Duluth FHA Loans

DULUTH, MN-WI

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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.

    Duluth's 86 lenders originated 683 FHA loans during 2021. The total origination value was $106,665,000, with an average FHA loan value of $156,171.

    Duluth FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Duluth averaged 5.14% for the week of 2022-08-05, compared to the national average (all FHA variants) of 5.305% for the same period.

    The average rate for the prior week (2022-07-29) was 5.48% and one month ago for the week of 2022-07-01, the average rate was 5.57%.

    The average rate one year ago was 3.08%.

    For refis of the same type during the week of 2022-08-05, the average rate was 4.93%.

    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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Duluth level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 97 2.81% $5,574
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 59 3.31% $5,162
    Lend Smart Mortgage, LLC 41 3.31% $6,790
    MANN FINANCIAL INC. 37 2.96% $5,716
    North Shore Bank of Commerce 30 2.94% $7,029
    Regent Financial Group, Inc. 25 3.11% $6,856
    RESULTS MORTGAGE, LLC 25 3.07% $7,540
    Servion, Inc. 17 2.95% $5,705
    FREEDOM MORTGAGE CORPORATION 16 2.91% $4,089
    BROKER SOLUTIONS, INC. 15 3.37% $6,222
    HANCOCK MORTGAGE PARTNERS, LLC 14 3.52% $8,278
    PENNYMAC LOAN SERVICES, LLC 13 3.10% $4,045
    LAKEVIEW LOAN SERVICING, LLC 12 3.15% $3,864
    HOME POINT FINANCIAL CORPORATION 10 2.94% $4,435
    CALIBER HOME LOANS, INC. 10 2.69% $6,461
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 9 3.44% $8,457
    Summit Mortgage Corporation 8 3.27% $6,424
    UNITED WHOLESALE MORTGAGE, LLC 8 2.91% $5,565
    Mr. Cooper ( Nationstar Mortgage ) 8 3.23% $4,074
    MOVEMENT MORTGAGE, LLC 7 3.30% $5,872
    CROSSCOUNTRY MORTGAGE, LLC 7 3.23% $8,421
    LOANDEPOT.COM, LLC 7 3.19% $7,471
    U.S. Bank 6 3.17% $5,650
    NEWREZ LLC 6 2.94% $4,003
    GUILD MORTGAGE COMPANY 6 2.42% $6,901
    TOWNE MORTGAGE COMPANY 5 3.35% $7,728
    VILLAGE CAPITAL & INVESTMENT LLC 5 3.05% $1,765
    Barrington Bank & Trust Company, N.A. 3 3.17% $5,958
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 3.54% $7,888
    AMERISAVE MORTGAGE CORPORATION 3 3.17% $6,648
    CHERRY CREEK MORTGAGE, LLC 3 3.08% $1,599
    Nations Lending Corporation 3 3.29% $5,219
    BAY EQUITY LLC 3 2.87% $7,728
    Hometown Lenders, Inc. 3 3.21% $8,005
    PLAZA HOME MORTGAGE, INC. 3 3.29% $7,073
    Paramount Residential Mortgage Group, Inc. 3 3.46% $7,160
    Bell Bank 2 2.94% $5,566
    AmeriHome Mortgage Company, LLC 2 3.31% $4,851
    AXIA FINANCIAL, LLC 2 3.25% $7,282
    CRESCENT MORTGAGE COMPANY 2 2.75% $5,533
    Flagstar Bank, FSB 2 2.84% $6,493
    Florida Capital Bank 2 2.88% $9,197
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 3.13% $6,737
    Lakeview Community Capital, LLC 2 3.06% $5,320
    LAND HOME FINANCIAL SERVICES, INC. 2 2.81% $5,706
    LEADERONE FINANCIAL CORPORATION 2 2.75% $4,675
    Mortgage Research Center, LLC 2 2.99% $7,996
    OCEANSIDE MORTGAGE COMPANY 2 3.06% $2,221
    Prosperity Home Mortgage, LLC 2 3.13% $5,539
    MEGASTAR FINANCIAL CORP. 1 3.00% $6,883
    MID AMERICA MORTGAGE, INC. 1 3.63% $3,208
    MORIA DEVELOPMENT, INC. 1 3.25% $6,392
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.63% $8,070
    Mortgages Unlimited Inc. 1 2.88% $8,978
    InterContinental Capital Group, Inc 1 3.00% $5,316
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 2.88% $5,526
    GUARANTEED RATE, INC. 1 2.75% $6,284
    GUARANTEED RATE AFFINITY, LLC 1 2.63% $7,731
    Gate City Bank 1 2.75% $7,946
    Wells Fargo Bank 1 3.50% $2,443
    FLAT BRANCH MORTGAGE, INC. 1 3.13% $8,835
    First Guaranty Mortgage Corporation 1 3.25% $4,789
    Peoples Bank 1 3.38% $6,407
    PHH Mortgage Corporation 1 3.13% $1,502
    PLANET HOME LENDING, LLC 1 2.63% $4,895
    FINANCE OF AMERICA MORTGAGE LLC 1 3.00% $5,626
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 3.75% $9,786
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 2.88% $8,079
    EVERETT FINANCIAL, INC. 1 2.75% $6,371
    ZILLOW HOME LOANS, LLC 1 2.88% $5,722
    CONTOUR MORTGAGE CORPORATION 1 2.38% $11,413
    CMG MORTGAGE, INC. 1 3.50% $12,909
    Residential Mortgage Solutions, Inc. 1 2.50% $7,561
    CHURCHILL MORTGAGE CORPORATION 1 3.00% $5,933
    Cambria Financial Group, LLC 1 2.75% $6,703
    Sierra Pacific Mortgage Company, Inc. 1 2.88% $7,919
    AMERICAN FINANCIAL NETWORK, INC. 1 2.25% $7,203
    The Federal Savings Bank 1 3.00% $6,112
    The Huntington National Bank 1 2.88% $5,914
    Bank of England 1 3.75% $6,760
    Tradition Mortgage, LLC 1 2.75% $5,024
    Associated Bank 1 2.88% $5,264
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.00% $7,278
    LENOX FINANCIAL MORTGAGE CORPORATION 1 3.13% $3,882
    KELLER MORTGAGE, LLC 1 3.13% $8,678
    Ixonia Bank 1 3.00% $9,616

    The top Duluth FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 97 FHA loans originated. Their average total fees are $5,574, which is $412 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Duluth FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($3,864), PENNYMAC LOAN SERVICES, LLC ($4,045), FREEDOM MORTGAGE CORPORATION ($4,089), HOME POINT FINANCIAL CORPORATION ($4,435) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($5,162).

    The lowest rate Duluth FHA lenders (with over 10 loans originated) are CALIBER HOME LOANS, INC. (2.69%), QUICKEN LOANS, LLC (2.81%), FREEDOM MORTGAGE CORPORATION (2.91%), HOME POINT FINANCIAL CORPORATION (2.94%) and North Shore Bank of Commerce (2.94%).

    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

    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 $165,000 (5.9%) $262,259 (9.2%) 0.61 1,392
    2018-02-01 $169,000 (7.3%) $267,641 (8.8%) 0.61 1,363
    2018-03-01 $184,900 (12.1%) $287,060 (14.6%) 0.64 1,406
    2018-04-01 $189,700 (11.7%) $294,426 (17.2%) 0.64 1,470
    2018-05-01 $192,400 (7.2%) $295,046 (15.0%) 0.64 1,695
    2018-06-01 $193,900 (7.8%) $287,258 (12.1%) 0.65 1,995
    2018-07-01 $192,000 (6.7%) $277,648 (5.2%) 0.64 2,090
    2018-08-01 $189,250 (5.2%) $270,616 (-0.7%) 0.63 2,066
    2018-09-01 $189,900 (6.7%) $271,208 (1.0%) 0.64 2,048
    2018-10-01 $187,900 (7.4%) $270,873 (4.0%) 0.63 1,989
    2018-11-01 $185,000 (9.5%) $267,162 (4.5%) 0.62 1,803
    2018-12-01 $182,000 (10.3%) $265,056 (2.4%) 0.62 1,603
    2019-01-01 $180,950 (9.7%) $278,437 (6.2%) 0.62 1,277
    2019-02-01 $179,450 (6.2%) $273,865 (2.3%) 0.60 1,238
    2019-03-01 $196,529 (6.3%) $282,759 (-1.5%) 0.64 1,284
    2019-04-01 $219,900 (15.9%) $291,632 (-1.0%) 0.69 1,376
    2019-05-01 $219,500 (14.1%) $296,105 (0.4%) 0.68 1,546
    2019-06-01 $214,777 (10.8%) $290,480 (1.1%) 0.66 1,767
    2019-07-01 $212,450 (10.7%) $289,386 (4.2%) 0.66 1,904
    2019-08-01 $195,671 (3.4%) $282,580 (4.4%) 0.62 1,954
    2019-09-01 $190,621 (0.4%) $275,467 (1.6%) 0.61 1,923
    2019-10-01 $197,450 (5.1%) $275,992 (1.9%) 0.63 1,858
    2019-11-01 $199,900 (8.1%) $277,673 (3.9%) 0.65 1,606
    2019-12-01 $199,450 (9.6%) $279,793 (5.6%) 0.66 1,345
    2020-01-01 $199,000 (10.0%) $287,660 (3.3%) 0.66 1,120
    2020-02-01 $218,000 (21.5%) $307,747 (12.4%) 0.70 1,039
    2020-03-01 $234,950 (19.6%) $328,511 (16.2%) 0.73 1,063
    2020-04-01 $239,000 (8.7%) $326,623 (12.0%) 0.74 1,137
    2020-05-01 $235,000 (7.1%) $319,735 (8.0%) 0.71 1,215
    2020-06-01 $239,000 (11.3%) $322,664 (11.1%) 0.70 1,241
    2020-07-01 $235,750 (11.0%) $324,685 (12.2%) 0.68 1,199
    2020-08-01 $239,000 (22.1%) $322,973 (14.3%) 0.68 1,129
    2020-09-01 $229,450 (20.4%) $319,311 (15.9%) 0.66 1,022
    2020-10-01 $224,900 (13.9%) $324,443 (17.6%) 0.64 954
    2020-11-01 $224,450 (12.3%) $331,795 (19.5%) 0.64 825
    2020-12-01 $222,000 (11.3%) $337,273 (20.5%) 0.65 701
    2021-01-01 $220,000 (10.6%) $351,072 (22.0%) 0.65 525
    2021-02-01 $225,000 (3.2%) $359,881 (16.9%) 0.65 428
    2021-03-01 $227,450 (-3.2%) $363,911 (10.8%) 0.64 413
    2021-04-01 $237,250 (-0.7%) $367,106 (12.4%) 0.64 444
    2021-05-01 $229,500 (-2.3%) $349,773 (9.4%) 0.60 539
    2021-06-01 $227,450 (-4.8%) $337,805 (4.7%) 0.59 673
    2021-07-01 $216,950 (-8.0%) $324,514 (-0.1%) 0.56 729
    2021-08-01 $209,950 (-12.2%) $312,941 (-3.1%) 0.55 737
    2021-09-01 $211,750 (-7.7%) $315,762 (-1.1%) 0.56 681
    2021-10-01 $199,900 (-11.1%) $285,989 (-11.9%) 0.53 646
    2021-11-01 $210,000 (-6.4%) $304,753 (-8.2%) 0.55 506
    2021-12-01 $196,950 (-11.3%) $302,584 (-10.3%) 0.53 407
    2022-01-01 $199,000 (-9.6%) $317,441 (-9.6%) 0.53 362
    2022-02-01 $226,950 (0.9%) $364,955 (1.4%) 0.58 296
    2022-03-01 $249,950 (9.9%) $385,764 (6.0%) 0.62 287
    2022-04-01 $265,000 (11.7%) $373,680 (1.8%) 0.62 333
    2022-05-01 $269,500 (17.4%) $379,934 (8.6%) 0.60 418
    2022-06-01 $262,450 (15.4%) $367,188 (8.7%) 0.58 537
    Duluth's median listing price for 2022-06-01 was $262,450, a difference of $35,000 (15.4%) versus the prior year and $-7,050 versus the prior month.

    Duluth's median listing price comes in at 58% of the national average.

    Duluth's average listing price for 2022-06-01 was $367,188, a difference of $29,383 (8.7%) versus the prior year and $-12,746 versus the prior month.

    For the 2022-06-01 period, Duluth had 537 MLS listings, a difference of 119 listings (28%) versus the prior month and -136 listings (-20%) 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
    2018-01-01 121 days 1,516 sqft
    2018-02-01 120 days 1,526 sqft
    2018-03-01 99 days 1,574 sqft
    2018-04-01 80 days 1,585 sqft
    2018-05-01 67 days 1,580 sqft
    2018-06-01 57 days 1,580 sqft
    2018-07-01 65 days 1,584 sqft
    2018-08-01 73 days 1,585 sqft
    2018-09-01 81 days 1,568 sqft
    2018-10-01 88 days 1,512 sqft
    2018-11-01 98 days 1,500 sqft
    2018-12-01 119 days 1,482 sqft
    2019-01-01 128 days 1,489 sqft
    2019-02-01 138 days 1,500 sqft
    2019-03-01 134 days 1,542 sqft
    2019-04-01 100 days 1,609 sqft
    2019-05-01 69 days 1,596 sqft
    2019-06-01 57 days 1,568 sqft
    2019-07-01 62 days 1,564 sqft
    2019-08-01 70 days 1,507 sqft
    2019-09-01 80 days 1,435 sqft
    2019-10-01 87 days 1,417 sqft
    2019-11-01 100 days 1,422 sqft
    2019-12-01 121 days 1,432 sqft
    2020-01-01 133 days 1,456 sqft
    2020-02-01 147 days 1,464 sqft
    2020-03-01 141 days 1,493 sqft
    2020-04-01 98 days 1,505 sqft
    2020-05-01 79 days 1,508 sqft
    2020-06-01 70 days 1,500 sqft
    2020-07-01 64 days 1,541 sqft
    2020-08-01 63 days 1,568 sqft
    2020-09-01 66 days 1,504 sqft
    2020-10-01 67 days 1,508 sqft
    2020-11-01 78 days 1,454 sqft
    2020-12-01 90 days 1,460 sqft
    2021-01-01 108 days 1,425 sqft
    2021-02-01 117 days 1,419 sqft
    2021-03-01 93 days 1,472 sqft
    2021-04-01 51 days 1,569 sqft
    2021-05-01 37 days 1,549 sqft
    2021-06-01 35 days 1,542 sqft
    2021-07-01 41 days 1,491 sqft
    2021-08-01 48 days 1,439 sqft
    2021-09-01 56 days 1,453 sqft
    2021-10-01 54 days 1,446 sqft
    2021-11-01 62 days 1,480 sqft
    2021-12-01 76 days 1,440 sqft
    2022-01-01 85 days 1,406 sqft
    2022-02-01 93 days 1,472 sqft
    2022-03-01 67 days 1,592 sqft
    2022-04-01 37 days 1,568 sqft
    2022-05-01 32 days 1,559 sqft
    2022-06-01 34 days 1,585 sqft
    Duluth's median listing age (time on market) for 2022-06-01 was 34 days. This is -3% shorter than the same period one year ago.

    Duluth's median square footage for active listings during the 2022-06-01 period was 1,585 sqft. One year prior, the average listing was 1,542 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).