New Ulm FHA Loan Rates, Closing Costs & Stats

New Ulm, 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.

    New Ulm's 17 lenders originated 25 FHA loans during 2023. The total origination value was $4,265,000, with an average FHA loan value of $170,600.

    New Ulm FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in New Ulm averaged 6.64% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    New Ulm's average FHA mortgage closing costs are $6,297.

    The average rate for the prior week (2024-04-05) was 6.57% and one month ago for the week of 2024-03-08, the average rate was 6.81%.

    The average rate one year ago was 6.54%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.64%.

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

    New Ulm 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 New Ulm level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 5 6.65% $8,060
    DRAPER AND KRAMER MORTGAGE CORP. 2 6.63% $7,845
    UNITED WHOLESALE MORTGAGE, LLC 2 6.69% $10,337
    Prosperity Home Mortgage, LLC 2 6.62% $8,758
    FREEDOM MORTGAGE CORPORATION 1 6.25% $10,323
    Goldwater Bank, N.A. 1 6.75% $5,673
    Home Federal Savings Bank 1 7.00% $5,606
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $14,075
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.13% $8,502
    NEWREZ LLC 1 6.25% $11,011
    Plains Commerce Bank 1 6.63% $4,238
    Servion, Inc. 1 5.88% $4,512
    AMERISAVE MORTGAGE CORPORATION 1 6.00% $10,006
    Wells Fargo Bank 1 7.50% $8,401
    Bremer Bank 1 7.25% $6,997
    EVERETT FINANCIAL, INC. 1 7.63% $11,274
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $11,333

    The top New Ulm FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 5 FHA loans originated. Their average total fees are $8,060, which is $215 higher than the next largest lender, DRAPER AND KRAMER MORTGAGE CORP..

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

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

    New Ulm FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - New Ulm (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 $127,650 (6.7%) $174,624 (5.0%) 0.00 86
    2018-02-01 $129,900 (4.6%) $186,322 (8.5%) 0.00 75
    2018-03-01 $128,500 (5.0%) $183,275 (5.3%) 0.00 73
    2018-04-01 $147,250 (22.8%) $193,063 (12.5%) 0.00 75
    2018-05-01 $145,813 (15.8%) $188,650 (8.9%) 0.00 81
    2018-06-01 $141,050 (6.9%) $196,069 (7.1%) 0.00 79
    2018-07-01 $134,900 (4.0%) $195,594 (8.5%) 0.00 69
    2018-08-01 $140,900 (9.9%) $203,039 (13.8%) 0.00 75
    2018-09-01 $150,000 (19.1%) $191,526 (11.7%) 0.00 81
    2018-10-01 $146,900 (17.6%) $198,718 (19.9%) 0.00 84
    2018-11-01 $142,900 (16.2%) $202,527 (25.0%) 0.00 76
    2018-12-01 $129,900 (4.0%) $194,159 (16.3%) 0.00 70
    2019-01-01 $132,925 (4.1%) $206,222 (18.1%) 0.00 70
    2019-02-01 $133,400 (2.7%) $204,795 (9.9%) 0.00 72
    2019-03-01 $149,186 (16.1%) $206,340 (12.6%) 0.00 73
    2019-04-01 $153,986 (4.6%) $206,890 (7.2%) 0.00 77
    2019-05-01 $145,975 (0.1%) $199,355 (5.7%) 0.00 83
    2019-06-01 $164,900 (16.9%) $205,564 (4.8%) 0.00 82
    2019-07-01 $154,425 (14.5%) $189,491 (-3.1%) 0.00 85
    2019-08-01 $150,464 (6.8%) $178,763 (-12.0%) 0.00 91
    2019-09-01 $155,659 (3.8%) $186,127 (-2.8%) 0.00 94
    2019-10-01 $156,223 (6.4%) $191,702 (-3.5%) 0.00 97
    2019-11-01 $149,900 (4.9%) $184,679 (-8.8%) 0.00 99
    2019-12-01 $149,900 (15.4%) $190,409 (-1.9%) 0.00 90
    2020-01-01 $149,900 (12.8%) $192,912 (-6.5%) 0.00 84
    2020-02-01 $149,900 (12.4%) $196,894 (-3.9%) 0.00 81
    2020-03-01 $156,175 (4.7%) $197,650 (-4.2%) 0.00 75
    2020-04-01 $170,575 (10.8%) $199,444 (-3.6%) 0.00 75
    2020-05-01 $178,450 (22.3%) $204,745 (2.7%) 0.00 68
    2020-06-01 $183,900 (11.5%) $206,486 (0.5%) 0.00 74
    2020-07-01 $165,950 (7.5%) $184,531 (-2.6%) 0.00 73
    2020-08-01 $159,700 (6.1%) $181,149 (1.3%) 0.00 63
    2020-09-01 $141,150 (-9.3%) $172,132 (-7.5%) 0.00 65
    2020-10-01 $138,700 (-11.2%) $165,153 (-13.9%) 0.00 66
    2020-11-01 $134,900 (-10.0%) $164,208 (-11.1%) 0.00 60
    2020-12-01 $128,650 (-14.2%) $164,772 (-13.5%) 0.00 62
    2021-01-01 $139,900 (-6.7%) $183,375 (-4.9%) 0.00 43
    2021-02-01 $127,400 (-15.0%) $205,717 (4.5%) 0.00 41
    2021-03-01 $149,150 (-4.5%) $221,465 (12.1%) 0.00 40
    2021-04-01 $147,950 (-13.3%) $223,566 (12.1%) 0.00 34
    2021-05-01 $139,900 (-21.6%) $209,170 (2.2%) 0.00 26
    2021-06-01 $146,804 (-20.2%) $209,345 (1.4%) 0.00 36
    2021-07-01 $149,000 (-10.2%) $222,812 (20.8%) 0.00 33
    2021-08-01 $143,175 (-10.4%) $205,003 (13.2%) 0.00 38
    2021-09-01 $159,850 (13.3%) $219,449 (27.5%) 0.00 36
    2021-10-01 $159,700 (15.1%) $214,427 (29.8%) 0.00 43
    2021-11-01 $165,450 (22.7%) $243,416 (48.2%) 0.00 32
    2021-12-01 $162,175 (26.1%) $250,229 (51.9%) 0.00 27
    2022-01-01 $169,900 (21.4%) $290,565 (58.5%) 0.00 19
    2022-02-01 $181,200 (42.2%) $223,012 (8.4%) 0.00 14
    2022-03-01 $172,400 (15.6%) $210,703 (-4.9%) 0.00 20
    2022-04-01 $162,400 (9.8%) $221,468 (-0.9%) 0.00 24
    2022-05-01 $209,900 (50.0%) $230,743 (10.3%) 0.00 27
    2022-06-01 $214,900 (46.4%) $256,610 (22.6%) 0.00 38
    2022-07-01 $234,900 (57.7%) $275,517 (23.7%) 0.00 33
    2022-08-01 $247,450 (72.8%) $279,235 (36.2%) 0.00 28
    2022-09-01 $217,450 (36.0%) $257,947 (17.5%) 0.00 32
    2022-10-01 $215,000 (34.6%) $249,343 (16.3%) 0.00 35
    2022-11-01 $184,000 (11.2%) $234,941 (-3.5%) 0.00 28
    2022-12-01 $199,900 (23.3%) $242,643 (-3.0%) 0.00 19
    2023-01-01 $241,150 (41.9%) $242,652 (-16.5%) 0.00 23
    2023-02-01 $294,900 (62.8%) $285,429 (28.0%) 0.00 21
    2023-03-01 $334,950 (94.3%) $303,232 (43.9%) 0.00 21
    2023-04-01 $284,900 (75.4%) $290,191 (31.0%) 0.00 26
    2023-05-01 $267,400 (27.4%) $294,299 (27.5%) 0.00 25
    2023-06-01 $255,400 (18.9%) $287,122 (11.9%) 0.00 25
    2023-07-01 $259,700 (10.6%) $264,857 (-3.9%) 0.00 24
    2023-08-01 $238,800 (-3.5%) $250,827 (-10.2%) 0.00 33
    2023-09-01 $241,700 (11.2%) $250,217 (-3.0%) 0.00 37
    2023-10-01 $218,650 (1.7%) $234,358 (-6.0%) 0.00 46
    2023-11-01 $223,000 (21.2%) $237,775 (1.2%) 0.00 44
    2023-12-01 $242,450 (21.3%) $243,200 (0.2%) 0.00 36
    2024-01-01 $237,450 (-1.5%) $244,717 (0.9%) 0.00 29
    2024-02-01 $258,650 (-12.3%) $271,985 (-4.7%) 0.00 23
    2024-03-01 $279,900 (-16.4%) $274,600 (-9.4%) 0.00 21
    New Ulm's median listing price for 2024-03-01 was $279,900, a difference of $-55,050 (-16.4%) versus the prior year and $21,250 versus the prior month.

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

    New Ulm's average listing price for 2024-03-01 was $274,600, a difference of $-28,632 (-9.4%) versus the prior year and $2,615 versus the prior month.

    For the 2024-03-01 period, New Ulm had 21 MLS listings, a difference of -2 listings (-9%) versus the prior month and 0 listings (0%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - New Ulm (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,682 sqft
    2018-02-01 0 days 1,800 sqft
    2018-03-01 0 days 1,811 sqft
    2018-04-01 0 days 1,937 sqft
    2018-05-01 0 days 1,909 sqft
    2018-06-01 0 days 1,989 sqft
    2018-07-01 0 days 1,971 sqft
    2018-08-01 0 days 2,000 sqft
    2018-09-01 0 days 1,974 sqft
    2018-10-01 0 days 1,836 sqft
    2018-11-01 0 days 1,725 sqft
    2018-12-01 0 days 1,775 sqft
    2019-01-01 0 days 1,850 sqft
    2019-02-01 0 days 1,910 sqft
    2019-03-01 0 days 1,812 sqft
    2019-04-01 0 days 1,702 sqft
    2019-05-01 0 days 1,721 sqft
    2019-06-01 0 days 1,874 sqft
    2019-07-01 0 days 1,834 sqft
    2019-08-01 0 days 1,815 sqft
    2019-09-01 0 days 1,857 sqft
    2019-10-01 0 days 1,884 sqft
    2019-11-01 0 days 1,850 sqft
    2019-12-01 0 days 1,891 sqft
    2020-01-01 0 days 1,921 sqft
    2020-02-01 0 days 1,930 sqft
    2020-03-01 0 days 1,885 sqft
    2020-04-01 0 days 2,019 sqft
    2020-05-01 0 days 2,134 sqft
    2020-06-01 0 days 2,368 sqft
    2020-07-01 0 days 2,275 sqft
    2020-08-01 0 days 2,244 sqft
    2020-09-01 0 days 2,079 sqft
    2020-10-01 0 days 2,086 sqft
    2020-11-01 0 days 2,062 sqft
    2020-12-01 0 days 2,076 sqft
    2021-01-01 0 days 2,033 sqft
    2021-02-01 0 days 1,837 sqft
    2021-03-01 0 days 1,974 sqft
    2021-04-01 0 days 2,031 sqft
    2021-05-01 0 days 2,104 sqft
    2021-06-01 0 days 2,136 sqft
    2021-07-01 0 days 2,198 sqft
    2021-08-01 0 days 1,974 sqft
    2021-09-01 0 days 2,240 sqft
    2021-10-01 0 days 2,106 sqft
    2021-11-01 0 days 2,237 sqft
    2021-12-01 0 days 2,007 sqft
    2022-01-01 0 days 2,006 sqft
    2022-02-01 0 days 2,020 sqft
    2022-03-01 0 days 2,006 sqft
    2022-04-01 0 days 2,036 sqft
    2022-05-01 0 days 2,199 sqft
    2022-06-01 0 days 2,204 sqft
    2022-07-01 0 days 2,264 sqft
    2022-08-01 0 days 2,288 sqft
    2022-09-01 0 days 2,174 sqft
    2022-10-01 0 days 2,405 sqft
    2022-11-01 0 days 2,246 sqft
    2022-12-01 0 days 2,088 sqft
    2023-01-01 0 days 1,776 sqft
    2023-02-01 0 days 1,774 sqft
    2023-03-01 0 days 1,804 sqft
    2023-04-01 0 days 2,144 sqft
    2023-05-01 0 days 2,184 sqft
    2023-06-01 0 days 2,176 sqft
    2023-07-01 0 days 2,184 sqft
    2023-08-01 0 days 2,328 sqft
    2023-09-01 0 days 2,352 sqft
    2023-10-01 0 days 2,374 sqft
    2023-11-01 0 days 2,388 sqft
    2023-12-01 0 days 2,306 sqft
    2024-01-01 0 days 2,228 sqft
    2024-02-01 0 days 2,326 sqft
    2024-03-01 0 days 2,082 sqft
    New Ulm's median listing age (time on market) for 2024-03-01 was 0 days.

    New Ulm's median square footage for active listings during the 2024-03-01 period was 2,082 sqft. One year prior, the average listing was 1,804 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).