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Iowa FHA Home Loan

FHA Home Loan Programs in Iowa
FHA Loan Requirements - 2022 FHA Loan Limits

Iowa FHA Loans | Requirements | 2022 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 2022 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.

2022 Iowa FHA Loan Limits

Below are the 2022 FHA loan limits for every county in Iowa:

County Single Family 2 Family 3 Family 4 Family
ADAIR $420,680 $538,650 $651,050 $809,150
ADAMS $420,680 $538,650 $651,050 $809,150
ALLAMAKEE $420,680 $538,650 $651,050 $809,150
APPANOOSE $420,680 $538,650 $651,050 $809,150
AUDUBON $420,680 $538,650 $651,050 $809,150
BENTON $420,680 $538,650 $651,050 $809,150
BLACK HAWK $420,680 $538,650 $651,050 $809,150
BOONE $420,680 $538,650 $651,050 $809,150
BREMER $420,680 $538,650 $651,050 $809,150
BUCHANAN $420,680 $538,650 $651,050 $809,150
BUENA VISTA $420,680 $538,650 $651,050 $809,150
BUTLER $420,680 $538,650 $651,050 $809,150
CALHOUN $420,680 $538,650 $651,050 $809,150
CARROLL $420,680 $538,650 $651,050 $809,150
CASS $420,680 $538,650 $651,050 $809,150
CEDAR $420,680 $538,650 $651,050 $809,150
CERRO GORDO $420,680 $538,650 $651,050 $809,150
CHEROKEE $420,680 $538,650 $651,050 $809,150
CHICKASAW $420,680 $538,650 $651,050 $809,150
CLARKE $420,680 $538,650 $651,050 $809,150
CLAY $420,680 $538,650 $651,050 $809,150
CLAYTON $420,680 $538,650 $651,050 $809,150
CLINTON $420,680 $538,650 $651,050 $809,150
CRAWFORD $420,680 $538,650 $651,050 $809,150
DALLAS $420,680 $538,650 $651,050 $809,150
DAVIS $420,680 $538,650 $651,050 $809,150
DECATUR $420,680 $538,650 $651,050 $809,150
DELAWARE $420,680 $538,650 $651,050 $809,150
DES MOINES $420,680 $538,650 $651,050 $809,150
DICKINSON $420,680 $538,650 $651,050 $809,150
DUBUQUE $420,680 $538,650 $651,050 $809,150
EMMET $420,680 $538,650 $651,050 $809,150
FAYETTE $420,680 $538,650 $651,050 $809,150
FLOYD $420,680 $538,650 $651,050 $809,150
FRANKLIN $420,680 $538,650 $651,050 $809,150
FREMONT $420,680 $538,650 $651,050 $809,150
GREENE $420,680 $538,650 $651,050 $809,150
GRUNDY $420,680 $538,650 $651,050 $809,150
GUTHRIE $420,680 $538,650 $651,050 $809,150
HAMILTON $420,680 $538,650 $651,050 $809,150
HANCOCK $420,680 $538,650 $651,050 $809,150
HARDIN $420,680 $538,650 $651,050 $809,150
HARRISON $420,680 $538,650 $651,050 $809,150
HENRY $420,680 $538,650 $651,050 $809,150
HOWARD $420,680 $538,650 $651,050 $809,150
HUMBOLDT $420,680 $538,650 $651,050 $809,150
IDA $420,680 $538,650 $651,050 $809,150
IOWA $420,680 $538,650 $651,050 $809,150
JACKSON $420,680 $538,650 $651,050 $809,150
JASPER $420,680 $538,650 $651,050 $809,150
JEFFERSON $420,680 $538,650 $651,050 $809,150
JOHNSON $420,680 $538,650 $651,050 $809,150
JONES $420,680 $538,650 $651,050 $809,150
KEOKUK $420,680 $538,650 $651,050 $809,150
KOSSUTH $420,680 $538,650 $651,050 $809,150
LEE $420,680 $538,650 $651,050 $809,150
LINN $420,680 $538,650 $651,050 $809,150
LOUISA $420,680 $538,650 $651,050 $809,150
LUCAS $420,680 $538,650 $651,050 $809,150
LYON $420,680 $538,650 $651,050 $809,150
MADISON $420,680 $538,650 $651,050 $809,150
MAHASKA $420,680 $538,650 $651,050 $809,150
MARION $420,680 $538,650 $651,050 $809,150
MARSHALL $420,680 $538,650 $651,050 $809,150
MILLS $420,680 $538,650 $651,050 $809,150
MITCHELL $420,680 $538,650 $651,050 $809,150
MONONA $420,680 $538,650 $651,050 $809,150
MONROE $420,680 $538,650 $651,050 $809,150
MONTGOMERY $420,680 $538,650 $651,050 $809,150
MUSCATINE $420,680 $538,650 $651,050 $809,150
O’BRIEN $420,680 $538,650 $651,050 $809,150
OSCEOLA $420,680 $538,650 $651,050 $809,150
PAGE $420,680 $538,650 $651,050 $809,150
PALO ALTO $420,680 $538,650 $651,050 $809,150
PLYMOUTH $420,680 $538,650 $651,050 $809,150
POCAHONTAS $420,680 $538,650 $651,050 $809,150
POLK $420,680 $538,650 $651,050 $809,150
POTTAWATTAMIE $420,680 $538,650 $651,050 $809,150
POWESHIEK $420,680 $538,650 $651,050 $809,150
RINGGOLD $420,680 $538,650 $651,050 $809,150
SAC $420,680 $538,650 $651,050 $809,150
SCOTT $420,680 $538,650 $651,050 $809,150
SHELBY $420,680 $538,650 $651,050 $809,150
SIOUX $420,680 $538,650 $651,050 $809,150
STORY $420,680 $538,650 $651,050 $809,150
TAMA $420,680 $538,650 $651,050 $809,150
TAYLOR $420,680 $538,650 $651,050 $809,150
UNION $420,680 $538,650 $651,050 $809,150
VAN BUREN $420,680 $538,650 $651,050 $809,150
WAPELLO $420,680 $538,650 $651,050 $809,150
WARREN $420,680 $538,650 $651,050 $809,150
WASHINGTON $420,680 $538,650 $651,050 $809,150
WAYNE $420,680 $538,650 $651,050 $809,150
WEBSTER $420,680 $538,650 $651,050 $809,150
WINNEBAGO $420,680 $538,650 $651,050 $809,150
WINNESHIEK $420,680 $538,650 $651,050 $809,150
WOODBURY $420,680 $538,650 $651,050 $809,150
WORTH $420,680 $538,650 $651,050 $809,150
WRIGHT $420,680 $538,650 $651,050 $809,150

 

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