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 38 lenders originated 125 FHA loans during 2023. The total origination value was $27,715,000, with an average FHA loan value of $221,720.

Brainerd FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Brainerd averaged 6.64% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

Brainerd's average FHA mortgage closing costs are $7,651.

The average rate for the prior week (2024-04-05) was 6.96% and one month ago for the week of 2024-03-08, the average rate was 6.8%.

The average rate one year ago was 6.53%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.77%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
LOANDEPOT.COM, LLC 16 6.64% $10,694
QUICKEN LOANS, LLC 14 6.15% $12,191
UNITED WHOLESALE MORTGAGE, LLC 8 6.50% $11,798
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 6.67% $11,383
BROKER SOLUTIONS, INC. 5 6.93% $9,087
PENNYMAC LOAN SERVICES, LLC 5 6.45% $12,790
Servion, Inc. 5 6.50% $9,078
American Mortgage & Equity Consultants, Inc. 4 7.50% $10,149
Prosperity Home Mortgage, LLC 4 6.91% $7,529
CARDINAL FINANCIAL 3 6.00% $9,677
EVERETT FINANCIAL, INC. 3 6.38% $11,803
MOVEMENT MORTGAGE, LLC 3 6.58% $8,211
Flagstar Bank, FSB 3 6.00% $11,053
NEWREZ LLC 2 7.38% $11,227
FREEDOM MORTGAGE CORPORATION 2 7.00% $12,902
CROSSCOUNTRY MORTGAGE, LLC 2 7.00% $12,934
AMERISAVE MORTGAGE CORPORATION 2 5.38% $19,206
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.88% $9,707
Bank of England 2 6.38% $9,259
PLAZA HOME MORTGAGE, INC. 2 6.13% $12,762
First Western Bank & Trust 2 5.44% $8,917
Tradition Mortgage, LLC 2 5.44% $16,301
ZILLOW HOME LOANS, LLC 1 7.13% $9,558
AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.62% $6,381
Bell Bank 1 6.75% $10,485
Carrington Mortgage Services, LLC 1 6.63% $13,041
CMG MORTGAGE, INC. 1 5.75% $13,103
CRESCENT MORTGAGE COMPANY 1 6.75% $7,531
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.75% $9,485
JPMorgan Chase Bank 1 7.75% $3,793
Lend Smart Mortgage, LLC 1 6.25% $15,702
MANN FINANCIAL INC. 1 6.50% $9,870
MILEND, INC. 1 6.63% $9,033
M&T Bank 1 7.25% $10,936
Summit Mortgage Corporation 1 7.13% $17,578
SUN WEST MORTGAGE COMPANY, INC. 1 6.22% $7,654
TOP FLITE FINANCIAL, INC. 1 6.75% $16,261
AMERICAN FINANCING CORPORATION 1 6.75% $5,012

The top Brainerd FHA lender as defined by loan originations is LOANDEPOT.COM, LLC, with 16 FHA loans originated. Their average total fees are $10,694, which is $1,497 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Brainerd FHA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC ($10,694), QUICKEN LOANS, LLC ($12,191), .

The lowest rate Brainerd FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.15%), LOANDEPOT.COM, LLC (6.64%), .

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
BRAINERD, MN CASS 2023 $472,030 $604,400 $730,525 $907,900
BRAINERD, MN CROW WING 2023 $472,030 $604,400 $730,525 $907,900

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%) $391,653 (16.2%) 0.00 632
2018-02-01 $272,450 (9.4%) $411,629 (12.9%) 0.00 654
2018-03-01 $285,000 (6.6%) $412,532 (6.7%) 0.00 750
2018-04-01 $299,450 (7.0%) $423,194 (8.6%) 0.00 771
2018-05-01 $299,900 (7.2%) $417,777 (7.9%) 0.00 857
2018-06-01 $295,000 (3.5%) $411,052 (6.0%) 0.00 973
2018-07-01 $292,500 (2.7%) $414,881 (5.4%) 0.00 1,022
2018-08-01 $289,900 (3.6%) $404,305 (3.0%) 0.00 1,009
2018-09-01 $289,900 (3.6%) $416,622 (5.5%) 0.00 967
2018-10-01 $282,325 (1.2%) $420,952 (1.9%) 0.00 905
2018-11-01 $275,000 (1.9%) $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 (0.9%) 0.00 551
2019-02-01 $272,675 (0.1%) $412,197 (0.1%) 0.00 561
2019-03-01 $291,643 (2.3%) $432,276 (4.8%) 0.00 638
2019-04-01 $299,900 (0.2%) $446,447 (5.5%) 0.00 744
2019-05-01 $299,900 (0.0%) $440,079 (5.3%) 0.00 860
2019-06-01 $299,000 (1.4%) $426,626 (3.8%) 0.00 952
2019-07-01 $299,000 (2.2%) $424,479 (2.3%) 0.00 1,005
2019-08-01 $297,173 (2.5%) $417,956 (3.4%) 0.00 995
2019-09-01 $293,082 (1.1%) $404,237 (-3.0%) 0.00 948
2019-10-01 $289,900 (2.7%) $392,822 (-6.7%) 0.00 905
2019-11-01 $281,500 (2.4%) $388,521 (-5.3%) 0.00 758
2019-12-01 $274,925 (3.6%) $376,584 (-9.0%) 0.00 596
2020-01-01 $274,398 (6.1%) $379,791 (-3.9%) 0.00 484
2020-02-01 $289,900 (6.3%) $399,087 (-3.2%) 0.00 518
2020-03-01 $299,900 (2.8%) $414,998 (-4.0%) 0.00 562
2020-04-01 $303,475 (1.2%) $420,954 (-5.7%) 0.00 611
2020-05-01 $299,900 (0.0%) $412,548 (-6.3%) 0.00 658
2020-06-01 $296,950 (-0.7%) $410,360 (-3.8%) 0.00 631
2020-07-01 $295,750 (-1.1%) $402,406 (-5.2%) 0.00 567
2020-08-01 $299,900 (0.9%) $417,879 (0.0%) 0.00 523
2020-09-01 $309,000 (5.4%) $430,116 (6.4%) 0.00 458
2020-10-01 $289,900 (0.0%) $421,916 (7.4%) 0.00 390
2020-11-01 $299,900 (6.5%) $434,104 (11.7%) 0.00 319
2020-12-01 $299,950 (9.1%) $420,184 (11.6%) 0.00 251
2021-01-01 $300,200 (9.4%) $409,481 (7.8%) 0.00 198
2021-02-01 $306,600 (5.8%) $457,004 (14.5%) 0.00 183
2021-03-01 $327,950 (9.4%) $481,993 (16.1%) 0.00 187
2021-04-01 $338,650 (11.6%) $519,982 (23.5%) 0.00 193
2021-05-01 $349,900 (16.7%) $504,705 (22.3%) 0.00 213
2021-06-01 $343,725 (15.8%) $492,583 (20.0%) 0.00 250
2021-07-01 $350,000 (18.3%) $517,951 (28.7%) 0.00 294
2021-08-01 $343,425 (14.5%) $513,464 (22.9%) 0.00 327
2021-09-01 $360,175 (16.6%) $526,121 (22.3%) 0.00 359
2021-10-01 $349,950 (20.7%) $550,160 (30.4%) 0.00 309
2021-11-01 $349,950 (16.7%) $532,735 (22.7%) 0.00 224
2021-12-01 $349,050 (16.4%) $497,306 (18.4%) 0.00 179
2022-01-01 $359,900 (19.9%) $514,324 (25.6%) 0.00 136
2022-02-01 $393,425 (28.3%) $522,917 (14.4%) 0.00 141
2022-03-01 $437,450 (33.4%) $582,991 (21.0%) 0.00 153
2022-04-01 $427,400 (26.2%) $578,051 (11.2%) 0.00 206
2022-05-01 $422,325 (20.7%) $597,203 (18.3%) 0.00 227
2022-06-01 $422,175 (22.8%) $591,823 (20.2%) 0.00 277
2022-07-01 $425,000 (21.4%) $621,491 (20.0%) 0.00 346
2022-08-01 $413,050 (20.3%) $603,939 (17.6%) 0.00 358
2022-09-01 $413,839 (14.9%) $583,394 (10.9%) 0.00 352
2022-10-01 $420,000 (20.0%) $572,268 (4.0%) 0.00 326
2022-11-01 $414,900 (18.6%) $577,257 (8.4%) 0.00 279
2022-12-01 $409,900 (17.4%) $550,984 (10.8%) 0.00 220
2023-01-01 $403,175 (12.0%) $526,471 (2.4%) 0.00 183
2023-02-01 $399,900 (1.7%) $514,991 (-1.5%) 0.00 192
2023-03-01 $409,950 (-6.3%) $567,146 (-2.7%) 0.00 187
2023-04-01 $429,900 (0.6%) $625,359 (8.2%) 0.00 211
2023-05-01 $444,450 (5.2%) $653,191 (9.4%) 0.00 269
2023-06-01 $432,400 (2.4%) $619,827 (4.7%) 0.00 315
2023-07-01 $420,000 (-1.2%) $583,756 (-6.1%) 0.00 365
2023-08-01 $405,863 (-1.7%) $582,217 (-3.6%) 0.00 372
2023-09-01 $399,900 (-3.4%) $564,674 (-3.2%) 0.00 404
2023-10-01 $400,000 (-4.8%) $545,424 (-4.7%) 0.00 398
2023-11-01 $414,138 (-0.2%) $513,313 (-11.1%) 0.00 342
2023-12-01 $399,000 (-2.7%) $485,983 (-11.8%) 0.00 279
2024-01-01 $407,450 (1.1%) $529,669 (0.6%) 0.00 252
2024-02-01 $418,650 (4.7%) $556,687 (8.1%) 0.00 255
2024-03-01 $449,900 (9.8%) $614,780 (8.4%) 0.00 294
Brainerd's median listing price for 2024-03-01 was $449,900, a difference of $39,950 (9.8%) versus the prior year and $31,250 versus the prior month.

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

Brainerd's average listing price for 2024-03-01 was $614,780, a difference of $47,634 (8.4%) versus the prior year and $58,093 versus the prior month.

For the 2024-03-01 period, Brainerd had 294 MLS listings, a difference of 39 listings (15%) versus the prior month and 107 listings (57%) 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 1,892 sqft
2018-02-01 0 days 1,941 sqft
2018-03-01 0 days 2,038 sqft
2018-04-01 0 days 2,065 sqft
2018-05-01 0 days 2,026 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 1,894 sqft
2019-05-01 0 days 1,902 sqft
2019-06-01 0 days 1,914 sqft
2019-07-01 0 days 1,885 sqft
2019-08-01 0 days 1,879 sqft
2019-09-01 0 days 1,877 sqft
2019-10-01 0 days 1,875 sqft
2019-11-01 0 days 1,839 sqft
2019-12-01 0 days 1,808 sqft
2020-01-01 0 days 1,805 sqft
2020-02-01 0 days 1,858 sqft
2020-03-01 0 days 1,920 sqft
2020-04-01 0 days 1,924 sqft
2020-05-01 0 days 1,924 sqft
2020-06-01 0 days 1,916 sqft
2020-07-01 0 days 1,926 sqft
2020-08-01 0 days 1,920 sqft
2020-09-01 0 days 1,900 sqft
2020-10-01 0 days 1,878 sqft
2020-11-01 0 days 1,886 sqft
2020-12-01 0 days 1,791 sqft
2021-01-01 0 days 1,770 sqft
2021-02-01 0 days 1,814 sqft
2021-03-01 0 days 1,806 sqft
2021-04-01 0 days 1,746 sqft
2021-05-01 0 days 1,806 sqft
2021-06-01 0 days 1,794 sqft
2021-07-01 0 days 1,776 sqft
2021-08-01 0 days 1,791 sqft
2021-09-01 0 days 1,842 sqft
2021-10-01 0 days 1,866 sqft
2021-11-01 0 days 1,802 sqft
2021-12-01 0 days 1,789 sqft
2022-01-01 0 days 1,863 sqft
2022-02-01 0 days 2,058 sqft
2022-03-01 0 days 2,190 sqft
2022-04-01 0 days 2,251 sqft
2022-05-01 0 days 1,921 sqft
2022-06-01 0 days 1,970 sqft
2022-07-01 0 days 1,884 sqft
2022-08-01 0 days 1,876 sqft
2022-09-01 0 days 1,895 sqft
2022-10-01 0 days 1,939 sqft
2022-11-01 0 days 1,913 sqft
2022-12-01 0 days 1,887 sqft
2023-01-01 0 days 1,826 sqft
2023-02-01 0 days 1,845 sqft
2023-03-01 0 days 1,940 sqft
2023-04-01 0 days 2,028 sqft
2023-05-01 0 days 2,017 sqft
2023-06-01 0 days 1,869 sqft
2023-07-01 0 days 1,879 sqft
2023-08-01 0 days 1,869 sqft
2023-09-01 0 days 1,873 sqft
2023-10-01 0 days 1,860 sqft
2023-11-01 0 days 1,898 sqft
2023-12-01 0 days 1,831 sqft
2024-01-01 0 days 1,852 sqft
2024-02-01 0 days 1,801 sqft
2024-03-01 0 days 1,872 sqft
Brainerd's median listing age (time on market) for 2024-03-01 was 0 days.

Brainerd's median square footage for active listings during the 2024-03-01 period was 1,872 sqft. One year prior, the average listing was 1,940 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).