Iowa Mortgage Rates
July 27, 2016 01:43 AM Eastern
This is where you'll find Iowa LendingTree lenders. Iowa's mortgage lenders and brokers are regulated by the Iowa Division of Banking.
Iowa Mortgage Rates
Mortgage rates can vary from state-to-state because of economic factors, competition among lenders, and local laws. If you want to keep up with the factors that affect rates on a daily basis, follow our page here on mortgage rate lock recommendations, https://www.lendingtree.com/mortgage-rates.
Buying a Home in Iowa
Unlike many parts of the country, Iowa home prices held fairly stable through the recession. Over the last 10 years they are up 21%. Prices are forecast to rise another 1.22% over the next 12 months, outperforming the housing market in other parts of the country.
The Housing Opportunity Index indicates that 92% of Iowa homes are affordable to median income households. Adding in closing costs on a $200,000 mortgage of $2,403—just about average for all states and the District of Columbia--buying a home in Iowa is very affordable.
For homebuyers who may need additional help with financing and down payments, Iowa offers state and regional programs that may be able to offer assistance. Here is a partial list:
- Iowa Finance Authority statewide homebuyer programs - the Iowa Finance Authority offers several home buying assistant programs which are available wherever you live in the State of Iowa
- Iowa Affiliates of Habitat for Humanity - through volunteer labor, builds and rehabilitates houses for families in need
- U.S. Department of Agriculture Rural Housing - homebuyer programs in rural communities
- Local communities and towns also offer their own assistance programs.
FHA mortgages allow homes to be purchased with just 3.5 percent down. FHA mortgage loan amounts are capped at $271,050 in all Iowa counties.
VA Home Loans
Eligible veterans buying in Iowa can borrow up to $417,000 with no down payment in all Iowa counties.