2023 FHA Loan Limits in Iowa
In 2023, the FHA loan limit for single-family homes in Iowa is $472,030. There are no “high-cost” areas in the state, which means the limit is the same regardless of what county you’re buying in with an FHA loan.
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Iowa FHA loan limits by county
| County name | One unit | Two unit | Three unit | Four unit | Median sale price |
|---|---|---|---|---|---|
| ADAIR | $472,030 | $604,400 | $730,525 | $907,900 | $95,000 |
| ADAMS | $472,030 | $604,400 | $730,525 | $907,900 | $80,000 |
| ALLAMAKEE | $472,030 | $604,400 | $730,525 | $907,900 | $115,000 |
| APPANOOSE | $472,030 | $604,400 | $730,525 | $907,900 | $83,000 |
| AUDUBON | $472,030 | $604,400 | $730,525 | $907,900 | $75,000 |
| BENTON | $472,030 | $604,400 | $730,525 | $907,900 | $183,000 |
| BLACK HAWK | $472,030 | $604,400 | $730,525 | $907,900 | $175,000 |
| BOONE | $472,030 | $604,400 | $730,525 | $907,900 | $239,000 |
| BREMER | $472,030 | $604,400 | $730,525 | $907,900 | $175,000 |
| BUCHANAN | $472,030 | $604,400 | $730,525 | $907,900 | $150,000 |
| BUENA VISTA | $472,030 | $604,400 | $730,525 | $907,900 | $137,000 |
| BUTLER | $472,030 | $604,400 | $730,525 | $907,900 | $130,000 |
| CALHOUN | $472,030 | $604,400 | $730,525 | $907,900 | $77,000 |
| CARROLL | $472,030 | $604,400 | $730,525 | $907,900 | $141,000 |
| CASS | $472,030 | $604,400 | $730,525 | $907,900 | $85,000 |
| CEDAR | $472,030 | $604,400 | $730,525 | $907,900 | $172,000 |
| CERRO GORDO | $472,030 | $604,400 | $730,525 | $907,900 | $136,000 |
| CHEROKEE | $472,030 | $604,400 | $730,525 | $907,900 | $100,000 |
| CHICKASAW | $472,030 | $604,400 | $730,525 | $907,900 | $105,000 |
| CLARKE | $472,030 | $604,400 | $730,525 | $907,900 | $110,000 |
| CLAY | $472,030 | $604,400 | $730,525 | $907,900 | $140,000 |
| CLAYTON | $472,030 | $604,400 | $730,525 | $907,900 | $110,000 |
| CLINTON | $472,030 | $604,400 | $730,525 | $907,900 | $121,000 |
| CRAWFORD | $472,030 | $604,400 | $730,525 | $907,900 | $95,000 |
| DALLAS | $472,030 | $604,400 | $730,525 | $907,900 | $326,000 |
| DAVIS | $472,030 | $604,400 | $730,525 | $907,900 | $88,000 |
| DECATUR | $472,030 | $604,400 | $730,525 | $907,900 | $65,000 |
| DELAWARE | $472,030 | $604,400 | $730,525 | $907,900 | $159,000 |
| DES MOINES | $472,030 | $604,400 | $730,525 | $907,900 | $189,000 |
| DICKINSON | $472,030 | $604,400 | $730,525 | $907,900 | $270,000 |
| DUBUQUE | $472,030 | $604,400 | $730,525 | $907,900 | $195,000 |
| EMMET | $472,030 | $604,400 | $730,525 | $907,900 | $88,000 |
| FAYETTE | $472,030 | $604,400 | $730,525 | $907,900 | $75,000 |
| FLOYD | $472,030 | $604,400 | $730,525 | $907,900 | $99,000 |
| FRANKLIN | $472,030 | $604,400 | $730,525 | $907,900 | $86,000 |
| FREMONT | $472,030 | $604,400 | $730,525 | $907,900 | $80,000 |
| GREENE | $472,030 | $604,400 | $730,525 | $907,900 | $80,000 |
| GRUNDY | $472,030 | $604,400 | $730,525 | $907,900 | $175,000 |
| GUTHRIE | $472,030 | $604,400 | $730,525 | $907,900 | $326,000 |
| HAMILTON | $472,030 | $604,400 | $730,525 | $907,900 | $111,000 |
| HANCOCK | $472,030 | $604,400 | $730,525 | $907,900 | $107,000 |
| HARDIN | $472,030 | $604,400 | $730,525 | $907,900 | $89,000 |
| HARRISON | $472,030 | $604,400 | $730,525 | $907,900 | $289,000 |
| HENRY | $472,030 | $604,400 | $730,525 | $907,900 | $135,000 |
| HOWARD | $472,030 | $604,400 | $730,525 | $907,900 | $108,000 |
| HUMBOLDT | $472,030 | $604,400 | $730,525 | $907,900 | $125,000 |
| IDA | $472,030 | $604,400 | $730,525 | $907,900 | $84,000 |
| IOWA | $472,030 | $604,400 | $730,525 | $907,900 | $149,000 |
| JACKSON | $472,030 | $604,400 | $730,525 | $907,900 | $130,000 |
| JASPER | $472,030 | $604,400 | $730,525 | $907,900 | $326,000 |
| JEFFERSON | $472,030 | $604,400 | $730,525 | $907,900 | $126,000 |
| JOHNSON | $472,030 | $604,400 | $730,525 | $907,900 | $290,000 |
| JONES | $472,030 | $604,400 | $730,525 | $907,900 | $183,000 |
| KEOKUK | $472,030 | $604,400 | $730,525 | $907,900 | $78,000 |
| KOSSUTH | $472,030 | $604,400 | $730,525 | $907,900 | $102,000 |
| LEE | $472,030 | $604,400 | $730,525 | $907,900 | $112,000 |
| LINN | $472,030 | $604,400 | $730,525 | $907,900 | $183,000 |
| LOUISA | $472,030 | $604,400 | $730,525 | $907,900 | $90,000 |
| LUCAS | $472,030 | $604,400 | $730,525 | $907,900 | $105,000 |
| LYON | $472,030 | $604,400 | $730,525 | $907,900 | $165,000 |
| MADISON | $472,030 | $604,400 | $730,525 | $907,900 | $326,000 |
| MAHASKA | $472,030 | $604,400 | $730,525 | $907,900 | $138,000 |
| MARION | $472,030 | $604,400 | $730,525 | $907,900 | $175,000 |
| MARSHALL | $472,030 | $604,400 | $730,525 | $907,900 | $120,000 |
| MILLS | $472,030 | $604,400 | $730,525 | $907,900 | $289,000 |
| MITCHELL | $472,030 | $604,400 | $730,525 | $907,900 | $130,000 |
| MONONA | $472,030 | $604,400 | $730,525 | $907,900 | $85,000 |
| MONROE | $472,030 | $604,400 | $730,525 | $907,900 | $82,000 |
| MONTGOMERY | $472,030 | $604,400 | $730,525 | $907,900 | $95,000 |
| MUSCATINE | $472,030 | $604,400 | $730,525 | $907,900 | $150,000 |
| O'BRIEN | $472,030 | $604,400 | $730,525 | $907,900 | $116,000 |
| OSCEOLA | $472,030 | $604,400 | $730,525 | $907,900 | $99,000 |
| PAGE | $472,030 | $604,400 | $730,525 | $907,900 | $83,000 |
| PALO ALTO | $472,030 | $604,400 | $730,525 | $907,900 | $92,000 |
| PLYMOUTH | $472,030 | $604,400 | $730,525 | $907,900 | $193,000 |
| POCAHONTAS | $472,030 | $604,400 | $730,525 | $907,900 | $64,000 |
| POLK | $472,030 | $604,400 | $730,525 | $907,900 | $326,000 |
| POTTAWATTAMIE | $472,030 | $604,400 | $730,525 | $907,900 | $289,000 |
| POWESHIEK | $472,030 | $604,400 | $730,525 | $907,900 | $150,000 |
| RINGGOLD | $472,030 | $604,400 | $730,525 | $907,900 | $60,000 |
| SAC | $472,030 | $604,400 | $730,525 | $907,900 | $85,000 |
| SCOTT | $472,030 | $604,400 | $730,525 | $907,900 | $194,000 |
| SHELBY | $472,030 | $604,400 | $730,525 | $907,900 | $130,000 |
| SIOUX | $472,030 | $604,400 | $730,525 | $907,900 | $185,000 |
| STORY | $472,030 | $604,400 | $730,525 | $907,900 | $239,000 |
| TAMA | $472,030 | $604,400 | $730,525 | $907,900 | $88,000 |
| TAYLOR | $472,030 | $604,400 | $730,525 | $907,900 | $62,000 |
| UNION | $472,030 | $604,400 | $730,525 | $907,900 | $89,000 |
| VAN BUREN | $472,030 | $604,400 | $730,525 | $907,900 | $75,000 |
| WAPELLO | $472,030 | $604,400 | $730,525 | $907,900 | $75,000 |
| WARREN | $472,030 | $604,400 | $730,525 | $907,900 | $326,000 |
| WASHINGTON | $472,030 | $604,400 | $730,525 | $907,900 | $290,000 |
| WAYNE | $472,030 | $604,400 | $730,525 | $907,900 | $74,000 |
| WEBSTER | $472,030 | $604,400 | $730,525 | $907,900 | $100,000 |
| WINNEBAGO | $472,030 | $604,400 | $730,525 | $907,900 | $105,000 |
| WINNESHIEK | $472,030 | $604,400 | $730,525 | $907,900 | $183,000 |
| WOODBURY | $472,030 | $604,400 | $730,525 | $907,900 | $280,000 |
| WORTH | $472,030 | $604,400 | $730,525 | $907,900 | $136,000 |
| WRIGHT | $472,030 | $604,400 | $730,525 | $907,900 | $80,000 |
How are FHA loan limits determined?
Each year, the U.S. Department of Housing and Urban Development (HUD) determines FHA loan limits based on a percentage of conforming loan limits published by the Federal Housing Finance Agency. The “floor” is set at 65% of the conforming loan limit, which is $472,030 for all counties in the state of Iowa.
You may also hear about the FHA “ceiling” which allows for loan amounts to be increased up to 150% of conforming limits so borrowers can purchase homes in high-cost parts of the country, up to a maximum of $1,089,300 for a one-unit home. The loan limits vary based on home sales in the prior year, and in Iowa, price increases weren’t high enough to hit the “high-cost” loan threshold.
How to qualify for an FHA loan in Iowa
FHA loans are particularly attractive to home owners due to their more lenient credit score requirements. With median home prices in Iowa only rising to $326,000 the past year, you ‘ve got plenty of FHA borrowing power with limits up to $472,030 for single-family homes.
Besides keeping your loan below the FHA loan limits in Iowa, you’ll need to meet the following, FHA loan requirements:
Credit score and down payment. To make the minimum FHA down payment of 3.5%, you’ll need at least a 580 credit score. FHA-approved lenders may approve you for a score as low as 500 if you can come up with a 10% down payment.
Debt-to-income (DTI) ratio. Lenders prefer that your total monthly debt is less than 43% of your monthly income. This measure is called your DTI ratio, and there is some wiggle room if you have strong credit scores and cash reserves.
Mortgage insurance. You’ll pay two types of mortgage insurance. The annual mortgage insurance premium (MIP), which runs 0.45% to 1.05% of the loan amount is divided by 12 and added to your monthly payment. The upfront mortgage insurance premium (UFMIP), which costs 1.75% of the mortgage amount, is typically added to your loan amount.
Occupancy. You must live in a home financed with an FHA loan at least 12 months after you purchase it.
FHA home appraisal. You’ll need an FHA appraisal to confirm the value and condition of the home you want to 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 and only make a 3.5% down payment, as long as you live in one of the units for at least a year. An added perk: You may be able to use the rents on the other units to help you qualify, and the FHA loan limits are higher for each additional unit up to four total.
The FHA loan limits for multifamily homes in Iowa for 2023 are below:
| Number of units | 2023 FHA loan limits in Iowa |
|---|---|
| Two | $604,400 |
| Three | $730,525 |
| Four | $907,900 |
FHA lenders in Iowa
| Lender name | LT rating | Minimum FHA credit score |
|---|---|---|
| Caliber Home Loans | 3 stars | 620 |
| Fairway Independent Mortgage | 3 stars | 580 |
| Truist Mortgage | 4 stars | 580 |
| PennyMac Mortgage | 5 stars | 580 |