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 71 lenders originated 499 FHA loans during 2022. The total origination value was $94,215,000, with an average FHA loan value of $188,808.

    Duluth FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Duluth averaged 7.12% for the week of 2023-09-22, compared to the national average (all FHA variants) of 7.036% for the same period.

    Duluth's average FHA mortgage closing costs are $6,180.

    The average rate for the prior week (2023-09-15) was 6.77% and one month ago for the week of 2023-08-18, the average rate was 7.08%.

    The average rate one year ago was 5.67%.

    For refis of the same type during the week of 2023-09-22, the average rate was 5.85%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 61 4.61% $8,460
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 48 5.34% $6,065
    Lend Smart Mortgage, LLC 36 4.87% $9,890
    North Shore Bank of Commerce 23 5.67% $7,264
    MANN FINANCIAL INC. 22 4.90% $6,620
    EVERETT FINANCIAL, INC. 21 6.02% $5,124
    Regent Financial Group, Inc. 20 5.65% $9,240
    UNITED WHOLESALE MORTGAGE, LLC 16 5.03% $9,160
    RESULTS MORTGAGE, LLC 15 4.86% $9,067
    FREEDOM MORTGAGE CORPORATION 12 4.81% $6,282
    LOANDEPOT.COM, LLC 11 4.86% $9,554
    CARDINAL FINANCIAL 10 5.00% $10,148
    BROKER SOLUTIONS, INC. 10 5.45% $8,709
    Servion, Inc. 10 4.96% $6,384
    U.S. Bank 8 4.92% $6,587
    PENNYMAC LOAN SERVICES, LLC 8 4.91% $8,440
    AMERISAVE MORTGAGE CORPORATION 7 4.27% $11,283
    GUILD MORTGAGE COMPANY 7 5.11% $8,472
    LAKEVIEW LOAN SERVICING, LLC 6 4.17% $5,878
    Flagstar Bank, FSB 6 5.13% $7,721
    Bell Bank 6 4.15% $6,770
    NEWREZ LLC 6 4.88% $6,356
    Amerifirst Financial, Inc. 6 6.40% $4,747
    Summit Mortgage Corporation 5 5.42% $9,399
    HANCOCK MORTGAGE PARTNERS, LLC 5 4.55% $9,116
    Mr. Cooper ( Nationstar Mortgage ) 4 4.97% $8,648
    CROSSCOUNTRY MORTGAGE, LLC 4 5.44% $10,051
    CALIBER HOME LOANS, INC. 4 4.59% $6,528
    TOWNE MORTGAGE COMPANY 3 3.54% $8,757
    Carrington Mortgage Services, LLC 3 4.79% $8,443
    GUARANTEED RATE, INC. 3 5.75% $6,509
    Mortgage Research Center, LLC 3 6.29% $4,248
    CRESCENT MORTGAGE COMPANY 3 5.25% $4,908
    AMERICAN FINANCIAL RESOURCES, INC. 3 4.04% $8,018
    ALAMEDA MORTGAGE CORPORATION 2 5.94% $8,774
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.00% $7,696
    Barrington Bank & Trust Company, N.A. 2 3.88% $5,710
    BAY EQUITY LLC 2 4.25% $6,586
    Century Mortgage Company DBA Century Lending Company 2 5.75% $13,237
    Heritage Bank 2 3.63% $8,038
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 4.56% $7,932
    HOMEOWNERS FINANCIAL GROUP USA, LLC 2 6.38% $7,579
    Ixonia Bank 2 5.25% $9,347
    MID AMERICA MORTGAGE, INC. 2 4.63% $3,275
    MUTUAL OF OMAHA MORTGAGE, INC. 2 3.88% $5,967
    Paramount Residential Mortgage Group, Inc. 2 5.50% $12,778
    PREMIER MORTGAGE RESOURCES, L.L.C. 2 5.44% $8,945
    Prosperity Home Mortgage, LLC 2 5.31% $3,385
    NFM, INC. 1 6.13% $4,742
    LIBERTY HOME MORTGAGE CORPORATION 1 6.75% $6,994
    AMERICAN FINANCING CORPORATION 1 5.25% $8,173
    INLANTA MORTGAGE, INC. 1 5.25% $11,892
    Wells Fargo Bank 1 5.63% $6,075
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 5.25% $8,556
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.75% $10,558
    ZILLOW HOME LOANS, LLC 1 3.38% $11,368
    Hometown Lenders, Inc. 1 5.99% $14,989
    HOME POINT FINANCIAL CORPORATION 1 5.99% $4,026
    FINANCE OF AMERICA MORTGAGE LLC 1 4.25% $9,257
    Equity Prime Mortgage LLC 1 7.75% $11,286
    CHERRY CREEK MORTGAGE, LLC 1 5.00% $773
    SUN WEST MORTGAGE COMPANY, INC. 1 3.75% $6,518
    The Huntington National Bank 1 4.88% $8,028
    AXIA FINANCIAL, LLC 1 5.38% $8,751
    Truist 1 3.63% $8,634
    TRUSTONE FINANCIAL FEDERAL CREDIT UNION 1 3.50% $10,047
    UNION HOME MORTGAGE CORP. 1 4.75% $13,670
    MOVEMENT MORTGAGE, LLC 1 4.38% $6,017
    M&T Bank 1 5.13% $6,714
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.63% $5,121
    MEGASTAR FINANCIAL CORP. 1 4.50% $8,628

    The top Duluth FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 61 FHA loans originated. Their average total fees are $8,460, which is $2,395 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Duluth FHA lenders (with over 10 loans originated) are EVERETT FINANCIAL, INC. ($5,124), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,065), FREEDOM MORTGAGE CORPORATION ($6,282), Servion, Inc. ($6,384) and MANN FINANCIAL INC. ($6,620).

    The lowest rate Duluth FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.61%), FREEDOM MORTGAGE CORPORATION (4.81%), RESULTS MORTGAGE, LLC (4.86%), LOANDEPOT.COM, LLC (4.86%) and Lend Smart Mortgage, LLC (4.87%).

    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 $154,958 (3.7%) $242,349 (7.1%) 0.57 1,184
    2018-02-01 $159,900 (6.6%) $250,314 (7.1%) 0.58 1,170
    2018-03-01 $169,000 (5.7%) $266,737 (11.1%) 0.59 1,209
    2018-04-01 $177,975 (7.9%) $273,441 (12.8%) 0.60 1,240
    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%) $270,015 (5.5%) 0.62 1,752
    2018-08-01 $185,000 (5.7%) $264,928 (3.8%) 0.62 1,753
    2018-09-01 $183,900 (6.2%) $259,117 (3.1%) 0.62 1,718
    2018-10-01 $179,975 (5.9%) $259,688 (5.4%) 0.61 1,668
    2018-11-01 $179,450 (12.2%) $256,256 (6.3%) 0.61 1,519
    2018-12-01 $174,500 (9.8%) $252,700 (4.1%) 0.60 1,316
    2019-01-01 $171,450 (10.6%) $267,234 (10.3%) 0.59 1,060
    2019-02-01 $170,950 (6.9%) $265,223 (6.0%) 0.58 1,009
    2019-03-01 $184,900 (9.4%) $276,041 (3.5%) 0.60 1,051
    2019-04-01 $207,175 (16.4%) $286,852 (4.9%) 0.66 1,118
    2019-05-01 $203,700 (10.4%) $287,765 (4.3%) 0.64 1,272
    2019-06-01 $200,000 (8.1%) $283,367 (4.6%) 0.63 1,458
    2019-07-01 $202,400 (9.4%) $285,225 (5.6%) 0.63 1,581
    2019-08-01 $197,173 (6.6%) $280,147 (5.7%) 0.62 1,610
    2019-09-01 $193,082 (5.0%) $273,094 (5.4%) 0.62 1,583
    2019-10-01 $192,905 (7.2%) $268,162 (3.3%) 0.62 1,539
    2019-11-01 $189,900 (5.8%) $260,700 (1.7%) 0.62 1,339
    2019-12-01 $187,000 (7.2%) $261,306 (3.4%) 0.62 1,113
    2020-01-01 $184,975 (7.9%) $266,881 (-0.1%) 0.62 919
    2020-02-01 $199,900 (16.9%) $286,246 (7.9%) 0.66 872
    2020-03-01 $218,125 (18.0%) $304,977 (10.5%) 0.68 889
    2020-04-01 $222,450 (7.4%) $304,737 (6.2%) 0.70 934
    2020-05-01 $220,000 (8.0%) $299,051 (3.9%) 0.67 1,000
    2020-06-01 $229,000 (14.5%) $304,609 (7.5%) 0.67 1,041
    2020-07-01 $229,125 (13.2%) $311,175 (9.1%) 0.66 1,023
    2020-08-01 $225,000 (14.1%) $308,404 (10.1%) 0.64 945
    2020-09-01 $222,975 (15.5%) $306,295 (12.2%) 0.64 861
    2020-10-01 $218,250 (13.1%) $309,738 (15.5%) 0.63 771
    2020-11-01 $212,300 (11.8%) $309,310 (18.7%) 0.62 665
    2020-12-01 $209,613 (12.1%) $315,882 (20.9%) 0.62 567
    2021-01-01 $199,900 (8.1%) $328,993 (23.3%) 0.60 435
    2021-02-01 $212,950 (6.5%) $336,210 (17.5%) 0.62 350
    2021-03-01 $219,225 (0.5%) $335,536 (10.0%) 0.62 348
    2021-04-01 $226,450 (1.8%) $338,006 (10.9%) 0.61 374
    2021-05-01 $218,500 (-0.7%) $322,476 (7.8%) 0.58 462
    2021-06-01 $211,975 (-7.4%) $315,416 (3.6%) 0.56 563
    2021-07-01 $209,950 (-8.4%) $309,946 (-0.4%) 0.55 590
    2021-08-01 $199,500 (-11.3%) $291,854 (-5.4%) 0.53 576
    2021-09-01 $199,225 (-10.7%) $290,201 (-5.3%) 0.53 549
    2021-10-01 $199,000 (-8.8%) $271,909 (-12.2%) 0.53 518
    2021-11-01 $198,750 (-6.4%) $293,445 (-5.1%) 0.53 416
    2021-12-01 $189,175 (-9.8%) $294,682 (-6.7%) 0.51 326
    2022-01-01 $189,900 (-5.0%) $311,383 (-5.4%) 0.51 279
    2022-02-01 $217,800 (2.3%) $362,562 (7.8%) 0.57 231
    2022-03-01 $232,975 (6.3%) $385,653 (14.9%) 0.58 223
    2022-04-01 $247,500 (9.3%) $369,447 (9.3%) 0.59 262
    2022-05-01 $254,500 (16.5%) $377,681 (17.1%) 0.58 350
    2022-06-01 $259,675 (22.5%) $372,767 (18.2%) 0.58 433
    2022-07-01 $259,900 (23.8%) $366,039 (18.1%) 0.59 527
    2022-08-01 $250,000 (25.3%) $350,861 (20.2%) 0.58 595
    2022-09-01 $252,450 (26.7%) $351,294 (21.1%) 0.59 590
    2022-10-01 $252,450 (26.9%) $363,246 (33.6%) 0.59 548
    2022-11-01 $250,000 (25.8%) $359,012 (22.3%) 0.60 495
    2022-12-01 $250,000 (32.2%) $360,895 (22.5%) 0.62 429
    2023-01-01 $259,350 (36.6%) $364,689 (17.1%) 0.64 309
    2023-02-01 $272,075 (24.9%) $376,662 (3.9%) 0.66 263
    2023-03-01 $277,000 (18.9%) $387,118 (0.4%) 0.65 258
    2023-04-01 $295,000 (19.2%) $397,502 (7.6%) 0.69 317
    2023-05-01 $312,074 (22.6%) $415,061 (9.9%) 0.71 384
    2023-06-01 $312,450 (20.3%) $428,530 (15.0%) 0.70 496
    2023-07-01 $319,450 (22.9%) $440,725 (20.4%) 0.73 586
    2023-08-01 $313,675 (25.5%) $432,542 (23.3%) 0.72 631
    Duluth's median listing price for 2023-08-01 was $313,675, a difference of $63,675 (25.5%) versus the prior year and $-5,775 versus the prior month.

    Duluth's median listing price comes in at 72% of the national average.

    Duluth's average listing price for 2023-08-01 was $432,542, a difference of $81,681 (23.3%) versus the prior year and $-8,183 versus the prior month.

    For the 2023-08-01 period, Duluth had 631 MLS listings, a difference of 45 listings (8%) versus the prior month and 36 listings (6%) 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 1,489 sqft
    2018-02-01 108 days 1,507 sqft
    2018-03-01 78 days 1,544 sqft
    2018-04-01 70 days 1,563 sqft
    2018-05-01 60 days 1,560 sqft
    2018-06-01 51 days 1,568 sqft
    2018-07-01 59 days 1,564 sqft
    2018-08-01 66 days 1,562 sqft
    2018-09-01 72 days 1,530 sqft
    2018-10-01 77 days 1,490 sqft
    2018-11-01 86 days 1,490 sqft
    2018-12-01 104 days 1,456 sqft
    2019-01-01 113 days 1,493 sqft
    2019-02-01 123 days 1,500 sqft
    2019-03-01 107 days 1,512 sqft
    2019-04-01 78 days 1,556 sqft
    2019-05-01 53 days 1,564 sqft
    2019-06-01 50 days 1,543 sqft
    2019-07-01 57 days 1,554 sqft
    2019-08-01 64 days 1,524 sqft
    2019-09-01 73 days 1,477 sqft
    2019-10-01 81 days 1,443 sqft
    2019-11-01 94 days 1,440 sqft
    2019-12-01 115 days 1,444 sqft
    2020-01-01 123 days 1,463 sqft
    2020-02-01 128 days 1,464 sqft
    2020-03-01 110 days 1,476 sqft
    2020-04-01 81 days 1,502 sqft
    2020-05-01 71 days 1,497 sqft
    2020-06-01 61 days 1,497 sqft
    2020-07-01 54 days 1,538 sqft
    2020-08-01 57 days 1,538 sqft
    2020-09-01 62 days 1,494 sqft
    2020-10-01 64 days 1,504 sqft
    2020-11-01 69 days 1,451 sqft
    2020-12-01 78 days 1,455 sqft
    2021-01-01 94 days 1,421 sqft
    2021-02-01 105 days 1,436 sqft
    2021-03-01 72 days 1,445 sqft
    2021-04-01 42 days 1,515 sqft
    2021-05-01 35 days 1,512 sqft
    2021-06-01 32 days 1,504 sqft
    2021-07-01 39 days 1,501 sqft
    2021-08-01 51 days 1,429 sqft
    2021-09-01 52 days 1,445 sqft
    2021-10-01 51 days 1,446 sqft
    2021-11-01 57 days 1,470 sqft
    2021-12-01 69 days 1,446 sqft
    2022-01-01 79 days 1,405 sqft
    2022-02-01 70 days 1,607 sqft
    2022-03-01 53 days 1,668 sqft
    2022-04-01 30 days 1,638 sqft
    2022-05-01 26 days 1,589 sqft
    2022-06-01 32 days 1,620 sqft
    2022-07-01 34 days 1,615 sqft
    2022-08-01 39 days 1,567 sqft
    2022-09-01 48 days 1,580 sqft
    2022-10-01 53 days 1,600 sqft
    2022-11-01 59 days 1,557 sqft
    2022-12-01 77 days 1,545 sqft
    2023-01-01 97 days 1,515 sqft
    2023-02-01 100 days 1,592 sqft
    2023-03-01 80 days 1,564 sqft
    2023-04-01 39 days 1,558 sqft
    2023-05-01 37 days 1,624 sqft
    2023-06-01 32 days 1,669 sqft
    2023-07-01 34 days 1,657 sqft
    2023-08-01 44 days 1,667 sqft
    Duluth's median listing age (time on market) for 2023-08-01 was 44 days. This is 13% longer than the same period one year ago.

    Duluth's median square footage for active listings during the 2023-08-01 period was 1,667 sqft. One year prior, the average listing was 1,567 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).