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 45 lenders originated 195 FHA loans during 2022. The total origination value was $40,105,000, with an average FHA loan value of $205,667.

Brainerd FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Brainerd averaged 6.24% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

Brainerd's average FHA mortgage closing costs are $7,276.

The average rate for the prior week (2023-05-19) was 6.32% and one month ago for the week of 2023-04-21, the average rate was 5.96%.

The average rate one year ago was 5.17%.

For refis of the same type during the week of 2023-05-26, the average rate was 5.1%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 25 4.76% $10,635
LOANDEPOT.COM, LLC 23 5.53% $10,666
Goldwater Bank, N.A. 16 5.44% $9,512
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 5.00% $9,609
First Western Bank & Trust 7 4.30% $7,245
Prosperity Home Mortgage, LLC 7 4.93% $5,957
Mr. Cooper ( Nationstar Mortgage ) 6 4.71% $8,347
BROKER SOLUTIONS, INC. 5 4.27% $11,179
PLAZA HOME MORTGAGE, INC. 5 5.73% $9,298
PENNYMAC LOAN SERVICES, LLC 5 3.62% $9,882
BAY EQUITY LLC 5 4.95% $9,975
Flagstar Bank, FSB 4 4.84% $9,830
PRIMELENDING, A PLAINSCAPITAL COMPANY 4 5.44% $8,667
LAKEVIEW LOAN SERVICING, LLC 4 4.06% $6,359
Servion, Inc. 4 4.03% $7,609
CROSSCOUNTRY MORTGAGE, LLC 4 4.97% $9,432
AMERISAVE MORTGAGE CORPORATION 3 4.33% $11,831
CALIBER HOME LOANS, INC. 3 4.79% $9,996
CARDINAL FINANCIAL 3 4.58% $8,861
FREEDOM MORTGAGE CORPORATION 3 5.04% $6,858
HOME POINT FINANCIAL CORPORATION 3 4.00% $6,948
UNITED WHOLESALE MORTGAGE, LLC 3 5.96% $9,565
Tradition Mortgage, LLC 2 5.44% $9,015
Bank of England 2 5.81% $8,340
The Federal Savings Bank 2 5.00% $14,639
Carrington Mortgage Services, LLC 2 5.38% $10,164
LEADERONE FINANCIAL CORPORATION 1 3.63% $12,719
BECKAM FUNDING CORP. 1 4.38% $7,980
Barrington Bank & Trust Company, N.A. 1 5.75% $10,243
MUTUAL OF OMAHA MORTGAGE, INC. 1 5.13% $9,647
NATIONWIDE MORTGAGE BANKERS, INC. 1 4.63% $9,621
NEWREZ LLC 1 3.63% $2,502
Alerus Financial 1 4.88% $3,077
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.63% $15,660
AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.75% $9,069
American Mortgage & Equity Consultants, Inc. 1 5.25% $15,588
AMERICAN FINANCING CORPORATION 1 3.75% $8,378
Royal Credit Union 1 3.75% $9,652
AMERICAN FINANCIAL RESOURCES, INC. 1 4.75% $11,982
EVERETT FINANCIAL, INC. 1 4.13% $3,936
CMG MORTGAGE, INC. 1 3.75% $11,207
United Fidelity Funding Corp. 1 4.75% $18,233
GUARANTEED RATE, INC. 1 5.25% $10,972
Wells Fargo Bank 1 5.50% $6,272
CALCON MUTUAL MORTGAGE LLC 1 6.13% $8,692

The top Brainerd FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 25 FHA loans originated. Their average total fees are $10,635, which is $30 lower than the next largest lender, LOANDEPOT.COM, LLC.

The lowest fee Brainerd FHA lenders (with over 10 loans originated) are Goldwater Bank, N.A. ($9,512), QUICKEN LOANS, LLC ($10,635), LOANDEPOT.COM, LLC ($10,666), .

The lowest rate Brainerd FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.76%), Goldwater Bank, N.A. (5.44%), LOANDEPOT.COM, LLC (5.53%), .

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%) $391,210 (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 $289,900 (1.7%) $426,445 (5.0%) 0.00 678
2019-04-01 $299,900 (0.2%) $449,216 (5.5%) 0.00 746
2019-05-01 $299,900 (0.0%) $440,079 (5.4%) 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 $299,900 (3.5%) $423,916 (3.4%) 0.00 1,052
2019-09-01 $298,425 (2.9%) $411,167 (-3.0%) 0.00 935
2019-10-01 $289,900 (2.5%) $392,822 (-6.7%) 0.00 905
2019-11-01 $281,500 (2.0%) $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 (3.5%) $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%) $410,159 (-3.9%) 0.00 631
2020-07-01 $295,750 (-1.1%) $401,240 (-5.5%) 0.00 567
2020-08-01 $299,900 (0.0%) $417,879 (0.0%) 0.00 523
2020-09-01 $309,000 (3.5%) $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 (20.1%) 0.00 250
2021-07-01 $350,000 (18.3%) $517,951 (29.1%) 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 (0.0%) 0.00 211
Brainerd's median listing price for 2023-04-01 was $429,900, a difference of $2,500 (0.6%) versus the prior year and $19,950 versus the prior month.

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

Brainerd's average listing price for 2023-04-01 was $625,359, a difference of $47,308 (0.0%) versus the prior year and $58,213 versus the prior month.

For the 2023-04-01 period, Brainerd had 211 MLS listings, a difference of 24 listings (13%) versus the prior month and 5 listings (2%) 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 1,924 sqft
2019-04-01 0 days 1,905 sqft
2019-05-01 0 days 1,903 sqft
2019-06-01 0 days 1,914 sqft
2019-07-01 0 days 1,890 sqft
2019-08-01 0 days 1,868 sqft
2019-09-01 0 days 1,892 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 1,908 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 1,796 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 1,911 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 1,893 sqft
2022-10-01 0 days 1,939 sqft
2022-11-01 0 days 1,911 sqft
2022-12-01 0 days 1,872 sqft
2023-01-01 0 days 1,824 sqft
2023-02-01 0 days 1,844 sqft
2023-03-01 0 days 1,940 sqft
2023-04-01 0 days 2,028 sqft
Brainerd's median listing age (time on market) for 2023-04-01 was 0 days.

Brainerd's median square footage for active listings during the 2023-04-01 period was 2,028 sqft. One year prior, the average listing was 2,251 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).