Compare Polk, IA mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Polk.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Polk. Plus, shopping lenders is free and there is no obligation.
January 21, 2022
Below we provide helpful information on the real estate market, home prices and housing affordability in Polk. Understand how much you need to earn to afford a home in Polk, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Polk fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Polk is right for you.
The median home value for Polk, IA is $230,342
Based on current mortgage rates and a 10% down payment, you need to make $37,741 per year to buy the median priced home in Polk
With this income, you could qualify for a $207,308 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Polk is $874
The median household income for Polk, IA is $72,330
Based on this income, you can afford a home valued at approximately $441,450
The home price you can afford to buy based on household income in Polk is 192% of the median home value which means housing prices are average. Polk ranks 95 out of 99 counties in Iowa and 1,904 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Polk, IA is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Polk below.
Conforming loan limits for Polk, IA
FHA loan limits for Polk, IA