271,050 $347,000 $419,425 $521,250
MAHASKA $271,050 $347,000 $419,425 $521,250
MARION $271,050 $347,000 $419,425 $521,250
MARSHALL $271,050 $347,000 $419,425 $521,250
MILLS $271,050 $347,000 $419,425 $521,250
MITCHELL $271,050 $347,000 $419,425 $521,250
MONONA $271,050 $347,000 $419,425 $521,250
MONROE $271,050 $347,000 $419,425 $521,250
MONTGOMERY $271,050 $347,000 $419,425 $521,250
MUSCATINE $271,050 $347,000 $419,425 $521,250
O'BRIEN $271,050 $347,000 $419,425 $521,250
OSCEOLA $271,050 $347,000 $419,425 $521,250
PAGE $271,050 $347,000 $419,425 $521,250
PALO ALTO $271,050 $347,000 $419,425 $521,250
PLYMOUTH $271,050 $347,000 $419,425 $521,250
POCAHONTAS $271,050 $347,000 $419,425 $521,250
POLK $271,050 $347,000 $419,425 $521,250
POTTAWATTAMIE $271,050 $347,000 $419,425 $521,250
POWESHIEK $271,050 $347,000 $419,425 $521,250
RINGGOLD $271,050 $347,000 $419,425 $521,250
SAC $271,050 $347,000 $419,425 $521,250
SCOTT $271,050 $347,000 $419,425 $521,250
SHELBY $271,050 $347,000 $419,425 $521,250
SIOUX $271,050 $347,000 $419,425 $521,250
STORY $271,050 $347,000 $419,425 $521,250
TAMA $271,050 $347,000 $419,425 $521,250
TAYLOR $271,050 $347,000 $419,425 $521,250
UNION $271,050 $347,000 $419,425 $521,250
VAN BUREN $271,050 $347,000 $419,425 $521,250
WAPELLO $271,050 $347,000 $419,425 $521,250
WARREN $271,050 $347,000 $419,425 $521,250
WASHINGTON $271,050 $347,000 $419,425 $521,250
WAYNE $271,050 $347,000 $419,425 $521,250
WEBSTER $271,050 $347,000 $419,425 $521,250
WINNEBAGO $271,050 $347,000 $419,425 $521,250
WINNESHIEK $271,050 $347,000 $419,425 $521,250
WOODBURY $271,050 $347,000 $419,425 $521,250
WORTH $271,050 $347,000 $419,425 $521,250
WRIGHT $271,050 $347,000 $419,425 $521,250
Local Cities

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