Minneapolis FHA Loans

MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI

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 198 lenders originated 12,604 FHA loans during 2021. The total origination value was $3,285,050,000, with an average FHA loan value of $260,636.

Minneapolis FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Minneapolis averaged 5.84% for the week of 2022-09-23, compared to the national average (all FHA variants) of 6.08% for the same period.

The average rate for the prior week (2022-09-16) was 5.85% and one month ago for the week of 2022-08-19, the average rate was 5.06%.

The average rate one year ago was 3.21%.

For refis of the same type during the week of 2022-09-23, the average rate was 5.71%.

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

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 857 2.71% $7,041
CROSSCOUNTRY MORTGAGE, LLC 603 3.11% $9,321
FREEDOM MORTGAGE CORPORATION 474 2.81% $5,591
UNITED WHOLESALE MORTGAGE, LLC 447 2.71% $8,923
LAKEVIEW LOAN SERVICING, LLC 437 2.94% $5,192
BROKER SOLUTIONS, INC. 429 3.22% $9,341
Lake Area Bank 377 2.94% $9,622
PENNYMAC LOAN SERVICES, LLC 375 2.97% $6,009
LOANDEPOT.COM, LLC 329 3.17% $9,750
BAY EQUITY LLC 302 2.98% $9,321
Bell Bank 295 2.90% $9,249
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 273 3.31% $10,139
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 273 3.26% $8,623
Mr. Cooper ( Nationstar Mortgage ) 269 3.18% $5,109
Mortgages Unlimited Inc. 193 3.17% $10,599
Goldwater Bank, N.A. 193 3.18% $9,511
CALIBER HOME LOANS, INC. 175 2.86% $7,424
Summit Mortgage Corporation 170 3.07% $8,794
Prosperity Home Mortgage, LLC 168 3.17% $8,294
GUARANTEED RATE, INC. 167 2.89% $9,232
GUARANTEED RATE AFFINITY, LLC 137 2.95% $9,602
HOMEBRIDGE FINANCIAL SERVICES, INC. 127 2.53% $5,424
RESULTS MORTGAGE, LLC 122 3.07% $8,502
Paramount Residential Mortgage Group, Inc. 117 3.33% $10,245
NEWREZ LLC 116 2.87% $6,059
CMG MORTGAGE, INC. 114 3.14% $9,838
American Mortgage & Equity Consultants, Inc. 108 3.16% $9,130
AXIA FINANCIAL, LLC 101 3.09% $9,464
TRUSTONE FINANCIAL FEDERAL CREDIT UNION 98 2.94% $8,279
Alerus Financial 98 2.88% $6,596
Cambria Financial Group, LLC 85 2.94% $9,465
Waterstone Mortgage Corporation 81 3.23% $9,672
Carrington Mortgage Services, LLC 79 3.42% $8,370
Lend Smart Mortgage, LLC 75 3.02% $10,187
EVERETT FINANCIAL, INC. 74 3.34% $6,858
U.S. Bank 74 3.20% $8,184
MOVEMENT MORTGAGE, LLC 73 3.09% $8,961
HOME POINT FINANCIAL CORPORATION 73 2.68% $7,838
PRIMELENDING, A PLAINSCAPITAL COMPANY 72 3.11% $9,664
Barrington Bank & Trust Company, N.A. 72 3.09% $9,479
First Guaranty Mortgage Corporation 71 2.93% $7,297
Bank of England 70 3.29% $9,636
AMERICAN FINANCIAL NETWORK, INC. 70 3.02% $13,729
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 64 3.17% $8,553
MEGASTAR FINANCIAL CORP. 62 2.74% $9,073
PLAZA HOME MORTGAGE, INC. 60 2.76% $8,717
SUN WEST MORTGAGE COMPANY, INC. 60 3.10% $8,727
AMERISAVE MORTGAGE CORPORATION 55 2.96% $8,505
Ixonia Bank 55 3.12% $8,707
Tradition Mortgage, LLC 53 2.79% $8,917
LAND HOME FINANCIAL SERVICES, INC. 52 3.19% $9,610
Servion, Inc. 52 2.93% $8,221
Flagstar Bank, FSB 48 2.78% $7,730
ENVOY MORTGAGE, LTD 47 3.43% $9,390
VILLAGE CAPITAL MORTGAGE 46 2.93% $2,980
AmeriHome Mortgage Company, LLC 46 2.81% $5,117
LEADERONE FINANCIAL CORPORATION 42 2.89% $7,855
EAGLE HOME MORTGAGE, LLC 38 3.19% $10,081
Hometown Lenders, Inc. 34 3.30% $9,645
PRIMARY RESIDENTIAL MORTGAGE, INC. 32 3.32% $10,599
DHI MORTGAGE COMPANY, LTD. 32 2.75% $7,122
MID AMERICA MORTGAGE, INC. 30 2.95% $5,698
HOMEOWNERS FINANCIAL GROUP USA, LLC 28 3.21% $9,278
KELLER MORTGAGE, LLC 28 2.92% $7,949
Lakeview Community Capital, LLC 27 2.90% $5,053
PLANET HOME LENDING, LLC 25 2.77% $5,164
InterContinental Capital Group, Inc 25 2.58% $7,644
Bremer Bank 24 2.95% $9,560
MUTUAL OF OMAHA MORTGAGE, INC. 23 3.01% $8,768
M/I FINANCIAL, LLC 22 2.82% $9,796
PULTE MORTGAGE LLC 21 2.92% $7,353
GSF Mortgage Corporation 21 2.73% $11,018
AMERICAN PORTFOLIO MORTGAGE CORPORATION 19 2.85% $7,860
The Huntington National Bank 18 3.04% $8,229
Heritage Bank 16 3.01% $9,698
Plains Commerce Bank 16 2.81% $8,759
COMPASS MORTGAGE, INC. 16 2.95% $9,260
Old National Bank 15 2.92% $6,870
AMERICAN FINANCING CORPORATION 15 2.61% $7,965
The Federal Savings Bank 15 2.61% $10,654
OCEANSIDE MORTGAGE COMPANY 15 2.65% $3,113
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 14 3.49% $10,648
TCF National Bank 14 2.81% $7,391
HANCOCK MORTGAGE PARTNERS, LLC 14 3.35% $8,884
HOMESIDE FINANCIAL, LLC 13 3.11% $8,945
FINANCE OF AMERICA MORTGAGE LLC 13 2.72% $7,504
CELEBRITY HOME LOANS, LLC 13 2.96% $11,002
CHERRY CREEK MORTGAGE, LLC 12 3.06% $5,524
Wells Fargo Bank 12 3.10% $5,675
MANN FINANCIAL INC. 12 2.92% $9,295
Mortgage Research Center, LLC 11 3.09% $7,186
NATIONS RELIABLE LENDING, LLC 11 3.22% $9,427
Mid Penn Bank 10 3.14% $10,773
ZILLOW HOME LOANS, LLC 10 2.88% $8,565
Manufacturers and Traders Trust Company 10 3.00% $6,403
Sierra Pacific Mortgage Company, Inc. 10 3.19% $9,309
ARK-LA-TEX FINANCIAL SERVICES, LLC. 10 2.84% $8,892
CHURCHILL MORTGAGE CORPORATION 10 3.00% $8,167
UNITED SECURITY FINANCIAL CORP 10 2.78% $5,771
MICHIGAN MUTUAL, INC. 9 3.43% $9,401
UNION HOME MORTGAGE CORP. 9 3.19% $11,083
Equity Prime Mortgage LLC 8 3.53% $6,135
Associated Bank 8 2.80% $7,584
MILEND, INC. 7 2.64% $12,409
Princeton Mortgage Corporation 7 2.82% $9,236
Florida Capital Bank 7 2.73% $8,843
GUILD MORTGAGE COMPANY 7 2.68% $6,811
PHH Mortgage Corporation 6 3.40% $5,160
DATA MORTGAGE, INC. 6 3.63% $9,770
Nations Lending Corporation 6 3.00% $11,730
KS StateBank 6 2.63% $7,370
Merchants Bank 6 2.89% $8,709
SOVEREIGN LENDING GROUP INCORPORATED 5 2.94% $7,919
JPMorgan Chase Bank 5 3.25% $3,592
Citizens Bank 5 2.75% $10,183
STEARNS LENDING, LLC 5 3.02% $8,653
TOWNE MORTGAGE COMPANY 5 3.23% $7,983
Residential Mortgage Solutions, Inc. 5 3.08% $7,537
Bank of America 5 2.75% $6,197
AMERICAN PACIFIC MORTGAGE CORPORATION 5 3.03% $7,853
Anoka Hennepin Credit Union 5 2.68% $10,147
Peoples Bank 5 3.48% $6,904
NATIONS DIRECT MORTGAGE, LLC 5 3.45% $11,315
EMM LOANS LLC 4 2.78% $14,551
North American Savings Bank, F.S.B. 4 2.72% $7,148
Bank Five Nine 4 3.34% $6,388
RELIANCE FIRST CAPITAL, LLC 4 2.53% $14,024
Home Federal Savings Bank 4 3.03% $8,039
GUARANTY HOME MORTGAGE CORPORATION 4 2.88% $9,587
Hometown Equity Mortgage, LLC 4 4.00% $10,365
EMBRACE HOME LOANS, INC. 3 3.20% $9,035
Liberty Bank Minnesota 3 2.58% $5,924
NP, Inc. 3 2.67% $11,850
IOWA BANKERS MORTGAGE CORPORATION 3 2.88% $9,389
First Bank & Trust 3 2.54% $9,354
Coulee Bank 2 2.38% $7,878
CORTRUST MORTGAGE, INC. 2 2.94% $9,941
FAY SERVICING, LLC 2 2.94% $8,105
Gate City Bank 2 2.44% $7,559
JLB CORPORATION 2 2.56% $7,152
LOANPAL, LLC 2 2.75% $6,002
Low VA Rates, LLC 2 2.56% $6,481
MORIA DEVELOPMENT, INC. 2 3.56% $10,500
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 3.31% $9,243
Neighborhood Loans, Inc. 2 3.13% $8,923
PLUS RELOCATION MORTGAGE, LLC 2 3.25% $9,586
POLARIS HOME FUNDING CORP. 2 3.13% $12,435
RUOFF MORTGAGE COMPANY, INC. 2 3.19% $7,289
The Union Bank Company 2 2.75% $7,299
AMERICAN FINANCIAL RESOURCES, INC. 2 3.00% $11,458
DEVELOPER'S MORTGAGE COMPANY 1 2.75% $8,609
PNC Bank 1 2.88% $7,980
AMCAP MORTGAGE, LTD. 1 3.75% $12,221
PREMIA MORTGAGE, LLC 1 2.99% $6,942
NBH Bank 1 2.88% $12,325
Prime Choice Funding Inc. 1 3.00% $10,267
ANGEL OAK HOME LOANS LLC 1 3.25% $7,354
NATIONWIDE MORTGAGE BANKERS, INC. 1 3.13% $9,345
Ameris Bank 1 2.63% $10,716
Armed Forces Bank 1 2.75% $9,033
Assurance Financial Group, L.L.C. 1 4.50% $8,245
Reliabank Dakota 1 2.63% $6,816
Magnolia Bank 1 3.25% $6,438
BETTER MORTGAGE CORPORATION 1 3.00% $8,212
CANOPY MORTGAGE, LLC 1 2.25% $8,729
DAS Acquisition Company, LLC 1 3.25% $8,431
LADERA LENDING, INC. 1 2.75% $7,523
INLANTA MORTGAGE, INC. 1 3.00% $8,425
Home Mortgage Alliance Corp 1 2.38% $7,698
CLEARPATH LENDING 1 3.25% $6,198
Stifel Bank and Trust 1 2.38% $8,075
Strong Home Mortgage, LLC 1 2.38% $5,625
GENEVA FINANCIAL, LLC 1 3.75% $9,983
Commerce Home Mortgage, Inc. 1 2.88% $10,425
T2 FINANCIAL LLC 1 3.25% $13,402
FM Home Loans, LLC 1 3.00% $10,638
Texana Bank 1 2.50% $9,138
The Central Trust Bank 1 2.50% $8,033
FLAT BRANCH MORTGAGE, INC. 1 3.13% $7,764
First Western Trust Bank 1 3.25% $7,422
Wyndham Capital Mortgage, Inc. 1 2.63% $5,456
First Western Bank & Trust 1 2.50% $7,798
First Savings Bank 1 2.38% $15,645
FIRST CENTENNIAL MORTGAGE CORPORATION 1 3.25% $7,441
FBC MORTGAGE, LLC 1 2.75% $5,275
United Fidelity Funding Corp. 1 2.75% $11,183
UNITED HOME LOANS, INC. 1 2.88% $7,433
UNITED MORTGAGE CORP. 1 2.88% $9,657
CONTOUR MORTGAGE CORPORATION 1 2.25% $10,890
CORNERSTONE HOME LENDING, INC. 1 3.75% $7,791
UNIVERSAL LENDING CORPORATION 1 2.38% $4,719
CRESCENT MORTGAGE COMPANY 1 2.88% $10,420
US MORTGAGE CORPORATION 1 3.25% $7,790
ARC HOME LLC 1 2.75% $14,170
ON Q FINANCIAL, INC. 1 2.75% $5,414
OCMBC, INC. 1 3.88% $14,715
Northpointe Bank 1 2.50% $11,029
ACADEMY MORTGAGE CORPORATION 1 3.25% $10,138

The top Minneapolis FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 857 FHA loans originated. Their average total fees are $7,041, which is $2,280 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

The lowest fee Minneapolis FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($2,980), OCEANSIDE MORTGAGE COMPANY ($3,113), Lakeview Community Capital, LLC ($5,053), Mr. Cooper ( Nationstar Mortgage ) ($5,109) and AmeriHome Mortgage Company, LLC ($5,117).

The lowest rate Minneapolis FHA lenders (with over 10 loans originated) are HOMEBRIDGE FINANCIAL SERVICES, INC. (2.53%), InterContinental Capital Group, Inc (2.58%), AMERICAN FINANCING CORPORATION (2.61%), The Federal Savings Bank (2.61%) and OCEANSIDE MORTGAGE COMPANY (2.65%).

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Minneapolis (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 $372,400 (12.0%) $493,420 (9.1%) 1.37 5,786
2018-02-01 $384,850 (8.6%) $510,428 (6.8%) 1.39 5,946
2018-03-01 $389,890 (8.6%) $512,707 (5.8%) 1.35 6,440
2018-04-01 $382,735 (8.9%) $509,156 (7.0%) 1.28 6,948
2018-05-01 $374,950 (7.1%) $500,317 (6.8%) 1.25 7,814
2018-06-01 $369,000 (7.2%) $487,394 (6.5%) 1.23 8,929
2018-07-01 $360,945 (6.2%) $477,506 (5.5%) 1.20 9,596
2018-08-01 $349,950 (7.1%) $468,458 (6.5%) 1.17 10,191
2018-09-01 $349,900 (6.0%) $462,856 (3.5%) 1.17 10,664
2018-10-01 $351,000 (4.8%) $468,955 (3.7%) 1.17 10,610
2018-11-01 $349,900 (0.7%) $461,218 (0.3%) 1.17 9,659
2018-12-01 $365,000 (0.3%) $480,163 (0.9%) 1.25 7,985
2019-01-01 $379,403 (1.9%) $489,216 (-0.9%) 1.31 6,796
2019-02-01 $388,458 (0.9%) $502,040 (-1.6%) 1.30 6,608
2019-03-01 $380,814 (-2.3%) $493,106 (-3.8%) 1.24 7,583
2019-04-01 $369,900 (-3.4%) $478,532 (-6.0%) 1.16 9,088
2019-05-01 $360,000 (-4.0%) $471,759 (-5.7%) 1.11 10,404
2019-06-01 $355,000 (-3.8%) $466,542 (-4.3%) 1.09 11,592
2019-07-01 $350,054 (-3.0%) $461,864 (-3.3%) 1.09 11,866
2019-08-01 $345,614 (-1.2%) $455,056 (-2.9%) 1.09 11,896
2019-09-01 $339,900 (-2.9%) $450,122 (-2.8%) 1.08 11,930
2019-10-01 $344,950 (-1.7%) $458,362 (-2.3%) 1.10 12,301
2019-11-01 $349,900 (0.0%) $464,792 (0.8%) 1.13 10,812
2019-12-01 $357,450 (-2.1%) $476,718 (-0.7%) 1.19 8,616
2020-01-01 $359,950 (-5.1%) $476,255 (-2.7%) 1.20 7,455
2020-02-01 $374,900 (-3.5%) $494,459 (-1.5%) 1.21 7,430
2020-03-01 $373,950 (-1.8%) $495,521 (0.5%) 1.17 8,137
2020-04-01 $367,495 (-0.7%) $481,475 (0.6%) 1.14 8,481
2020-05-01 $369,900 (2.8%) $483,817 (2.6%) 1.12 9,177
2020-06-01 $369,900 (4.2%) $491,052 (5.3%) 1.08 9,292
2020-07-01 $367,250 (4.9%) $490,240 (6.1%) 1.05 8,769
2020-08-01 $360,000 (4.2%) $484,106 (6.4%) 1.03 8,716
2020-09-01 $354,330 (4.3%) $479,753 (6.6%) 1.01 8,530
2020-10-01 $349,900 (1.4%) $465,772 (1.6%) 1.00 8,615
2020-11-01 $344,950 (-1.4%) $463,476 (-0.3%) 0.99 7,336
2020-12-01 $344,310 (-3.7%) $468,098 (-1.8%) 1.01 5,875
2021-01-01 $357,635 (-0.6%) $481,073 (1.0%) 1.05 4,732
2021-02-01 $369,274 (-1.5%) $498,249 (0.8%) 1.06 4,346
2021-03-01 $369,450 (-1.2%) $507,613 (2.4%) 1.04 4,434
2021-04-01 $359,950 (-2.1%) $496,420 (3.1%) 0.97 4,718
2021-05-01 $359,900 (-2.7%) $494,480 (2.2%) 0.95 5,014
2021-06-01 $365,000 (-1.3%) $486,751 (-0.9%) 0.95 6,026
2021-07-01 $364,950 (-0.6%) $478,453 (-2.4%) 0.95 6,557
2021-08-01 $354,983 (-1.4%) $467,642 (-3.4%) 0.93 7,402
2021-09-01 $350,000 (-1.2%) $458,496 (-4.4%) 0.92 7,812
2021-10-01 $350,000 (0.0%) $456,860 (-1.9%) 0.92 7,706
2021-11-01 $349,995 (1.5%) $454,707 (-1.9%) 0.92 6,675
2021-12-01 $354,268 (2.9%) $460,548 (-1.6%) 0.94 5,171
2022-01-01 $370,000 (3.5%) $481,982 (0.2%) 0.99 3,949
2022-02-01 $401,900 (8.8%) $527,759 (5.9%) 1.02 3,350
2022-03-01 $414,500 (12.2%) $537,586 (5.9%) 1.02 3,672
2022-04-01 $417,990 (16.1%) $540,326 (8.8%) 0.98 4,000
2022-05-01 $421,999 (17.3%) $542,721 (9.8%) 0.94 5,134
2022-06-01 $419,950 (15.1%) $544,956 (12.0%) 0.93 5,998
2022-07-01 $420,000 (15.1%) $545,841 (14.1%) 0.94 6,883
2022-08-01 $419,900 (18.3%) $541,756 (15.9%) 0.97 7,021
Minneapolis's median listing price for 2022-08-01 was $419,900, a difference of $64,917 (18.3%) versus the prior year and $-100 versus the prior month.

Minneapolis's median listing price comes in at 97% of the national average.

Minneapolis's average listing price for 2022-08-01 was $541,756, a difference of $74,114 (15.9%) versus the prior year and $-4,085 versus the prior month.

For the 2022-08-01 period, Minneapolis had 7,021 MLS listings, a difference of 138 listings (2%) versus the prior month and -381 listings (-5%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Minneapolis (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 73 days 2,317 sqft
2018-02-01 52 days 2,378 sqft
2018-03-01 42 days 2,400 sqft
2018-04-01 42 days 2,379 sqft
2018-05-01 38 days 2,352 sqft
2018-06-01 37 days 2,336 sqft
2018-07-01 40 days 2,280 sqft
2018-08-01 40 days 2,242 sqft
2018-09-01 43 days 2,208 sqft
2018-10-01 43 days 2,217 sqft
2018-11-01 52 days 2,178 sqft
2018-12-01 65 days 2,210 sqft
2019-01-01 71 days 2,249 sqft
2019-02-01 60 days 2,278 sqft
2019-03-01 45 days 2,259 sqft
2019-04-01 37 days 2,228 sqft
2019-05-01 34 days 2,213 sqft
2019-06-01 36 days 2,210 sqft
2019-07-01 38 days 2,183 sqft
2019-08-01 41 days 2,154 sqft
2019-09-01 43 days 2,128 sqft
2019-10-01 40 days 2,135 sqft
2019-11-01 49 days 2,136 sqft
2019-12-01 61 days 2,144 sqft
2020-01-01 67 days 2,123 sqft
2020-02-01 49 days 2,175 sqft
2020-03-01 35 days 2,189 sqft
2020-04-01 38 days 2,161 sqft
2020-05-01 42 days 2,150 sqft
2020-06-01 39 days 2,154 sqft
2020-07-01 40 days 2,112 sqft
2020-08-01 36 days 2,070 sqft
2020-09-01 35 days 2,007 sqft
2020-10-01 36 days 1,952 sqft
2020-11-01 43 days 1,916 sqft
2020-12-01 52 days 1,887 sqft
2021-01-01 56 days 1,866 sqft
2021-02-01 42 days 1,870 sqft
2021-03-01 36 days 1,900 sqft
2021-04-01 34 days 1,898 sqft
2021-05-01 32 days 1,900 sqft
2021-06-01 31 days 1,922 sqft
2021-07-01 32 days 1,915 sqft
2021-08-01 29 days 1,900 sqft
2021-09-01 33 days 1,880 sqft
2021-10-01 36 days 1,858 sqft
2021-11-01 42 days 1,817 sqft
2021-12-01 50 days 1,809 sqft
2022-01-01 58 days 1,800 sqft
2022-02-01 36 days 2,184 sqft
2022-03-01 32 days 2,216 sqft
2022-04-01 31 days 2,250 sqft
2022-05-01 28 days 2,003 sqft
2022-06-01 30 days 2,023 sqft
2022-07-01 33 days 2,040 sqft
2022-08-01 37 days 2,028 sqft
Minneapolis's median listing age (time on market) for 2022-08-01 was 37 days. This is 26% longer than the same period one year ago.

Minneapolis's median square footage for active listings during the 2022-08-01 period was 2,028 sqft. One year prior, the average listing was 1,900 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).