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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.