Ames, IA Mortgage Rates today
Iowa's appeal for homebuyers lies in its friendly communities, affordable living, and strong sense of community. With excellent schools and a low crime rate, it's a great place to raise a family. As you consider buying a home in Iowa, remember to compare our current rates to secure a budget-friendly mortgage.
If you have any questions about securing the best mortgage rates in Iowa, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.
Compare today's mortgage rates for Ames, IA
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5.875%
6.618% APR
$3,014/mo
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6.625%
7.097% APR
$2,305/mo
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6.000%
7.035% APR
$2,345/mo
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6.250%
7.312% APR
$2,217/mo
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6.000%
6.607% APR
$2,185/mo
infoLatest revision - November 19 2024 12:30pm EST.We update the table twice every day with the current mortgage rates.
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Frequently Asked Questions
What are the average Iowa mortgage rates?
Iowa mortgage rates dictate the percentage charged by lenders for home loans or refinancing within the state, directly impacting total costs for homeowners there.
What are the current mortgage rates in Iowa?
While current mortgage rates in Iowa can be viewed above for various loan products above, we update twice daily for utmost precision and wise decision-making.
Where can Iowa residents find the best mortgage rates?
Total Mortgage ensures the best mortgage assistance in Iowa with up-to-date mortgage information. However, it is recommended that rates, APR, and monthly payments across options be checked to find the best Iowa mortgage rates.
Programs for First-Time Home Buyers in Iowa
There are two primary Iowa grants for homeowners available through the IFA: the FirstHome program and Homes for Iowans. Both require income and purchase price limits to be met, as well as a minimum credit score of 640 to qualify. Whether obtaining a conventional, FHA, VA, or USDA loan, these first-time home buyer Iowa programs aim to help state residents realize their dreams of owning a home.
IFA FirstHome
The Iowa Finance Authority supports the FirstHome program to help first-time home buyers in Iowa. A participant must not have owned residential property in the three years prior to qualifying as a first-time buyer in Iowa. Nevertheless, if you are a veteran or making a purchase in a targeted area, you could qualify for this program.
FirstHome offers an array of lending options with notably competitive home mortgage rates in Iowa. Your mortgage rates will not be influenced by your credit score. If your income falls below 80% of AMI, you may also be eligible for lower mortgage insurance premiums. You can opt to repay a basic FirstHome conventional loan over 25 or 30 years.
To take part in the Iowa mortgage assistance program, certain borrower and house rules must be satisfied:
- A down payment of just 3% for a conventional loan
- A minimum credit score of 640
- A debt-to-income proportion of less than 50%
- Completion of a homebuyer education program is compulsory for conventional loans
- Your income must be underneath the IFA limits, which vary county by county from $95,200 to $132,710 for a two-person household.
- It must be used as your primary residence
- The property must be a single-family residence.
- The purchase price cannot exceed roughly $481,000 in most areas or up to around $588,000 in targeted areas.
IFA Homes for Iowans
The Homes for Iowans program offers help for both repeat and first-time home buyers in Iowa. Credit ratings will not dictate a mortgage rate, though a 640 minimum is mandatory.
The eligibility criteria are identical to the FirstHome program except the following:
- Household earnings may not surpass $161,560 or 80 percent of the region's average median income level for a traditional loan.
- The maximum price permitted for a purchase cannot exceed $588,000.
Iowa Down Payment Assistance
IFA FirstHome and Homes for Iowans DPA
The IFA does not offer separate down payment assistance in Iowa. However, you can access assistance through their FirstHome and Homes for Iowans mortgage programs.
FirstHome provides more flexibility, with aid coming in either a $2,500 grant or as a second loan. The second Iowa mortgage assistance program is the only choice available through Homes for Iowans. Both programs allow you to finance as much as 5% of the home's purchase price for the down payment, with the amount not restricted by an upper limit. There are no monthly installments; the loan is to be repaid when the residence is sold, refinanced, or repayment of the first mortgage is made. These funds are open to be used for closing costs as well as down payment.
IFA Military Homeownership Assistance Program
This Iowa Finance Authority program is designed to help military personnel and former soldiers and surviving spouses purchase a home by offering a $5,000 grant. Such Iowa grants for homeowners can be combined with financing from either the IFA's FirstHome or Homes for Iowans loan options or a mortgage from another approved lender.
There are several criteria applicants must meet to pass for the assistance:
- First, this Iowa grant for homeowners must be approved before closing on a property.
- In addition, the residence bought with the grant money must be a single-family house, townhouse, condominium, or four-unit building if making one of the units their primary domicile.
Please note that funding for this program is limited. Therefore, check with IFA regarding the current availability of funds.
Other Iowa Homebuyer Programs
The below mentioned programs are for informational purposes only and may not be offered by Total Mortgage. We strive to provide comprehensive information about various mortgage assistance options available in the market. Eligibility requirements and program availability vary depending on your location, income, and loan type. We recommend you contact a Total Mortgage Loan Officer directly for details on qualification and enrollment. Check your eligibility(app.totalmortgage.com/apply?utm_source=assistance-programs)
Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.
Des Moines homebuyer assistance
The City of Des Moines provides various first-time home buyer Iowa programs through four local non-profit organizations: HOME, Inc., Greater Des Moines Habitat for Humanity, Neighborhood Finance Corporation, and Neighborhood Development Corporation. These programs help residents interested in buying in Iowa.
Iowa City homebuyer assistance
Addressing racial disparities in homeownership, Iowa City has teamed with GreenState Credit Union and Hills Bank to boost access through an innovative public-private partnership. This initiative supplies down payment aid up to nearly $24,999 to qualified applicants. Criteria for the assistance include annual income below 80% of the area median, securing financing from one of the banks after financial counseling, and contributing a minimum of $250 toward settlement.
FHA Loans
Borrowers seeking home financing through an FHA-backed mortgage can expect more lenient creditworthiness conditions and down payment requirements as compared to traditional purchase loans. While credit profiles hovering around the 580 mark may gain approval for an FHA alternative, a nominal 3.5% of the home's price secures the deal. On the other hand, a 500-range credit standing may carry the deal with a sizable 10% down payment commitment.
VA Loans
Loans guaranteed through the US Department of Veterans Affairs are intended to help eligible military veterans, active duty personnel, and surviving spouses acquire a primary residence, refinance an existing mortgage, or cover renovation costs. They seem lucrative to first-time home buyers in Iowa owing to no down payment, no PMI, and competitive interest rates facilities.
USDA Loans
To be considered for a USDA loan, the home must be in a designated rural area. For first-timers who meet this location criteria, USDA loans are attractive because no down payment is necessary.
Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.
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Mortgage rates are volatile and subject to change without notice. All rates shown are for 30-day rate locks with two and a half points for a single family owner-occupied primary residence with 750 or higher FICO and 80 LTV over a 30-year loan term except where otherwise noted and are subject to mortgage approval with full documentation of income. The APR for a 30-year and 15-year conventional fixed-rate mortgage loans are calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, a $10 flood certification fee, and a $82 credit report fee.* 15-year conventional mortgage rates are calculated with a 15-year loan term.* The APR for jumbo mortgage rates is calculated using a loan amount of $500,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee.* The APR for FHA mortgage rates is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee. Some rates and fees may vary by state.* The APR for adjustable rate mortgages (ARMs) is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee and a $82 credit report fee. Some rates and fees may vary by state. Products are subject to availability on a state-by-state basis. By refinancing your existing loan, your total finance charge may be higher over the life of the loan.
