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2022 FHA Loan Limits in Iowa
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In 2022, the FHA loan limit for single-family homes in Iowa is $420,680. It doesn’t matter whether you’re buying in Ames or Zearing — the FHA loan limit is the same statewide for a single-family home.
Iowa FHA loan limits by county
| County name | One unit | Two units | Three units | Four units | Median sales price |
|---|---|---|---|---|---|
| ADAIR | $420,680 | $538,650 | $651,050 | $809,150 | $123,000 |
| ADAMS | $420,680 | $538,650 | $651,050 | $809,150 | $103,000 |
| ALLAMAKEE | $420,680 | $538,650 | $651,050 | $809,150 | $88,000 |
| APPANOOSE | $420,680 | $538,650 | $651,050 | $809,150 | $67,000 |
| AUDUBON | $420,680 | $538,650 | $651,050 | $809,150 | $93,000 |
| BENTON | $420,680 | $538,650 | $651,050 | $809,150 | $175,000 |
| BLACK HAWK | $420,680 | $538,650 | $651,050 | $809,150 | $152,000 |
| BOONE | $420,680 | $538,650 | $651,050 | $809,150 | $215,000 |
| BREMER | $420,680 | $538,650 | $651,050 | $809,150 | $152,000 |
| BUCHANAN | $420,680 | $538,650 | $651,050 | $809,150 | $130,000 |
| BUENA VISTA | $420,680 | $538,650 | $651,050 | $809,150 | $144,000 |
| BUTLER | $420,680 | $538,650 | $651,050 | $809,150 | $95,000 |
| CALHOUN | $420,680 | $538,650 | $651,050 | $809,150 | $66,000 |
| CARROLL | $420,680 | $538,650 | $651,050 | $809,150 | $130,000 |
| CASS | $420,680 | $538,650 | $651,050 | $809,150 | $85,000 |
| CEDAR | $420,680 | $538,650 | $651,050 | $809,150 | $160,000 |
| CERRO GORDO | $420,680 | $538,650 | $651,050 | $809,150 | $122,000 |
| CHEROKEE | $420,680 | $538,650 | $651,050 | $809,150 | $87,000 |
| CHICKASAW | $420,680 | $538,650 | $651,050 | $809,150 | $129,000 |
| CLARKE | $420,680 | $538,650 | $651,050 | $809,150 | $129,000 |
| CLAY | $420,680 | $538,650 | $651,050 | $809,150 | $130,000 |
| CLAYTON | $420,680 | $538,650 | $651,050 | $809,150 | $111,000 |
| CLINTON | $420,680 | $538,650 | $651,050 | $809,150 | $94,000 |
| CRAWFORD | $420,680 | $538,650 | $651,050 | $809,150 | $81,000 |
| DALLAS | $420,680 | $538,650 | $651,050 | $809,150 | $269,000 |
| DAVIS | $420,680 | $538,650 | $651,050 | $809,150 | $135,000 |
| DECATUR | $420,680 | $538,650 | $651,050 | $809,150 | $80,000 |
| DELAWARE | $420,680 | $538,650 | $651,050 | $809,150 | $125,000 |
| DES MOINES | $420,680 | $538,650 | $651,050 | $809,150 | $98,000 |
| DICKINSON | $420,680 | $538,650 | $651,050 | $809,150 | $213,000 |
| DUBUQUE | $420,680 | $538,650 | $651,050 | $809,150 | $181,000 |
| EMMET | $420,680 | $538,650 | $651,050 | $809,150 | $67,000 |
| FAYETTE | $420,680 | $538,650 | $651,050 | $809,150 | $74,000 |
| FLOYD | $420,680 | $538,650 | $651,050 | $809,150 | $90,000 |
| FRANKLIN | $420,680 | $538,650 | $651,050 | $809,150 | $82,000 |
| FREMONT | $420,680 | $538,650 | $651,050 | $809,150 | $128,000 |
| GREENE | $420,680 | $538,650 | $651,050 | $809,150 | $75,000 |
| GRUNDY | $420,680 | $538,650 | $651,050 | $809,150 | $152,000 |
| GUTHRIE | $420,680 | $538,650 | $651,050 | $809,150 | $269,000 |
| HAMILTON | $420,680 | $538,650 | $651,050 | $809,150 | $155,000 |
| HANCOCK | $420,680 | $538,650 | $651,050 | $809,150 | $95,000 |
| HARDIN | $420,680 | $538,650 | $651,050 | $809,150 | $86,000 |
| HARRISON | $420,680 | $538,650 | $651,050 | $809,150 | $249,000 |
| HENRY | $420,680 | $538,650 | $651,050 | $809,150 | $120,000 |
| HOWARD | $420,680 | $538,650 | $651,050 | $809,150 | $98,000 |
| HUMBOLDT | $420,680 | $538,650 | $651,050 | $809,150 | $119,000 |
| IDA | $420,680 | $538,650 | $651,050 | $809,150 | $113,000 |
| IOWA | $420,680 | $538,650 | $651,050 | $809,150 | $135,000 |
| JACKSON | $420,680 | $538,650 | $651,050 | $809,150 | $110,000 |
| JASPER | $420,680 | $538,650 | $651,050 | $809,150 | $269,000 |
| JEFFERSON | $420,680 | $538,650 | $651,050 | $809,150 | $125,000 |
| JOHNSON | $420,680 | $538,650 | $651,050 | $809,150 | $271,000 |
| JONES | $420,680 | $538,650 | $651,050 | $809,150 | $175,000 |
| KEOKUK | $420,680 | $538,650 | $651,050 | $809,150 | $70,000 |
| KOSSUTH | $420,680 | $538,650 | $651,050 | $809,150 | $75,000 |
| LEE | $420,680 | $538,650 | $651,050 | $809,150 | $95,000 |
| LINN | $420,680 | $538,650 | $651,050 | $809,150 | $175,000 |
| LOUISA | $420,680 | $538,650 | $651,050 | $809,150 | $79,000 |
| LUCAS | $420,680 | $538,650 | $651,050 | $809,150 | $117,000 |
| LYON | $420,680 | $538,650 | $651,050 | $809,150 | $130,000 |
| MADISON | $420,680 | $538,650 | $651,050 | $809,150 | $269,000 |
| MAHASKA | $420,680 | $538,650 | $651,050 | $809,150 | $124,000 |
| MARION | $420,680 | $538,650 | $651,050 | $809,150 | $175,000 |
| MARSHALL | $420,680 | $538,650 | $651,050 | $809,150 | $98,000 |
| MILLS | $420,680 | $538,650 | $651,050 | $809,150 | $249,000 |
| MITCHELL | $420,680 | $538,650 | $651,050 | $809,150 | $89,000 |
| MONONA | $420,680 | $538,650 | $651,050 | $809,150 | $58,000 |
| MONROE | $420,680 | $538,650 | $651,050 | $809,150 | $99,000 |
| MONTGOMERY | $420,680 | $538,650 | $651,050 | $809,150 | $100,000 |
| MUSCATINE | $420,680 | $538,650 | $651,050 | $809,150 | $125,000 |
| O'BRIEN | $420,680 | $538,650 | $651,050 | $809,150 | $117,000 |
| OSCEOLA | $420,680 | $538,650 | $651,050 | $809,150 | $110,000 |
| PAGE | $420,680 | $538,650 | $651,050 | $809,150 | $70,000 |
| PALO ALTO | $420,680 | $538,650 | $651,050 | $809,150 | $65,000 |
| PLYMOUTH | $420,680 | $538,650 | $651,050 | $809,150 | $163,000 |
| POCAHONTAS | $420,680 | $538,650 | $651,050 | $809,150 | $32,000 |
| POLK | $420,680 | $538,650 | $651,050 | $809,150 | $269,000 |
| POTTAWATTAMIE | $420,680 | $538,650 | $651,050 | $809,150 | $249,000 |
| POWESHIEK | $420,680 | $538,650 | $651,050 | $809,150 | $126,000 |
| RINGGOLD | $420,680 | $538,650 | $651,050 | $809,150 | $45,000 |
| SAC | $420,680 | $538,650 | $651,050 | $809,150 | $80,000 |
| SCOTT | $420,680 | $538,650 | $651,050 | $809,150 | $180,000 |
| SHELBY | $420,680 | $538,650 | $651,050 | $809,150 | $115,000 |
| SIOUX | $420,680 | $538,650 | $651,050 | $809,150 | $167,000 |
| STORY | $420,680 | $538,650 | $651,050 | $809,150 | $215,000 |
| TAMA | $420,680 | $538,650 | $651,050 | $809,150 | $95,000 |
| TAYLOR | $420,680 | $538,650 | $651,050 | $809,150 | $55,000 |
| UNION | $420,680 | $538,650 | $651,050 | $809,150 | $73,000 |
| VAN BUREN | $420,680 | $538,650 | $651,050 | $809,150 | $65,000 |
| WAPELLO | $420,680 | $538,650 | $651,050 | $809,150 | $72,000 |
| WARREN | $420,680 | $538,650 | $651,050 | $809,150 | $269,000 |
| WASHINGTON | $420,680 | $538,650 | $651,050 | $809,150 | $271,000 |
| WAYNE | $420,680 | $538,650 | $651,050 | $809,150 | $100,000 |
| WEBSTER | $420,680 | $538,650 | $651,050 | $809,150 | $87,000 |
| WINNEBAGO | $420,680 | $538,650 | $651,050 | $809,150 | $80,000 |
| WINNESHIEK | $420,680 | $538,650 | $651,050 | $809,150 | $168,000 |
| WOODBURY | $420,680 | $538,650 | $651,050 | $809,150 | $250,000 |
| WORTH | $420,680 | $538,650 | $651,050 | $809,150 | $122,000 |
| WRIGHT | $420,680 | $538,650 | $651,050 | $809,150 | $72,000 |
How are FHA loan limits determined?
The U.S. Department of Housing and Urban Development (HUD) determines FHA loan limits based on the current year’s conforming loan limit. Home prices went up about 18% last year, so loan limits are also going up.
In 2022, the FHA “floor” — or lowest limit is $420,680 for a single-family home, or 65% of the national conforming loan limit of $647,200. The FHA “ceiling,” which applies only in high-cost areas, is 150% of the conforming loan limit. In 2022, that means a loan limit of $970,800.
How to qualify for an FHA loan in Iowa
Although FHA loans are available to everyone, their more lenient credit score and down payment requirements make them particularly attractive to first-time homebuyers. If this will be your first time buying a home then you may be able to take advantage of Iowa first-time homebuyer programs.
Here are the minimum FHA loan requirements:
→ A minimum 500 credit score. You might qualify for an FHA loan with a score between 500 and 579. However, you’ll need to make a 10% down payment.
→ A minimum 3.5% down payment. You may qualify for this amount if you have a credit score of 580 or higher. As noted, a credit score under 580 will mean a higher down payment.
→ Debt-to-income (DTI) ratio. You’ll want a DTI of 43% or less. This means your total monthly debt spending compared to your income.
→ FHA home appraisal. To qualify for an FHA loan, you’ll need an FHA appraisal to confirm the value of the home you want to buy.
→ Mortgage insurance. Two kinds, actually: the annual mortgage insurance premium (MIP), which runs 0.45% to 1.05% of the loan amount and the upfront mortgage insurance premium (UFMIP), which costs 1.75% of the mortgage amount. Both insurance costs are usually financed into the loan.
→ Occupancy. You must live in the home for at least the first 12 months after purchase.
Buying a multifamily property with an FHA loan
It’s possible to buy a multifamily home (up to four separate units) with an FHA loan, rather than with an investment property mortgage. If you live in one unit, you’re allowed to rent out the others. The same FHA loan requirements for single-family homes will apply — including the fact that you could buy a multifamily home with as little as 3.5% down.
FHA lenders in Iowa
Here’s seven highly rated mortgage lenders in Iowa.
| Lender name | LT rating | Minimum FHA credit score |
|---|---|---|
| Truist | 9/10 | 620 |
| Guild Mortgage | 9/10 | 540 |
| Lower | 10/10 | 580 |
| Pennymac | 9/10 | 620 |
| Rocket Mortgage | 9.5/10 | 580 |
| BMO Harris Bank | 8.5/10 | 580 |
| Veterans United | 9/10 | 620 |