The present invention provides iron-based infiltration methods for manufacturing powder metallurgy components, compositions prepared from those methods, and methods of designing those infiltration methods. Iron-based infiltration methods table include the steps of providing an iron-based infiltrant composed of a near eutectic liquidus composition of a first iron based alloy system and an iron-based base compact composed of a near eutectic solidus powder composition of a second iron based alloy system. The base compact is placed in contact with the infiltrant and heated to a process temperature above the melting point of the infiltrant to form a liquid component of the infiltrant. Lastly, the base compact is infiltrated with the liquid component of the infiltrant. During infiltration, the liquid component of the infiltrant flows into the pores of the base compact.