Duluth FHA Loan Rates, Closing Costs & Stats

DULUTH, MN-WI

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 6.6% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

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

    The average rate for the prior week (2025-02-07) was 6.52% and one month ago for the week of 2025-01-10, the average rate was 6.58%.

    The average rate one year ago was 6.81%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.93%.

    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/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

    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 $158,900 (6.0%) $240,077 (4.0%) 0.58 1,071
    2018-02-01 $163,450 (7.2%) $248,077 (5.4%) 0.58 1,057
    2018-03-01 $174,900 (7.3%) $264,682 (9.2%) 0.59 1,096
    2018-04-01 $184,950 (9.4%) $271,633 (12.0%) 0.61 1,129
    2018-05-01 $185,000 (4.9%) $274,509 (10.0%) 0.62 1,297
    2018-06-01 $189,000 (5.1%) $269,040 (7.3%) 0.62 1,541
    2018-07-01 $189,000 (5.6%) $267,995 (5.0%) 0.62 1,613
    2018-08-01 $187,500 (7.1%) $263,574 (3.6%) 0.62 1,627
    2018-09-01 $184,900 (5.7%) $258,384 (3.7%) 0.62 1,593
    2018-10-01 $183,000 (7.7%) $259,416 (6.1%) 0.61 1,544
    2018-11-01 $181,250 (13.3%) $256,711 (7.6%) 0.61 1,396
    2018-12-01 $174,900 (9.4%) $252,564 (4.9%) 0.60 1,204
    2019-01-01 $174,100 (9.6%) $265,366 (10.5%) 0.59 979
    2019-02-01 $171,250 (4.8%) $264,272 (6.5%) 0.58 930
    2019-03-01 $189,243 (8.2%) $275,618 (4.1%) 0.60 966
    2019-04-01 $216,200 (16.9%) $287,531 (5.9%) 0.66 1,027
    2019-05-01 $215,000 (16.2%) $289,796 (5.6%) 0.64 1,180
    2019-06-01 $210,250 (11.2%) $284,125 (5.6%) 0.63 1,352
    2019-07-01 $212,000 (12.2%) $285,033 (6.4%) 0.63 1,455
    2019-08-01 $205,155 (9.4%) $279,460 (6.0%) 0.62 1,483
    2019-09-01 $199,386 (7.8%) $272,514 (5.5%) 0.62 1,456
    2019-10-01 $198,041 (8.2%) $267,591 (3.2%) 0.62 1,412
    2019-11-01 $194,950 (7.6%) $263,914 (2.8%) 0.62 1,214
    2019-12-01 $189,900 (8.6%) $264,302 (4.7%) 0.62 997
    2020-01-01 $189,200 (8.7%) $268,590 (1.2%) 0.62 820
    2020-02-01 $204,950 (19.7%) $290,538 (9.9%) 0.65 783
    2020-03-01 $229,250 (21.1%) $311,991 (13.2%) 0.68 803
    2020-04-01 $229,925 (6.4%) $312,086 (8.5%) 0.70 849
    2020-05-01 $229,900 (6.9%) $306,689 (5.8%) 0.67 911
    2020-06-01 $235,450 (12.0%) $312,977 (10.2%) 0.67 945
    2020-07-01 $232,500 (9.7%) $320,270 (12.4%) 0.66 918
    2020-08-01 $230,000 (12.1%) $317,309 (13.5%) 0.64 854
    2020-09-01 $229,425 (15.1%) $313,682 (15.1%) 0.64 778
    2020-10-01 $224,900 (13.6%) $318,185 (18.9%) 0.63 705
    2020-11-01 $217,950 (11.8%) $319,159 (20.9%) 0.62 615
    2020-12-01 $219,700 (15.7%) $326,454 (23.5%) 0.62 521
    2021-01-01 $219,000 (15.8%) $344,481 (28.3%) 0.60 393
    2021-02-01 $224,250 (9.4%) $355,469 (22.4%) 0.62 313
    2021-03-01 $224,725 (-2.0%) $351,535 (12.7%) 0.62 307
    2021-04-01 $235,000 (2.2%) $353,067 (13.1%) 0.61 335
    2021-05-01 $222,500 (-3.2%) $332,337 (8.4%) 0.58 417
    2021-06-01 $215,000 (-8.7%) $321,941 (2.9%) 0.56 522
    2021-07-01 $215,000 (-7.5%) $313,902 (-2.0%) 0.55 544
    2021-08-01 $203,325 (-11.6%) $296,802 (-6.5%) 0.53 531
    2021-09-01 $202,450 (-11.8%) $297,466 (-5.2%) 0.53 504
    2021-10-01 $199,500 (-11.3%) $274,169 (-13.8%) 0.53 475
    2021-11-01 $202,000 (-7.3%) $299,332 (-6.2%) 0.53 380
    2021-12-01 $192,425 (-12.4%) $301,330 (-7.7%) 0.51 295
    2022-01-01 $194,900 (-11.0%) $318,032 (-7.7%) 0.51 255
    2022-02-01 $220,975 (-1.5%) $372,197 (4.7%) 0.57 210
    2022-03-01 $242,600 (8.0%) $400,017 (13.8%) 0.58 204
    2022-04-01 $257,450 (9.6%) $382,671 (8.4%) 0.59 242
    2022-05-01 $262,425 (17.9%) $388,064 (16.8%) 0.58 324
    2022-06-01 $262,450 (22.1%) $372,542 (15.7%) 0.58 401
    2022-07-01 $262,500 (22.1%) $368,254 (17.3%) 0.59 490
    2022-08-01 $252,450 (24.2%) $351,543 (18.4%) 0.58 549
    2022-09-01 $256,250 (26.6%) $354,072 (19.0%) 0.59 539
    2022-10-01 $255,000 (27.8%) $367,661 (34.1%) 0.59 499
    2022-11-01 $252,500 (25.0%) $361,438 (20.8%) 0.60 447
    2022-12-01 $259,000 (34.6%) $369,733 (22.7%) 0.62 388
    2023-01-01 $263,725 (35.3%) $372,323 (17.1%) 0.64 281
    2023-02-01 $277,000 (25.4%) $386,005 (3.7%) 0.66 236
    2023-03-01 $280,450 (15.6%) $395,710 (-1.1%) 0.65 232
    2023-04-01 $289,000 (12.3%) $391,690 (2.4%) 0.69 264
    2023-05-01 $299,950 (14.3%) $406,894 (4.9%) 0.71 330
    2023-06-01 $307,100 (17.0%) $419,159 (12.5%) 0.70 430
    2023-07-01 $314,900 (20.0%) $433,781 (17.8%) 0.73 509
    2023-08-01 $305,000 (20.8%) $424,537 (20.8%) 0.72 547
    2023-09-01 $299,900 (17.0%) $417,521 (17.9%) 0.71 607
    2023-10-01 $278,450 (9.2%) $406,526 (10.6%) 0.68 586
    2023-11-01 $278,000 (10.1%) $406,364 (12.4%) 0.67 539
    2023-12-01 $275,000 (6.2%) $404,708 (9.5%) 0.68 444
    2024-01-01 $249,000 (-5.6%) $400,071 (7.5%) 0.61 361
    2024-02-01 $264,450 (-4.5%) $416,308 (7.9%) 0.64 331
    2024-03-01 $304,950 (8.7%) $427,069 (7.9%) 0.70 336
    2024-04-01 $333,000 (15.2%) $450,800 (15.1%) 0.72 349
    2024-05-01 $369,537 (23.2%) $483,269 (18.8%) 0.82 428
    2024-06-01 $350,000 (14.0%) $458,792 (9.5%) 0.79 523
    2024-07-01 $344,675 (9.5%) $449,727 (3.7%) 0.77 616
    2024-08-01 $329,000 (7.9%) $433,959 (2.2%) 0.76 691
    2024-09-01 $320,000 (6.7%) $415,563 (-0.5%) 0.74 714
    2024-10-01 $300,000 (7.7%) $409,514 (0.7%) 0.71 704
    2024-11-01 $299,000 (7.6%) $401,406 (-1.2%) 0.71 625
    2024-12-01 $287,400 (4.5%) $394,016 (-2.6%) 0.72 506
    2025-01-01 $277,475 (11.4%) $387,811 (-3.1%) 0.00 427
    Duluth's median listing price for 2025-01-01 was $277,475, a difference of $28,475 (11.4%) versus the prior year and $-9,925 versus the prior month.

    Duluth's median listing price comes in at 0% of the national average.

    Duluth's average listing price for 2025-01-01 was $387,811, a difference of $-12,260 (-3.1%) versus the prior year and $-6,205 versus the prior month.

    For the 2025-01-01 period, Duluth had 427 MLS listings, a difference of -79 listings (-16%) versus the prior month and 66 listings (18%) 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
    2018-01-01 108 days 1,504 sqft
    2018-02-01 108 days 1,528 sqft
    2018-03-01 78 days 1,568 sqft
    2018-04-01 70 days 1,580 sqft
    2018-05-01 60 days 1,571 sqft
    2018-06-01 51 days 1,576 sqft
    2018-07-01 59 days 1,575 sqft
    2018-08-01 66 days 1,577 sqft
    2018-09-01 72 days 1,544 sqft
    2018-10-01 78 days 1,497 sqft
    2018-11-01 86 days 1,500 sqft
    2018-12-01 104 days 1,463 sqft
    2019-01-01 113 days 1,484 sqft
    2019-02-01 123 days 1,500 sqft
    2019-03-01 107 days 1,515 sqft
    2019-04-01 78 days 1,558 sqft
    2019-05-01 53 days 1,584 sqft
    2019-06-01 50 days 1,568 sqft
    2019-07-01 57 days 1,578 sqft
    2019-08-01 64 days 1,547 sqft
    2019-09-01 73 days 1,489 sqft
    2019-10-01 81 days 1,451 sqft
    2019-11-01 95 days 1,444 sqft
    2019-12-01 115 days 1,454 sqft
    2020-01-01 123 days 1,472 sqft
    2020-02-01 128 days 1,477 sqft
    2020-03-01 110 days 1,499 sqft
    2020-04-01 81 days 1,524 sqft
    2020-05-01 71 days 1,536 sqft
    2020-06-01 61 days 1,527 sqft
    2020-07-01 54 days 1,580 sqft
    2020-08-01 57 days 1,568 sqft
    2020-09-01 62 days 1,533 sqft
    2020-10-01 64 days 1,536 sqft
    2020-11-01 69 days 1,476 sqft
    2020-12-01 78 days 1,467 sqft
    2021-01-01 94 days 1,448 sqft
    2021-02-01 105 days 1,464 sqft
    2021-03-01 72 days 1,471 sqft
    2021-04-01 42 days 1,566 sqft
    2021-05-01 35 days 1,568 sqft
    2021-06-01 31 days 1,530 sqft
    2021-07-01 39 days 1,529 sqft
    2021-08-01 51 days 1,445 sqft
    2021-09-01 52 days 1,459 sqft
    2021-10-01 51 days 1,478 sqft
    2021-11-01 57 days 1,503 sqft
    2021-12-01 69 days 1,462 sqft
    2022-01-01 79 days 1,408 sqft
    2022-02-01 70 days 1,630 sqft
    2022-03-01 53 days 1,725 sqft
    2022-04-01 30 days 1,700 sqft
    2022-05-01 26 days 1,612 sqft
    2022-06-01 32 days 1,649 sqft
    2022-07-01 34 days 1,624 sqft
    2022-08-01 39 days 1,575 sqft
    2022-09-01 48 days 1,598 sqft
    2022-10-01 53 days 1,613 sqft
    2022-11-01 59 days 1,582 sqft
    2022-12-01 77 days 1,575 sqft
    2023-01-01 97 days 1,518 sqft
    2023-02-01 100 days 1,596 sqft
    2023-03-01 80 days 1,566 sqft
    2023-04-01 39 days 1,560 sqft
    2023-05-01 37 days 1,624 sqft
    2023-06-01 32 days 1,672 sqft
    2023-07-01 34 days 1,670 sqft
    2023-08-01 44 days 1,684 sqft
    2023-09-01 45 days 1,733 sqft
    2023-10-01 52 days 1,660 sqft
    2023-11-01 62 days 1,608 sqft
    2023-12-01 66 days 1,575 sqft
    2024-01-01 81 days 1,598 sqft
    2024-02-01 83 days 1,602 sqft
    2024-03-01 47 days 1,610 sqft
    2024-04-01 45 days 1,670 sqft
    2024-05-01 38 days 1,753 sqft
    2024-06-01 38 days 1,776 sqft
    2024-07-01 39 days 1,782 sqft
    2024-08-01 43 days 1,730 sqft
    2024-09-01 48 days 1,682 sqft
    2024-10-01 54 days 1,680 sqft
    2024-11-01 60 days 1,678 sqft
    2024-12-01 78 days 1,601 sqft
    2025-01-01 0 days 1,575 sqft
    Duluth's median listing age (time on market) for 2025-01-01 was 0 days. This is -100% shorter than the same period one year ago.

    Duluth's median square footage for active listings during the 2025-01-01 period was 1,575 sqft. One year prior, the average listing was 1,598 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).