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 171 lenders originated 5,584 FHA loans during 2023. The total origination value was $1,732,420,000, with an average FHA loan value of $310,247.

    Minneapolis FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Minneapolis averaged 6.43% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Minneapolis's average FHA mortgage closing costs are $8,709.

    The average rate for the prior week (2024-07-12) was 6.78% and one month ago for the week of 2024-06-14, the average rate was 6.43%.

    The average rate one year ago was 6.52%.

    For refis of the same type during the week of 2024-07-19, the average rate was 7.06%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 517 6.38% $13,914
    QUICKEN LOANS, LLC 362 6.24% $12,802
    CROSSCOUNTRY MORTGAGE, LLC 275 6.73% $12,648
    LOANDEPOT.COM, LLC 255 6.49% $13,084
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 231 6.76% $11,899
    BROKER SOLUTIONS, INC. 229 6.75% $13,945
    Bell Bank 150 6.44% $12,538
    BAY EQUITY LLC 129 6.65% $12,077
    PENNYMAC LOAN SERVICES, LLC 123 6.25% $13,903
    MOVEMENT MORTGAGE, LLC 122 6.58% $12,061
    Royal Credit Union 121 6.54% $12,158
    EVERETT FINANCIAL, INC. 120 6.75% $11,800
    EAGLE HOME MORTGAGE, LLC 111 5.57% $12,830
    DHI MORTGAGE COMPANY, LTD. 91 5.63% $7,950
    Summit Mortgage Corporation 84 6.67% $12,061
    American Mortgage & Equity Consultants, Inc. 84 6.94% $13,411
    CARDINAL FINANCIAL 78 6.49% $14,724
    GUARANTEED RATE, INC. 75 6.44% $13,001
    Prosperity Home Mortgage, LLC 73 6.61% $11,317
    FREEDOM MORTGAGE CORPORATION 64 6.86% $15,769
    TRUSTONE FINANCIAL FEDERAL CREDIT UNION 64 6.51% $10,977
    M/I FINANCIAL, LLC 55 5.85% $16,670
    Paramount Residential Mortgage Group, Inc. 55 7.05% $13,668
    GUARANTEED RATE AFFINITY, LLC 53 6.74% $13,208
    Century Mortgage Company DBA Century Lending Company 49 6.35% $10,802
    Cambria Financial Group, LLC 48 6.83% $12,741
    AMERICAN PACIFIC MORTGAGE CORPORATION 47 6.60% $13,619
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 47 6.73% $12,872
    Flagstar Bank, FSB 45 6.69% $11,545
    AMERISAVE MORTGAGE CORPORATION 44 6.17% $15,653
    Plains Commerce Bank 44 6.66% $12,801
    NEWREZ LLC 40 6.51% $12,792
    Barrington Bank & Trust Company, N.A. 38 6.67% $12,972
    Goldwater Bank, N.A. 37 6.32% $12,532
    PLAZA HOME MORTGAGE, INC. 37 6.16% $14,486
    Mr. Cooper ( Nationstar Mortgage ) 36 6.11% $17,902
    Tradition Mortgage, LLC 36 6.37% $13,059
    U.S. Bank 36 6.66% $10,001
    Ixonia Bank 35 7.03% $11,593
    Alerus Financial 35 6.55% $9,133
    AMERICAN FINANCIAL NETWORK, INC. 32 6.61% $14,340
    CMG MORTGAGE, INC. 31 7.06% $13,118
    MEGASTAR FINANCIAL CORP. 29 6.74% $10,849
    SWBC MORTGAGE CORPORATION 29 6.80% $10,565
    PULTE MORTGAGE LLC 28 5.81% $8,789
    The Huntington National Bank 28 6.74% $9,437
    Bank of England 25 6.81% $11,074
    MUTUAL OF OMAHA MORTGAGE, INC. 24 6.53% $14,455
    Neighborhood Loans, Inc. 24 6.97% $11,549
    UNION HOME MORTGAGE CORP. 21 7.23% $12,072
    Nations Lending Corporation 20 6.69% $11,643
    Carrington Mortgage Services, LLC 19 6.43% $13,801
    Waterstone Mortgage Corporation 18 6.72% $14,653
    Mortgages Unlimited Inc. 17 6.17% $11,477
    DRAPER AND KRAMER MORTGAGE CORP. 16 6.72% $9,891
    PRIMELENDING, A PLAINSCAPITAL COMPANY 16 6.81% $12,635
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 16 6.43% $13,916
    Servion, Inc. 16 6.57% $10,044
    CITY FIRST MORTGAGE SERVICES, L.L.C. 16 6.94% $13,028
    ZILLOW HOME LOANS, LLC 15 6.33% $12,325
    LAKEVIEW LOAN SERVICING, LLC 15 5.84% $12,260
    PLANET HOME LENDING, LLC 14 6.40% $10,281
    Equity Prime Mortgage LLC 14 7.08% $16,312
    Sierra Pacific Mortgage Company, Inc. 11 6.80% $13,635
    EMM LOANS LLC 11 5.85% $15,021
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 10 6.61% $15,963
    AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 10 6.35% $12,813
    MID AMERICA MORTGAGE, INC. 10 7.13% $7,754
    SUN WEST MORTGAGE COMPANY, INC. 10 6.37% $12,547
    MILEND, INC. 8 6.02% $16,413
    AXIA FINANCIAL, LLC 8 6.41% $12,332
    Wells Fargo Bank 8 6.64% $9,504
    Mortgage Research Center, LLC 8 6.70% $10,567
    HOMESIDE FINANCIAL, LLC 7 6.68% $13,118
    AMERICAN FINANCIAL RESOURCES, INC. 7 6.84% $14,085
    Associated Bank 7 6.34% $8,719
    CORTRUST MORTGAGE, INC. 7 6.48% $10,521
    DATA MORTGAGE, INC. 7 7.27% $14,000
    CALIBER HOME LOANS, INC. 7 6.77% $10,911
    MASON MCDUFFIE MORTGAGE CORPORATION 7 6.32% $14,574
    LOANPAL, LLC 6 5.98% $18,410
    The Federal Savings Bank 6 6.54% $17,417
    PRIMARY RESIDENTIAL MORTGAGE, INC. 6 6.38% $14,179
    HOMEBRIDGE FINANCIAL SERVICES, INC. 6 6.65% $11,126
    TOWNE MORTGAGE COMPANY 6 6.89% $13,215
    PHH Mortgage Corporation 6 6.77% $11,293
    HOMEOWNERS FINANCIAL GROUP USA, LLC 5 6.35% $9,915
    LAND HOME FINANCIAL SERVICES, INC. 5 7.10% $15,506
    LEADERONE FINANCIAL CORPORATION 5 6.83% $12,185
    Citizens Bank 5 6.83% $12,768
    VILLAGE CAPITAL MORTGAGE 5 6.00% $12,657
    TOP FLITE FINANCIAL, INC. 4 7.03% $14,729
    CRESCENT MORTGAGE COMPANY 4 6.84% $12,207
    CORNERSTONE HOME LENDING, INC. 4 6.66% $10,170
    CHURCHILL MORTGAGE CORPORATION 4 6.53% $12,344
    GUILD MORTGAGE COMPANY 4 6.72% $8,973
    First Bank & Trust 4 6.00% $11,625
    OCMBC, INC. 4 7.50% $13,139
    AMERICAN FINANCING CORPORATION 4 6.15% $16,072
    MORTGAGE SOLUTIONS OF COLORADO, LLC 4 6.81% $21,825
    Bank of America 3 6.92% $6,258
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 3 6.29% $11,801
    Armed Forces Bank 3 6.25% $12,233
    Bremer Bank 3 6.92% $9,127
    COMPASS MORTGAGE, INC. 3 6.54% $10,861
    JPMorgan Chase Bank 3 6.46% $6,919
    NBKC BANK 3 6.17% $9,637
    V.I.P. MORTGAGE, INC. 3 6.54% $13,523
    Gate City Bank 2 6.38% $8,921
    CANOPY MORTGAGE, LLC 2 6.06% $22,294
    KELLER MORTGAGE, LLC 2 5.00% $13,344
    The Union Bank Company 2 6.31% $12,978
    THRIVE MORTGAGE, LLC 2 6.63% $13,263
    POLARIS HOME FUNDING CORP. 2 6.38% $12,755
    BNC National Bank 2 5.06% $16,172
    MANN FINANCIAL INC. 2 6.88% $12,231
    OCEANSIDE MORTGAGE COMPANY 2 6.19% $6,648
    BETTER MORTGAGE CORPORATION 2 5.44% $10,135
    GUARANTY HOME MORTGAGE CORPORATION 2 5.81% $14,861
    JMAC LENDING, INC. 2 6.94% $14,136
    SUMMIT FUNDING, INC. 2 6.63% $15,309
    GREENSTATE CREDIT UNION 2 6.13% $10,312
    AmeriHome Mortgage Company, LLC 2 7.13% $8,182
    LIBERTY HOME MORTGAGE CORPORATION 2 6.63% $15,428
    Heritage Bank 2 7.19% $11,461
    The Central Trust Bank 2 6.88% $6,973
    M&T Bank 2 6.50% $11,246
    NATIONS DIRECT MORTGAGE, LLC 2 6.75% $12,852
    GENEVA FINANCIAL, LLC 1 7.25% $8,374
    RESIDENTIAL BANCORP 1 5.75% $10,751
    RUOFF MORTGAGE COMPANY, INC. 1 5.50% $20,255
    Fifth Third Bank 1 6.50% $5,552
    ENDEAVOR CAPITAL, LLC. 1 6.88% $13,408
    SouthPoint Bank 1 7.25% $7,202
    SOVEREIGN LENDING GROUP INCORPORATED 1 5.75% $16,394
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.99% $19,682
    EMBRACE HOME LOANS, INC. 1 5.99% $16,168
    CONTOUR MORTGAGE CORPORATION 1 6.50% $13,321
    CHERRY CREEK MORTGAGE, LLC 1 5.50% $9,313
    CAPITAL CREDIT UNION 1 5.75% $17,616
    The Loan Store, Inc. 1 6.38% $10,588
    TJC Mortgage, Inc. 1 6.75% $11,765
    TOTAL MORTGAGE SERVICES, LLC 1 6.38% $11,989
    BMO Harris Bank 1 6.88% $9,107
    BANKWEST, INC. 1 5.25% $13,762
    Academy Bank 1 6.63% $9,530
    Axos Bank 1 6.13% $9,224
    Ameris Bank 1 6.25% $21,462
    ACADEMY MORTGAGE CORPORATION 1 6.75% $19,062
    Watermark Capital, Inc. 1 6.75% $9,798
    American Bank of Oklahoma 1 6.13% $20,730
    MYCUMORTGAGE, LLC 1 7.13% $8,014
    Merchants Bank 1 6.13% $10,280
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.99% $8,852
    ALAMEDA MORTGAGE CORPORATION 1 6.63% $9,211
    NEW DAY FINANCIAL, LLC 1 7.99% $6,403
    Loan Simple, Inc. 1 7.75% $12,688
    NexBank 1 6.38% $21,948
    NFM, INC. 1 8.25% $11,673
    North American Savings Bank, F.S.B. 1 6.63% $12,866
    North Shore Bank of Commerce 1 6.63% $11,333
    Old National Bank 1 6.50% $8,190
    ON Q FINANCIAL, INC. 1 6.13% $7,943
    Lakeview Community Capital, LLC 1 6.25% $11,267
    PENTAGON FEDERAL CREDIT UNION 1 6.13% $7,618
    JMJ FINANCIAL GROUP 1 6.75% $10,935
    Home Federal Savings Bank 1 6.25% $7,015
    PLUS RELOCATION MORTGAGE, LLC 1 6.75% $14,111
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 5.75% $12,723
    Gulf Coast Bank and Trust Company 1 6.25% $10,919
    GSF Mortgage Corporation 1 7.13% $11,242

    The top Minneapolis FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 517 FHA loans originated. Their average total fees are $13,914, which is $1,113 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Minneapolis FHA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($7,754), DHI MORTGAGE COMPANY, LTD. ($7,950), PULTE MORTGAGE LLC ($8,789), Alerus Financial ($9,133) and The Huntington National Bank ($9,437).

    The lowest rate Minneapolis FHA lenders (with over 10 loans originated) are EAGLE HOME MORTGAGE, LLC (5.57%), DHI MORTGAGE COMPANY, LTD. (5.63%), PULTE MORTGAGE LLC (5.81%), LAKEVIEW LOAN SERVICING, LLC (5.84%) and M/I FINANCIAL, LLC (5.85%).

    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).