Alexandria FHA Loan Rates, Closing Costs & Stats

Alexandria, MN

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    • 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 23 lenders originated 51 FHA loans during 2023. The total origination value was $11,665,000, with an average FHA loan value of $228,725.

    Alexandria FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Alexandria averaged 7.05% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Alexandria's average FHA mortgage closing costs are $7,327.

    The average rate for the prior week (2024-04-12) was 6.74% and one month ago for the week of 2024-03-15, the average rate was 6.51%.

    The average rate one year ago was 6.14%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    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.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    First Western Bank & Trust 10 6.65% $9,012
    QUICKEN LOANS, LLC 7 6.34% $10,566
    UNITED WHOLESALE MORTGAGE, LLC 6 5.98% $11,108
    FREEDOM MORTGAGE CORPORATION 3 6.67% $11,800
    PREMIER MORTGAGE RESOURCES, L.L.C. 2 7.44% $11,994
    LOANDEPOT.COM, LLC 2 6.19% $15,199
    Servion, Inc. 2 7.06% $7,324
    HOMEOWNERS FINANCIAL GROUP USA, LLC 2 7.06% $11,303
    PENNYMAC LOAN SERVICES, LLC 2 6.19% $11,376
    Mortgage Research Center, LLC 1 6.13% $6,141
    NEWREZ LLC 1 6.13% $13,882
    PLANET HOME LENDING, LLC 1 6.50% $8,965
    PLAZA HOME MORTGAGE, INC. 1 6.50% $11,490
    AMERICAN FINANCIAL NETWORK, INC. 1 7.75% $8,703
    U.S. Bank 1 5.99% $6,912
    AMERISAVE MORTGAGE CORPORATION 1 6.75% $16,357
    Bell Bank 1 6.75% $6,890
    BROKER SOLUTIONS, INC. 1 6.75% $11,873
    CROSSCOUNTRY MORTGAGE, LLC 1 7.25% $10,085
    EVERETT FINANCIAL, INC. 1 6.13% $11,267
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.00% $8,272
    Flagstar Bank, FSB 1 6.25% $4,144
    Gate City Bank 1 6.63% $5,496

    The top Alexandria FHA lender as defined by loan originations is First Western Bank & Trust, with 10 FHA loans originated. Their average total fees are $9,012, which is $1,554 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Alexandria FHA lenders (with over 10 loans originated) are First Western Bank & Trust ($9,012), .

    The lowest rate Alexandria FHA lenders (with over 10 loans originated) are First Western Bank & Trust (6.65%), .

    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. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $249,900 (8.8%) $288,883 (4.2%) 0.00 194
    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 (3.1%) $312,167 (2.8%) 0.00 232
    2018-05-01 $272,675 (9.1%) $327,935 (8.7%) 0.00 272
    2018-06-01 $269,900 (8.0%) $327,272 (8.2%) 0.00 300
    2018-07-01 $263,025 (3.2%) $320,400 (0.5%) 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 (4.4%) 0.00 249
    2018-12-01 $279,900 (12.0%) $329,281 (11.9%) 0.00 202
    2019-01-01 $279,375 (11.8%) $315,816 (9.3%) 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%) $347,459 (5.0%) 0.00 101
    2020-12-01 $299,900 (3.8%) $366,938 (11.9%) 0.00 78
    2021-01-01 $299,900 (3.8%) $355,964 (12.2%) 0.00 59
    2021-02-01 $288,950 (-1.5%) $351,978 (8.2%) 0.00 62
    2021-03-01 $292,175 (-2.6%) $353,984 (6.3%) 0.00 49
    2021-04-01 $293,700 (-3.7%) $388,930 (14.3%) 0.00 54
    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 (10.1%) 0.00 64
    2021-12-01 $259,950 (-13.3%) $351,820 (-4.1%) 0.00 51
    2022-01-01 $225,000 (-25.0%) $332,723 (-6.5%) 0.00 40
    2022-02-01 $246,450 (-14.7%) $346,520 (-1.6%) 0.00 34
    2022-03-01 $272,950 (-6.6%) $340,595 (-3.8%) 0.00 41
    2022-04-01 $297,450 (1.3%) $422,670 (8.7%) 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
    2023-09-01 $388,700 (16.4%) $445,381 (0.5%) 0.00 115
    2023-10-01 $386,850 (17.6%) $449,127 (-0.5%) 0.00 110
    2023-11-01 $391,000 (24.6%) $450,927 (-3.7%) 0.00 98
    2023-12-01 $397,375 (29.2%) $465,096 (6.0%) 0.00 74
    2024-01-01 $392,450 (27.2%) $464,047 (25.5%) 0.00 63
    2024-02-01 $399,400 (29.4%) $450,971 (13.0%) 0.00 69
    2024-03-01 $435,000 (28.3%) $495,048 (25.8%) 0.00 80
    Alexandria's median listing price for 2024-03-01 was $435,000, a difference of $96,000 (28.3%) versus the prior year and $35,600 versus the prior month.

    Alexandria's median listing price comes in at 0% of the national average.

    Alexandria's average listing price for 2024-03-01 was $495,048, a difference of $101,438 (25.8%) versus the prior year and $44,077 versus the prior month.

    For the 2024-03-01 period, Alexandria had 80 MLS listings, a difference of 11 listings (16%) versus the prior month and 33 listings (70%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Alexandria (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,969 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 1,981 sqft
    2019-01-01 0 days 1,949 sqft
    2019-02-01 0 days 1,906 sqft
    2019-03-01 0 days 1,934 sqft
    2019-04-01 0 days 1,953 sqft
    2019-05-01 0 days 1,848 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 2,016 sqft
    2020-12-01 0 days 1,975 sqft
    2021-01-01 0 days 1,792 sqft
    2021-02-01 0 days 1,820 sqft
    2021-03-01 0 days 1,838 sqft
    2021-04-01 0 days 1,980 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 1,853 sqft
    2021-11-01 0 days 1,951 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 1,966 sqft
    2022-04-01 0 days 2,048 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
    2023-09-01 0 days 2,081 sqft
    2023-10-01 0 days 2,059 sqft
    2023-11-01 0 days 2,016 sqft
    2023-12-01 0 days 2,010 sqft
    2024-01-01 0 days 1,985 sqft
    2024-02-01 0 days 1,958 sqft
    2024-03-01 0 days 2,028 sqft
    Alexandria's median listing age (time on market) for 2024-03-01 was 0 days.

    Alexandria's median square footage for active listings during the 2024-03-01 period was 2,028 sqft. One year prior, the average listing was 1,724 sqft.

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).