Duluth FHA Loan Rates, Closing Costs & Stats

DULUTH, MN-WI

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.

Duluth's 65 lenders originated 396 FHA loans during 2023. The total origination value was $73,270,000, with an average FHA loan value of $185,025.

Duluth FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Duluth averaged 6.83% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

Duluth's average FHA mortgage closing costs are $6,572.

The average rate for the prior week (2024-04-05) was 6.95% and one month ago for the week of 2024-03-08, the average rate was 6.69%.

The average rate one year ago was 6.22%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.75%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Duluth 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 Duluth level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 61 6.52% $8,334
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 39 7.09% $6,268
AMERICAN PACIFIC MORTGAGE CORPORATION 29 6.85% $12,013
MANN FINANCIAL INC. 18 6.60% $6,502
BROKER SOLUTIONS, INC. 16 7.08% $11,023
North Shore Bank of Commerce 16 6.64% $9,470
UNITED WHOLESALE MORTGAGE, LLC 15 6.73% $10,530
Regent Financial Group, Inc. 14 6.70% $8,221
Servion, Inc. 13 6.90% $7,528
LOANDEPOT.COM, LLC 11 6.18% $11,659
CROSSCOUNTRY MORTGAGE, LLC 10 7.17% $11,753
AMERISAVE MORTGAGE CORPORATION 9 6.11% $11,363
EVERETT FINANCIAL, INC. 8 6.84% $10,649
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 5 6.90% $9,306
Paramount Residential Mortgage Group, Inc. 5 6.93% $11,718
PENNYMAC LOAN SERVICES, LLC 5 5.90% $11,441
U.S. Bank 5 7.08% $8,053
Summit Mortgage Corporation 5 6.78% $8,280
Mortgage Research Center, LLC 4 7.50% $5,291
Park State Bank 4 6.22% $9,348
Nations Lending Corporation 4 6.56% $7,624
MUTUAL OF OMAHA MORTGAGE, INC. 3 6.17% $13,272
PLAZA HOME MORTGAGE, INC. 3 5.71% $15,832
BAY EQUITY LLC 3 6.21% $8,879
Flagstar Bank, FSB 3 6.92% $7,115
FREEDOM MORTGAGE CORPORATION 3 7.08% $12,117
GUARANTEED RATE AFFINITY, LLC 3 6.20% $10,983
Mr. Cooper ( Nationstar Mortgage ) 3 6.08% $16,475
GUILD MORTGAGE COMPANY 3 7.25% $8,769
CARDINAL FINANCIAL 3 6.04% $8,351
ALAMEDA MORTGAGE CORPORATION 2 6.06% $14,279
Barrington Bank & Trust Company, N.A. 2 7.00% $11,189
EMM LOANS LLC 2 6.13% $15,313
FIRST CENTENNIAL MORTGAGE CORPORATION 2 6.75% $7,594
LAKEVIEW LOAN SERVICING, LLC 2 6.00% $7,699
NEWREZ LLC 2 7.00% $11,645
PLANET HOME LENDING, LLC 2 5.56% $8,304
Prosperity Home Mortgage, LLC 2 7.12% $8,651
ROYAL UNITED MORTGAGE LLC 2 7.50% $9,586
Wells Fargo Bank 2 6.56% $6,688
JPMorgan Chase Bank 1 7.49% $10,373
Heritage Bank 1 6.88% $8,379
TOWNE MORTGAGE COMPANY 1 5.99% $11,173
NEXERA HOLDING LLC 1 6.75% $6,203
GUARANTEED RATE, INC. 1 6.75% $9,196
Goldwater Bank, N.A. 1 6.75% $11,091
Fortress Bank 1 7.13% $7,465
FIRST INTEGRITY MORTGAGE SERVICES, INC. 1 7.63% $6,564
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.75% $3,863
Citizens Bank 1 5.88% $8,832
PNC Bank 1 7.25% $5,848
PREMIER MORTGAGE RESOURCES, L.L.C. 1 6.63% $6,331
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $12,115
AMERICAN FINANCIAL RESOURCES, INC. 1 6.63% $7,924
Century Mortgage Company DBA Century Lending Company 1 6.13% $6,229
Carrington Mortgage Services, LLC 1 6.13% $8,037
VILLAGE CAPITAL MORTGAGE 1 6.25% $8,588
Capital Bank 1 6.13% $6,205
Bell Bank 1 7.75% $7,256
The Federal Savings Bank 1 5.25% $28,662
MASON MCDUFFIE MORTGAGE CORPORATION 1 5.50% $14,792
MEGASTAR FINANCIAL CORP. 1 7.63% $6,001
LIBERTY HOME MORTGAGE CORPORATION 1 5.13% $14,474
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $19,153
Lend Smart Mortgage, LLC 1 7.25% $10,290

The top Duluth FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 61 FHA loans originated. Their average total fees are $8,334, which is $2,066 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

The lowest fee Duluth FHA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,268), MANN FINANCIAL INC. ($6,502), Servion, Inc. ($7,528), Regent Financial Group, Inc. ($8,221) and QUICKEN LOANS, LLC ($8,334).

The lowest rate Duluth FHA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC (6.18%), QUICKEN LOANS, LLC (6.52%), MANN FINANCIAL INC. (6.60%), North Shore Bank of Commerce (6.64%) and Regent Financial Group, Inc. (6.70%).

Duluth FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
DULUTH, MN-WI CARLTON 2022 $420,680 $538,650 $651,050 $809,150
DULUTH, MN-WI LAKE 2022 $420,680 $538,650 $651,050 $809,150
DULUTH, MN-WI ST. LOUIS 2022 $420,680 $538,650 $651,050 $809,150
DULUTH, MN-WI DOUGLAS 2022 $420,680 $538,650 $651,050 $809,150
DULUTH, MN-WI CARLTON 2023 $472,030 $604,400 $730,525 $907,900
DULUTH, MN-WI LAKE 2023 $472,030 $604,400 $730,525 $907,900
DULUTH, MN-WI ST. LOUIS 2023 $472,030 $604,400 $730,525 $907,900
DULUTH, MN-WI DOUGLAS 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Duluth (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 $155,708 (4.2%) $242,558 (7.1%) 0.58 1,186
2018-02-01 $159,900 (6.6%) $250,565 (7.2%) 0.58 1,171
2018-03-01 $169,000 (5.7%) $266,968 (11.1%) 0.59 1,210
2018-04-01 $179,075 (8.5%) $273,661 (12.9%) 0.61 1,241
2018-05-01 $184,475 (8.6%) $276,123 (11.0%) 0.62 1,412
2018-06-01 $185,000 (4.7%) $271,178 (8.3%) 0.62 1,673
2018-07-01 $185,000 (5.7%) $270,049 (5.5%) 0.62 1,754
2018-08-01 $185,000 (5.7%) $264,911 (3.8%) 0.62 1,756
2018-09-01 $183,900 (5.5%) $259,197 (3.1%) 0.62 1,720
2018-10-01 $179,950 (5.9%) $259,623 (5.3%) 0.61 1,670
2018-11-01 $179,450 (12.2%) $256,195 (6.2%) 0.61 1,520
2018-12-01 $174,500 (9.8%) $252,744 (4.0%) 0.60 1,317
2019-01-01 $171,225 (10.0%) $267,277 (10.2%) 0.59 1,061
2019-02-01 $170,450 (6.6%) $265,269 (5.9%) 0.58 1,010
2019-03-01 $184,900 (9.4%) $276,132 (3.4%) 0.60 1,052
2019-04-01 $207,175 (15.7%) $287,002 (4.9%) 0.66 1,118
2019-05-01 $203,700 (10.4%) $287,892 (4.3%) 0.64 1,272
2019-06-01 $200,000 (8.1%) $283,401 (4.5%) 0.63 1,459
2019-07-01 $202,400 (9.4%) $285,271 (5.6%) 0.63 1,582
2019-08-01 $197,173 (6.6%) $280,197 (5.8%) 0.62 1,610
2019-09-01 $193,082 (5.0%) $273,155 (5.4%) 0.62 1,582
2019-10-01 $192,855 (7.2%) $268,141 (3.3%) 0.62 1,538
2019-11-01 $189,900 (5.8%) $260,753 (1.8%) 0.62 1,338
2019-12-01 $187,000 (7.2%) $261,368 (3.4%) 0.62 1,112
2020-01-01 $184,975 (8.0%) $267,079 (-0.1%) 0.62 917
2020-02-01 $199,900 (17.3%) $286,502 (8.0%) 0.65 870
2020-03-01 $218,000 (17.9%) $304,988 (10.5%) 0.68 888
2020-04-01 $222,450 (7.4%) $304,737 (6.2%) 0.70 934
2020-05-01 $220,000 (8.0%) $298,922 (3.8%) 0.67 1,001
2020-06-01 $229,000 (14.5%) $304,476 (7.4%) 0.67 1,042
2020-07-01 $229,000 (13.1%) $310,934 (9.0%) 0.66 1,025
2020-08-01 $225,000 (14.1%) $308,049 (9.9%) 0.64 947
2020-09-01 $222,975 (15.5%) $306,110 (12.1%) 0.64 861
2020-10-01 $218,250 (13.2%) $309,738 (15.5%) 0.63 771
2020-11-01 $212,300 (11.8%) $309,310 (18.6%) 0.62 665
2020-12-01 $209,613 (12.1%) $315,882 (20.9%) 0.62 567
2021-01-01 $199,900 (8.1%) $328,993 (23.2%) 0.60 435
2021-02-01 $212,950 (6.5%) $336,210 (17.4%) 0.62 350
2021-03-01 $219,225 (0.6%) $335,536 (10.0%) 0.62 348
2021-04-01 $226,450 (1.8%) $338,006 (10.9%) 0.61 374
2021-05-01 $218,000 (-0.9%) $322,476 (7.9%) 0.58 462
2021-06-01 $211,250 (-7.8%) $314,931 (3.4%) 0.56 565
2021-07-01 $209,900 (-8.3%) $309,389 (-0.5%) 0.55 592
2021-08-01 $199,500 (-11.3%) $291,347 (-5.4%) 0.53 578
2021-09-01 $199,225 (-10.7%) $290,201 (-5.2%) 0.53 549
2021-10-01 $199,000 (-8.8%) $271,909 (-12.2%) 0.53 518
2021-11-01 $198,750 (-6.4%) $293,445 (-5.1%) 0.53 416
2021-12-01 $189,175 (-9.8%) $294,682 (-6.7%) 0.51 326
2022-01-01 $189,900 (-5.0%) $311,383 (-5.4%) 0.51 278
2022-02-01 $217,800 (2.3%) $363,133 (8.0%) 0.57 231
2022-03-01 $232,975 (6.3%) $385,653 (14.9%) 0.58 223
2022-04-01 $247,500 (9.3%) $369,447 (9.3%) 0.59 262
2022-05-01 $254,500 (16.7%) $377,681 (17.1%) 0.58 350
2022-06-01 $259,675 (22.9%) $372,767 (18.4%) 0.58 433
2022-07-01 $259,900 (23.8%) $366,039 (18.3%) 0.59 528
2022-08-01 $250,000 (25.3%) $350,861 (20.4%) 0.58 595
2022-09-01 $252,450 (26.7%) $351,294 (21.1%) 0.59 590
2022-10-01 $252,450 (26.9%) $363,246 (33.6%) 0.59 548
2022-11-01 $250,000 (25.8%) $359,012 (22.3%) 0.60 495
2022-12-01 $250,000 (32.2%) $360,895 (22.5%) 0.62 429
2023-01-01 $259,350 (36.6%) $364,689 (17.1%) 0.64 309
2023-02-01 $272,075 (24.9%) $376,662 (3.7%) 0.66 263
2023-03-01 $277,000 (18.9%) $387,118 (0.4%) 0.65 258
2023-04-01 $295,000 (19.2%) $397,502 (7.6%) 0.69 317
2023-05-01 $312,074 (22.6%) $415,061 (9.9%) 0.71 384
2023-06-01 $312,450 (20.3%) $428,530 (15.0%) 0.70 496
2023-07-01 $319,450 (22.9%) $440,725 (20.4%) 0.73 586
2023-08-01 $313,675 (25.5%) $432,542 (23.3%) 0.72 631
2023-09-01 $305,000 (20.8%) $426,437 (21.4%) 0.71 678
2023-10-01 $289,950 (14.9%) $417,471 (14.9%) 0.68 656
2023-11-01 $279,450 (11.8%) $412,034 (14.8%) 0.67 586
2023-12-01 $279,000 (11.6%) $408,067 (13.1%) 0.68 487
2024-01-01 $248,625 (-4.1%) $400,321 (9.8%) 0.61 404
2024-02-01 $265,925 (-2.3%) $408,893 (8.6%) 0.64 376
2024-03-01 $297,000 (7.2%) $416,613 (7.6%) 0.70 378
Duluth's median listing price for 2024-03-01 was $297,000, a difference of $20,000 (7.2%) versus the prior year and $31,075 versus the prior month.

Duluth's median listing price comes in at 70% of the national average.

Duluth's average listing price for 2024-03-01 was $416,613, a difference of $29,495 (7.6%) versus the prior year and $7,720 versus the prior month.

For the 2024-03-01 period, Duluth had 378 MLS listings, a difference of 2 listings (1%) versus the prior month and 120 listings (47%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Duluth (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 108 days 1,489 sqft
2018-02-01 108 days 1,508 sqft
2018-03-01 78 days 1,544 sqft
2018-04-01 70 days 1,568 sqft
2018-05-01 60 days 1,563 sqft
2018-06-01 51 days 1,568 sqft
2018-07-01 59 days 1,564 sqft
2018-08-01 66 days 1,561 sqft
2018-09-01 72 days 1,529 sqft
2018-10-01 78 days 1,488 sqft
2018-11-01 86 days 1,490 sqft
2018-12-01 104 days 1,456 sqft
2019-01-01 113 days 1,492 sqft
2019-02-01 123 days 1,500 sqft
2019-03-01 107 days 1,506 sqft
2019-04-01 78 days 1,548 sqft
2019-05-01 53 days 1,566 sqft
2019-06-01 50 days 1,544 sqft
2019-07-01 57 days 1,555 sqft
2019-08-01 64 days 1,527 sqft
2019-09-01 73 days 1,478 sqft
2019-10-01 81 days 1,442 sqft
2019-11-01 95 days 1,438 sqft
2019-12-01 115 days 1,443 sqft
2020-01-01 123 days 1,463 sqft
2020-02-01 128 days 1,464 sqft
2020-03-01 110 days 1,476 sqft
2020-04-01 81 days 1,501 sqft
2020-05-01 71 days 1,496 sqft
2020-06-01 61 days 1,496 sqft
2020-07-01 54 days 1,537 sqft
2020-08-01 57 days 1,536 sqft
2020-09-01 62 days 1,492 sqft
2020-10-01 64 days 1,504 sqft
2020-11-01 69 days 1,451 sqft
2020-12-01 78 days 1,454 sqft
2021-01-01 94 days 1,421 sqft
2021-02-01 105 days 1,436 sqft
2021-03-01 72 days 1,445 sqft
2021-04-01 42 days 1,515 sqft
2021-05-01 35 days 1,512 sqft
2021-06-01 31 days 1,501 sqft
2021-07-01 39 days 1,499 sqft
2021-08-01 51 days 1,425 sqft
2021-09-01 52 days 1,445 sqft
2021-10-01 51 days 1,446 sqft
2021-11-01 57 days 1,470 sqft
2021-12-01 69 days 1,446 sqft
2022-01-01 79 days 1,405 sqft
2022-02-01 70 days 1,607 sqft
2022-03-01 53 days 1,668 sqft
2022-04-01 30 days 1,638 sqft
2022-05-01 26 days 1,589 sqft
2022-06-01 32 days 1,620 sqft
2022-07-01 34 days 1,615 sqft
2022-08-01 39 days 1,567 sqft
2022-09-01 48 days 1,580 sqft
2022-10-01 53 days 1,600 sqft
2022-11-01 59 days 1,557 sqft
2022-12-01 77 days 1,545 sqft
2023-01-01 97 days 1,515 sqft
2023-02-01 100 days 1,592 sqft
2023-03-01 80 days 1,564 sqft
2023-04-01 39 days 1,558 sqft
2023-05-01 37 days 1,625 sqft
2023-06-01 32 days 1,669 sqft
2023-07-01 34 days 1,657 sqft
2023-08-01 44 days 1,667 sqft
2023-09-01 45 days 1,700 sqft
2023-10-01 52 days 1,649 sqft
2023-11-01 62 days 1,608 sqft
2023-12-01 66 days 1,588 sqft
2024-01-01 81 days 1,594 sqft
2024-02-01 83 days 1,588 sqft
2024-03-01 47 days 1,590 sqft
Duluth's median listing age (time on market) for 2024-03-01 was 47 days. This is -41% shorter than the same period one year ago.

Duluth's median square footage for active listings during the 2024-03-01 period was 1,590 sqft. One year prior, the average listing was 1,564 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).