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 43 lenders originated 118 FHA loans during 2023. The total origination value was $31,460,000, with an average FHA loan value of $266,610.

Faribault FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Faribault averaged 6.64% for the week of 2024-06-14, compared to the national average (all FHA variants) of 6.712% for the same period.

Faribault's average FHA mortgage closing costs are $8,231.

The average rate for the prior week (2024-06-07) was 6.73% and one month ago for the week of 2024-05-10, the average rate was 6.52%.

The average rate one year ago was 6.77%.

For refis of the same type during the week of 2024-06-14, the average rate was 6.91%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 8 6.06% $12,121
LOANDEPOT.COM, LLC 8 6.53% $14,826
CROSSCOUNTRY MORTGAGE, LLC 8 6.97% $10,886
Prosperity Home Mortgage, LLC 7 6.59% $9,632
UNITED WHOLESALE MORTGAGE, LLC 6 6.77% $10,135
American Mortgage & Equity Consultants, Inc. 5 5.38% $13,361
PENNYMAC LOAN SERVICES, LLC 5 6.05% $12,142
TOWNE MORTGAGE COMPANY 4 6.56% $9,145
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.53% $10,826
Bell Bank 4 6.34% $11,211
BROKER SOLUTIONS, INC. 3 6.83% $13,532
Wells Fargo Bank 3 6.63% $6,041
CARDINAL FINANCIAL 3 7.17% $11,988
Mr. Cooper ( Nationstar Mortgage ) 2 5.75% $13,234
FREEDOM MORTGAGE CORPORATION 2 7.31% $14,356
GUARANTEED RATE, INC. 2 6.59% $11,612
BAY EQUITY LLC 2 6.69% $12,111
NEWREZ LLC 2 6.75% $7,394
Sierra Pacific Mortgage Company, Inc. 1 6.13% $10,532
Summit Mortgage Corporation 1 5.99% $15,274
SWBC MORTGAGE CORPORATION 1 6.75% $5,962
The Federal Savings Bank 1 6.50% $15,920
TruHome Solutions, LLC 1 6.63% $9,109
VANDERBILT MORTGAGE AND FINANCE, INC. 1 5.63% $8,817
Alerus Financial 1 7.13% $9,082
ZILLOW HOME LOANS, LLC 1 6.00% $10,390
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.13% $14,040
AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.75% $9,109
AMERISAVE MORTGAGE CORPORATION 1 6.50% $11,353
AXIA FINANCIAL, LLC 1 6.13% $7,677
Barrington Bank & Trust Company, N.A. 1 6.25% $12,890
Bremer Bank 1 6.50% $9,937
Century Mortgage Company DBA Century Lending Company 1 6.75% $8,491
CMG MORTGAGE, INC. 1 7.63% $14,468
Equity Prime Mortgage LLC 1 7.75% $12,954
EVERETT FINANCIAL, INC. 1 6.50% $9,560
Flagstar Bank, FSB 1 6.25% $12,558
JPMorgan Chase Bank 1 7.25% $5,890
LAKEVIEW LOAN SERVICING, LLC 1 5.63% $8,766
Paramount Residential Mortgage Group, Inc. 1 6.50% $7,685
Plains Commerce Bank 1 6.63% $10,110
PLAZA HOME MORTGAGE, INC. 1 6.75% $8,770
Royal Credit Union 1 7.38% $11,697

The top Faribault FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 8 FHA loans originated. Their average total fees are $12,121, which is $2,704 lower than the next largest lender, LOANDEPOT.COM, LLC.

The lowest fee Faribault FHA lenders (with over 10 loans originated) are .

The lowest rate Faribault FHA lenders (with over 10 loans originated) are .

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
2024-01-01 $404,850 (-1.3%) $475,109 (1.2%) 0.00 76
2024-02-01 $406,002 (-3.8%) $484,373 (-4.4%) 0.00 80
2024-03-01 $440,000 (3.6%) $523,167 (0.4%) 0.00 90
2024-04-01 $444,925 (4.0%) $541,844 (7.2%) 0.00 73
2024-05-01 $464,380 (7.2%) $568,053 (8.5%) 0.00 87
Faribault's median listing price for 2024-05-01 was $464,380, a difference of $31,066 (7.2%) versus the prior year and $19,455 versus the prior month.

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

Faribault's average listing price for 2024-05-01 was $568,053, a difference of $44,403 (8.5%) versus the prior year and $26,209 versus the prior month.

For the 2024-05-01 period, Faribault had 87 MLS listings, a difference of 14 listings (19%) versus the prior month and 3 listings (4%) 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
2024-01-01 0 days 1,907 sqft
2024-02-01 0 days 1,947 sqft
2024-03-01 0 days 2,056 sqft
2024-04-01 0 days 2,022 sqft
2024-05-01 0 days 2,228 sqft
Faribault's median listing age (time on market) for 2024-05-01 was 0 days.

Faribault's median square footage for active listings during the 2024-05-01 period was 2,228 sqft. One year prior, the average listing was 2,178 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).