Alexandria FHA Loan Rates, Closing Costs & Stats
Alexandria, MN
FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.
FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.
While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.
For additional requirements as defined by the FHA, click here.
Alexandria's 27 lenders originated 54 FHA loans during 2022. The total origination value was $10,510,000, with an average FHA loan value of $194,630.
Alexandria FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Alexandria
averaged
6.75%
for the week of 2023-09-22, compared to the national average (all FHA variants) of
7.036% for the same period.
Alexandria's average FHA mortgage closing costs are $6,889.
The average rate for the prior week (2023-09-15) was
6.41% and
one month ago for the week of 2023-08-18, the
average rate was 6.42%.
The average rate one year ago was 5.5%.
For refis of the same type during the week of 2023-09-22, the average rate
was 6.13%.
Alexandria FHA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Alexandria level.
The top Alexandria FHA lender as defined by loan originations is PLAZA HOME MORTGAGE, INC., with
6 FHA loans originated. Their average total fees are
$7,565, which is $3,465
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Alexandria FHA lenders (with over 10 loans originated) are
.
The lowest rate Alexandria FHA lenders (with over 10 loans originated) are
.
Alexandria FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
ALEXANDRIA, MN | DOUGLAS | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
ALEXANDRIA, MN | DOUGLAS | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Alexandria (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $249,900 (8.8%) | $288,635 (4.2%) | 0.00 | 195 |
2018-02-01 | $249,900 (6.1%) | $292,205 (2.9%) | 0.00 | 199 |
2018-03-01 | $257,000 (4.4%) | $308,598 (4.3%) | 0.00 | 207 |
2018-04-01 | $265,950 (3.7%) | $312,167 (3.1%) | 0.00 | 232 |
2018-05-01 | $272,675 (9.1%) | $327,935 (8.7%) | 0.00 | 272 |
2018-06-01 | $269,900 (7.0%) | $327,272 (8.2%) | 0.00 | 300 |
2018-07-01 | $263,025 (2.7%) | $320,400 (0.6%) | 0.00 | 313 |
2018-08-01 | $266,750 (2.6%) | $319,738 (-1.3%) | 0.00 | 330 |
2018-09-01 | $264,950 (2.1%) | $315,160 (-3.0%) | 0.00 | 346 |
2018-10-01 | $273,950 (9.6%) | $315,930 (4.1%) | 0.00 | 297 |
2018-11-01 | $277,500 (11.0%) | $316,317 (4.5%) | 0.00 | 249 |
2018-12-01 | $279,900 (12.0%) | $329,281 (12.0%) | 0.00 | 202 |
2019-01-01 | $279,375 (11.8%) | $315,816 (9.4%) | 0.00 | 177 |
2019-02-01 | $277,000 (10.8%) | $315,105 (7.8%) | 0.00 | 171 |
2019-03-01 | $284,186 (10.6%) | $323,421 (4.8%) | 0.00 | 187 |
2019-04-01 | $289,900 (9.0%) | $333,288 (6.8%) | 0.00 | 216 |
2019-05-01 | $284,900 (4.5%) | $321,555 (-2.0%) | 0.00 | 255 |
2019-06-01 | $274,900 (1.9%) | $318,104 (-2.8%) | 0.00 | 265 |
2019-07-01 | $271,350 (3.2%) | $312,958 (-2.3%) | 0.00 | 261 |
2019-08-01 | $276,973 (3.8%) | $317,308 (-0.8%) | 0.00 | 260 |
2019-09-01 | $281,432 (6.2%) | $321,156 (1.9%) | 0.00 | 251 |
2019-10-01 | $285,200 (4.1%) | $324,090 (2.6%) | 0.00 | 243 |
2019-11-01 | $294,950 (6.3%) | $330,863 (4.6%) | 0.00 | 213 |
2019-12-01 | $288,925 (3.2%) | $327,795 (-0.5%) | 0.00 | 189 |
2020-01-01 | $288,900 (3.4%) | $317,282 (0.5%) | 0.00 | 148 |
2020-02-01 | $293,450 (5.9%) | $325,169 (3.2%) | 0.00 | 144 |
2020-03-01 | $299,900 (5.5%) | $333,156 (3.0%) | 0.00 | 156 |
2020-04-01 | $304,950 (5.2%) | $340,394 (2.1%) | 0.00 | 173 |
2020-05-01 | $309,000 (8.5%) | $349,361 (8.7%) | 0.00 | 193 |
2020-06-01 | $304,425 (10.7%) | $346,123 (8.8%) | 0.00 | 184 |
2020-07-01 | $315,900 (16.4%) | $342,704 (9.5%) | 0.00 | 169 |
2020-08-01 | $319,950 (15.5%) | $353,085 (11.3%) | 0.00 | 168 |
2020-09-01 | $317,950 (13.0%) | $354,701 (10.5%) | 0.00 | 154 |
2020-10-01 | $315,000 (10.5%) | $367,161 (13.3%) | 0.00 | 139 |
2020-11-01 | $299,900 (1.7%) | $346,932 (4.9%) | 0.00 | 101 |
2020-12-01 | $299,900 (3.8%) | $364,998 (11.4%) | 0.00 | 79 |
2021-01-01 | $299,900 (3.8%) | $353,081 (11.3%) | 0.00 | 60 |
2021-02-01 | $288,925 (-1.5%) | $349,147 (7.4%) | 0.00 | 63 |
2021-03-01 | $289,175 (-3.6%) | $350,731 (5.3%) | 0.00 | 50 |
2021-04-01 | $293,700 (-3.7%) | $385,181 (13.2%) | 0.00 | 55 |
2021-05-01 | $299,900 (-2.9%) | $373,931 (7.0%) | 0.00 | 64 |
2021-06-01 | $303,225 (-0.4%) | $368,559 (6.5%) | 0.00 | 85 |
2021-07-01 | $298,000 (-5.7%) | $368,592 (7.6%) | 0.00 | 90 |
2021-08-01 | $303,725 (-5.1%) | $373,224 (5.7%) | 0.00 | 104 |
2021-09-01 | $314,250 (-1.2%) | $364,135 (2.7%) | 0.00 | 109 |
2021-10-01 | $299,950 (-4.8%) | $375,928 (2.4%) | 0.00 | 83 |
2021-11-01 | $298,000 (-0.6%) | $382,666 (10.3%) | 0.00 | 64 |
2021-12-01 | $259,950 (-13.3%) | $351,820 (-3.6%) | 0.00 | 51 |
2022-01-01 | $225,000 (-25.0%) | $332,723 (-5.8%) | 0.00 | 40 |
2022-02-01 | $246,450 (-14.7%) | $346,520 (-0.8%) | 0.00 | 34 |
2022-03-01 | $272,950 (-5.6%) | $340,595 (-2.9%) | 0.00 | 41 |
2022-04-01 | $297,450 (1.3%) | $422,670 (9.7%) | 0.00 | 50 |
2022-05-01 | $317,975 (6.0%) | $446,217 (19.3%) | 0.00 | 62 |
2022-06-01 | $312,450 (3.0%) | $466,911 (26.7%) | 0.00 | 78 |
2022-07-01 | $319,900 (7.4%) | $461,892 (25.3%) | 0.00 | 94 |
2022-08-01 | $345,925 (13.9%) | $490,802 (31.5%) | 0.00 | 91 |
2022-09-01 | $334,000 (6.3%) | $443,391 (21.8%) | 0.00 | 86 |
2022-10-01 | $329,000 (9.7%) | $451,209 (20.0%) | 0.00 | 82 |
2022-11-01 | $313,700 (5.3%) | $468,012 (22.3%) | 0.00 | 66 |
2022-12-01 | $307,500 (18.3%) | $438,613 (24.7%) | 0.00 | 59 |
2023-01-01 | $308,500 (37.1%) | $369,708 (11.1%) | 0.00 | 48 |
2023-02-01 | $308,750 (25.3%) | $399,053 (15.2%) | 0.00 | 45 |
2023-03-01 | $339,000 (24.2%) | $393,610 (15.6%) | 0.00 | 47 |
2023-04-01 | $397,450 (33.6%) | $442,114 (4.6%) | 0.00 | 42 |
2023-05-01 | $397,400 (25.0%) | $448,441 (0.5%) | 0.00 | 64 |
2023-06-01 | $420,950 (34.7%) | $505,445 (8.3%) | 0.00 | 88 |
2023-07-01 | $419,900 (31.3%) | $479,050 (3.7%) | 0.00 | 96 |
2023-08-01 | $397,450 (14.9%) | $468,243 (-4.6%) | 0.00 | 106 |
Alexandria's median listing price comes in at 0% of the national average.
Alexandria's average listing price for 2023-08-01 was $468,243, a difference of $-22,559 (-4.6%) versus the prior year and $-10,807 versus the prior month.
For the 2023-08-01 period, Alexandria had 106 MLS listings, a difference of 10 listings (10%) versus the prior month and 15 listings (16%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Alexandria (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 0 days | 1,944 sqft |
2018-02-01 | 0 days | 2,065 sqft |
2018-03-01 | 0 days | 2,091 sqft |
2018-04-01 | 0 days | 2,105 sqft |
2018-05-01 | 0 days | 2,028 sqft |
2018-06-01 | 0 days | 1,917 sqft |
2018-07-01 | 0 days | 1,922 sqft |
2018-08-01 | 0 days | 1,935 sqft |
2018-09-01 | 0 days | 1,934 sqft |
2018-10-01 | 0 days | 1,968 sqft |
2018-11-01 | 0 days | 1,873 sqft |
2018-12-01 | 0 days | 1,991 sqft |
2019-01-01 | 0 days | 1,960 sqft |
2019-02-01 | 0 days | 1,914 sqft |
2019-03-01 | 0 days | 1,938 sqft |
2019-04-01 | 0 days | 1,956 sqft |
2019-05-01 | 0 days | 1,858 sqft |
2019-06-01 | 0 days | 1,820 sqft |
2019-07-01 | 0 days | 1,820 sqft |
2019-08-01 | 0 days | 1,855 sqft |
2019-09-01 | 0 days | 1,909 sqft |
2019-10-01 | 0 days | 1,935 sqft |
2019-11-01 | 0 days | 1,920 sqft |
2019-12-01 | 0 days | 1,905 sqft |
2020-01-01 | 0 days | 1,825 sqft |
2020-02-01 | 0 days | 1,854 sqft |
2020-03-01 | 0 days | 1,880 sqft |
2020-04-01 | 0 days | 1,884 sqft |
2020-05-01 | 0 days | 1,992 sqft |
2020-06-01 | 0 days | 2,015 sqft |
2020-07-01 | 0 days | 2,051 sqft |
2020-08-01 | 0 days | 2,147 sqft |
2020-09-01 | 0 days | 2,267 sqft |
2020-10-01 | 0 days | 2,260 sqft |
2020-11-01 | 0 days | 2,005 sqft |
2020-12-01 | 0 days | 1,953 sqft |
2021-01-01 | 0 days | 1,788 sqft |
2021-02-01 | 0 days | 1,820 sqft |
2021-03-01 | 0 days | 1,821 sqft |
2021-04-01 | 0 days | 1,946 sqft |
2021-05-01 | 0 days | 1,808 sqft |
2021-06-01 | 0 days | 1,905 sqft |
2021-07-01 | 0 days | 2,031 sqft |
2021-08-01 | 0 days | 1,940 sqft |
2021-09-01 | 0 days | 1,916 sqft |
2021-10-01 | 0 days | 1,872 sqft |
2021-11-01 | 0 days | 1,952 sqft |
2021-12-01 | 0 days | 1,785 sqft |
2022-01-01 | 0 days | 1,823 sqft |
2022-02-01 | 0 days | 2,048 sqft |
2022-03-01 | 0 days | 1,974 sqft |
2022-04-01 | 0 days | 2,016 sqft |
2022-05-01 | 0 days | 1,653 sqft |
2022-06-01 | 0 days | 1,702 sqft |
2022-07-01 | 0 days | 1,642 sqft |
2022-08-01 | 0 days | 1,825 sqft |
2022-09-01 | 0 days | 1,590 sqft |
2022-10-01 | 0 days | 1,792 sqft |
2022-11-01 | 0 days | 1,709 sqft |
2022-12-01 | 0 days | 1,623 sqft |
2023-01-01 | 0 days | 1,624 sqft |
2023-02-01 | 0 days | 1,690 sqft |
2023-03-01 | 0 days | 1,724 sqft |
2023-04-01 | 0 days | 1,665 sqft |
2023-05-01 | 0 days | 1,750 sqft |
2023-06-01 | 0 days | 1,954 sqft |
2023-07-01 | 0 days | 2,029 sqft |
2023-08-01 | 0 days | 2,100 sqft |
Alexandria's median square footage for active listings during the 2023-08-01 period was 2,100 sqft. One year prior, the average listing was 1,825 sqft.