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 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).