Marshall FHA Loan Rates, Closing Costs & Stats

Marshall, 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.

    Marshall's 12 lenders originated 36 FHA loans during 2023. The total origination value was $5,580,000, with an average FHA loan value of $155,000.

    Marshall FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Marshall averaged 0.25% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Marshall's average FHA mortgage closing costs are $6,327.

    The average rate for the prior week (2024-11-08) was 6.76% and one month ago for the week of 2024-10-11, the average rate was 6.26%.

    The average rate one year ago was 7.21%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.2%.

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

    Marshall 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 Marshall level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 8 6.20% $9,642
    UNITED WHOLESALE MORTGAGE, LLC 5 6.51% $8,209
    HOMEOWNERS FINANCIAL GROUP USA, LLC 4 6.69% $7,785
    U.S. Bank 3 6.71% $4,925
    CROSSCOUNTRY MORTGAGE, LLC 3 6.71% $9,980
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.06% $4,420
    Plains Commerce Bank 2 6.94% $7,713
    PENNYMAC LOAN SERVICES, LLC 1 5.75% $6,529
    AMERISAVE MORTGAGE CORPORATION 1 6.63% $8,566
    BROKER SOLUTIONS, INC. 1 6.60% $7,878
    American Mortgage & Equity Consultants, Inc. 1 7.50% $8,375
    Prosperity Home Mortgage, LLC 1 7.13% $7,866

    The top Marshall FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 8 FHA loans originated. Their average total fees are $9,642, which is $1,434 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Marshall FHA lenders (with over 10 loans originated) are .

    The lowest rate Marshall FHA lenders (with over 10 loans originated) are .

    Marshall FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Marshall (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 $116,000 (-12.1%) $149,103 (-6.9%) 0.00 56
    2018-02-01 $115,000 (-16.8%) $151,039 (-7.6%) 0.00 58
    2018-03-01 $129,000 (-10.0%) $154,239 (-6.7%) 0.00 67
    2018-04-01 $140,702 (5.4%) $156,777 (-3.3%) 0.00 70
    2018-05-01 $141,200 (2.7%) $150,013 (-7.5%) 0.00 74
    2018-06-01 $132,450 (-11.4%) $143,689 (-17.6%) 0.00 80
    2018-07-01 $125,000 (-18.3%) $144,988 (-17.3%) 0.00 83
    2018-08-01 $132,000 (-5.7%) $150,951 (-6.6%) 0.00 88
    2018-09-01 $125,000 (-3.9%) $153,184 (-2.0%) 0.00 95
    2018-10-01 $127,500 (0.2%) $157,108 (-0.1%) 0.00 92
    2018-11-01 $146,000 (16.2%) $161,861 (4.2%) 0.00 99
    2018-12-01 $122,500 (-4.9%) $153,324 (-0.5%) 0.00 95
    2019-01-01 $137,000 (18.1%) $158,455 (6.3%) 0.00 82
    2019-02-01 $141,000 (22.6%) $162,063 (7.3%) 0.00 89
    2019-03-01 $144,443 (12.0%) $160,227 (3.9%) 0.00 95
    2019-04-01 $144,393 (2.6%) $156,011 (-0.5%) 0.00 105
    2019-05-01 $145,950 (3.4%) $159,612 (6.4%) 0.00 100
    2019-06-01 $139,900 (5.6%) $156,308 (8.8%) 0.00 99
    2019-07-01 $142,200 (13.8%) $157,895 (8.9%) 0.00 120
    2019-08-01 $138,100 (4.6%) $156,300 (3.5%) 0.00 120
    2019-09-01 $136,075 (8.9%) $155,282 (1.4%) 0.00 118
    2019-10-01 $134,975 (5.9%) $155,971 (-0.7%) 0.00 117
    2019-11-01 $139,900 (-4.2%) $162,266 (0.3%) 0.00 106
    2019-12-01 $134,900 (10.1%) $159,257 (3.9%) 0.00 90
    2020-01-01 $138,675 (1.2%) $158,110 (-0.2%) 0.00 79
    2020-02-01 $125,000 (-11.4%) $154,226 (-4.8%) 0.00 84
    2020-03-01 $130,325 (-9.8%) $159,114 (-0.7%) 0.00 82
    2020-04-01 $128,725 (-10.9%) $157,502 (1.0%) 0.00 86
    2020-05-01 $127,450 (-12.7%) $161,099 (0.9%) 0.00 86
    2020-06-01 $140,725 (0.6%) $169,812 (8.6%) 0.00 92
    2020-07-01 $134,925 (-5.1%) $171,721 (8.8%) 0.00 99
    2020-08-01 $124,500 (-9.9%) $167,922 (7.4%) 0.00 82
    2020-09-01 $119,500 (-12.2%) $162,089 (4.4%) 0.00 79
    2020-10-01 $122,000 (-9.6%) $158,236 (1.5%) 0.00 81
    2020-11-01 $116,950 (-16.4%) $151,076 (-6.9%) 0.00 70
    2020-12-01 $102,100 (-24.3%) $143,676 (-9.8%) 0.00 63
    2021-01-01 $115,000 (-17.1%) $147,987 (-6.4%) 0.00 46
    2021-02-01 $110,125 (-11.9%) $143,171 (-7.2%) 0.00 45
    2021-03-01 $105,000 (-19.4%) $140,196 (-11.9%) 0.00 38
    2021-04-01 $112,750 (-12.4%) $151,140 (-4.0%) 0.00 34
    2021-05-01 $132,500 (4.0%) $150,495 (-6.6%) 0.00 41
    2021-06-01 $150,000 (6.6%) $167,983 (-1.1%) 0.00 45
    2021-07-01 $164,950 (22.3%) $190,830 (11.1%) 0.00 48
    2021-08-01 $153,750 (23.5%) $181,487 (8.1%) 0.00 43
    2021-09-01 $148,125 (24.0%) $176,552 (8.9%) 0.00 45
    2021-10-01 $142,000 (16.4%) $178,009 (12.5%) 0.00 40
    2021-11-01 $148,875 (27.3%) $216,271 (43.2%) 0.00 36
    2021-12-01 $189,475 (85.6%) $231,002 (60.8%) 0.00 32
    2022-01-01 $199,900 (73.8%) $239,466 (61.8%) 0.00 25
    2022-02-01 $199,900 (81.5%) $231,829 (61.9%) 0.00 21
    2022-03-01 $162,250 (54.5%) $221,035 (57.7%) 0.00 18
    2022-04-01 $157,500 (39.7%) $230,575 (52.6%) 0.00 16
    2022-05-01 $189,750 (43.2%) $251,221 (66.9%) 0.00 24
    2022-06-01 $188,750 (25.8%) $266,127 (58.4%) 0.00 28
    2022-07-01 $179,900 (9.1%) $263,912 (38.3%) 0.00 32
    2022-08-01 $173,450 (12.8%) $251,285 (38.5%) 0.00 32
    2022-09-01 $168,500 (13.8%) $245,982 (39.3%) 0.00 35
    2022-10-01 $195,000 (37.3%) $233,310 (31.1%) 0.00 35
    2022-11-01 $143,725 (-3.5%) $200,449 (-7.3%) 0.00 41
    2022-12-01 $140,000 (-26.1%) $193,170 (-16.4%) 0.00 33
    2023-01-01 $143,000 (-28.5%) $193,094 (-19.4%) 0.00 28
    2023-02-01 $184,875 (-7.5%) $219,269 (-5.4%) 0.00 27
    2023-03-01 $180,592 (11.3%) $216,972 (-1.8%) 0.00 20
    2023-04-01 $197,369 (25.3%) $222,226 (-3.6%) 0.00 25
    2023-05-01 $240,750 (26.9%) $272,238 (8.4%) 0.00 25
    2023-06-01 $228,750 (21.2%) $259,272 (-2.6%) 0.00 30
    2023-07-01 $234,000 (30.1%) $254,732 (-3.5%) 0.00 29
    2023-08-01 $234,500 (35.2%) $257,653 (2.5%) 0.00 35
    2023-09-01 $240,000 (42.4%) $273,517 (11.2%) 0.00 40
    2023-10-01 $252,000 (29.2%) $262,227 (12.4%) 0.00 43
    2023-11-01 $233,250 (62.3%) $233,967 (16.7%) 0.00 37
    2023-12-01 $217,500 (55.4%) $215,560 (11.6%) 0.00 33
    2024-01-01 $213,750 (49.5%) $216,754 (12.3%) 0.00 30
    2024-02-01 $187,500 (1.4%) $211,105 (-3.7%) 0.00 31
    2024-03-01 $205,000 (13.5%) $227,527 (4.9%) 0.00 35
    2024-04-01 $177,000 (-10.3%) $234,533 (5.5%) 0.00 33
    2024-05-01 $262,500 (9.0%) $262,099 (-3.7%) 0.00 35
    2024-06-01 $275,000 (20.2%) $267,388 (3.1%) 0.00 32
    2024-07-01 $240,500 (2.8%) $234,399 (-8.0%) 0.00 34
    2024-08-01 $257,000 (9.6%) $257,354 (-0.1%) 0.00 44
    2024-09-01 $249,750 (4.1%) $257,103 (-6.0%) 0.00 44
    2024-10-01 $238,750 (-5.3%) $265,346 (1.2%) 0.00 48
    Marshall's median listing price for 2024-10-01 was $238,750, a difference of $-13,250 (-5.3%) versus the prior year and $-11,000 versus the prior month.

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

    Marshall's average listing price for 2024-10-01 was $265,346, a difference of $3,119 (1.2%) versus the prior year and $8,243 versus the prior month.

    For the 2024-10-01 period, Marshall had 48 MLS listings, a difference of 4 listings (9%) versus the prior month and 5 listings (12%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Marshall (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,143 sqft
    2018-02-01 0 days 2,117 sqft
    2018-03-01 0 days 2,212 sqft
    2018-04-01 0 days 2,281 sqft
    2018-05-01 0 days 2,196 sqft
    2018-06-01 0 days 2,184 sqft
    2018-07-01 0 days 2,086 sqft
    2018-08-01 0 days 2,189 sqft
    2018-09-01 0 days 2,184 sqft
    2018-10-01 0 days 2,222 sqft
    2018-11-01 0 days 2,245 sqft
    2018-12-01 0 days 2,245 sqft
    2019-01-01 0 days 2,325 sqft
    2019-02-01 0 days 2,233 sqft
    2019-03-01 0 days 2,050 sqft
    2019-04-01 0 days 1,840 sqft
    2019-05-01 0 days 1,846 sqft
    2019-06-01 0 days 1,845 sqft
    2019-07-01 0 days 1,870 sqft
    2019-08-01 0 days 1,867 sqft
    2019-09-01 0 days 1,879 sqft
    2019-10-01 0 days 1,887 sqft
    2019-11-01 0 days 1,845 sqft
    2019-12-01 0 days 1,832 sqft
    2020-01-01 0 days 1,779 sqft
    2020-02-01 0 days 1,790 sqft
    2020-03-01 0 days 1,830 sqft
    2020-04-01 0 days 1,842 sqft
    2020-05-01 0 days 1,851 sqft
    2020-06-01 0 days 1,874 sqft
    2020-07-01 0 days 1,856 sqft
    2020-08-01 0 days 1,843 sqft
    2020-09-01 0 days 1,774 sqft
    2020-10-01 0 days 1,728 sqft
    2020-11-01 0 days 1,664 sqft
    2020-12-01 0 days 1,625 sqft
    2021-01-01 0 days 1,655 sqft
    2021-02-01 0 days 1,700 sqft
    2021-03-01 0 days 1,720 sqft
    2021-04-01 0 days 1,728 sqft
    2021-05-01 0 days 1,695 sqft
    2021-06-01 0 days 1,800 sqft
    2021-07-01 0 days 1,898 sqft
    2021-08-01 0 days 1,814 sqft
    2021-09-01 0 days 1,831 sqft
    2021-10-01 0 days 1,792 sqft
    2021-11-01 0 days 1,775 sqft
    2021-12-01 0 days 1,790 sqft
    2022-01-01 0 days 1,936 sqft
    2022-02-01 0 days 2,241 sqft
    2022-03-01 0 days 2,239 sqft
    2022-04-01 0 days 2,228 sqft
    2022-05-01 0 days 1,873 sqft
    2022-06-01 0 days 1,833 sqft
    2022-07-01 0 days 1,890 sqft
    2022-08-01 0 days 1,755 sqft
    2022-09-01 0 days 1,681 sqft
    2022-10-01 0 days 1,885 sqft
    2022-11-01 0 days 1,757 sqft
    2022-12-01 0 days 1,753 sqft
    2023-01-01 0 days 1,752 sqft
    2023-02-01 0 days 1,854 sqft
    2023-03-01 0 days 1,794 sqft
    2023-04-01 0 days 1,750 sqft
    2023-05-01 0 days 1,900 sqft
    2023-06-01 0 days 1,900 sqft
    2023-07-01 0 days 1,960 sqft
    2023-08-01 0 days 1,932 sqft
    2023-09-01 0 days 1,978 sqft
    2023-10-01 0 days 1,886 sqft
    2023-11-01 0 days 1,784 sqft
    2023-12-01 0 days 1,742 sqft
    2024-01-01 0 days 1,775 sqft
    2024-02-01 0 days 1,800 sqft
    2024-03-01 0 days 1,800 sqft
    2024-04-01 0 days 1,708 sqft
    2024-05-01 0 days 1,987 sqft
    2024-06-01 0 days 2,008 sqft
    2024-07-01 0 days 2,002 sqft
    2024-08-01 0 days 2,109 sqft
    2024-09-01 0 days 2,031 sqft
    2024-10-01 0 days 2,019 sqft
    Marshall's median listing age (time on market) for 2024-10-01 was 0 days.

    Marshall's median square footage for active listings during the 2024-10-01 period was 2,019 sqft. One year prior, the average listing was 1,886 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).