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What is the housing market like right now? In September 2023, home prices in Iowa were up 6.2% compared to last year, selling for a median price. On average, the number of homes sold was down 18.7% year over year and there were 3,127 homes sold in September this year, down 3,847 homes sold in September last year.
In most cases, that means a credit score of 640 or higher and a debt-to-income ratio of 45% or lower. Home prices must also fall within location-specific limits. Just keep in mind that those are the minimums. Certain loans may require a higher credit score, lower debt-to-income ratio, or larger down payment.
Since the sale of real estate often involves substantial sums of money and the legal issues can be complex, a buyer should consider retaining an attorney to review the real estate sales contract before it is signed by the buyer.
Find a top local agent and make your home buying dreams a reality today! Step 1: Save for a down payment. ... Step 2: Find a great real estate agent in Iowa. ... Step 3: Get preapproved for a mortgage. ... Step 4: Choose the right location. ... Step 5: Start house hunting in Iowa. ... Step 6: Make an offer. ... Step 7: Inspections and appraisals.
Key Takeaways. The average price of a house in Iowa is $199,882, which is cheaper than the median home price in the U.S. You typically need a 20% down payment to qualify for a mortgage in Iowa. Nonetheless, you may qualify for low and zero-down-payment programs, which significantly reduces the cost of owning a home.