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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.