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 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 5.92% for the week of 2023-01-27, compared to the national average (all FHA variants) of 6.186% for the same period.

Duluth's average FHA mortgage closing costs are $5,817.

The average rate for the prior week (2023-01-20) was 6% and one month ago for the week of 2022-12-23, the average rate was 6.49%.

The average rate one year ago was 3.98%.

For refis of the same type during the week of 2023-01-27, the average rate was 5.92%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
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 MORTGAGE 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 $155,667 (4.2%) $242,610 (7.2%) 0.58 1,185
2018-02-01 $159,900 (6.6%) $250,586 (7.2%) 0.58 1,171
2018-03-01 $169,000 (5.7%) $266,988 (11.2%) 0.59 1,210
2018-04-01 $179,075 (8.5%) $273,681 (12.9%) 0.61 1,241
2018-05-01 $184,450 (8.5%) $275,955 (11.0%) 0.62 1,411
2018-06-01 $185,000 (4.8%) $270,920 (8.2%) 0.62 1,673
2018-07-01 $185,000 (5.7%) $270,172 (5.6%) 0.62 1,753
2018-08-01 $185,000 (5.7%) $265,080 (3.9%) 0.62 1,754
2018-09-01 $183,950 (6.2%) $259,278 (3.2%) 0.62 1,719
2018-10-01 $179,975 (5.9%) $259,817 (5.4%) 0.61 1,668
2018-11-01 $179,450 (12.2%) $256,384 (6.3%) 0.61 1,519
2018-12-01 $174,500 (9.8%) $252,648 (4.0%) 0.60 1,315
2019-01-01 $171,225 (10.0%) $267,180 (10.1%) 0.59 1,059
2019-02-01 $170,450 (6.6%) $265,166 (5.8%) 0.58 1,008
2019-03-01 $184,900 (9.4%) $276,051 (3.4%) 0.60 1,050
2019-04-01 $206,950 (15.6%) $286,829 (4.8%) 0.66 1,118
2019-05-01 $200,000 (8.4%) $287,654 (4.2%) 0.63 1,272
2019-06-01 $200,000 (8.1%) $283,268 (4.6%) 0.63 1,460
2019-07-01 $202,400 (9.4%) $285,293 (5.6%) 0.63 1,583
2019-08-01 $197,173 (6.6%) $280,283 (5.7%) 0.62 1,612
2019-09-01 $193,082 (5.0%) $273,270 (5.4%) 0.62 1,586
2019-10-01 $192,905 (7.2%) $268,372 (3.3%) 0.62 1,542
2019-11-01 $189,900 (5.8%) $260,970 (1.8%) 0.62 1,342
2019-12-01 $187,000 (7.2%) $261,610 (3.6%) 0.62 1,116
2020-01-01 $185,000 (8.0%) $267,242 (0.0%) 0.62 922
2020-02-01 $199,900 (17.3%) $286,569 (8.1%) 0.65 875
2020-03-01 $219,250 (18.6%) $305,218 (10.6%) 0.69 892
2020-04-01 $222,450 (7.5%) $304,952 (6.3%) 0.70 938
2020-05-01 $220,000 (10.0%) $299,269 (4.0%) 0.67 1,004
2020-06-01 $229,000 (14.5%) $304,805 (7.6%) 0.67 1,045
2020-07-01 $229,350 (13.3%) $311,347 (9.1%) 0.66 1,027
2020-08-01 $226,900 (15.1%) $308,595 (10.1%) 0.65 949
2020-09-01 $223,975 (16.0%) $306,508 (12.2%) 0.64 865
2020-10-01 $219,000 (13.5%) $309,978 (15.5%) 0.63 775
2020-11-01 $212,400 (11.9%) $309,580 (18.6%) 0.62 669
2020-12-01 $211,075 (12.9%) $316,135 (20.8%) 0.63 571
2021-01-01 $200,000 (8.1%) $329,255 (23.2%) 0.60 439
2021-02-01 $214,875 (7.5%) $336,437 (17.4%) 0.62 354
2021-03-01 $219,450 (0.1%) $335,778 (10.0%) 0.62 352
2021-04-01 $227,450 (2.3%) $338,200 (10.9%) 0.62 378
2021-05-01 $219,000 (-0.5%) $322,744 (7.8%) 0.58 466
2021-06-01 $212,450 (-7.2%) $315,837 (3.6%) 0.56 566
2021-07-01 $210,000 (-8.4%) $310,389 (-0.3%) 0.55 593
2021-08-01 $199,750 (-12.0%) $292,790 (-5.1%) 0.53 580
2021-09-01 $199,450 (-11.0%) $291,229 (-5.0%) 0.53 553
2021-10-01 $199,250 (-9.0%) $272,973 (-11.9%) 0.53 522
2021-11-01 $199,450 (-6.1%) $294,004 (-5.0%) 0.53 420
2021-12-01 $189,500 (-10.2%) $295,303 (-6.6%) 0.51 330
2022-01-01 $189,900 (-5.1%) $311,909 (-5.3%) 0.51 283
2022-02-01 $219,000 (1.9%) $362,493 (7.7%) 0.57 235
2022-03-01 $234,675 (6.9%) $385,229 (14.7%) 0.59 227
2022-04-01 $249,900 (9.9%) $369,298 (9.2%) 0.60 266
2022-05-01 $257,750 (17.7%) $377,471 (17.0%) 0.59 354
2022-06-01 $261,150 (22.9%) $372,662 (18.0%) 0.58 437
2022-07-01 $259,900 (23.8%) $365,989 (17.9%) 0.59 531
2022-08-01 $250,000 (25.2%) $350,902 (19.9%) 0.58 599
2022-09-01 $252,475 (26.6%) $351,332 (20.6%) 0.59 594
2022-10-01 $253,900 (27.4%) $363,211 (33.1%) 0.60 552
2022-11-01 $250,000 (25.3%) $359,005 (22.1%) 0.60 499
2022-12-01 $252,500 (33.3%) $360,992 (22.2%) 0.63 435
Duluth's median listing price for 2022-12-01 was $252,500, a difference of $63,000 (33.3%) versus the prior year and $2,500 versus the prior month.

Duluth's median listing price comes in at 63% of the national average.

Duluth's average listing price for 2022-12-01 was $360,992, a difference of $65,689 (22.2%) versus the prior year and $1,987 versus the prior month.

For the 2022-12-01 period, Duluth had 435 MLS listings, a difference of -64 listings (-13%) versus the prior month and 105 listings (32%) 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
2018-01-01 124 days 1,490 sqft
2018-02-01 123 days 1,508 sqft
2018-03-01 103 days 1,544 sqft
2018-04-01 83 days 1,567 sqft
2018-05-01 71 days 1,561 sqft
2018-06-01 60 days 1,568 sqft
2018-07-01 66 days 1,564 sqft
2018-08-01 73 days 1,561 sqft
2018-09-01 80 days 1,530 sqft
2018-10-01 87 days 1,488 sqft
2018-11-01 97 days 1,490 sqft
2018-12-01 115 days 1,456 sqft
2019-01-01 127 days 1,492 sqft
2019-02-01 137 days 1,500 sqft
2019-03-01 121 days 1,506 sqft
2019-04-01 93 days 1,544 sqft
2019-05-01 65 days 1,566 sqft
2019-06-01 57 days 1,543 sqft
2019-07-01 61 days 1,551 sqft
2019-08-01 70 days 1,521 sqft
2019-09-01 80 days 1,476 sqft
2019-10-01 90 days 1,444 sqft
2019-11-01 106 days 1,440 sqft
2019-12-01 129 days 1,444 sqft
2020-01-01 137 days 1,464 sqft
2020-02-01 142 days 1,464 sqft
2020-03-01 139 days 1,478 sqft
2020-04-01 101 days 1,502 sqft
2020-05-01 82 days 1,498 sqft
2020-06-01 76 days 1,500 sqft
2020-07-01 62 days 1,538 sqft
2020-08-01 64 days 1,540 sqft
2020-09-01 70 days 1,497 sqft
2020-10-01 74 days 1,508 sqft
2020-11-01 81 days 1,452 sqft
2020-12-01 88 days 1,456 sqft
2021-01-01 107 days 1,421 sqft
2021-02-01 118 days 1,439 sqft
2021-03-01 93 days 1,452 sqft
2021-04-01 51 days 1,524 sqft
2021-05-01 40 days 1,515 sqft
2021-06-01 34 days 1,504 sqft
2021-07-01 44 days 1,504 sqft
2021-08-01 54 days 1,430 sqft
2021-09-01 53 days 1,446 sqft
2021-10-01 53 days 1,454 sqft
2021-11-01 61 days 1,478 sqft
2021-12-01 75 days 1,451 sqft
2022-01-01 85 days 1,407 sqft
2022-02-01 83 days 1,613 sqft
2022-03-01 62 days 1,690 sqft
2022-04-01 33 days 1,640 sqft
2022-05-01 28 days 1,601 sqft
2022-06-01 32 days 1,626 sqft
2022-07-01 35 days 1,620 sqft
2022-08-01 40 days 1,568 sqft
2022-09-01 49 days 1,582 sqft
2022-10-01 53 days 1,600 sqft
2022-11-01 61 days 1,562 sqft
2022-12-01 79 days 1,551 sqft
Duluth's median listing age (time on market) for 2022-12-01 was 79 days. This is 6% longer than the same period one year ago.

Duluth's median square footage for active listings during the 2022-12-01 period was 1,551 sqft. One year prior, the average listing was 1,451 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).