Brainerd FHA Loan Rates, Closing Costs & Stats

Brainerd, 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.

    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).