Mankato FHA Loans

MANKATO, 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.

Mankato's 51 lenders originated 289 FHA loans during 2021. The total origination value was $55,865,000, with an average FHA loan value of $193,304.

Mankato FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Mankato averaged 5.29% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.22% and one month ago for the week of 2022-04-08, the average rate was 4.59%.

The average rate one year ago was 3%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.19%.

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

Mankato FHA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Mankato level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
UNITED WHOLESALE MORTGAGE, LLC 65 2.61% $6,696
CROSSCOUNTRY MORTGAGE, LLC 27 3.06% $8,128
QUICKEN LOANS, LLC 26 2.71% $6,250
Plains Commerce Bank 15 2.83% $8,132
FREEDOM MORTGAGE CORPORATION 13 2.87% $3,651
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 3.31% $7,979
Carrington Mortgage Services, LLC 9 3.15% $8,084
PLAZA HOME MORTGAGE, INC. 8 2.81% $7,219
Home Federal Savings Bank 6 3.04% $7,803
BROKER SOLUTIONS, INC. 5 3.23% $8,348
LAKEVIEW LOAN SERVICING, LLC 5 3.00% $5,240
PENNYMAC LOAN SERVICES, LLC 5 2.88% $3,879
Lend Smart Mortgage, LLC 4 3.19% $7,359
VILLAGE CAPITAL & INVESTMENT LLC 4 3.31% $1,865
NEWREZ LLC 3 3.04% $4,325
American Mortgage & Equity Consultants, Inc. 3 3.04% $7,063
CALIBER HOME LOANS, INC. 3 2.75% $5,413
IOWA BANKERS MORTGAGE CORPORATION 3 3.08% $6,651
TCF National Bank 2 2.56% $6,836
AMERISAVE MORTGAGE CORPORATION 2 2.88% $7,386
BAY EQUITY LLC 2 2.88% $10,668
Bell Bank 2 2.81% $6,870
Bremer Bank 2 2.88% $6,701
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 3.93% $8,627
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 2.81% $4,394
LOANDEPOT.COM, LLC 2 2.87% $9,258
Mr. Cooper ( Nationstar Mortgage ) 2 2.88% $3,820
Lakeview Community Capital, LLC 1 2.99% $3,299
HOMESIDE FINANCIAL, LLC 1 2.50% $13,061
LEADERONE FINANCIAL CORPORATION 1 3.63% $8,043
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 2.75% $6,484
AXIA FINANCIAL, LLC 1 3.00% $5,551
Low VA Rates, LLC 1 2.88% $3,082
Mortgage Research Center, LLC 1 2.63% $3,271
Wells Fargo Bank 1 2.88% $9,769
GUARANTEED RATE, INC. 1 2.88% $8,431
North American Savings Bank, F.S.B. 1 3.00% $5,833
Old National Bank 1 3.00% $5,399
EVERETT FINANCIAL, INC. 1 3.13% $8,730
CHARTER WEST BANK 1 2.75% $5,184
Cambria Financial Group, LLC 1 3.25% $7,074
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 2.88% $8,887
Barrington Bank & Trust Company, N.A. 1 2.88% $9,649
RESULTS MORTGAGE, LLC 1 3.50% $6,792
Bank of England 1 3.50% $10,391
The Huntington National Bank 1 3.13% $7,631
UNITED SECURITY FINANCIAL CORP 1 2.50% $4,374
Bank of America 1 3.13% $5,594
U.S. Bank 1 3.00% $10,387
Hometown Lenders, Inc. 1 4.25% $5,158
Lake Area Bank 1 3.00% $8,294

The top Mankato FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 65 FHA loans originated. Their average total fees are $6,696, which is $1,432 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

The lowest fee Mankato FHA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($3,651), QUICKEN LOANS, LLC ($6,250), UNITED WHOLESALE MORTGAGE, LLC ($6,696), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,979) and CROSSCOUNTRY MORTGAGE, LLC ($8,128).

The lowest rate Mankato FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (2.61%), QUICKEN LOANS, LLC (2.71%), Plains Commerce Bank (2.83%), FREEDOM MORTGAGE CORPORATION (2.87%) and CROSSCOUNTRY MORTGAGE, LLC (3.06%).

Mankato FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
MANKATO, MN BLUE EARTH 2022 $420,680 $538,650 $651,050 $809,150
MANKATO, MN NICOLLET 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Mankato (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 $247,350 (24.7%) $296,493 (18.0%) 0.00 277
2018-02-01 $247,450 (21.3%) $294,862 (15.7%) 0.00 272
2018-03-01 $254,000 (19.2%) $315,453 (22.1%) 0.00 297
2018-04-01 $251,950 (14.6%) $322,423 (19.8%) 0.00 329
2018-05-01 $252,400 (12.4%) $320,912 (14.9%) 0.00 352
2018-06-01 $254,900 (13.4%) $317,115 (12.9%) 0.00 374
2018-07-01 $249,900 (8.7%) $313,426 (8.2%) 0.00 377
2018-08-01 $255,250 (11.0%) $310,292 (7.0%) 0.00 397
2018-09-01 $244,700 (2.4%) $302,121 (3.1%) 0.00 416
2018-10-01 $249,900 (5.1%) $296,995 (-0.1%) 0.00 422
2018-11-01 $249,900 (5.1%) $293,532 (-1.2%) 0.00 400
2018-12-01 $250,000 (2.0%) $297,917 (0.0%) 0.00 347
2019-01-01 $253,950 (2.7%) $297,779 (0.4%) 0.00 311
2019-02-01 $262,450 (6.1%) $301,874 (2.4%) 0.00 307
2019-03-01 $267,571 (5.3%) $306,602 (-2.8%) 0.00 322
2019-04-01 $265,321 (5.3%) $309,735 (-3.9%) 0.00 342
2019-05-01 $269,700 (6.9%) $319,200 (-0.5%) 0.00 383
2019-06-01 $269,900 (5.9%) $312,623 (-1.4%) 0.00 406
2019-07-01 $273,450 (9.4%) $316,654 (1.0%) 0.00 412
2019-08-01 $271,100 (6.2%) $313,206 (0.9%) 0.00 432
2019-09-01 $270,050 (10.4%) $309,776 (2.5%) 0.00 435
2019-10-01 $269,900 (8.0%) $313,319 (5.5%) 0.00 449
2019-11-01 $269,900 (8.0%) $313,861 (6.9%) 0.00 414
2019-12-01 $274,900 (10.0%) $317,752 (6.7%) 0.00 347
2020-01-01 $269,900 (6.3%) $309,450 (3.9%) 0.00 312
2020-02-01 $279,900 (6.7%) $319,662 (5.9%) 0.00 302
2020-03-01 $284,950 (6.5%) $327,612 (6.9%) 0.00 332
2020-04-01 $287,450 (8.3%) $328,053 (5.9%) 0.00 331
2020-05-01 $304,000 (12.7%) $341,570 (7.0%) 0.00 341
2020-06-01 $312,450 (15.8%) $347,530 (11.2%) 0.00 306
2020-07-01 $311,950 (14.1%) $349,362 (10.3%) 0.00 262
2020-08-01 $313,900 (15.8%) $362,593 (15.8%) 0.00 253
2020-09-01 $299,900 (11.1%) $362,760 (17.1%) 0.00 250
2020-10-01 $274,500 (1.7%) $330,104 (5.4%) 0.00 263
2020-11-01 $265,950 (-1.5%) $325,425 (3.7%) 0.00 202
2020-12-01 $272,400 (-0.9%) $337,300 (6.2%) 0.00 184
2021-01-01 $275,000 (1.9%) $360,814 (16.6%) 0.00 137
2021-02-01 $297,400 (6.3%) $375,194 (17.4%) 0.00 110
2021-03-01 $299,450 (5.1%) $377,552 (15.2%) 0.00 126
2021-04-01 $299,450 (4.2%) $388,559 (18.4%) 0.00 145
2021-05-01 $305,000 (0.3%) $377,842 (10.6%) 0.00 118
2021-06-01 $289,450 (-7.4%) $366,893 (5.6%) 0.00 138
2021-07-01 $274,900 (-11.9%) $365,698 (4.7%) 0.00 161
2021-08-01 $275,000 (-12.4%) $361,816 (-0.2%) 0.00 196
2021-09-01 $272,450 (-9.2%) $354,908 (-2.2%) 0.00 199
2021-10-01 $269,900 (-1.7%) $357,972 (8.4%) 0.00 206
2021-11-01 $272,450 (2.4%) $368,702 (13.3%) 0.00 186
2021-12-01 $299,450 (9.9%) $383,464 (13.7%) 0.00 150
2022-01-01 $324,900 (18.2%) $398,573 (10.5%) 0.00 129
2022-02-01 $352,945 (18.7%) $488,749 (30.3%) 0.00 105
2022-03-01 $318,500 (6.4%) $434,935 (15.2%) 0.00 97
2022-04-01 $298,000 (-0.5%) $375,578 (-3.3%) 0.00 113
Mankato's median listing price for 2022-04-01 was $298,000, a difference of $-1,450 (-0.5%) versus the prior year and $-20,500 versus the prior month.

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

Mankato's average listing price for 2022-04-01 was $375,578, a difference of $-12,981 (-3.3%) versus the prior year and $-59,357 versus the prior month.

For the 2022-04-01 period, Mankato had 113 MLS listings, a difference of 16 listings (16%) versus the prior month and -32 listings (-22%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Mankato (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,189 sqft
2018-02-01 0 days 2,174 sqft
2018-03-01 0 days 2,170 sqft
2018-04-01 0 days 2,187 sqft
2018-05-01 0 days 2,174 sqft
2018-06-01 0 days 2,174 sqft
2018-07-01 0 days 2,172 sqft
2018-08-01 0 days 2,190 sqft
2018-09-01 0 days 2,186 sqft
2018-10-01 0 days 2,170 sqft
2018-11-01 0 days 2,169 sqft
2018-12-01 0 days 2,168 sqft
2019-01-01 0 days 2,214 sqft
2019-02-01 0 days 2,195 sqft
2019-03-01 0 days 2,185 sqft
2019-04-01 0 days 2,181 sqft
2019-05-01 0 days 2,186 sqft
2019-06-01 0 days 2,246 sqft
2019-07-01 0 days 2,277 sqft
2019-08-01 0 days 2,190 sqft
2019-09-01 0 days 2,136 sqft
2019-10-01 0 days 2,161 sqft
2019-11-01 0 days 2,156 sqft
2019-12-01 0 days 2,132 sqft
2020-01-01 0 days 2,101 sqft
2020-02-01 0 days 2,177 sqft
2020-03-01 0 days 2,261 sqft
2020-04-01 0 days 2,235 sqft
2020-05-01 0 days 2,292 sqft
2020-06-01 0 days 2,514 sqft
2020-07-01 0 days 2,592 sqft
2020-08-01 0 days 2,688 sqft
2020-09-01 0 days 2,675 sqft
2020-10-01 0 days 2,492 sqft
2020-11-01 0 days 2,415 sqft
2020-12-01 0 days 2,413 sqft
2021-01-01 0 days 2,504 sqft
2021-02-01 0 days 2,430 sqft
2021-03-01 0 days 2,438 sqft
2021-04-01 0 days 2,475 sqft
2021-05-01 0 days 2,552 sqft
2021-06-01 0 days 2,393 sqft
2021-07-01 0 days 2,379 sqft
2021-08-01 0 days 2,339 sqft
2021-09-01 0 days 2,243 sqft
2021-10-01 0 days 2,280 sqft
2021-11-01 0 days 2,260 sqft
2021-12-01 0 days 2,287 sqft
2022-01-01 0 days 2,347 sqft
2022-02-01 0 days 2,480 sqft
2022-03-01 0 days 2,458 sqft
2022-04-01 0 days 2,270 sqft
Mankato's median listing age (time on market) for 2022-04-01 was 0 days.

Mankato's median square footage for active listings during the 2022-04-01 period was 2,270 sqft. One year prior, the average listing was 2,475 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).