Red Wing FHA Loan Rates, Closing Costs & Stats

Red Wing, MN

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 43 lenders originated 109 FHA loans during 2022. The total origination value was $25,335,000, with an average FHA loan value of $232,431.

Red Wing FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Red Wing averaged -0.29% for the week of 2024-02-23, compared to the national average (all FHA variants) of 0% for the same period.

Red Wing's average FHA mortgage closing costs are $7,173.

The average rate for the prior week (2024-02-16) was 6.45% and one month ago for the week of 2024-01-19, the average rate was 6.19%.

The average rate one year ago was 5.75%.

For refis of the same type during the week of 2024-02-23, the average rate was -1%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Bell Bank 16 5.45% $9,217
QUICKEN LOANS, LLC 8 4.12% $10,151
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 5.66% $8,479
UNITED WHOLESALE MORTGAGE, LLC 7 5.32% $8,416
CROSSCOUNTRY MORTGAGE, LLC 5 5.76% $10,232
Carrington Mortgage Services, LLC 3 5.79% $10,125
FREEDOM MORTGAGE CORPORATION 3 6.00% $8,853
LOANDEPOT.COM, LLC 3 4.46% $9,587
CARDINAL FINANCIAL 3 5.58% $12,069
Hometown Lenders, Inc. 3 5.33% $8,353
BROKER SOLUTIONS, INC. 3 5.00% $8,185
BAY EQUITY LLC 2 5.50% $11,557
Mr. Cooper ( Nationstar Mortgage ) 2 5.38% $13,417
Flagstar Bank, FSB 2 4.69% $8,101
Prosperity Home Mortgage, LLC 2 4.94% $9,078
Merchants Bank 2 3.78% $8,183
NEWREZ LLC 1 5.25% $8,551
Paramount Residential Mortgage Group, Inc. 1 6.75% $21,940
PENNYMAC LOAN SERVICES, LLC 1 4.38% $12,937
PLUS RELOCATION MORTGAGE, LLC 1 5.75% $9,905
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.63% $11,669
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.13% $6,345
RESULTS MORTGAGE, LLC 1 5.88% $8,912
Royal Credit Union 1 6.25% $17,071
The Federal Savings Bank 1 5.13% $19,609
The Huntington National Bank 1 5.25% $7,943
Alerus Financial 1 5.88% $6,348
U.S. Bank 1 5.25% $8,058
AMERICAN FINANCING CORPORATION 1 5.50% $11,846
AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.13% $9,631
AXIA FINANCIAL, LLC 1 5.63% $8,927
Bank of England 1 6.75% $9,781
Barrington Bank & Trust Company, N.A. 1 5.75% $7,152
CALIBER HOME LOANS, INC. 1 4.63% $10,320
CMG MORTGAGE, INC. 1 5.75% $8,460
EMBRACE HOME LOANS, INC. 1 5.25% $7,281
EVERETT FINANCIAL, INC. 1 5.13% $8,267
FINANCE OF AMERICA MORTGAGE LLC 1 3.38% $9,396
First Federal Bank 1 5.13% $5,811
GUARANTEED RATE AFFINITY, LLC 1 5.25% $9,180
GUARANTEED RATE, INC. 1 4.93% $10,384
Home Federal Savings Bank 1 3.63% $9,753
MEGASTAR FINANCIAL CORP. 1 5.25% $6,922

The top Red Wing FHA lender as defined by loan originations is Bell Bank, with 16 FHA loans originated. Their average total fees are $9,217, which is $934 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Red Wing FHA lenders (with over 10 loans originated) are Bell Bank ($9,217), .

The lowest rate Red Wing FHA lenders (with over 10 loans originated) are Bell Bank (5.45%), .

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 (3.0%) $281,446 (-1.0%) 0.00 117
2018-02-01 $268,450 (15.5%) $293,207 (-0.1%) 0.00 122
2018-03-01 $264,450 (8.9%) $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 (13.5%) $314,384 (5.5%) 0.00 161
2018-06-01 $289,950 (20.8%) $315,131 (7.9%) 0.00 172
2018-07-01 $283,412 (18.4%) $304,907 (5.3%) 0.00 178
2018-08-01 $276,563 (14.8%) $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 (6.8%) $296,552 (-4.8%) 0.00 204
2018-11-01 $282,400 (13.5%) $305,317 (0.6%) 0.00 182
2018-12-01 $289,900 (20.3%) $313,897 (7.9%) 0.00 157
2019-01-01 $269,825 (12.6%) $306,668 (9.0%) 0.00 138
2019-02-01 $274,700 (1.0%) $316,456 (7.9%) 0.00 126
2019-03-01 $282,386 (7.0%) $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 (2.3%) $309,485 (-1.6%) 0.00 164
2019-06-01 $273,950 (-5.2%) $297,000 (-5.8%) 0.00 180
2019-07-01 $271,250 (-3.9%) $298,835 (-2.0%) 0.00 199
2019-08-01 $265,909 (-3.7%) $296,343 (-2.6%) 0.00 207
2019-09-01 $255,273 (-8.3%) $292,799 (-3.4%) 0.00 205
2019-10-01 $245,950 (-9.0%) $290,436 (-2.1%) 0.00 205
2019-11-01 $239,850 (-14.8%) $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 (-3.5%) $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 (-3.5%) $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 (18.2%) $352,311 (18.9%) 0.00 127
2020-09-01 $299,900 (16.9%) $336,252 (14.8%) 0.00 141
2020-10-01 $289,900 (16.9%) $316,392 (8.9%) 0.00 137
2020-11-01 $287,200 (19.8%) $316,514 (12.7%) 0.00 127
2020-12-01 $278,175 (18.2%) $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 (26.1%) $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 (5.4%) $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 (-5.8%) $447,109 (24.1%) 0.00 42
2022-04-01 $323,500 (-3.6%) $450,254 (27.8%) 0.00 48
2022-05-01 $324,450 (7.9%) $426,790 (31.8%) 0.00 63
2022-06-01 $314,975 (0.1%) $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 (4.3%) $396,274 (15.0%) 0.00 81
2022-09-01 $329,900 (8.8%) $398,671 (7.4%) 0.00 90
2022-10-01 $322,450 (6.6%) $390,140 (1.1%) 0.00 97
2022-11-01 $317,425 (10.8%) $385,419 (11.5%) 0.00 83
2022-12-01 $299,900 (0.1%) $373,409 (1.0%) 0.00 70
2023-01-01 $295,925 (-2.1%) $391,274 (7.3%) 0.00 60
2023-02-01 $347,450 (16.8%) $422,628 (16.3%) 0.00 51
2023-03-01 $339,900 (8.0%) $421,776 (-5.7%) 0.00 51
2023-04-01 $379,900 (18.0%) $446,662 (-0.8%) 0.00 44
2023-05-01 $363,650 (12.7%) $428,025 (0.3%) 0.00 54
2023-06-01 $356,200 (16.9%) $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 (27.4%) $453,962 (14.6%) 0.00 88
2023-09-01 $375,000 (15.0%) $420,659 (5.5%) 0.00 96
2023-10-01 $348,950 (9.3%) $414,644 (6.3%) 0.00 101
2023-11-01 $323,475 (2.5%) $399,721 (3.7%) 0.00 106
2023-12-01 $343,450 (0.0%) $390,366 (4.5%) 0.00 96
Red Wing's median listing price for 2023-12-01 was $343,450, a difference of $43,550 (0.0%) versus the prior year and $19,975 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 2023-12-01 was $390,366, a difference of $16,957 (4.5%) versus the prior year and $-9,355 versus the prior month.

For the 2023-12-01 period, Red Wing had 96 MLS listings, a difference of -10 listings (-9%) versus the prior month and 26 listings (37%) 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
Red Wing's median listing age (time on market) for 2023-12-01 was 0 days.

Red Wing's median square footage for active listings during the 2023-12-01 period was 1,844 sqft. One year prior, the average listing was 1,711 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).