Brainerd FHA Loan Rates, Closing Costs & Stats

Brainerd, 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.

Brainerd's 56 lenders originated 272 FHA loans during 2021. The total origination value was $52,700,000, with an average FHA loan value of $193,750.

Brainerd FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Brainerd averaged 6.13% for the week of 2023-01-27, compared to the national average (all FHA variants) of 6.186% for the same period.

Brainerd's average FHA mortgage closing costs are $6,806.

The average rate for the prior week (2023-01-20) was 6.1% and one month ago for the week of 2022-12-23, the average rate was 6.19%.

The average rate one year ago was 3.58%.

For refis of the same type during the week of 2023-01-27, the average rate was 5.79%.

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

Brainerd 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 Brainerd level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
QUICKEN LOANS, LLC 35 2.73% $6,230
LOANDEPOT.COM, LLC 25 3.26% $8,029
Goldwater Bank, N.A. 21 3.17% $8,576
Servion, Inc. 15 2.80% $8,051
First Western Bank & Trust 11 2.76% $8,310
BAY EQUITY LLC 10 3.20% $10,018
Lend Smart Mortgage, LLC 10 3.09% $7,451
BROKER SOLUTIONS, INC. 8 3.09% $6,950
LAKEVIEW LOAN SERVICING, LLC 7 3.01% $4,304
Mr. Cooper ( Nationstar Mortgage ) 5 3.33% $5,114
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 3.10% $8,896
PENNYMAC LOAN SERVICES, LLC 5 2.85% $4,512
FREEDOM MORTGAGE CORPORATION 5 3.00% $3,931
CROSSCOUNTRY MORTGAGE, LLC 5 3.50% $7,992
Prosperity Home Mortgage, LLC 4 3.38% $5,918
UNITED WHOLESALE MORTGAGE, LLC 3 2.54% $7,163
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 3 3.50% $13,126
GUILD MORTGAGE COMPANY 3 2.33% $7,906
First Guaranty Mortgage Corporation 2 2.69% $9,209
U.S. Bank 2 3.00% $6,930
GUARANTEED RATE, INC. 2 2.94% $5,628
Waterstone Mortgage Corporation 2 3.13% $8,806
Heritage Bank 2 3.00% $6,866
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 2.50% $5,198
HOME POINT FINANCIAL CORPORATION 2 2.94% $6,390
PLAZA HOME MORTGAGE, INC. 2 3.06% $6,966
Plains Commerce Bank 2 2.81% $8,672
NATIONS RELIABLE LENDING, LLC 2 3.50% $5,969
Summit Mortgage Corporation 2 3.25% $5,721
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 3.00% $9,271
Bell Bank 2 2.81% $8,267
TOWNE MORTGAGE COMPANY 2 4.00% $6,857
Carrington Mortgage Services, LLC 2 3.13% $8,707
The Federal Savings Bank 1 2.75% $10,464
American Mortgage & Equity Consultants, Inc. 1 3.25% $3,963
AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.13% $6,135
AMERISAVE MORTGAGE CORPORATION 1 2.50% $5,848
Bank of England 1 3.25% $6,243
Barrington Bank & Trust Company, N.A. 1 3.25% $3,950
Bremer Bank 1 3.00% $10,416
CALIBER HOME LOANS, INC. 1 2.75% $3,504
EMBRACE HOME LOANS, INC. 1 2.75% $8,053
EVERETT FINANCIAL, INC. 1 3.13% $5,532
FLAT BRANCH MORTGAGE, INC. 1 3.13% $12,203
HOMESIDE FINANCIAL, LLC 1 2.38% $14,219
Mortgage Research Center, LLC 1 3.25% $5,643
Mortgages Unlimited Inc. 1 2.88% $9,005
Nations Lending Corporation 1 3.63% $15,177
NEWREZ LLC 1 2.88% $2,542
Paramount Residential Mortgage Group, Inc. 1 3.13% $7,521
PREMIER MORTGAGE RESOURCES, L.L.C. 1 3.00% $8,801
Sierra Pacific Mortgage Company, Inc. 1 3.13% $5,908
AMERICAN FINANCING CORPORATION 1 3.13% $8,994
TRUSTONE FINANCIAL FEDERAL CREDIT UNION 1 2.63% $13,269
UNIVERSAL LENDING CORPORATION 1 3.13% $7,076
VILLAGE CAPITAL MORTGAGE 1 3.63% $1,339

The top Brainerd FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 35 FHA loans originated. Their average total fees are $6,230, which is $1,798 lower than the next largest lender, LOANDEPOT.COM, LLC.

The lowest fee Brainerd FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($6,230), Lend Smart Mortgage, LLC ($7,451), LOANDEPOT.COM, LLC ($8,029), Servion, Inc. ($8,051) and First Western Bank & Trust ($8,310).

The lowest rate Brainerd FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.73%), First Western Bank & Trust (2.76%), Servion, Inc. (2.80%), Lend Smart Mortgage, LLC (3.09%) and Goldwater Bank, N.A. (3.17%).

Brainerd FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
BRAINERD, MN CASS 2022 $420,680 $538,650 $651,050 $809,150
BRAINERD, MN CROW WING 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Brainerd (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 $257,625 (9.6%) $391,210 (16.1%) 0.00 633
2018-02-01 $272,400 (9.4%) $410,904 (12.7%) 0.00 656
2018-03-01 $284,950 (6.6%) $411,869 (6.5%) 0.00 751
2018-04-01 $299,450 (7.0%) $423,006 (8.6%) 0.00 772
2018-05-01 $299,900 (7.2%) $417,687 (7.8%) 0.00 858
2018-06-01 $295,000 (3.5%) $410,891 (6.0%) 0.00 974
2018-07-01 $292,500 (2.7%) $414,853 (5.4%) 0.00 1,024
2018-08-01 $289,900 (3.6%) $404,288 (3.0%) 0.00 1,011
2018-09-01 $289,900 (3.7%) $416,742 (5.5%) 0.00 968
2018-10-01 $282,950 (1.4%) $420,943 (1.9%) 0.00 907
2018-11-01 $276,000 (2.3%) $410,459 (-0.1%) 0.00 773
2018-12-01 $265,400 (2.1%) $413,979 (7.4%) 0.00 623
2019-01-01 $258,700 (0.4%) $395,083 (1.0%) 0.00 551
2019-02-01 $272,675 (0.1%) $412,197 (0.3%) 0.00 561
2019-03-01 $291,643 (2.4%) $432,276 (5.0%) 0.00 638
2019-04-01 $299,900 (0.2%) $446,440 (5.5%) 0.00 744
2019-05-01 $299,900 (0.0%) $439,982 (5.3%) 0.00 863
2019-06-01 $299,000 (1.4%) $426,465 (3.8%) 0.00 955
2019-07-01 $299,000 (2.2%) $424,117 (2.2%) 0.00 1,008
2019-08-01 $297,173 (2.5%) $417,565 (3.3%) 0.00 998
2019-09-01 $293,082 (1.1%) $403,802 (-3.1%) 0.00 951
2019-10-01 $289,900 (2.5%) $392,345 (-6.8%) 0.00 908
2019-11-01 $279,900 (1.4%) $387,980 (-5.5%) 0.00 761
2019-12-01 $274,900 (3.6%) $375,920 (-9.2%) 0.00 599
2020-01-01 $269,950 (4.4%) $378,982 (-4.1%) 0.00 487
2020-02-01 $289,900 (6.3%) $398,223 (-3.4%) 0.00 521
2020-03-01 $299,900 (2.8%) $414,132 (-4.2%) 0.00 565
2020-04-01 $302,450 (0.9%) $420,117 (-5.9%) 0.00 614
2020-05-01 $299,900 (0.0%) $411,839 (-6.4%) 0.00 661
2020-06-01 $293,500 (-1.8%) $409,435 (-4.0%) 0.00 634
2020-07-01 $295,000 (-1.3%) $400,494 (-5.6%) 0.00 570
2020-08-01 $299,900 (0.9%) $417,007 (-0.1%) 0.00 526
2020-09-01 $304,500 (3.9%) $429,104 (6.3%) 0.00 461
2020-10-01 $289,900 (0.0%) $420,755 (7.2%) 0.00 393
2020-11-01 $299,450 (7.0%) $432,567 (11.5%) 0.00 322
2020-12-01 $299,675 (9.0%) $418,256 (11.3%) 0.00 254
2021-01-01 $299,000 (10.8%) $407,217 (7.5%) 0.00 201
2021-02-01 $302,000 (4.2%) $453,848 (14.0%) 0.00 186
2021-03-01 $327,450 (9.2%) $478,627 (15.6%) 0.00 190
2021-04-01 $332,225 (9.8%) $516,327 (22.9%) 0.00 196
2021-05-01 $349,900 (16.7%) $501,587 (21.8%) 0.00 216
2021-06-01 $336,000 (14.5%) $490,070 (19.7%) 0.00 253
2021-07-01 $349,900 (18.6%) $515,517 (28.7%) 0.00 297
2021-08-01 $339,900 (13.3%) $511,402 (22.6%) 0.00 330
2021-09-01 $359,450 (18.1%) $524,112 (22.1%) 0.00 362
2021-10-01 $349,900 (20.7%) $547,483 (30.1%) 0.00 312
2021-11-01 $349,900 (16.9%) $529,484 (22.4%) 0.00 227
2021-12-01 $347,400 (15.9%) $493,602 (18.0%) 0.00 182
2022-01-01 $353,400 (18.2%) $508,480 (24.9%) 0.00 139
2022-02-01 $391,800 (29.7%) $517,486 (14.0%) 0.00 144
2022-03-01 $425,450 (29.9%) $576,639 (20.5%) 0.00 156
2022-04-01 $419,900 (26.4%) $573,929 (11.2%) 0.00 209
2022-05-01 $422,325 (20.7%) $598,829 (19.4%) 0.00 239
2022-06-01 $422,175 (25.7%) $594,008 (21.2%) 0.00 289
2022-07-01 $425,000 (21.5%) $621,899 (20.6%) 0.00 358
2022-08-01 $413,425 (21.6%) $604,852 (18.3%) 0.00 370
2022-09-01 $413,644 (15.1%) $583,688 (11.4%) 0.00 365
2022-10-01 $420,000 (20.0%) $572,923 (4.7%) 0.00 339
2022-11-01 $414,900 (18.6%) $577,868 (9.1%) 0.00 292
2022-12-01 $401,150 (15.5%) $544,574 (10.3%) 0.00 239
Brainerd's median listing price for 2022-12-01 was $401,150, a difference of $53,750 (15.5%) versus the prior year and $-13,750 versus the prior month.

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

Brainerd's average listing price for 2022-12-01 was $544,574, a difference of $50,972 (10.3%) versus the prior year and $-33,294 versus the prior month.

For the 2022-12-01 period, Brainerd had 239 MLS listings, a difference of -53 listings (-18%) versus the prior month and 57 listings (31%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Brainerd (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,888 sqft
2018-02-01 0 days 1,939 sqft
2018-03-01 0 days 2,035 sqft
2018-04-01 0 days 2,063 sqft
2018-05-01 0 days 2,025 sqft
2018-06-01 0 days 2,000 sqft
2018-07-01 0 days 1,929 sqft
2018-08-01 0 days 1,850 sqft
2018-09-01 0 days 1,850 sqft
2018-10-01 0 days 1,851 sqft
2018-11-01 0 days 1,810 sqft
2018-12-01 0 days 1,779 sqft
2019-01-01 0 days 1,790 sqft
2019-02-01 0 days 1,849 sqft
2019-03-01 0 days 1,874 sqft
2019-04-01 0 days 1,896 sqft
2019-05-01 0 days 1,903 sqft
2019-06-01 0 days 1,914 sqft
2019-07-01 0 days 1,885 sqft
2019-08-01 0 days 1,878 sqft
2019-09-01 0 days 1,875 sqft
2019-10-01 0 days 1,872 sqft
2019-11-01 0 days 1,836 sqft
2019-12-01 0 days 1,807 sqft
2020-01-01 0 days 1,797 sqft
2020-02-01 0 days 1,840 sqft
2020-03-01 0 days 1,916 sqft
2020-04-01 0 days 1,920 sqft
2020-05-01 0 days 1,920 sqft
2020-06-01 0 days 1,911 sqft
2020-07-01 0 days 1,920 sqft
2020-08-01 0 days 1,897 sqft
2020-09-01 0 days 1,894 sqft
2020-10-01 0 days 1,872 sqft
2020-11-01 0 days 1,877 sqft
2020-12-01 0 days 1,782 sqft
2021-01-01 0 days 1,743 sqft
2021-02-01 0 days 1,789 sqft
2021-03-01 0 days 1,779 sqft
2021-04-01 0 days 1,738 sqft
2021-05-01 0 days 1,782 sqft
2021-06-01 0 days 1,792 sqft
2021-07-01 0 days 1,772 sqft
2021-08-01 0 days 1,781 sqft
2021-09-01 0 days 1,816 sqft
2021-10-01 0 days 1,855 sqft
2021-11-01 0 days 1,788 sqft
2021-12-01 0 days 1,778 sqft
2022-01-01 0 days 1,776 sqft
2022-02-01 0 days 2,036 sqft
2022-03-01 0 days 2,158 sqft
2022-04-01 0 days 2,208 sqft
2022-05-01 0 days 1,917 sqft
2022-06-01 0 days 1,964 sqft
2022-07-01 0 days 1,882 sqft
2022-08-01 0 days 1,873 sqft
2022-09-01 0 days 1,896 sqft
2022-10-01 0 days 1,942 sqft
2022-11-01 0 days 1,914 sqft
2022-12-01 0 days 1,871 sqft
Brainerd's median listing age (time on market) for 2022-12-01 was 0 days.

Brainerd's median square footage for active listings during the 2022-12-01 period was 1,871 sqft. One year prior, the average listing was 1,778 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).