Red Wing FHA Loan Rates, Closing Costs & Stats

Red Wing, 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.

    Red Wing's 32 lenders originated 83 FHA loans during 2023. The total origination value was $20,105,000, with an average FHA loan value of $242,229.

    Red Wing FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Red Wing averaged 6.69% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Red Wing's average FHA mortgage closing costs are $7,562.

    The average rate for the prior week (2024-04-12) was 6.48% and one month ago for the week of 2024-03-15, the average rate was 6.75%.

    The average rate one year ago was 6.38%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

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

    Red Wing 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 Red Wing level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 8 6.26% $10,107
    FREEDOM MORTGAGE CORPORATION 7 6.18% $13,087
    Bell Bank 6 6.69% $9,737
    Merchants Bank 4 6.22% $11,082
    LOANDEPOT.COM, LLC 4 6.75% $15,614
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 7.00% $10,134
    UNITED WHOLESALE MORTGAGE, LLC 4 6.78% $11,525
    CROSSCOUNTRY MORTGAGE, LLC 4 6.69% $9,761
    GUARANTEED RATE, INC. 3 6.32% $11,200
    SUN WEST MORTGAGE COMPANY, INC. 3 6.33% $8,857
    Carrington Mortgage Services, LLC 3 6.46% $8,100
    U.S. Bank 2 6.00% $8,022
    AMERICAN FINANCIAL NETWORK, INC. 2 6.19% $9,889
    Century Mortgage Company DBA Century Lending Company 2 6.00% $7,451
    EVERETT FINANCIAL, INC. 2 6.38% $10,788
    PENNYMAC LOAN SERVICES, LLC 2 6.56% $8,490
    Alerus Financial 2 7.25% $3,899
    BROKER SOLUTIONS, INC. 1 6.75% $11,495
    BAY EQUITY LLC 1 7.25% $12,073
    Ixonia Bank 1 7.00% $10,354
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $15,625
    AXIA FINANCIAL, LLC 1 7.75% $7,948
    AMERISAVE MORTGAGE CORPORATION 1 6.75% $17,204
    Mr. Cooper ( Nationstar Mortgage ) 1 5.63% $13,596
    American Mortgage & Equity Consultants, Inc. 1 7.13% $18,155
    Plains Commerce Bank 1 7.13% $8,243
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.50% $12,283
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.75% $10,340
    TOP FLITE FINANCIAL, INC. 1 6.75% $23,068
    CMG MORTGAGE, INC. 1 7.88% $9,473
    Tradition Mortgage, LLC 1 6.12% $12,554
    CARDINAL FINANCIAL 1 6.25% $11,466

    The top Red Wing FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 8 FHA loans originated. Their average total fees are $10,107, which is $2,979 lower than the next largest lender, FREEDOM MORTGAGE CORPORATION.

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

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

    Red Wing FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Red Wing (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 $240,450 (3.5%) $281,446 (-1.0%) 0.00 117
    2018-02-01 $268,450 (15.7%) $293,207 (-0.1%) 0.00 122
    2018-03-01 $264,450 (8.4%) $283,718 (-5.5%) 0.00 133
    2018-04-01 $269,900 (12.5%) $303,495 (4.3%) 0.00 138
    2018-05-01 $277,450 (13.4%) $314,384 (5.5%) 0.00 161
    2018-06-01 $289,950 (20.9%) $315,131 (7.9%) 0.00 172
    2018-07-01 $283,412 (18.1%) $304,907 (5.3%) 0.00 178
    2018-08-01 $276,563 (14.1%) $304,270 (1.7%) 0.00 188
    2018-09-01 $279,900 (14.3%) $303,188 (0.1%) 0.00 198
    2018-10-01 $274,900 (5.8%) $296,552 (-4.8%) 0.00 204
    2018-11-01 $282,400 (12.1%) $305,317 (0.6%) 0.00 182
    2018-12-01 $289,900 (19.1%) $313,897 (7.9%) 0.00 157
    2019-01-01 $269,825 (12.2%) $306,668 (9.0%) 0.00 138
    2019-02-01 $274,700 (2.3%) $316,456 (7.9%) 0.00 126
    2019-03-01 $282,386 (6.8%) $321,301 (13.3%) 0.00 132
    2019-04-01 $291,711 (8.1%) $320,072 (5.5%) 0.00 151
    2019-05-01 $279,950 (0.9%) $309,485 (-1.6%) 0.00 164
    2019-06-01 $273,950 (-5.5%) $297,000 (-5.8%) 0.00 180
    2019-07-01 $271,250 (-4.3%) $298,835 (-2.0%) 0.00 199
    2019-08-01 $265,909 (-3.9%) $296,343 (-2.6%) 0.00 207
    2019-09-01 $255,273 (-8.8%) $292,799 (-3.4%) 0.00 205
    2019-10-01 $245,950 (-10.5%) $290,436 (-2.1%) 0.00 205
    2019-11-01 $239,850 (-15.1%) $280,954 (-8.0%) 0.00 196
    2019-12-01 $239,850 (-17.3%) $278,505 (-11.3%) 0.00 167
    2020-01-01 $252,175 (-6.5%) $287,911 (-6.1%) 0.00 154
    2020-02-01 $260,000 (-5.4%) $291,037 (-8.0%) 0.00 146
    2020-03-01 $264,900 (-6.2%) $311,084 (-3.2%) 0.00 156
    2020-04-01 $264,175 (-9.4%) $315,550 (-1.4%) 0.00 146
    2020-05-01 $264,900 (-5.4%) $324,903 (5.0%) 0.00 161
    2020-06-01 $265,175 (-3.2%) $322,904 (8.7%) 0.00 166
    2020-07-01 $284,900 (5.0%) $333,368 (11.6%) 0.00 138
    2020-08-01 $314,950 (18.4%) $352,311 (18.9%) 0.00 127
    2020-09-01 $299,900 (17.5%) $336,252 (14.8%) 0.00 141
    2020-10-01 $289,900 (17.9%) $316,392 (8.9%) 0.00 137
    2020-11-01 $287,200 (19.7%) $316,514 (12.7%) 0.00 127
    2020-12-01 $278,175 (16.0%) $303,916 (9.1%) 0.00 102
    2021-01-01 $280,075 (11.1%) $306,306 (6.4%) 0.00 71
    2021-02-01 $303,700 (16.8%) $321,675 (10.5%) 0.00 60
    2021-03-01 $334,345 (26.2%) $360,314 (15.8%) 0.00 55
    2021-04-01 $331,935 (25.7%) $352,232 (11.6%) 0.00 56
    2021-05-01 $294,900 (11.3%) $323,752 (-0.4%) 0.00 70
    2021-06-01 $302,300 (14.0%) $335,326 (3.9%) 0.00 74
    2021-07-01 $309,750 (8.7%) $350,500 (5.1%) 0.00 74
    2021-08-01 $299,625 (-4.9%) $344,723 (-2.2%) 0.00 84
    2021-09-01 $299,888 (0.0%) $371,085 (10.4%) 0.00 83
    2021-10-01 $299,700 (3.4%) $385,900 (22.0%) 0.00 93
    2021-11-01 $284,900 (-0.8%) $345,695 (9.2%) 0.00 77
    2021-12-01 $298,650 (7.4%) $369,883 (21.7%) 0.00 57
    2022-01-01 $299,900 (7.1%) $364,569 (19.0%) 0.00 52
    2022-02-01 $295,450 (-2.7%) $363,535 (13.0%) 0.00 34
    2022-03-01 $321,050 (-4.0%) $447,109 (24.1%) 0.00 42
    2022-04-01 $323,500 (-2.5%) $450,254 (27.8%) 0.00 48
    2022-05-01 $324,450 (10.0%) $426,790 (31.8%) 0.00 63
    2022-06-01 $314,975 (4.2%) $400,270 (19.4%) 0.00 82
    2022-07-01 $300,000 (-3.2%) $376,413 (7.4%) 0.00 93
    2022-08-01 $315,000 (5.1%) $396,274 (15.0%) 0.00 81
    2022-09-01 $329,900 (10.0%) $398,671 (7.4%) 0.00 90
    2022-10-01 $322,450 (7.6%) $390,140 (1.1%) 0.00 97
    2022-11-01 $317,425 (11.4%) $385,419 (11.5%) 0.00 83
    2022-12-01 $299,900 (0.4%) $373,409 (1.0%) 0.00 70
    2023-01-01 $295,925 (-1.3%) $391,274 (7.3%) 0.00 60
    2023-02-01 $347,450 (17.6%) $422,628 (16.3%) 0.00 51
    2023-03-01 $339,900 (5.9%) $421,776 (-5.7%) 0.00 51
    2023-04-01 $379,900 (17.4%) $446,662 (-0.8%) 0.00 44
    2023-05-01 $363,650 (12.1%) $428,025 (0.3%) 0.00 54
    2023-06-01 $356,200 (13.1%) $440,766 (10.1%) 0.00 68
    2023-07-01 $364,950 (21.7%) $439,957 (16.9%) 0.00 75
    2023-08-01 $398,161 (26.4%) $453,962 (14.6%) 0.00 88
    2023-09-01 $375,000 (13.7%) $420,659 (5.5%) 0.00 96
    2023-10-01 $348,950 (8.2%) $414,644 (6.3%) 0.00 101
    2023-11-01 $323,475 (1.9%) $399,721 (3.7%) 0.00 106
    2023-12-01 $343,450 (14.5%) $390,366 (4.5%) 0.00 96
    2024-01-01 $340,150 (14.9%) $388,780 (-0.6%) 0.00 85
    2024-02-01 $331,225 (-4.7%) $392,045 (-7.2%) 0.00 77
    2024-03-01 $359,900 (5.9%) $419,559 (-0.5%) 0.00 81
    Red Wing's median listing price for 2024-03-01 was $359,900, a difference of $20,000 (5.9%) versus the prior year and $28,675 versus the prior month.

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

    Red Wing's average listing price for 2024-03-01 was $419,559, a difference of $-2,217 (-0.5%) versus the prior year and $27,514 versus the prior month.

    For the 2024-03-01 period, Red Wing had 81 MLS listings, a difference of 4 listings (5%) versus the prior month and 30 listings (59%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Red Wing (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,214 sqft
    2018-02-01 0 days 2,344 sqft
    2018-03-01 0 days 2,279 sqft
    2018-04-01 0 days 2,375 sqft
    2018-05-01 0 days 2,270 sqft
    2018-06-01 0 days 2,166 sqft
    2018-07-01 0 days 2,111 sqft
    2018-08-01 0 days 2,094 sqft
    2018-09-01 0 days 2,080 sqft
    2018-10-01 0 days 2,103 sqft
    2018-11-01 0 days 2,064 sqft
    2018-12-01 0 days 2,048 sqft
    2019-01-01 0 days 1,784 sqft
    2019-02-01 0 days 1,943 sqft
    2019-03-01 0 days 2,025 sqft
    2019-04-01 0 days 2,032 sqft
    2019-05-01 0 days 2,024 sqft
    2019-06-01 0 days 1,933 sqft
    2019-07-01 0 days 1,872 sqft
    2019-08-01 0 days 1,902 sqft
    2019-09-01 0 days 1,875 sqft
    2019-10-01 0 days 1,866 sqft
    2019-11-01 0 days 1,834 sqft
    2019-12-01 0 days 1,828 sqft
    2020-01-01 0 days 1,833 sqft
    2020-02-01 0 days 1,775 sqft
    2020-03-01 0 days 1,820 sqft
    2020-04-01 0 days 1,803 sqft
    2020-05-01 0 days 1,824 sqft
    2020-06-01 0 days 1,800 sqft
    2020-07-01 0 days 1,778 sqft
    2020-08-01 0 days 1,939 sqft
    2020-09-01 0 days 1,915 sqft
    2020-10-01 0 days 1,927 sqft
    2020-11-01 0 days 1,904 sqft
    2020-12-01 0 days 1,836 sqft
    2021-01-01 0 days 1,775 sqft
    2021-02-01 0 days 1,644 sqft
    2021-03-01 0 days 1,653 sqft
    2021-04-01 0 days 1,801 sqft
    2021-05-01 0 days 1,647 sqft
    2021-06-01 0 days 1,744 sqft
    2021-07-01 0 days 1,701 sqft
    2021-08-01 0 days 1,735 sqft
    2021-09-01 0 days 1,818 sqft
    2021-10-01 0 days 1,666 sqft
    2021-11-01 0 days 1,604 sqft
    2021-12-01 0 days 1,589 sqft
    2022-01-01 0 days 1,602 sqft
    2022-02-01 0 days 2,285 sqft
    2022-03-01 0 days 2,359 sqft
    2022-04-01 0 days 2,200 sqft
    2022-05-01 0 days 1,864 sqft
    2022-06-01 0 days 1,947 sqft
    2022-07-01 0 days 1,894 sqft
    2022-08-01 0 days 1,940 sqft
    2022-09-01 0 days 2,112 sqft
    2022-10-01 0 days 1,973 sqft
    2022-11-01 0 days 2,001 sqft
    2022-12-01 0 days 1,711 sqft
    2023-01-01 0 days 1,690 sqft
    2023-02-01 0 days 1,641 sqft
    2023-03-01 0 days 1,618 sqft
    2023-04-01 0 days 1,656 sqft
    2023-05-01 0 days 1,742 sqft
    2023-06-01 0 days 1,824 sqft
    2023-07-01 0 days 1,937 sqft
    2023-08-01 0 days 2,102 sqft
    2023-09-01 0 days 2,064 sqft
    2023-10-01 0 days 2,010 sqft
    2023-11-01 0 days 1,937 sqft
    2023-12-01 0 days 1,844 sqft
    2024-01-01 0 days 1,783 sqft
    2024-02-01 0 days 1,884 sqft
    2024-03-01 0 days 1,866 sqft
    Red Wing's median listing age (time on market) for 2024-03-01 was 0 days.

    Red Wing's median square footage for active listings during the 2024-03-01 period was 1,866 sqft. One year prior, the average listing was 1,618 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).