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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.