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US » Iowa

Key Questions:

    1. How at risk is Iowa to the subprime mortgage crisis?
    1. Loans taken out by home owners in Iowa are within a +/- 10 percent band of the national average. That is to say, Iowa will likely be affected by the subprime mortgage crisis just like the average county in the US.
    2. How stretched will home owners in Iowa be in paying off their mortgage?
    1. Homeowners in Iowa borrowed an average of 1.42 times their annual income for their mortgage. This compares to 1.83 for all of the US. Based on the national average, there will be a normal risk that Iowa homeowners will default on their mortgage payments in the coming years.
    3. Who are the leading lenders in Iowa?
    1. The leading lenders, by market share, are Wells Fargo Bank, Na, Countrywide Home Loans and Abn Amro Mortgage Group, Inc.. Do you have the best rate possible? Get quotes from mortgage lenders.
    4. How likely are the owners of homes in Iowa to actually live in them?
    1. 93.2% of home owners in Iowa that applied for a mortgage in 2006 live in their homes versus owning them as an investment property. This compares to the national average of 89.0%.
2006 Mortgage Research Iowa US
Total Applications 226,841 33,304,682
Average Loan $97.4k $184.9k
Loan to Income Ratio 1.42 1.83
Subprime Loans 11.49% 11.98%
Refinancing Loans 49.59% 50.05%
Principal Dwellings 93.20% 88.97%
Rejected Applications 11.78% 12.36%
Top Ten Lenders
# Name Share Apps
1 Wells Fargo Bank, Na 8.64% 19,590
2 Countrywide Home Loans 6.49% 14,733
3 Abn Amro Mortgage Group, Inc. 3.04% 6,888
4 Citimortgage, Inc 2.75% 6,234
5 Gmac Mortgage Llc 2.14% 4,848
6 Us Bank, N.A. 2.06% 4,683
7 Us Bank North Dakota 2.05% 4,644
8 Hfc Company Llc 2.04% 4,626
9 Beneficial Company Llc 2.01% 4,553
10 Wells Fargo Fin'L Iowa 3, Inc 1.98% 4,498