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 64 lenders originated 392 FHA loans during 2024. The total origination value was $81,160,000, with an average FHA loan value of $207,041.

    Duluth FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Duluth averaged 0.51% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Duluth's average FHA mortgage closing costs are $6,923.

    The average rate for the prior week (2025-06-13) was 6.99% and one month ago for the week of 2025-05-16, the average rate was 7.05%.

    The average rate one year ago was 6.9%.

    For refis of the same type during the week of 2025-06-20, the average rate was -0.17%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 58 6.33% $10,035
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 33 7.01% $7,027
    AMERICAN PACIFIC MORTGAGE CORPORATION 22 6.73% $12,091
    BROKER SOLUTIONS, INC. 19 6.90% $10,481
    North Shore Bank of Commerce 16 6.60% $8,009
    UNITED WHOLESALE MORTGAGE, LLC 15 6.09% $11,218
    Regent Financial Group, Inc. 12 6.48% $9,760
    PENNYMAC LOAN SERVICES, LLC 12 6.30% $8,789
    LOANDEPOT.COM, LLC 12 6.20% $11,763
    CROSSCOUNTRY MORTGAGE, LLC 11 6.43% $10,922
    GUILD MORTGAGE COMPANY 11 6.42% $10,126
    EVERETT FINANCIAL, INC. 11 6.93% $11,631
    U.S. Bank 7 6.55% $8,763
    Park State Bank 7 6.02% $8,551
    NEWREZ LLC 6 6.19% $8,840
    Bell Bank 5 6.23% $10,372
    Summit Mortgage Corporation 5 6.98% $9,174
    FREEDOM MORTGAGE CORPORATION 4 7.09% $9,969
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 4 6.88% $11,488
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 7.06% $11,612
    Paramount Residential Mortgage Group, Inc. 3 7.17% $14,793
    AmeriHome Mortgage Company, LLC 3 6.63% $6,348
    AMERISAVE MORTGAGE CORPORATION 3 6.92% $10,341
    CARDINAL FINANCIAL 3 6.96% $10,511
    Granite Community Bank 3 6.71% $7,370
    AMERICAN FINANCIAL NETWORK, INC. 3 5.75% $12,206
    PREMIER MORTGAGE RESOURCES, L.L.C. 3 7.13% $7,908
    Servion, Inc. 3 7.08% $7,193
    Flagstar Bank, FSB 2 6.63% $6,068
    Ixonia Bank 2 7.13% $8,989
    LAKEVIEW LOAN SERVICING, LLC 2 6.49% $8,268
    Mr. Cooper ( Nationstar Mortgage ) 2 6.38% $13,212
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.75% $14,611
    Nations Lending Corporation 2 7.25% $7,554
    PLAZA HOME MORTGAGE, INC. 2 6.56% $8,052
    Prosperity Home Mortgage, LLC 2 6.63% $15,961
    Cambria Financial Group, LLC 2 7.06% $11,068
    ZILLOW HOME LOANS, LLC 2 7.00% $8,402
    AMERICAN FINANCING CORPORATION 2 5.81% $9,629
    OCEANSIDE MORTGAGE COMPANY 1 5.63% $5,749
    VILLAGE CAPITAL MORTGAGE 1 6.75% $1,499
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.75% $14,399
    Century Mortgage Company DBA Century Lending Company 1 6.50% $21,732
    PLANET HOME LENDING, LLC 1 6.25% $7,452
    AMERITRUST MORTGAGE CORPORATION 1 6.25% $12,639
    Wells Fargo Bank 1 5.88% $10,524
    Fortress Bank 1 6.75% $9,750
    Carrington Mortgage Services, LLC 1 6.38% $8,757
    FIRST COMMUNITY MORTGAGE, INC. 1 5.99% $16,383
    ROYAL UNITED MORTGAGE LLC 1 7.25% $33,269
    S1L, Inc. 1 6.75% $9,984
    GUARANTEED RATE AFFINITY, LLC 1 6.75% $8,056
    Barrington Bank & Trust Company, N.A. 1 7.25% $7,009
    SUN WEST MORTGAGE COMPANY, INC. 1 6.88% $9,490
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.38% $5,309
    HOMESIDE FINANCIAL, LLC 1 6.87% $11,281
    The Federal Savings Bank 1 6.25% $8,137
    The Huntington National Bank 1 5.88% $9,026
    ENVOY MORTGAGE, LTD 1 6.88% $7,263
    THE MORTGAGE LINK, INC. 1 7.13% $18,240
    TRUSTONE FINANCIAL FEDERAL CREDIT UNION 1 5.75% $9,308
    UNION HOME MORTGAGE CORP. 1 6.63% $4,443
    EMM LOANS LLC 1 6.25% $13,606
    CMG MORTGAGE, INC. 1 6.00% $12,234

    The top Duluth FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 58 FHA loans originated. Their average total fees are $10,035, which is $3,009 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 ($7,027), North Shore Bank of Commerce ($8,009), PENNYMAC LOAN SERVICES, LLC ($8,789), Regent Financial Group, Inc. ($9,760) and QUICKEN LOANS, LLC ($10,035).

    The lowest rate Duluth FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.09%), LOANDEPOT.COM, LLC (6.20%), PENNYMAC LOAN SERVICES, LLC (6.30%), QUICKEN LOANS, LLC (6.33%) and GUILD MORTGAGE COMPANY (6.42%).

    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).