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Iowa FHA Home Loan

FHA Home Loan Programs in Iowa
FHA Loan Requirements - 2023 FHA Loan Limits

Iowa FHA Loans | Requirements | 2023 FHA Loan Limits

FHA loans provide a great opportunity to buy a home in Iowa.  The FHA (Federal Housing Administration) was created to help the average American have a chance at owning their own home.  One of the reasons that FHA loans are so popular is because of the low down payment option.  FHA loans allow you to purchase a home with only a 3.5% down payment.  There are also less strict requirements to get an FHA loan (compared to conventional loans), such as being able to qualify with a credit score as low as 500.

Iowa FHA Loan Requirements

Below are some of the basic requirements to get an FHA loan in Iowa.  If you would like to find out if you are eligible for an FHA loan, we can help match you with a lender.  To have an FHA lender contact you, request a free consultation.

  • Credit Score – To qualify for the 3.5% down payment, you must have a 580 credit score or higher. If your credit score is between a 500-579, you still may qualify for an FHA loan, but will be required to put 10% down.
  • Job History – Proof of employment for 2 years is required. It is ok if you have changed jobs, but you need to show consistent employment/income.
  • Financial Statements – You should expect to be required to provide your 2 most recent bank statements, pay stubs, and tax returns.
  • Debt-to-Income – You can not have a debt-to-income ratio higher than 43%.  However, if you have “compensating factors” you might be able to get approved with higher debt levels (a compensating factor could be more money in savings, longer job history, or great credit).
  • Primary Residence – You must occupy the home that you intend to purchase and have it be your primary residence. FHA loans are not available to purchase an investment property, second home, or vacation home.
  • Mortgage Insurance – All FHA loans, regardless of the lender, require two types of mortgage insurance.  This includes the UPMIP (Upfront Mortgage Insurance Premium) and the regular MIP (Mortgage Insurance Premium).  FHA MIP acts similarly to how PMI (Private Mortgage Insurance) on a conventional loan acts.  You can use this FHA loan calculator to estimate your monthly payment and mortgage insurance costs.
  • FHA Loan Limits – FHA loans have maximum lending limits, which are set at the county level. You can view the 2023 FHA loan limits for all counties in Iowa below.

Would you like to see if you qualify for an FHA loan?  We can help match you with a mortgage lender that offers FHA loans in Iowa.  To have an FHA lender contact you, request a free consultation.

2023 Iowa FHA Loan Limits

Below are the 2023 FHA loan limits for every county in Iowa:

County Single Family 2 Family 3 Family 4 Family
ADAIR  $472,030  $604,400  $730,525  $907,900
ADAMS  $472,030  $604,400  $730,525  $907,900
ALLAMAKEE  $472,030  $604,400  $730,525  $907,900
APPANOOSE  $472,030  $604,400  $730,525  $907,900
AUDUBON  $472,030  $604,400  $730,525  $907,900
BENTON  $472,030  $604,400  $730,525  $907,900
BLACK HAWK  $472,030  $604,400  $730,525  $907,900
BOONE  $472,030  $604,400  $730,525  $907,900
BREMER  $472,030  $604,400  $730,525  $907,900
BUCHANAN  $472,030  $604,400  $730,525  $907,900
BUENA VISTA  $472,030  $604,400  $730,525  $907,900
BUTLER  $472,030  $604,400  $730,525  $907,900
CALHOUN  $472,030  $604,400  $730,525  $907,900
CARROLL  $472,030  $604,400  $730,525  $907,900
CASS  $472,030  $604,400  $730,525  $907,900
CEDAR  $472,030  $604,400  $730,525  $907,900
CERRO GORDO  $472,030  $604,400  $730,525  $907,900
CHEROKEE  $472,030  $604,400  $730,525  $907,900
CHICKASAW  $472,030  $604,400  $730,525  $907,900
CLARKE  $472,030  $604,400  $730,525  $907,900
CLAY  $472,030  $604,400  $730,525  $907,900
CLAYTON  $472,030  $604,400  $730,525  $907,900
CLINTON  $472,030  $604,400  $730,525  $907,900
CRAWFORD  $472,030  $604,400  $730,525  $907,900
DALLAS  $472,030  $604,400  $730,525  $907,900
DAVIS  $472,030  $604,400  $730,525  $907,900
DECATUR  $472,030  $604,400  $730,525  $907,900
DELAWARE  $472,030  $604,400  $730,525  $907,900
DES MOINES  $472,030  $604,400  $730,525  $907,900
DICKINSON  $472,030  $604,400  $730,525  $907,900
DUBUQUE  $472,030  $604,400  $730,525  $907,900
EMMET  $472,030  $604,400  $730,525  $907,900
FAYETTE  $472,030  $604,400  $730,525  $907,900
FLOYD  $472,030  $604,400  $730,525  $907,900
FRANKLIN  $472,030  $604,400  $730,525  $907,900
FREMONT  $472,030  $604,400  $730,525  $907,900
GREENE  $472,030  $604,400  $730,525  $907,900
GRUNDY  $472,030  $604,400  $730,525  $907,900
GUTHRIE  $472,030  $604,400  $730,525  $907,900
HAMILTON  $472,030  $604,400  $730,525  $907,900
HANCOCK  $472,030  $604,400  $730,525  $907,900
HARDIN  $472,030  $604,400  $730,525  $907,900
HARRISON  $472,030  $604,400  $730,525  $907,900
HENRY  $472,030  $604,400  $730,525  $907,900
HOWARD  $472,030  $604,400  $730,525  $907,900
HUMBOLDT  $472,030  $604,400  $730,525  $907,900
IDA  $472,030  $604,400  $730,525  $907,900
IOWA  $472,030  $604,400  $730,525  $907,900
JACKSON  $472,030  $604,400  $730,525  $907,900
JASPER  $472,030  $604,400  $730,525  $907,900
JEFFERSON  $472,030  $604,400  $730,525  $907,900
JOHNSON  $472,030  $604,400  $730,525  $907,900
JONES  $472,030  $604,400  $730,525  $907,900
KEOKUK  $472,030  $604,400  $730,525  $907,900
KOSSUTH  $472,030  $604,400  $730,525  $907,900
LEE  $472,030  $604,400  $730,525  $907,900
LINN  $472,030  $604,400  $730,525  $907,900
LOUISA  $472,030  $604,400  $730,525  $907,900
LUCAS  $472,030  $604,400  $730,525  $907,900
LYON  $472,030  $604,400  $730,525  $907,900
MADISON  $472,030  $604,400  $730,525  $907,900
MAHASKA  $472,030  $604,400  $730,525  $907,900
MARION  $472,030  $604,400  $730,525  $907,900
MARSHALL  $472,030  $604,400  $730,525  $907,900
MILLS  $472,030  $604,400  $730,525  $907,900
MITCHELL  $472,030  $604,400  $730,525  $907,900
MONONA  $472,030  $604,400  $730,525  $907,900
MONROE  $472,030  $604,400  $730,525  $907,900
MONTGOMERY  $472,030  $604,400  $730,525  $907,900
MUSCATINE  $472,030  $604,400  $730,525  $907,900
O’BRIEN  $472,030  $604,400  $730,525  $907,900
OSCEOLA  $472,030  $604,400  $730,525  $907,900
PAGE  $472,030  $604,400  $730,525  $907,900
PALO ALTO  $472,030  $604,400  $730,525  $907,900
PLYMOUTH  $472,030  $604,400  $730,525  $907,900
POCAHONTAS  $472,030  $604,400  $730,525  $907,900
POLK  $472,030  $604,400  $730,525  $907,900
POTTAWATTAMIE  $472,030  $604,400  $730,525  $907,900
POWESHIEK  $472,030  $604,400  $730,525  $907,900
RINGGOLD  $472,030  $604,400  $730,525  $907,900
SAC  $472,030  $604,400  $730,525  $907,900
SCOTT  $472,030  $604,400  $730,525  $907,900
SHELBY  $472,030  $604,400  $730,525  $907,900
SIOUX  $472,030  $604,400  $730,525  $907,900
STORY  $472,030  $604,400  $730,525  $907,900
TAMA  $472,030  $604,400  $730,525  $907,900
TAYLOR  $472,030  $604,400  $730,525  $907,900
UNION  $472,030  $604,400  $730,525  $907,900
VAN BUREN  $472,030  $604,400  $730,525  $907,900
WAPELLO  $472,030  $604,400  $730,525  $907,900
WARREN  $472,030  $604,400  $730,525  $907,900
WASHINGTON  $472,030  $604,400  $730,525  $907,900
WAYNE  $472,030  $604,400  $730,525  $907,900
WEBSTER  $472,030  $604,400  $730,525  $907,900
WINNEBAGO  $472,030  $604,400  $730,525  $907,900
WINNESHIEK  $472,030  $604,400  $730,525  $907,900
WOODBURY  $472,030  $604,400  $730,525  $907,900
WORTH  $472,030  $604,400  $730,525  $907,900
WRIGHT  $472,030  $604,400  $730,525  $907,900

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