Mankato FHA Loan Rates, Closing Costs & Stats

MANKATO, 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.

    Mankato's 38 lenders originated 136 FHA loans during 2023. The total origination value was $31,400,000, with an average FHA loan value of $230,882.

    Mankato FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Mankato averaged 6.72% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Mankato's average FHA mortgage closing costs are $7,290.

    The average rate for the prior week (2024-04-12) was 6.71% and one month ago for the week of 2024-03-15, the average rate was 6.68%.

    The average rate one year ago was 6.5%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

    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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Mankato level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 40 6.51% $10,088
    CROSSCOUNTRY MORTGAGE, LLC 16 6.61% $10,999
    QUICKEN LOANS, LLC 11 6.48% $10,830
    Plains Commerce Bank 5 7.33% $9,254
    BROKER SOLUTIONS, INC. 5 6.83% $11,017
    Bremer Bank 5 6.10% $10,654
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.59% $8,897
    LAKEVIEW LOAN SERVICING, LLC 3 6.33% $10,961
    PLAZA HOME MORTGAGE, INC. 3 6.58% $7,421
    LOANDEPOT.COM, LLC 3 6.88% $12,407
    CRESCENT MORTGAGE COMPANY 3 6.46% $6,946
    Alerus Financial 2 6.69% $8,887
    FREEDOM MORTGAGE CORPORATION 2 6.62% $10,113
    Home Federal Savings Bank 2 6.94% $8,367
    PENNYMAC LOAN SERVICES, LLC 2 6.38% $11,002
    Prosperity Home Mortgage, LLC 2 7.25% $7,170
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.13% $9,602
    Bell Bank 1 6.25% $6,770
    JPMorgan Chase Bank 1 5.99% $14,176
    Equity Prime Mortgage LLC 1 7.75% $9,632
    Chickasaw Community Bank 1 6.63% $6,431
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $7,046
    NBKC BANK 1 6.38% $7,592
    Old National Bank 1 6.63% $6,096
    Paramount Residential Mortgage Group, Inc. 1 6.75% $8,622
    U.S. Bank 1 7.25% $7,445
    Carrington Mortgage Services, LLC 1 6.63% $11,331
    CARDINAL FINANCIAL 1 6.13% $8,949
    Wells Fargo Bank 1 7.38% $6,605
    Cambria Financial Group, LLC 1 6.99% $9,659
    Royal Credit Union 1 6.63% $11,660
    Servion, Inc. 1 6.25% $8,669
    Sierra Pacific Mortgage Company, Inc. 1 6.38% $13,053
    Summit Mortgage Corporation 1 7.00% $7,202
    First Federal Bank 1 6.63% $10,473
    First National Bank of Omaha 1 5.63% $11,402
    The Huntington National Bank 1 6.13% $8,174
    GUARANTEED RATE, INC. 1 6.75% $9,059

    The top Mankato FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 40 FHA loans originated. Their average total fees are $10,088, which is $911 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

    The lowest fee Mankato FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($10,088), QUICKEN LOANS, LLC ($10,830), CROSSCOUNTRY MORTGAGE, LLC ($10,999), .

    The lowest rate Mankato FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.48%), UNITED WHOLESALE MORTGAGE, LLC (6.51%), CROSSCOUNTRY MORTGAGE, LLC (6.61%), .

    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
    MANKATO, MN BLUE EARTH 2023 $472,030 $604,400 $730,525 $907,900
    MANKATO, MN NICOLLET 2023 $472,030 $604,400 $730,525 $907,900

    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 $229,900 (15.7%) $286,261 (18.2%) 0.00 225
    2018-02-01 $237,800 (22.0%) $287,153 (19.6%) 0.00 220
    2018-03-01 $239,700 (17.9%) $298,028 (23.2%) 0.00 234
    2018-04-01 $240,450 (14.7%) $297,579 (17.1%) 0.00 260
    2018-05-01 $244,400 (11.4%) $296,169 (11.3%) 0.00 281
    2018-06-01 $249,900 (13.5%) $298,767 (10.6%) 0.00 300
    2018-07-01 $244,925 (7.6%) $292,969 (7.2%) 0.00 320
    2018-08-01 $247,225 (7.7%) $290,053 (5.8%) 0.00 338
    2018-09-01 $235,400 (0.2%) $281,456 (0.6%) 0.00 357
    2018-10-01 $240,575 (4.8%) $278,034 (-0.4%) 0.00 359
    2018-11-01 $243,075 (6.3%) $277,367 (-0.3%) 0.00 335
    2018-12-01 $242,900 (6.7%) $277,448 (-2.3%) 0.00 285
    2019-01-01 $248,650 (8.2%) $285,562 (-0.2%) 0.00 257
    2019-02-01 $249,900 (5.1%) $292,625 (1.9%) 0.00 251
    2019-03-01 $254,014 (6.0%) $295,521 (-0.8%) 0.00 262
    2019-04-01 $258,814 (7.6%) $297,913 (0.1%) 0.00 274
    2019-05-01 $257,425 (5.3%) $296,031 (-0.1%) 0.00 315
    2019-06-01 $259,900 (4.0%) $298,399 (-0.1%) 0.00 332
    2019-07-01 $259,900 (6.1%) $297,404 (1.5%) 0.00 335
    2019-08-01 $255,736 (3.4%) $294,196 (1.4%) 0.00 351
    2019-09-01 $256,841 (9.1%) $291,105 (3.4%) 0.00 356
    2019-10-01 $258,800 (7.6%) $289,299 (4.1%) 0.00 359
    2019-11-01 $258,000 (6.1%) $289,071 (4.2%) 0.00 326
    2019-12-01 $255,650 (5.3%) $287,846 (3.8%) 0.00 277
    2020-01-01 $255,925 (2.9%) $284,611 (-0.3%) 0.00 253
    2020-02-01 $269,900 (8.0%) $294,786 (0.7%) 0.00 235
    2020-03-01 $277,450 (9.2%) $311,970 (5.6%) 0.00 261
    2020-04-01 $278,950 (7.8%) $313,710 (5.3%) 0.00 267
    2020-05-01 $299,000 (16.2%) $324,984 (9.8%) 0.00 269
    2020-06-01 $299,900 (15.4%) $331,417 (11.1%) 0.00 242
    2020-07-01 $298,050 (14.7%) $332,730 (11.9%) 0.00 205
    2020-08-01 $290,950 (13.8%) $336,825 (14.5%) 0.00 204
    2020-09-01 $282,225 (9.9%) $335,209 (15.2%) 0.00 195
    2020-10-01 $267,900 (3.5%) $316,434 (9.4%) 0.00 198
    2020-11-01 $253,650 (-1.7%) $308,550 (6.7%) 0.00 156
    2020-12-01 $256,200 (0.2%) $306,229 (6.4%) 0.00 139
    2021-01-01 $250,000 (-2.3%) $316,392 (11.2%) 0.00 100
    2021-02-01 $269,400 (-0.2%) $321,330 (9.0%) 0.00 86
    2021-03-01 $280,675 (1.2%) $329,846 (5.7%) 0.00 91
    2021-04-01 $283,650 (1.7%) $340,400 (8.5%) 0.00 104
    2021-05-01 $289,450 (-3.2%) $345,202 (6.2%) 0.00 92
    2021-06-01 $279,950 (-6.7%) $337,050 (1.7%) 0.00 110
    2021-07-01 $257,200 (-13.7%) $330,055 (-0.8%) 0.00 122
    2021-08-01 $262,450 (-9.8%) $328,269 (-2.5%) 0.00 144
    2021-09-01 $264,950 (-6.1%) $325,235 (-3.0%) 0.00 147
    2021-10-01 $269,900 (0.8%) $328,815 (3.9%) 0.00 149
    2021-11-01 $272,400 (7.4%) $341,385 (10.6%) 0.00 142
    2021-12-01 $295,225 (15.2%) $352,180 (15.0%) 0.00 113
    2022-01-01 $309,400 (23.8%) $359,819 (13.7%) 0.00 94
    2022-02-01 $317,425 (17.8%) $426,190 (32.6%) 0.00 80
    2022-03-01 $282,475 (0.6%) $377,063 (14.3%) 0.00 73
    2022-04-01 $279,900 (-1.3%) $334,835 (-1.6%) 0.00 87
    2022-05-01 $306,725 (6.0%) $360,771 (4.5%) 0.00 98
    2022-06-01 $319,900 (14.3%) $369,816 (9.7%) 0.00 136
    2022-07-01 $324,400 (26.1%) $369,288 (11.9%) 0.00 144
    2022-08-01 $324,675 (23.7%) $378,690 (15.4%) 0.00 145
    2022-09-01 $321,225 (21.2%) $373,725 (14.9%) 0.00 141
    2022-10-01 $319,000 (18.2%) $370,346 (12.6%) 0.00 145
    2022-11-01 $311,700 (14.4%) $363,350 (6.4%) 0.00 136
    2022-12-01 $337,400 (14.3%) $364,542 (3.5%) 0.00 123
    2023-01-01 $371,700 (20.1%) $384,880 (7.0%) 0.00 95
    2023-02-01 $384,900 (21.3%) $400,244 (-6.1%) 0.00 96
    2023-03-01 $399,900 (41.6%) $412,683 (9.5%) 0.00 85
    2023-04-01 $362,450 (29.5%) $403,194 (20.4%) 0.00 101
    2023-05-01 $359,900 (17.3%) $409,069 (13.4%) 0.00 126
    2023-06-01 $369,425 (15.5%) $413,627 (11.9%) 0.00 133
    2023-07-01 $369,900 (14.0%) $417,517 (13.1%) 0.00 134
    2023-08-01 $359,400 (10.7%) $401,825 (6.1%) 0.00 157
    2023-09-01 $349,900 (8.9%) $409,494 (9.6%) 0.00 165
    2023-10-01 $335,000 (5.0%) $379,913 (2.6%) 0.00 187
    2023-11-01 $336,950 (8.1%) $391,158 (7.7%) 0.00 181
    2023-12-01 $329,000 (-2.5%) $383,979 (5.3%) 0.00 154
    2024-01-01 $349,900 (-5.9%) $413,463 (7.4%) 0.00 132
    2024-02-01 $384,000 (-0.2%) $435,981 (8.9%) 0.00 115
    2024-03-01 $389,000 (-2.7%) $445,756 (8.0%) 0.00 122
    Mankato's median listing price for 2024-03-01 was $389,000, a difference of $-10,900 (-2.7%) versus the prior year and $5,000 versus the prior month.

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

    Mankato's average listing price for 2024-03-01 was $445,756, a difference of $33,073 (8.0%) versus the prior year and $9,775 versus the prior month.

    For the 2024-03-01 period, Mankato had 122 MLS listings, a difference of 7 listings (6%) versus the prior month and 37 listings (44%) 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 2,136 sqft
    2018-02-01 0 days 2,094 sqft
    2018-03-01 0 days 2,128 sqft
    2018-04-01 0 days 2,153 sqft
    2018-05-01 0 days 2,139 sqft
    2018-06-01 0 days 2,139 sqft
    2018-07-01 0 days 2,112 sqft
    2018-08-01 0 days 2,136 sqft
    2018-09-01 0 days 2,101 sqft
    2018-10-01 0 days 2,093 sqft
    2018-11-01 0 days 2,096 sqft
    2018-12-01 0 days 2,099 sqft
    2019-01-01 0 days 2,155 sqft
    2019-02-01 0 days 2,146 sqft
    2019-03-01 0 days 2,124 sqft
    2019-04-01 0 days 2,158 sqft
    2019-05-01 0 days 2,143 sqft
    2019-06-01 0 days 2,185 sqft
    2019-07-01 0 days 2,244 sqft
    2019-08-01 0 days 2,180 sqft
    2019-09-01 0 days 2,167 sqft
    2019-10-01 0 days 2,157 sqft
    2019-11-01 0 days 2,151 sqft
    2019-12-01 0 days 2,094 sqft
    2020-01-01 0 days 2,018 sqft
    2020-02-01 0 days 2,142 sqft
    2020-03-01 0 days 2,245 sqft
    2020-04-01 0 days 2,220 sqft
    2020-05-01 0 days 2,292 sqft
    2020-06-01 0 days 2,567 sqft
    2020-07-01 0 days 2,635 sqft
    2020-08-01 0 days 2,699 sqft
    2020-09-01 0 days 2,625 sqft
    2020-10-01 0 days 2,504 sqft
    2020-11-01 0 days 2,490 sqft
    2020-12-01 0 days 2,481 sqft
    2021-01-01 0 days 2,478 sqft
    2021-02-01 0 days 2,387 sqft
    2021-03-01 0 days 2,451 sqft
    2021-04-01 0 days 2,439 sqft
    2021-05-01 0 days 2,473 sqft
    2021-06-01 0 days 2,420 sqft
    2021-07-01 0 days 2,365 sqft
    2021-08-01 0 days 2,301 sqft
    2021-09-01 0 days 2,257 sqft
    2021-10-01 0 days 2,326 sqft
    2021-11-01 0 days 2,322 sqft
    2021-12-01 0 days 2,350 sqft
    2022-01-01 0 days 2,355 sqft
    2022-02-01 0 days 2,334 sqft
    2022-03-01 0 days 2,221 sqft
    2022-04-01 0 days 2,196 sqft
    2022-05-01 0 days 2,350 sqft
    2022-06-01 0 days 2,345 sqft
    2022-07-01 0 days 2,347 sqft
    2022-08-01 0 days 2,416 sqft
    2022-09-01 0 days 2,363 sqft
    2022-10-01 0 days 2,369 sqft
    2022-11-01 0 days 2,387 sqft
    2022-12-01 0 days 2,346 sqft
    2023-01-01 0 days 2,367 sqft
    2023-02-01 0 days 2,416 sqft
    2023-03-01 0 days 2,487 sqft
    2023-04-01 0 days 2,408 sqft
    2023-05-01 0 days 2,454 sqft
    2023-06-01 0 days 2,410 sqft
    2023-07-01 0 days 2,456 sqft
    2023-08-01 0 days 2,520 sqft
    2023-09-01 0 days 2,503 sqft
    2023-10-01 0 days 2,462 sqft
    2023-11-01 0 days 2,499 sqft
    2023-12-01 0 days 2,424 sqft
    2024-01-01 0 days 2,332 sqft
    2024-02-01 0 days 2,449 sqft
    2024-03-01 0 days 2,482 sqft
    Mankato's median listing age (time on market) for 2024-03-01 was 0 days.

    Mankato's median square footage for active listings during the 2024-03-01 period was 2,482 sqft. One year prior, the average listing was 2,487 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).