With one of the country’s lowest unemployment rates and a cost of living about 10% lower than the national average, it’s no wonder Iowa’s population has grown over the last decade. Owning a home is a realistic goal for many Iowans, and rightfully so as homes have appreciated since 2010 in the Hawkeye State.
Deciding to purchase a home is exciting, but navigating all of your home financing options can be an overwhelming journey. Luckily, an FHA loan in Iowa can simplify the process. Continue reading to learn the benefits and why an FHA loan may be right for you.
If you’re looking for a calm and safe place to live, Iowa is the spot for you. With crime rates lower than the national average, and weekly wages higher, you can’t go wrong when digging your roots in here. Many Iowans are turning to FHA loans to finance their new homes, and as of April 2019, the total value of FHA loans in Iowa was $44 million!
Before you begin looking for you home, you need to have an idea of how much you can borrow. In Iowa, a baseline limit of $472,030 applies, but can vary depending on your location. This is done to ensure those looking to buy a house in an area with a high cost of living can still obtain a home. However, since no areas have a high cost of living in Iowa the baseline limit applies statewide.
You may be eligible for an FHA loan, if you:
Mortgage Insurance Premium Requirements
Buyers must be able to provide the following information and documents as requested by lenders:
Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.