Hutchinson FHA Loan Rates, Closing Costs & Stats

Hutchinson, 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.

Hutchinson's 29 lenders originated 83 FHA loans during 2023. The total origination value was $32,265,000, with an average FHA loan value of $388,735.

Hutchinson FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Hutchinson averaged -0.04% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

Hutchinson's average FHA mortgage closing costs are $7,230.

The average rate for the prior week (2024-11-22) was 6.75% and one month ago for the week of 2024-10-25, the average rate was 6.53%.

The average rate one year ago was 7.12%.

For refis of the same type during the week of 2024-11-29, the average rate was -0.2%.

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

Hutchinson 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 Hutchinson level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 14 6.38% $11,517
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 6.86% $9,139
QUICKEN LOANS, LLC 7 6.30% $10,499
BROKER SOLUTIONS, INC. 7 6.60% $10,682
Prosperity Home Mortgage, LLC 6 6.81% $7,753
Summit Mortgage Corporation 4 6.31% $8,632
CROSSCOUNTRY MORTGAGE, LLC 3 6.92% $11,919
LOANDEPOT.COM, LLC 2 6.00% $16,212
LAKEVIEW LOAN SERVICING, LLC 2 5.75% $14,379
EVERETT FINANCIAL, INC. 2 7.06% $9,948
MOVEMENT MORTGAGE, LLC 2 6.38% $10,267
CORTRUST MORTGAGE, INC. 2 6.56% $8,402
PENNYMAC LOAN SERVICES, LLC 2 7.00% $13,142
MID AMERICA MORTGAGE, INC. 1 7.13% $8,000
Mr. Cooper ( Nationstar Mortgage ) 1 6.25% $13,736
Northpointe Bank 1 7.25% $7,225
The Huntington National Bank 1 6.88% $7,241
AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.25% $18,055
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.75% $13,839
AMERISAVE MORTGAGE CORPORATION 1 6.25% $9,147
AXIA FINANCIAL, LLC 1 6.50% $8,478
Bank of England 1 6.13% $14,000
BAY EQUITY LLC 1 6.75% $10,210
Cambria Financial Group, LLC 1 6.75% $7,830
CARDINAL FINANCIAL 1 5.63% $6,215
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.88% $9,914
American Mortgage & Equity Consultants, Inc. 1 7.00% $10,880
FREEDOM MORTGAGE CORPORATION 1 6.75% $19,915
GSF Mortgage Corporation 1 6.13% $11,532

The top Hutchinson FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 14 FHA loans originated. Their average total fees are $11,517, which is $2,378 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

The lowest fee Hutchinson FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($11,517), .

The lowest rate Hutchinson FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.38%), .

Hutchinson FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Hutchinson (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 $183,450 (9.6%) $196,951 (0.4%) 0.00 69
2018-02-01 $179,900 (-2.1%) $203,128 (0.2%) 0.00 68
2018-03-01 $202,900 (10.0%) $217,164 (8.9%) 0.00 60
2018-04-01 $189,800 (11.7%) $216,940 (10.4%) 0.00 57
2018-05-01 $197,425 (14.5%) $222,967 (13.6%) 0.00 65
2018-06-01 $218,350 (19.0%) $235,513 (14.8%) 0.00 83
2018-07-01 $202,700 (13.4%) $228,635 (13.9%) 0.00 97
2018-08-01 $209,925 (17.3%) $224,212 (10.7%) 0.00 98
2018-09-01 $209,900 (23.5%) $223,603 (15.0%) 0.00 104
2018-10-01 $188,700 (2.5%) $222,034 (10.6%) 0.00 115
2018-11-01 $189,900 (7.4%) $220,650 (13.5%) 0.00 115
2018-12-01 $184,950 (5.7%) $217,612 (12.4%) 0.00 90
2019-01-01 $197,400 (7.6%) $215,309 (9.3%) 0.00 80
2019-02-01 $189,900 (5.6%) $227,036 (11.8%) 0.00 72
2019-03-01 $206,421 (1.7%) $232,376 (7.0%) 0.00 72
2019-04-01 $221,946 (16.9%) $236,543 (9.0%) 0.00 84
2019-05-01 $234,900 (19.0%) $247,466 (11.0%) 0.00 93
2019-06-01 $223,400 (2.3%) $239,993 (1.9%) 0.00 116
2019-07-01 $227,400 (12.2%) $241,054 (5.4%) 0.00 123
2019-08-01 $218,823 (4.2%) $238,388 (6.3%) 0.00 130
2019-09-01 $217,207 (3.5%) $242,156 (8.3%) 0.00 128
2019-10-01 $215,425 (14.2%) $239,227 (7.7%) 0.00 124
2019-11-01 $227,400 (19.8%) $240,783 (9.1%) 0.00 113
2019-12-01 $238,800 (29.1%) $246,600 (13.3%) 0.00 92
2020-01-01 $239,500 (21.3%) $248,992 (15.6%) 0.00 87
2020-02-01 $242,400 (27.7%) $249,114 (9.7%) 0.00 79
2020-03-01 $235,250 (14.0%) $239,697 (3.2%) 0.00 71
2020-04-01 $217,150 (-2.2%) $236,556 (0.0%) 0.00 68
2020-05-01 $229,900 (-2.1%) $244,539 (-1.2%) 0.00 75
2020-06-01 $225,500 (0.9%) $250,589 (4.4%) 0.00 81
2020-07-01 $229,450 (0.9%) $257,613 (6.9%) 0.00 71
2020-08-01 $229,900 (5.1%) $261,136 (9.5%) 0.00 66
2020-09-01 $228,675 (5.3%) $253,609 (4.7%) 0.00 63
2020-10-01 $232,450 (7.9%) $254,861 (6.5%) 0.00 51
2020-11-01 $225,000 (-1.1%) $254,006 (5.5%) 0.00 38
2020-12-01 $219,950 (-7.9%) $247,278 (0.3%) 0.00 31
2021-01-01 $249,950 (4.4%) $270,006 (8.4%) 0.00 30
2021-02-01 $238,700 (-1.5%) $246,379 (-1.1%) 0.00 27
2021-03-01 $251,700 (7.0%) $280,587 (17.1%) 0.00 29
2021-04-01 $262,530 (20.9%) $291,596 (23.3%) 0.00 39
2021-05-01 $256,900 (11.7%) $263,926 (7.9%) 0.00 31
2021-06-01 $267,175 (18.5%) $273,216 (9.0%) 0.00 37
2021-07-01 $253,450 (10.5%) $300,827 (16.8%) 0.00 40
2021-08-01 $272,400 (18.5%) $328,315 (25.7%) 0.00 50
2021-09-01 $255,400 (11.7%) $319,824 (26.1%) 0.00 68
2021-10-01 $264,900 (14.0%) $312,885 (22.8%) 0.00 61
2021-11-01 $259,900 (15.5%) $317,678 (25.1%) 0.00 56
2021-12-01 $256,750 (16.7%) $310,155 (25.4%) 0.00 40
2022-01-01 $259,900 (4.0%) $282,300 (4.6%) 0.00 32
2022-02-01 $278,750 (16.8%) $337,803 (37.1%) 0.00 27
2022-03-01 $272,200 (8.1%) $342,063 (21.9%) 0.00 24
2022-04-01 $299,900 (14.2%) $349,409 (19.8%) 0.00 31
2022-05-01 $305,000 (18.7%) $361,701 (37.1%) 0.00 37
2022-06-01 $312,425 (16.9%) $364,590 (33.4%) 0.00 44
2022-07-01 $314,900 (24.3%) $355,382 (18.1%) 0.00 49
2022-08-01 $297,750 (9.3%) $350,375 (6.7%) 0.00 47
2022-09-01 $258,475 (1.2%) $330,555 (3.4%) 0.00 47
2022-10-01 $249,950 (-5.6%) $314,056 (0.4%) 0.00 56
2022-11-01 $274,450 (5.6%) $315,416 (-0.7%) 0.00 55
2022-12-01 $254,950 (-0.7%) $287,538 (-7.3%) 0.00 40
2023-01-01 $269,900 (3.9%) $283,049 (0.3%) 0.00 37
2023-02-01 $317,400 (13.9%) $325,077 (-3.8%) 0.00 26
2023-03-01 $348,675 (28.1%) $364,525 (6.6%) 0.00 25
2023-04-01 $319,900 (6.7%) $372,292 (6.6%) 0.00 34
2023-05-01 $335,975 (10.2%) $376,697 (4.2%) 0.00 41
2023-06-01 $312,450 (0.0%) $365,181 (0.2%) 0.00 45
2023-07-01 $284,950 (-9.5%) $340,629 (-4.2%) 0.00 44
2023-08-01 $305,000 (2.4%) $344,152 (-1.8%) 0.00 48
2023-09-01 $309,900 (19.9%) $339,476 (2.7%) 0.00 54
2023-10-01 $317,200 (26.9%) $334,304 (6.5%) 0.00 64
2023-11-01 $300,000 (9.3%) $325,145 (3.1%) 0.00 58
2023-12-01 $279,500 (9.6%) $307,714 (7.0%) 0.00 37
2024-01-01 $294,050 (9.0%) $315,069 (11.3%) 0.00 30
2024-02-01 $310,975 (-2.0%) $337,140 (3.7%) 0.00 30
2024-03-01 $339,900 (-2.5%) $345,866 (-5.1%) 0.00 31
2024-04-01 $320,250 (0.1%) $360,010 (-3.3%) 0.00 43
2024-05-01 $344,950 (2.7%) $384,607 (2.1%) 0.00 45
2024-06-01 $359,900 (15.2%) $407,376 (11.6%) 0.00 50
2024-07-01 $344,900 (21.0%) $386,374 (13.4%) 0.00 59
2024-08-01 $339,000 (11.2%) $381,925 (11.0%) 0.00 67
2024-09-01 $333,000 (7.5%) $376,310 (10.9%) 0.00 71
2024-10-01 $332,450 (4.8%) $375,118 (12.2%) 0.00 75
Hutchinson's median listing price for 2024-10-01 was $332,450, a difference of $15,250 (4.8%) versus the prior year and $-550 versus the prior month.

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

Hutchinson's average listing price for 2024-10-01 was $375,118, a difference of $40,814 (12.2%) versus the prior year and $-1,192 versus the prior month.

For the 2024-10-01 period, Hutchinson had 75 MLS listings, a difference of 4 listings (6%) versus the prior month and 11 listings (17%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Hutchinson (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,765 sqft
2018-02-01 0 days 1,835 sqft
2018-03-01 0 days 1,892 sqft
2018-04-01 0 days 1,859 sqft
2018-05-01 0 days 1,880 sqft
2018-06-01 0 days 2,005 sqft
2018-07-01 0 days 1,892 sqft
2018-08-01 0 days 1,963 sqft
2018-09-01 0 days 2,020 sqft
2018-10-01 0 days 2,020 sqft
2018-11-01 0 days 2,045 sqft
2018-12-01 0 days 1,890 sqft
2019-01-01 0 days 1,856 sqft
2019-02-01 0 days 1,941 sqft
2019-03-01 0 days 1,928 sqft
2019-04-01 0 days 1,936 sqft
2019-05-01 0 days 1,900 sqft
2019-06-01 0 days 1,939 sqft
2019-07-01 0 days 1,950 sqft
2019-08-01 0 days 1,939 sqft
2019-09-01 0 days 1,922 sqft
2019-10-01 0 days 1,907 sqft
2019-11-01 0 days 1,938 sqft
2019-12-01 0 days 2,039 sqft
2020-01-01 0 days 2,001 sqft
2020-02-01 0 days 2,050 sqft
2020-03-01 0 days 1,924 sqft
2020-04-01 0 days 1,873 sqft
2020-05-01 0 days 1,955 sqft
2020-06-01 0 days 1,974 sqft
2020-07-01 0 days 1,972 sqft
2020-08-01 0 days 1,823 sqft
2020-09-01 0 days 1,784 sqft
2020-10-01 0 days 1,885 sqft
2020-11-01 0 days 2,058 sqft
2020-12-01 0 days 1,934 sqft
2021-01-01 0 days 1,886 sqft
2021-02-01 0 days 1,572 sqft
2021-03-01 0 days 1,982 sqft
2021-04-01 0 days 1,845 sqft
2021-05-01 0 days 1,767 sqft
2021-06-01 0 days 1,799 sqft
2021-07-01 0 days 1,646 sqft
2021-08-01 0 days 1,871 sqft
2021-09-01 0 days 1,831 sqft
2021-10-01 0 days 1,872 sqft
2021-11-01 0 days 1,903 sqft
2021-12-01 0 days 1,877 sqft
2022-01-01 0 days 1,706 sqft
2022-02-01 0 days 2,392 sqft
2022-03-01 0 days 2,236 sqft
2022-04-01 0 days 2,424 sqft
2022-05-01 0 days 2,108 sqft
2022-06-01 0 days 2,076 sqft
2022-07-01 0 days 2,068 sqft
2022-08-01 0 days 2,045 sqft
2022-09-01 0 days 1,828 sqft
2022-10-01 0 days 1,799 sqft
2022-11-01 0 days 1,902 sqft
2022-12-01 0 days 1,797 sqft
2023-01-01 0 days 1,686 sqft
2023-02-01 0 days 1,800 sqft
2023-03-01 0 days 2,072 sqft
2023-04-01 0 days 2,161 sqft
2023-05-01 0 days 2,192 sqft
2023-06-01 0 days 2,099 sqft
2023-07-01 0 days 1,833 sqft
2023-08-01 0 days 1,901 sqft
2023-09-01 0 days 2,123 sqft
2023-10-01 0 days 2,008 sqft
2023-11-01 0 days 1,853 sqft
2023-12-01 0 days 1,854 sqft
2024-01-01 0 days 1,719 sqft
2024-02-01 0 days 1,778 sqft
2024-03-01 0 days 1,830 sqft
2024-04-01 0 days 1,834 sqft
2024-05-01 0 days 1,990 sqft
2024-06-01 0 days 1,959 sqft
2024-07-01 0 days 1,856 sqft
2024-08-01 0 days 2,055 sqft
2024-09-01 0 days 2,096 sqft
2024-10-01 0 days 2,063 sqft
Hutchinson's median listing age (time on market) for 2024-10-01 was 0 days.

Hutchinson's median square footage for active listings during the 2024-10-01 period was 2,063 sqft. One year prior, the average listing was 2,008 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).