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 -0.68% for the week of 2024-02-23, compared to the national average (all FHA variants) of 0% for the same period.

Alexandria's average FHA mortgage closing costs are $6,889.

The average rate for the prior week (2024-02-16) was 6.06% and one month ago for the week of 2024-01-19, the average rate was 6.2%.

The average rate one year ago was 5.76%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.01%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
PLAZA HOME MORTGAGE, INC. 6 4.83% $7,565
QUICKEN LOANS, LLC 6 4.66% $11,030
Bell Bank 5 4.40% $7,683
First Western Bank & Trust 4 5.28% $8,167
PREMIER MORTGAGE RESOURCES, L.L.C. 2 6.94% $7,930
LOANDEPOT.COM, LLC 2 6.31% $12,860
Gate City Bank 2 4.50% $8,178
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.25% $9,739
FREEDOM MORTGAGE CORPORATION 1 3.50% $4,216
Heritage Bank 1 3.25% $6,165
LAKEVIEW LOAN SERVICING, LLC 1 2.88% $4,125
MORTGAGE ACCESS CORP. 1 4.25% $12,636
NEWREZ LLC 1 4.50% $7,513
OCMBC, INC. 1 6.25% $11,192
PENNYMAC LOAN SERVICES, LLC 1 4.00% $6,384
Prosperity Home Mortgage, LLC 1 5.63% $9,116
Servion, Inc. 1 4.88% $5,906
SUN WEST MORTGAGE COMPANY, INC. 1 5.38% $10,842
UNITED WHOLESALE MORTGAGE, LLC 1 4.88% $13,600
ACADEMY MORTGAGE CORPORATION 1 6.63% $9,227
U.S. Bank 1 4.75% $7,117
AMERIFIRST FINANCIAL CORPORATION 1 4.50% $21,164
BROKER SOLUTIONS, INC. 1 6.25% $6,318
CALIBER HOME LOANS, INC. 1 4.13% $6,534
Carrington Mortgage Services, LLC 1 6.63% $10,127
CMG MORTGAGE, INC. 1 3.75% $5,952
EVERETT FINANCIAL, INC. 1 5.13% $5,775

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. 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
Alexandria's median listing price for 2023-12-01 was $397,375, a difference of $89,875 (29.2%) versus the prior year and $6,375 versus the prior month.

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

Alexandria's average listing price for 2023-12-01 was $465,096, a difference of $26,483 (6.0%) versus the prior year and $14,169 versus the prior month.

For the 2023-12-01 period, Alexandria had 74 MLS listings, a difference of -24 listings (-24%) versus the prior month and 15 listings (25%) 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
Alexandria's median listing age (time on market) for 2023-12-01 was 0 days.

Alexandria's median square footage for active listings during the 2023-12-01 period was 2,010 sqft. One year prior, the average listing was 1,623 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).