Austin FHA Loan Rates, Closing Costs & Stats

Austin, 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.

    Austin's 29 lenders originated 125 FHA loans during 2023. The total origination value was $21,235,000, with an average FHA loan value of $169,880.

    Austin FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Austin averaged 6.37% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Austin's average FHA mortgage closing costs are $5,915.

    The average rate for the prior week (2024-11-01) was 6.54% and one month ago for the week of 2024-10-04, the average rate was 5.86%.

    The average rate one year ago was 7.61%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.33%.

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

    Austin 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 Austin level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 35 6.99% $7,746
    LAND HOME FINANCIAL SERVICES, INC. 18 6.46% $8,750
    QUICKEN LOANS, LLC 14 6.41% $8,507
    LOANDEPOT.COM, LLC 6 6.71% $9,690
    UNITED WHOLESALE MORTGAGE, LLC 5 6.65% $9,064
    Bell Bank 4 6.81% $8,393
    Prosperity Home Mortgage, LLC 4 7.12% $7,097
    Home Federal Savings Bank 3 6.92% $7,188
    GUARANTEED RATE, INC. 3 6.50% $9,803
    UNION HOME MORTGAGE CORP. 2 7.50% $8,636
    PLAZA HOME MORTGAGE, INC. 2 6.88% $9,984
    LAKEVIEW LOAN SERVICING, LLC 2 6.50% $11,114
    Paramount Residential Mortgage Group, Inc. 1 5.25% $11,424
    Plains Commerce Bank 1 7.00% $7,802
    RUOFF MORTGAGE COMPANY, INC. 1 6.00% $7,191
    TOWNE MORTGAGE COMPANY 1 6.63% $7,264
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.63% $7,822
    U.S. Bank 1 7.63% $3,953
    CARDINAL FINANCIAL 1 7.38% $7,785
    Carrington Mortgage Services, LLC 1 6.88% $15,089
    Century Mortgage Company DBA Century Lending Company 1 6.75% $7,109
    ENVOY MORTGAGE, LTD 1 6.75% $7,030
    GSF Mortgage Corporation 1 6.13% $4,915
    MID AMERICA MORTGAGE, INC. 1 6.25% $8,594
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $10,234
    MOVEMENT MORTGAGE, LLC 1 6.50% $7,067
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $10,457
    NEWREZ LLC 1 6.75% $7,504
    NFM, INC. 1 7.13% $9,847

    The top Austin FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 35 FHA loans originated. Their average total fees are $7,746, which is $1,004 lower than the next largest lender, LAND HOME FINANCIAL SERVICES, INC..

    The lowest fee Austin FHA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,746), QUICKEN LOANS, LLC ($8,507), LAND HOME FINANCIAL SERVICES, INC. ($8,750), .

    The lowest rate Austin FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.41%), LAND HOME FINANCIAL SERVICES, INC. (6.46%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.99%), .

    Austin FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    AUSTIN, MN MOWER 2022 $420,680 $538,650 $651,050 $809,150
    AUSTIN, MN MOWER 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Austin (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 $113,375 (23.6%) $133,635 (12.5%) 0.00 78
    2018-02-01 $119,900 (33.9%) $131,742 (12.5%) 0.00 63
    2018-03-01 $119,900 (33.4%) $137,425 (10.5%) 0.00 73
    2018-04-01 $144,800 (52.4%) $171,809 (36.3%) 0.00 79
    2018-05-01 $149,225 (42.8%) $180,422 (38.2%) 0.00 88
    2018-06-01 $142,825 (35.8%) $174,242 (32.2%) 0.00 94
    2018-07-01 $149,925 (50.1%) $185,988 (42.3%) 0.00 96
    2018-08-01 $148,550 (30.9%) $180,334 (32.0%) 0.00 113
    2018-09-01 $146,900 (36.1%) $181,626 (30.4%) 0.00 124
    2018-10-01 $137,550 (21.2%) $184,994 (29.8%) 0.00 116
    2018-11-01 $137,425 (25.8%) $179,394 (30.7%) 0.00 125
    2018-12-01 $124,950 (14.6%) $164,176 (20.9%) 0.00 118
    2019-01-01 $115,000 (1.4%) $161,039 (20.5%) 0.00 99
    2019-02-01 $112,200 (-6.4%) $150,974 (14.6%) 0.00 80
    2019-03-01 $128,357 (7.1%) $164,511 (19.7%) 0.00 88
    2019-04-01 $147,207 (1.7%) $181,177 (5.5%) 0.00 99
    2019-05-01 $138,975 (-6.9%) $175,092 (-3.0%) 0.00 126
    2019-06-01 $149,000 (4.3%) $187,176 (7.4%) 0.00 119
    2019-07-01 $153,950 (2.7%) $184,668 (-0.7%) 0.00 134
    2019-08-01 $157,736 (6.2%) $186,608 (3.5%) 0.00 136
    2019-09-01 $160,416 (9.2%) $190,073 (4.7%) 0.00 134
    2019-10-01 $158,402 (15.2%) $191,038 (3.3%) 0.00 133
    2019-11-01 $177,000 (28.8%) $195,333 (8.9%) 0.00 129
    2019-12-01 $179,900 (44.0%) $200,126 (21.9%) 0.00 113
    2020-01-01 $184,925 (60.8%) $200,355 (24.4%) 0.00 96
    2020-02-01 $179,900 (60.3%) $194,646 (28.9%) 0.00 86
    2020-03-01 $161,225 (25.6%) $186,576 (13.4%) 0.00 97
    2020-04-01 $145,550 (-1.1%) $187,566 (3.5%) 0.00 94
    2020-05-01 $159,450 (14.7%) $197,763 (13.0%) 0.00 86
    2020-06-01 $175,825 (18.0%) $211,636 (13.1%) 0.00 85
    2020-07-01 $153,075 (-0.6%) $201,013 (8.9%) 0.00 87
    2020-08-01 $149,900 (-5.0%) $195,528 (4.8%) 0.00 88
    2020-09-01 $148,150 (-7.7%) $189,112 (-0.5%) 0.00 88
    2020-10-01 $145,000 (-8.5%) $176,463 (-7.6%) 0.00 81
    2020-11-01 $127,400 (-28.0%) $162,763 (-16.7%) 0.00 76
    2020-12-01 $126,450 (-29.7%) $165,290 (-17.4%) 0.00 68
    2021-01-01 $124,900 (-32.5%) $168,188 (-16.1%) 0.00 46
    2021-02-01 $132,400 (-26.4%) $182,883 (-6.0%) 0.00 40
    2021-03-01 $141,400 (-12.3%) $206,782 (10.8%) 0.00 40
    2021-04-01 $151,200 (3.9%) $216,047 (15.2%) 0.00 48
    2021-05-01 $144,950 (-9.1%) $209,522 (6.0%) 0.00 53
    2021-06-01 $139,450 (-20.7%) $204,087 (-3.6%) 0.00 48
    2021-07-01 $139,900 (-8.6%) $182,714 (-9.1%) 0.00 61
    2021-08-01 $139,900 (-6.7%) $196,160 (0.3%) 0.00 55
    2021-09-01 $142,425 (-3.9%) $191,142 (1.1%) 0.00 67
    2021-10-01 $144,000 (-0.7%) $180,458 (2.3%) 0.00 68
    2021-11-01 $148,450 (16.5%) $184,019 (13.1%) 0.00 64
    2021-12-01 $137,400 (8.7%) $168,462 (1.9%) 0.00 50
    2022-01-01 $139,900 (12.0%) $177,241 (5.4%) 0.00 36
    2022-02-01 $136,200 (2.9%) $161,088 (-11.9%) 0.00 37
    2022-03-01 $144,400 (2.1%) $172,334 (-16.7%) 0.00 27
    2022-04-01 $177,450 (17.4%) $205,421 (-4.9%) 0.00 24
    2022-05-01 $181,125 (25.0%) $218,828 (4.4%) 0.00 33
    2022-06-01 $191,600 (37.4%) $238,096 (16.7%) 0.00 47
    2022-07-01 $179,900 (28.6%) $208,043 (13.9%) 0.00 58
    2022-08-01 $202,700 (44.9%) $229,950 (17.2%) 0.00 60
    2022-09-01 $204,450 (43.6%) $236,654 (23.8%) 0.00 65
    2022-10-01 $200,000 (38.9%) $244,544 (35.5%) 0.00 71
    2022-11-01 $185,575 (25.0%) $235,747 (28.1%) 0.00 78
    2022-12-01 $179,900 (30.9%) $231,665 (37.5%) 0.00 62
    2023-01-01 $185,700 (32.7%) $238,108 (34.3%) 0.00 55
    2023-02-01 $186,500 (36.9%) $243,238 (51.0%) 0.00 49
    2023-03-01 $178,900 (23.9%) $238,103 (38.2%) 0.00 52
    2023-04-01 $191,450 (7.9%) $230,941 (12.4%) 0.00 50
    2023-05-01 $198,700 (9.7%) $248,478 (13.6%) 0.00 47
    2023-06-01 $234,975 (22.6%) $258,278 (8.5%) 0.00 64
    2023-07-01 $239,900 (33.4%) $267,643 (28.7%) 0.00 71
    2023-08-01 $236,150 (16.5%) $266,689 (16.0%) 0.00 79
    2023-09-01 $199,950 (-2.2%) $251,939 (6.5%) 0.00 87
    2023-10-01 $196,925 (-1.5%) $248,104 (1.5%) 0.00 78
    2023-11-01 $210,000 (13.2%) $255,764 (8.5%) 0.00 80
    2023-12-01 $209,900 (16.7%) $260,483 (12.4%) 0.00 69
    2024-01-01 $199,150 (7.2%) $266,414 (11.9%) 0.00 62
    2024-02-01 $218,450 (17.1%) $276,152 (13.5%) 0.00 51
    2024-03-01 $199,450 (11.5%) $273,958 (15.1%) 0.00 44
    2024-04-01 $219,900 (14.9%) $280,377 (21.4%) 0.00 35
    2024-05-01 $236,150 (18.9%) $292,484 (17.7%) 0.00 49
    2024-06-01 $239,450 (1.9%) $285,102 (10.4%) 0.00 66
    2024-07-01 $231,425 (-3.5%) $271,263 (1.4%) 0.00 74
    2024-08-01 $231,999 (-1.8%) $281,253 (5.5%) 0.00 87
    2024-09-01 $254,425 (27.2%) $306,641 (21.7%) 0.00 92
    2024-10-01 $222,175 (12.8%) $286,685 (15.6%) 0.00 91
    Austin's median listing price for 2024-10-01 was $222,175, a difference of $25,250 (12.8%) versus the prior year and $-32,250 versus the prior month.

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

    Austin's average listing price for 2024-10-01 was $286,685, a difference of $38,581 (15.6%) versus the prior year and $-19,956 versus the prior month.

    For the 2024-10-01 period, Austin had 91 MLS listings, a difference of -1 listings (-1%) versus the prior month and 13 listings (17%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Austin (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,112 sqft
    2018-02-01 0 days 2,154 sqft
    2018-03-01 0 days 2,184 sqft
    2018-04-01 0 days 2,350 sqft
    2018-05-01 0 days 2,342 sqft
    2018-06-01 0 days 2,186 sqft
    2018-07-01 0 days 2,338 sqft
    2018-08-01 0 days 2,294 sqft
    2018-09-01 0 days 2,320 sqft
    2018-10-01 0 days 2,277 sqft
    2018-11-01 0 days 2,326 sqft
    2018-12-01 0 days 2,131 sqft
    2019-01-01 0 days 1,428 sqft
    2019-02-01 0 days 1,380 sqft
    2019-03-01 0 days 1,509 sqft
    2019-04-01 0 days 1,618 sqft
    2019-05-01 0 days 1,645 sqft
    2019-06-01 0 days 1,682 sqft
    2019-07-01 0 days 1,813 sqft
    2019-08-01 0 days 1,861 sqft
    2019-09-01 0 days 1,892 sqft
    2019-10-01 0 days 1,908 sqft
    2019-11-01 0 days 1,911 sqft
    2019-12-01 0 days 2,005 sqft
    2020-01-01 0 days 2,085 sqft
    2020-02-01 0 days 1,945 sqft
    2020-03-01 0 days 1,759 sqft
    2020-04-01 0 days 1,712 sqft
    2020-05-01 0 days 1,780 sqft
    2020-06-01 0 days 1,885 sqft
    2020-07-01 0 days 1,820 sqft
    2020-08-01 0 days 1,835 sqft
    2020-09-01 0 days 1,876 sqft
    2020-10-01 0 days 1,593 sqft
    2020-11-01 0 days 1,579 sqft
    2020-12-01 0 days 1,527 sqft
    2021-01-01 0 days 1,487 sqft
    2021-02-01 0 days 1,521 sqft
    2021-03-01 0 days 1,465 sqft
    2021-04-01 0 days 1,590 sqft
    2021-05-01 0 days 1,509 sqft
    2021-06-01 0 days 1,509 sqft
    2021-07-01 0 days 1,495 sqft
    2021-08-01 0 days 1,501 sqft
    2021-09-01 0 days 1,515 sqft
    2021-10-01 0 days 1,527 sqft
    2021-11-01 0 days 1,599 sqft
    2021-12-01 0 days 1,456 sqft
    2022-01-01 0 days 1,444 sqft
    2022-02-01 0 days 1,850 sqft
    2022-03-01 0 days 1,878 sqft
    2022-04-01 0 days 2,135 sqft
    2022-05-01 0 days 1,509 sqft
    2022-06-01 0 days 1,899 sqft
    2022-07-01 0 days 1,713 sqft
    2022-08-01 0 days 1,768 sqft
    2022-09-01 0 days 1,866 sqft
    2022-10-01 0 days 1,884 sqft
    2022-11-01 0 days 1,870 sqft
    2022-12-01 0 days 1,712 sqft
    2023-01-01 0 days 1,811 sqft
    2023-02-01 0 days 1,825 sqft
    2023-03-01 0 days 1,727 sqft
    2023-04-01 0 days 1,724 sqft
    2023-05-01 0 days 1,889 sqft
    2023-06-01 0 days 1,908 sqft
    2023-07-01 0 days 1,941 sqft
    2023-08-01 0 days 1,895 sqft
    2023-09-01 0 days 1,837 sqft
    2023-10-01 0 days 1,857 sqft
    2023-11-01 0 days 1,921 sqft
    2023-12-01 0 days 1,921 sqft
    2024-01-01 0 days 1,953 sqft
    2024-02-01 0 days 1,965 sqft
    2024-03-01 0 days 1,833 sqft
    2024-04-01 0 days 1,672 sqft
    2024-05-01 0 days 1,589 sqft
    2024-06-01 0 days 1,773 sqft
    2024-07-01 0 days 1,822 sqft
    2024-08-01 0 days 1,768 sqft
    2024-09-01 0 days 1,948 sqft
    2024-10-01 0 days 1,712 sqft
    Austin's median listing age (time on market) for 2024-10-01 was 0 days.

    Austin's median square footage for active listings during the 2024-10-01 period was 1,712 sqft. One year prior, the average listing was 1,857 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).