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Iowa FHA Home Loan

FHA Home Loan Programs in Iowa
FHA Loan Requirements - 2020 FHA Loan Limits

Iowa FHA Loans | Requirements | 2020 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 2020 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.

2020 Iowa FHA Loan Limits

Below are the 2020 FHA loan limits for every county in Iowa:

County Single Family 2 Family 3 Family 4 Family
 ADAIR $331,760 $424,800 $513,450 $638,100
 ADAMS $331,760 $424,800 $513,450 $638,100
 ALLAMAKEE $331,760 $424,800 $513,450 $638,100
 APPANOOSE $331,760 $424,800 $513,450 $638,100
 ADUBON $331,760 $424,800 $513,450 $638,100
 BENTON $331,760 $424,800 $513,450 $638,100
 BLACK HAWK $331,760 $424,800 $513,450 $638,100
 BOONE $331,760 $424,800 $513,450 $638,100
 BREMER $331,760 $424,800 $513,450 $638,100
 BUCHANAN $331,760 $424,800 $513,450 $638,100
 BUENA VISTA $331,760 $424,800 $513,450 $638,100
 BUTLER $331,760 $424,800 $513,450 $638,100
 CALHOUN $331,760 $424,800 $513,450 $638,100
 CARROLL $331,760 $424,800 $513,450 $638,100
 CASS $331,760 $424,800 $513,450 $638,100
 CEDAR $331,760 $424,800 $513,450 $638,100
 CERRO GORDO $331,760 $424,800 $513,450 $638,100
 CHEROKEE $331,760 $424,800 $513,450 $638,100
 CHICKASAW $331,760 $424,800 $513,450 $638,100
 CLARKE $331,760 $424,800 $513,450 $638,100
 CLAY $331,760 $424,800 $513,450 $638,100
 CLAYTON $331,760 $424,800 $513,450 $638,100
 CLINTON $331,760 $424,800 $513,450 $638,100
 CRAWFORD $331,760 $424,800 $513,450 $638,100
 DALLAS $331,760 $424,800 $513,450 $638,100
 DAVIS $331,760 $424,800 $513,450 $638,100
 DECATUR $331,760 $424,800 $513,450 $638,100
 DELAWARE $331,760 $424,800 $513,450 $638,100
 DES MOINES $331,760 $424,800 $513,450 $638,100
 DICKINSON $331,760 $424,800 $513,450 $638,100
 DUBUQUE $331,760 $424,800 $513,450 $638,100
 EMMET $331,760 $424,800 $513,450 $638,100
 FAYETTE $331,760 $424,800 $513,450 $638,100
 FLOYD $331,760 $424,800 $513,450 $638,100
 FRANKLIN $331,760 $424,800 $513,450 $638,100
 FREMONT $331,760 $424,800 $513,450 $638,100
 GREENE $331,760 $424,800 $513,450 $638,100
 GRUNDY $331,760 $424,800 $513,450 $638,100
 GUTHRIE $331,760 $424,800 $513,450 $638,100
 HAMILTON $331,760 $424,800 $513,450 $638,100
 HANCOCK $331,760 $424,800 $513,450 $638,100
 HARDIN $331,760 $424,800 $513,450 $638,100
 HARRISON $331,760 $424,800 $513,450 $638,100
 HENRY $331,760 $424,800 $513,450 $638,100
 HOWARD $331,760 $424,800 $513,450 $638,100
 HUMBOLDT $331,760 $424,800 $513,450 $638,100
 IDA $331,760 $424,800 $513,450 $638,100
 IOWA $331,760 $424,800 $513,450 $638,100
 JACKSON $331,760 $424,800 $513,450 $638,100
 JASPER $331,760 $424,800 $513,450 $638,100
 JEFFERSON $331,760 $424,800 $513,450 $638,100
 JOHNSON $331,760 $424,800 $513,450 $638,100
 JONES $331,760 $424,800 $513,450 $638,100
 KEOKUK $331,760 $424,800 $513,450 $638,100
 KOSSUTH $331,760 $424,800 $513,450 $638,100
 LEE $331,760 $424,800 $513,450 $638,100
 LINN $331,760 $424,800 $513,450 $638,100
 LOUISA $331,760 $424,800 $513,450 $638,100
 LUCAS $331,760 $424,800 $513,450 $638,100
 LYON $331,760 $424,800 $513,450 $638,100
 MADISON $331,760 $424,800 $513,450 $638,100
 MAHASKA $331,760 $424,800 $513,450 $638,100
 MARION $331,760 $424,800 $513,450 $638,100
 MARSHALL $331,760 $424,800 $513,450 $638,100
 MILLS $331,760 $424,800 $513,450 $638,100
 MITCHELL $331,760 $424,800 $513,450 $638,100
 MONONA $331,760 $424,800 $513,450 $638,100
 MONROE $331,760 $424,800 $513,450 $638,100
 MONTGOMERY $331,760 $424,800 $513,450 $638,100
 MUSCATINE $331,760 $424,800 $513,450 $638,100
 O’BRIEN $331,760 $424,800 $513,450 $638,100
 OSCEOLA $331,760 $424,800 $513,450 $638,100
 PAGE $331,760 $424,800 $513,450 $638,100
 PALO ALTO $331,760 $424,800 $513,450 $638,100
 PLYMOUTH $331,760 $424,800 $513,450 $638,100
 POCAHONTAS $331,760 $424,800 $513,450 $638,100
 POLK $331,760 $424,800 $513,450 $638,100
 POTTAWATTAMIE $331,760 $424,800 $513,450 $638,100
 POWESHIEK $331,760 $424,800 $513,450 $638,100
 RINGGOLD $331,760 $424,800 $513,450 $638,100
 SAC $331,760 $424,800 $513,450 $638,100
 SCOTT $331,760 $424,800 $513,450 $638,100
 SHELBY $331,760 $424,800 $513,450 $638,100
 SIOUX $331,760 $424,800 $513,450 $638,100
 STORY $331,760 $424,800 $513,450 $638,100
 TAMA $331,760 $424,800 $513,450 $638,100
 TAYLOR $331,760 $424,800 $513,450 $638,100
 UNION $331,760 $424,800 $513,450 $638,100
 VAN BUREN $331,760 $424,800 $513,450 $638,100
 WAPELLO $331,760 $424,800 $513,450 $638,100
 WARREN $331,760 $424,800 $513,450 $638,100
 WASHINGTON $331,760 $424,800 $513,450 $638,100
 WAYNE $331,760 $424,800 $513,450 $638,100
 WEBSTER $331,760 $424,800 $513,450 $638,100
 WINNGEBAGO $331,760 $424,800 $513,450 $638,100
 WINNESHIEK $331,760 $424,800 $513,450 $638,100
 WOODBURY $331,760 $424,800 $513,450 $638,100
 WORTH $331,760 $424,800 $513,450 $638,100
 WRIGHT $331,760 $424,800 $513,450 $638,100

 

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