Duluth FHA Loan Rates, Closing Costs & Stats

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 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 6.41% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.69% and one month ago for the week of 2024-10-04, the average rate was 6.11%.

    The average rate one year ago was 7.35%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.54%.

    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

    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).