Faribault FHA Loan Rates, Closing Costs & Stats

Faribault-Northfield, MN

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.

Faribault's 47 lenders originated 132 FHA loans during 2022. The total origination value was $33,510,000, with an average FHA loan value of $253,864.

Faribault FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Faribault averaged -0.49% for the week of 2024-02-23, compared to the national average (all FHA variants) of 0% for the same period.

Faribault's average FHA mortgage closing costs are $7,846.

The average rate for the prior week (2024-02-16) was 6.25% and one month ago for the week of 2024-01-19, the average rate was 6.29%.

The average rate one year ago was 6.05%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.2%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Faribault 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 Faribault level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
CROSSCOUNTRY MORTGAGE, LLC 11 5.04% $11,071
LOANDEPOT.COM, LLC 10 5.01% $10,690
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 5.69% $10,262
BROKER SOLUTIONS, INC. 6 5.54% $12,144
UNITED WHOLESALE MORTGAGE, LLC 6 4.90% $10,652
QUICKEN LOANS, LLC 6 4.41% $9,277
PENNYMAC LOAN SERVICES, LLC 6 4.15% $10,558
GUARANTEED RATE, INC. 5 4.90% $9,758
Goldwater Bank, N.A. 4 5.94% $9,251
Flagstar Bank, FSB 4 4.91% $8,435
AMERICAN PORTFOLIO MORTGAGE CORPORATION 4 4.63% $8,828
Bell Bank 4 5.00% $8,665
Prosperity Home Mortgage, LLC 3 6.58% $7,332
PLAZA HOME MORTGAGE, INC. 2 3.99% $10,588
American Mortgage & Equity Consultants, Inc. 2 5.63% $21,033
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.50% $9,398
BAY EQUITY LLC 2 5.75% $10,424
Carrington Mortgage Services, LLC 2 4.75% $8,076
MANN FINANCIAL INC. 2 4.94% $11,113
MOVEMENT MORTGAGE, LLC 2 6.31% $8,518
Mr. Cooper ( Nationstar Mortgage ) 2 5.06% $11,777
Summit Mortgage Corporation 2 4.31% $11,306
U.S. Bank 2 5.19% $7,472
CALIBER HOME LOANS, INC. 1 5.25% $11,432
HOMESIDE FINANCIAL, LLC 1 5.63% $10,040
LAKEVIEW LOAN SERVICING, LLC 1 4.25% $10,139
Barrington Bank & Trust Company, N.A. 1 6.50% $18,286
SUN WEST MORTGAGE COMPANY, INC. 1 6.12% $5,042
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 4.63% $15,404
The Federal Savings Bank 1 4.88% $10,302
TRUSTONE FINANCIAL FEDERAL CREDIT UNION 1 6.38% $11,050
NATIONWIDE MORTGAGE BANKERS, INC. 1 3.75% $13,866
NEWREZ LLC 1 3.25% $2,501
NP, Inc. 1 5.25% $10,877
Paramount Residential Mortgage Group, Inc. 1 4.75% $15,546
Bank of England 1 6.13% $7,632
AMERICAN FINANCING CORPORATION 1 4.38% $9,204
AXIA FINANCIAL, LLC 1 5.13% $9,611
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.13% $12,956
Royal Credit Union 1 4.63% $8,510
AMERISAVE MORTGAGE CORPORATION 1 3.50% $29,307
Sunflower Bank 1 6.25% $8,845
EMBRACE HOME LOANS, INC. 1 3.49% $10,403
First Guaranty Mortgage Corporation 1 3.50% $11,947
CARDINAL FINANCIAL 1 5.75% $15,905
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 4.63% $18,327
Cambria Financial Group, LLC 1 4.63% $15,277

The top Faribault FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 11 FHA loans originated. Their average total fees are $11,071, which is $381 higher than the next largest lender, LOANDEPOT.COM, LLC.

The lowest fee Faribault FHA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC ($10,690), CROSSCOUNTRY MORTGAGE, LLC ($11,071), .

The lowest rate Faribault FHA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC (5.01%), CROSSCOUNTRY MORTGAGE, LLC (5.04%), .

Faribault FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
FARIBAULT-NORTHFIELD, MN RICE 2022 $420,680 $538,650 $651,050 $809,150
FARIBAULT-NORTHFIELD, MN RICE 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Faribault (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 $247,450 (-9.1%) $272,411 (-9.4%) 0.00 129
2018-02-01 $249,950 (-6.9%) $275,026 (-10.3%) 0.00 134
2018-03-01 $262,400 (-5.2%) $291,092 (-2.7%) 0.00 142
2018-04-01 $281,000 (2.2%) $311,591 (3.2%) 0.00 149
2018-05-01 $282,475 (2.7%) $309,880 (1.7%) 0.00 177
2018-06-01 $292,500 (5.9%) $313,008 (4.8%) 0.00 188
2018-07-01 $289,234 (5.2%) $315,517 (5.4%) 0.00 208
2018-08-01 $289,625 (7.3%) $316,251 (6.1%) 0.00 197
2018-09-01 $284,894 (5.9%) $312,130 (1.8%) 0.00 190
2018-10-01 $289,800 (7.4%) $314,610 (6.1%) 0.00 194
2018-11-01 $283,625 (6.1%) $310,705 (6.0%) 0.00 188
2018-12-01 $289,500 (14.0%) $310,311 (10.7%) 0.00 177
2019-01-01 $294,925 (19.2%) $321,343 (18.0%) 0.00 162
2019-02-01 $309,950 (24.0%) $342,407 (24.5%) 0.00 154
2019-03-01 $306,550 (16.8%) $337,852 (16.1%) 0.00 165
2019-04-01 $302,425 (7.6%) $325,908 (4.6%) 0.00 177
2019-05-01 $289,900 (2.6%) $317,850 (2.6%) 0.00 186
2019-06-01 $289,900 (-0.9%) $324,915 (3.8%) 0.00 208
2019-07-01 $293,700 (1.5%) $334,727 (6.1%) 0.00 223
2019-08-01 $294,391 (1.7%) $338,608 (7.1%) 0.00 222
2019-09-01 $286,240 (0.5%) $336,057 (7.7%) 0.00 220
2019-10-01 $277,450 (-4.3%) $331,419 (5.3%) 0.00 219
2019-11-01 $274,900 (-3.1%) $319,256 (2.8%) 0.00 217
2019-12-01 $276,053 (-4.6%) $325,550 (4.9%) 0.00 177
2020-01-01 $283,250 (-4.0%) $329,842 (2.6%) 0.00 153
2020-02-01 $310,000 (0.0%) $338,447 (-1.2%) 0.00 163
2020-03-01 $313,400 (2.2%) $342,825 (1.5%) 0.00 161
2020-04-01 $307,175 (1.6%) $335,580 (3.0%) 0.00 174
2020-05-01 $299,999 (3.5%) $336,497 (5.9%) 0.00 180
2020-06-01 $299,900 (3.5%) $333,305 (2.6%) 0.00 180
2020-07-01 $312,675 (6.5%) $349,511 (4.4%) 0.00 160
2020-08-01 $307,801 (4.6%) $356,037 (5.2%) 0.00 157
2020-09-01 $313,225 (9.4%) $355,483 (5.8%) 0.00 163
2020-10-01 $302,900 (9.2%) $352,857 (6.5%) 0.00 160
2020-11-01 $310,975 (13.1%) $349,367 (9.4%) 0.00 118
2020-12-01 $300,000 (8.7%) $343,807 (5.6%) 0.00 89
2021-01-01 $319,900 (12.9%) $358,105 (8.6%) 0.00 79
2021-02-01 $331,553 (7.0%) $381,386 (12.7%) 0.00 71
2021-03-01 $343,400 (9.6%) $378,905 (10.5%) 0.00 82
2021-04-01 $346,000 (12.6%) $375,486 (11.9%) 0.00 84
2021-05-01 $349,900 (16.6%) $381,215 (13.3%) 0.00 95
2021-06-01 $350,300 (16.8%) $391,006 (17.3%) 0.00 111
2021-07-01 $349,900 (11.9%) $391,321 (12.0%) 0.00 112
2021-08-01 $347,113 (12.8%) $386,989 (8.7%) 0.00 119
2021-09-01 $328,470 (4.9%) $361,187 (1.6%) 0.00 126
2021-10-01 $344,900 (13.9%) $384,296 (8.9%) 0.00 135
2021-11-01 $348,317 (12.0%) $392,145 (12.2%) 0.00 118
2021-12-01 $360,150 (20.1%) $405,173 (17.9%) 0.00 109
2022-01-01 $379,900 (18.8%) $439,216 (22.7%) 0.00 89
2022-02-01 $392,715 (18.5%) $438,264 (14.9%) 0.00 83
2022-03-01 $399,253 (16.3%) $446,078 (17.7%) 0.00 81
2022-04-01 $402,604 (16.4%) $455,918 (21.4%) 0.00 86
2022-05-01 $404,400 (15.6%) $478,156 (25.4%) 0.00 106
2022-06-01 $408,002 (16.5%) $466,050 (19.2%) 0.00 125
2022-07-01 $404,654 (15.7%) $467,857 (19.6%) 0.00 127
2022-08-01 $413,302 (19.1%) $480,288 (24.1%) 0.00 138
2022-09-01 $397,900 (21.1%) $469,071 (29.9%) 0.00 139
2022-10-01 $399,900 (16.0%) $464,982 (21.0%) 0.00 141
2022-11-01 $396,675 (13.9%) $456,346 (16.4%) 0.00 136
2022-12-01 $399,900 (11.0%) $456,811 (12.7%) 0.00 120
2023-01-01 $410,150 (8.0%) $469,560 (6.9%) 0.00 100
2023-02-01 $421,900 (7.4%) $506,659 (15.6%) 0.00 89
2023-03-01 $424,700 (6.4%) $521,196 (16.8%) 0.00 84
2023-04-01 $427,950 (6.3%) $505,645 (10.9%) 0.00 75
2023-05-01 $433,314 (7.2%) $523,650 (9.5%) 0.00 84
2023-06-01 $429,675 (5.3%) $523,720 (12.4%) 0.00 97
2023-07-01 $433,314 (7.1%) $514,434 (10.0%) 0.00 100
2023-08-01 $429,422 (3.9%) $500,781 (4.3%) 0.00 106
2023-09-01 $429,787 (8.0%) $473,746 (1.0%) 0.00 108
2023-10-01 $434,614 (8.7%) $447,512 (-3.8%) 0.00 103
2023-11-01 $399,672 (0.8%) $429,514 (-5.9%) 0.00 117
2023-12-01 $404,850 (1.2%) $431,484 (-5.5%) 0.00 98
Faribault's median listing price for 2023-12-01 was $404,850, a difference of $4,950 (1.2%) versus the prior year and $5,178 versus the prior month.

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

Faribault's average listing price for 2023-12-01 was $431,484, a difference of $-25,327 (-5.5%) versus the prior year and $1,970 versus the prior month.

For the 2023-12-01 period, Faribault had 98 MLS listings, a difference of -19 listings (-16%) versus the prior month and -22 listings (-18%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Faribault (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,814 sqft
2018-02-01 0 days 1,807 sqft
2018-03-01 0 days 1,935 sqft
2018-04-01 0 days 1,949 sqft
2018-05-01 0 days 1,971 sqft
2018-06-01 0 days 2,115 sqft
2018-07-01 0 days 2,063 sqft
2018-08-01 0 days 2,065 sqft
2018-09-01 0 days 2,092 sqft
2018-10-01 0 days 1,995 sqft
2018-11-01 0 days 1,975 sqft
2018-12-01 0 days 1,940 sqft
2019-01-01 0 days 1,958 sqft
2019-02-01 0 days 2,026 sqft
2019-03-01 0 days 2,029 sqft
2019-04-01 0 days 2,020 sqft
2019-05-01 0 days 2,020 sqft
2019-06-01 0 days 2,041 sqft
2019-07-01 0 days 2,044 sqft
2019-08-01 0 days 2,022 sqft
2019-09-01 0 days 1,993 sqft
2019-10-01 0 days 1,968 sqft
2019-11-01 0 days 1,947 sqft
2019-12-01 0 days 1,880 sqft
2020-01-01 0 days 1,862 sqft
2020-02-01 0 days 1,911 sqft
2020-03-01 0 days 1,982 sqft
2020-04-01 0 days 1,925 sqft
2020-05-01 0 days 1,975 sqft
2020-06-01 0 days 1,911 sqft
2020-07-01 0 days 1,903 sqft
2020-08-01 0 days 1,895 sqft
2020-09-01 0 days 1,911 sqft
2020-10-01 0 days 1,855 sqft
2020-11-01 0 days 1,852 sqft
2020-12-01 0 days 1,760 sqft
2021-01-01 0 days 1,750 sqft
2021-02-01 0 days 1,799 sqft
2021-03-01 0 days 1,869 sqft
2021-04-01 0 days 1,847 sqft
2021-05-01 0 days 1,851 sqft
2021-06-01 0 days 1,982 sqft
2021-07-01 0 days 1,953 sqft
2021-08-01 0 days 1,950 sqft
2021-09-01 0 days 1,829 sqft
2021-10-01 0 days 1,839 sqft
2021-11-01 0 days 1,900 sqft
2021-12-01 0 days 1,829 sqft
2022-01-01 0 days 1,973 sqft
2022-02-01 0 days 2,659 sqft
2022-03-01 0 days 2,606 sqft
2022-04-01 0 days 2,637 sqft
2022-05-01 0 days 1,935 sqft
2022-06-01 0 days 2,091 sqft
2022-07-01 0 days 2,101 sqft
2022-08-01 0 days 2,161 sqft
2022-09-01 0 days 2,144 sqft
2022-10-01 0 days 2,160 sqft
2022-11-01 0 days 1,995 sqft
2022-12-01 0 days 1,927 sqft
2023-01-01 0 days 2,016 sqft
2023-02-01 0 days 1,954 sqft
2023-03-01 0 days 2,026 sqft
2023-04-01 0 days 2,051 sqft
2023-05-01 0 days 2,178 sqft
2023-06-01 0 days 2,105 sqft
2023-07-01 0 days 2,079 sqft
2023-08-01 0 days 2,047 sqft
2023-09-01 0 days 2,079 sqft
2023-10-01 0 days 2,087 sqft
2023-11-01 0 days 1,985 sqft
2023-12-01 0 days 1,848 sqft
Faribault's median listing age (time on market) for 2023-12-01 was 0 days.

Faribault's median square footage for active listings during the 2023-12-01 period was 1,848 sqft. One year prior, the average listing was 1,927 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).