Duluth FHA Loans

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 5.14% 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).