Minneapolis FHA Loan Rates, Closing Costs & Stats

MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI

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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.

    Minneapolis's 162 lenders originated 5,521 FHA loans during 2024. The total origination value was $1,791,675,000, with an average FHA loan value of $324,520.

    Minneapolis FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Minneapolis averaged -0.03% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Minneapolis's average FHA mortgage closing costs are $9,051.

    The average rate for the prior week (2025-06-13) was 6.85% and one month ago for the week of 2025-05-16, the average rate was 6.71%.

    The average rate one year ago was 6.87%.

    For refis of the same type during the week of 2025-06-20, the average rate was -0.29%.

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

    Minneapolis 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 Minneapolis level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 560 6.16% $13,979
    QUICKEN LOANS, LLC 365 6.31% $13,172
    CROSSCOUNTRY MORTGAGE, LLC 289 6.59% $12,905
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 211 6.74% $11,589
    LOANDEPOT.COM, LLC 206 6.24% $11,590
    BROKER SOLUTIONS, INC. 204 6.77% $13,372
    Royal Credit Union 137 6.60% $11,960
    FREEDOM MORTGAGE CORPORATION 136 6.43% $14,104
    Bell Bank 131 6.40% $12,380
    PENNYMAC LOAN SERVICES, LLC 123 6.07% $11,487
    EVERETT FINANCIAL, INC. 122 6.91% $11,847
    EAGLE HOME MORTGAGE, LLC 109 5.94% $13,978
    M/I FINANCIAL, LLC 107 5.14% $18,862
    DHI MORTGAGE COMPANY, LTD. 94 5.15% $8,258
    Prosperity Home Mortgage, LLC 93 6.33% $12,385
    GUARANTEED RATE, INC. 91 6.18% $13,503
    BAY EQUITY LLC 85 6.69% $11,667
    MOVEMENT MORTGAGE, LLC 75 6.73% $11,444
    American Mortgage & Equity Consultants, Inc. 71 6.67% $13,362
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 69 6.76% $13,082
    CARDINAL FINANCIAL 62 6.77% $15,920
    Plains Commerce Bank 60 6.72% $12,272
    NEWREZ LLC 54 6.25% $12,166
    Flagstar Bank, FSB 53 6.37% $11,447
    SWBC MORTGAGE CORPORATION 51 6.74% $9,483
    Paramount Residential Mortgage Group, Inc. 50 6.70% $14,431
    Granite Community Bank 48 6.55% $11,889
    Equity Prime Mortgage LLC 48 6.88% $15,510
    Cambria Financial Group, LLC 48 6.76% $10,810
    Mr. Cooper ( Nationstar Mortgage ) 45 6.39% $15,132
    CMG MORTGAGE, INC. 45 6.83% $14,276
    Summit Mortgage Corporation 41 6.56% $12,628
    PLAZA HOME MORTGAGE, INC. 39 6.75% $12,360
    Century Mortgage Company DBA Century Lending Company 35 6.15% $12,935
    MUTUAL OF OMAHA MORTGAGE, INC. 35 6.42% $16,518
    TRUSTONE FINANCIAL FEDERAL CREDIT UNION 35 6.62% $10,185
    LAKEVIEW LOAN SERVICING, LLC 33 6.48% $7,876
    U.S. Bank 29 6.66% $10,437
    GUARANTEED RATE AFFINITY, LLC 28 6.59% $12,961
    GUILD MORTGAGE COMPANY 27 6.51% $11,568
    AMERICAN FINANCIAL NETWORK, INC. 26 6.64% $14,839
    Alerus Financial 25 6.69% $8,812
    Waterstone Mortgage Corporation 25 6.96% $13,326
    Carrington Mortgage Services, LLC 25 6.39% $14,253
    MEGASTAR FINANCIAL CORP. 24 6.34% $11,642
    Ixonia Bank 23 7.01% $13,196
    MASON MCDUFFIE MORTGAGE CORPORATION 22 6.52% $12,057
    The Huntington National Bank 22 6.61% $11,034
    Tradition Mortgage, LLC 22 6.37% $12,705
    UNION HOME MORTGAGE CORP. 21 6.55% $12,731
    AMERISAVE MORTGAGE CORPORATION 20 6.18% $16,154
    PULTE MORTGAGE LLC 18 5.60% $8,861
    Barrington Bank & Trust Company, N.A. 18 6.88% $12,319
    AMERICAN FINANCING CORPORATION 17 5.91% $13,641
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 17 6.12% $12,636
    PREMIER LENDING, INC. 17 6.92% $12,789
    Nations Lending Corporation 16 6.98% $10,887
    PRIMELENDING, A PLAINSCAPITAL COMPANY 15 6.62% $12,526
    PRIMARY RESIDENTIAL MORTGAGE, INC. 14 7.01% $9,999
    ZILLOW HOME LOANS, LLC 13 6.34% $12,132
    Sierra Pacific Mortgage Company, Inc. 12 6.21% $13,224
    AMERICAN PACIFIC MORTGAGE CORPORATION 12 6.84% $12,907
    CITY FIRST MORTGAGE SERVICES, L.L.C. 11 6.92% $12,333
    Servion, Inc. 11 6.47% $9,627
    MILEND, INC. 10 6.47% $15,224
    Loan Simple, Inc. 9 6.33% $14,282
    LOANPAL, LLC 9 5.47% $13,275
    The Federal Savings Bank 9 6.28% $16,944
    Bremer Bank 9 6.75% $11,217
    Mortgage Research Center, LLC 9 6.64% $7,867
    GSF Mortgage Corporation 8 6.67% $16,961
    AmeriHome Mortgage Company, LLC 8 6.45% $7,230
    Associated Bank 8 6.41% $9,085
    AXIA FINANCIAL, LLC 8 6.80% $14,021
    HOMEBRIDGE FINANCIAL SERVICES, INC. 8 6.53% $7,000
    HOMESIDE FINANCIAL, LLC 8 6.26% $14,120
    Old National Bank 8 6.20% $10,519
    PLANET HOME LENDING, LLC 8 6.05% $10,566
    SUN WEST MORTGAGE COMPANY, INC. 8 6.25% $12,026
    Wells Fargo Bank 8 6.52% $10,098
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 7 6.43% $14,842
    JPMorgan Chase Bank 7 6.70% $9,010
    EMM LOANS LLC 6 5.75% $18,354
    Bank Five Nine 6 6.21% $11,091
    M&T Bank 6 6.40% $12,356
    HOMEOWNERS FINANCIAL GROUP USA, LLC 6 6.33% $12,867
    SUCCESS MORTGAGE PARTNERS, INC. 6 6.39% $13,701
    Lakeview Community Capital, LLC 6 6.33% $7,796
    First Bank & Trust 5 5.95% $10,743
    OCMBC, INC. 5 7.58% $11,724
    TOP FLITE FINANCIAL, INC. 5 6.88% $16,685
    VILLAGE CAPITAL MORTGAGE 5 6.50% $10,201
    MID AMERICA MORTGAGE, INC. 5 6.50% $9,536
    TOWNE MORTGAGE COMPANY 5 6.50% $11,420
    AMERICAN FINANCIAL RESOURCES, INC. 4 6.16% $10,856
    Florida Capital Bank 4 6.00% $12,726
    The Loan Store, Inc. 4 6.00% $15,121
    NATIONS DIRECT MORTGAGE, LLC 3 6.54% $11,780
    MICHIGAN MUTUAL, INC. 3 5.79% $16,467
    MLD MORTGAGE INC. 3 6.42% $9,932
    Academy Bank 3 6.38% $11,818
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 6.92% $14,787
    Goldwater Bank, N.A. 3 6.71% $10,647
    LEADERONE FINANCIAL CORPORATION 3 6.29% $16,636
    OPEN MORTGAGE, LLC 3 6.46% $15,301
    Paramount Bank 3 6.17% $9,522
    PHH Mortgage Corporation 3 6.20% $11,325
    PREMIA MORTGAGE, LLC 3 6.27% $7,611
    CORTRUST MORTGAGE, INC. 3 6.33% $10,762
    ROYAL UNITED MORTGAGE LLC 3 6.75% $11,070
    CANOPY MORTGAGE, LLC 3 6.91% $12,491
    LAND HOME FINANCIAL SERVICES, INC. 3 6.88% $13,402
    LIBERTY HOME MORTGAGE CORPORATION 2 6.63% $15,901
    Bank of England 2 6.19% $10,948
    Bank of America 2 6.69% $11,794
    PNC Bank 2 6.44% $14,786
    Liberty Bank Minnesota 2 6.81% $6,792
    SFMC, LP 2 6.50% $16,222
    LADERA LENDING, INC. 2 5.94% $13,774
    Integrity Home Mortgage Corp 2 6.50% $10,791
    Commerce Home Mortgage, Inc. 2 7.13% $12,860
    Armed Forces Bank 2 6.63% $11,748
    JMJ FINANCIAL GROUP 2 6.88% $13,530
    NEXERA HOLDING LLC 2 5.44% $6,779
    First Western Bank & Trust 2 6.13% $9,697
    BMO Harris Bank 2 6.88% $10,830
    PREMIER MORTGAGE RESOURCES, L.L.C. 2 7.19% $11,342
    OCEANSIDE MORTGAGE COMPANY 2 5.81% $5,546
    GENEVA FINANCIAL, LLC 2 7.44% $15,036
    V.I.P. MORTGAGE, INC. 2 6.31% $15,493
    SUMMIT FUNDING, INC. 1 6.63% $18,224
    ALAMEDA MORTGAGE CORPORATION 1 6.63% $9,067
    UNITED HOME LOANS, INC. 1 7.75% $7,214
    The Central Trust Bank 1 6.25% $9,859
    Merchants Bank 1 6.13% $12,308
    The Union Bank Company 1 5.25% $8,475
    HOMESTEAD FUNDING CORP. 1 5.13% $10,205
    Hometown Equity Mortgage, LLC 1 6.63% $22,922
    Arvest Bank 1 6.50% $12,119
    FLAT BRANCH MORTGAGE, INC. 1 6.13% $12,426
    NFM, INC. 1 7.75% $15,566
    Northpointe Bank 1 6.50% $10,351
    OAKTREE FUNDING CORP. 1 5.38% $14,059
    NETWORK CAPITAL FUNDING CORPORATION 1 6.75% $10,135
    BETTER MORTGAGE CORPORATION 1 5.25% $10,898
    Arbor Bank 1 6.75% $6,381
    First International Bank & Trust 1 5.75% $11,430
    PENTAGON FEDERAL CREDIT UNION 1 5.75% $11,761
    JMAC LENDING, INC. 1 5.63% $12,236
    First Federal Bank 1 6.63% $16,300
    American Bank & Trust 1 6.49% $9,972
    NBKC BANK 1 5.99% $9,233
    ENDEAVOR CAPITAL, LLC. 1 5.62% $8,431
    DATA MORTGAGE, INC. 1 6.63% $12,743
    City Lending Inc. 1 8.25% $14,068
    Regent Financial Group, Inc. 1 6.13% $11,548
    RELIANCE FIRST CAPITAL, LLC 1 6.38% $8,510
    CHURCHILL MORTGAGE CORPORATION 1 6.25% $9,742
    S1L, Inc. 1 5.75% $15,280
    CALCON MUTUAL MORTGAGE LLC 1 6.50% $18,912
    Strong Home Mortgage, LLC 1 6.13% $8,390
    Home Mortgage Alliance Corp 1 7.25% $9,581

    The top Minneapolis FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 560 FHA loans originated. Their average total fees are $13,979, which is $807 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Minneapolis FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($7,876), DHI MORTGAGE COMPANY, LTD. ($8,258), Alerus Financial ($8,812), PULTE MORTGAGE LLC ($8,861) and SWBC MORTGAGE CORPORATION ($9,483).

    The lowest rate Minneapolis FHA lenders (with over 10 loans originated) are M/I FINANCIAL, LLC (5.14%), DHI MORTGAGE COMPANY, LTD. (5.15%), PULTE MORTGAGE LLC (5.60%), AMERICAN FINANCING CORPORATION (5.91%) and EAGLE HOME MORTGAGE, LLC (5.94%).

    Minneapolis FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI ANOKA 2022 $448,500 $574,150 $694,000 $862,500
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI CARVER 2022 $448,500 $574,150 $694,000 $862,500
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI CHISAGO 2022 $448,500 $574,150 $694,000 $862,500
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI DAKOTA 2022 $448,500 $574,150 $694,000 $862,500
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI HENNEPIN 2022 $448,500 $574,150 $694,000 $862,500
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI ISANTI 2022 $448,500 $574,150 $694,000 $862,500
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI LE SUEUR 2022 $448,500 $574,150 $694,000 $862,500
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI MILLE LACS 2022 $448,500 $574,150 $694,000 $862,500
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI RAMSEY 2022 $448,500 $574,150 $694,000 $862,500
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI SCOTT 2022 $448,500 $574,150 $694,000 $862,500
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI SHERBURNE 2022 $448,500 $574,150 $694,000 $862,500
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI WASHINGTON 2022 $448,500 $574,150 $694,000 $862,500
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI WRIGHT 2022 $448,500 $574,150 $694,000 $862,500
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI PIERCE 2022 $448,500 $574,150 $694,000 $862,500
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI ST. CROIX 2022 $448,500 $574,150 $694,000 $862,500
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI ANOKA 2023 $515,200 $659,550 $797,250 $990,800
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI CARVER 2023 $515,200 $659,550 $797,250 $990,800
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI CHISAGO 2023 $515,200 $659,550 $797,250 $990,800
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI DAKOTA 2023 $515,200 $659,550 $797,250 $990,800
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI HENNEPIN 2023 $515,200 $659,550 $797,250 $990,800
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI ISANTI 2023 $515,200 $659,550 $797,250 $990,800
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI LE SUEUR 2023 $515,200 $659,550 $797,250 $990,800
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI MILLE LACS 2023 $515,200 $659,550 $797,250 $990,800
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI RAMSEY 2023 $515,200 $659,550 $797,250 $990,800
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI SCOTT 2023 $515,200 $659,550 $797,250 $990,800
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI SHERBURNE 2023 $515,200 $659,550 $797,250 $990,800
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI WASHINGTON 2023 $515,200 $659,550 $797,250 $990,800
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI WRIGHT 2023 $515,200 $659,550 $797,250 $990,800
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI PIERCE 2023 $515,200 $659,550 $797,250 $990,800
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI ST. CROIX 2023 $515,200 $659,550 $797,250 $990,800

    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).