Hutchinson FHA Loan Rates, Closing Costs & Stats

Hutchinson, MN

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    • 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 31 lenders originated 78 FHA loans during 2024. The total origination value was $18,060,000, with an average FHA loan value of $231,538.

    Hutchinson FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Hutchinson averaged 0.19% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Hutchinson's average FHA mortgage closing costs are $7,469.

    The average rate for the prior week (2025-06-13) was 6.67% and one month ago for the week of 2025-05-16, the average rate was 6.73%.

    The average rate one year ago was 6.89%.

    For refis of the same type during the week of 2025-06-20, 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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 10 6.19% $11,912
    CORTRUST MORTGAGE, INC. 10 6.80% $9,026
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 6.59% $11,230
    LOANDEPOT.COM, LLC 4 7.03% $10,253
    BROKER SOLUTIONS, INC. 4 7.03% $9,284
    PENNYMAC LOAN SERVICES, LLC 3 6.12% $13,792
    Summit Mortgage Corporation 3 6.29% $9,640
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.00% $8,377
    PREMIER LENDING, INC. 2 6.81% $14,376
    QUICKEN LOANS, LLC 2 6.88% $8,111
    EVERETT FINANCIAL, INC. 2 7.13% $8,200
    Mortgage Research Center, LLC 2 6.44% $4,704
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $15,048
    Plains Commerce Bank 1 6.75% $10,197
    Prosperity Home Mortgage, LLC 1 6.75% $5,790
    Royal Credit Union 1 6.88% $11,172
    SUCCESS MORTGAGE PARTNERS, INC. 1 5.63% $9,842
    TOP FLITE FINANCIAL, INC. 1 7.13% $12,656
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $11,259
    ZILLOW HOME LOANS, LLC 1 5.75% $13,172
    Arvest Bank 1 6.00% $6,584
    Barrington Bank & Trust Company, N.A. 1 6.63% $10,111
    Bremer Bank 1 6.75% $10,761
    CARDINAL FINANCIAL 1 6.75% $9,537
    Carrington Mortgage Services, LLC 1 6.63% $10,600
    Century Mortgage Company DBA Century Lending Company 1 6.75% $8,588
    CROSSCOUNTRY MORTGAGE, LLC 1 6.88% $7,999
    Equity Prime Mortgage LLC 1 7.75% $12,341
    FREEDOM MORTGAGE CORPORATION 1 7.88% $7,403
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.75% $8,279
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $10,082

    The top Hutchinson FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 10 FHA loans originated. Their average total fees are $11,912, which is $2,886 higher than the next largest lender, CORTRUST MORTGAGE, INC..

    The lowest fee Hutchinson FHA lenders (with over 10 loans originated) are CORTRUST MORTGAGE, INC. ($9,026), UNITED WHOLESALE MORTGAGE, LLC ($11,912), .

    The lowest rate Hutchinson FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.19%), CORTRUST MORTGAGE, INC. (6.80%), .

    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

    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).