Rochester FHA Loan Rates, Closing Costs & Stats

ROCHESTER, 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.

    Rochester's 75 lenders originated 580 FHA loans during 2021. The total origination value was $122,060,000, with an average FHA loan value of $210,448.

    Rochester FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Rochester averaged 6.52% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

    Rochester's average FHA mortgage closing costs are $6,761.

    The average rate for the prior week (2022-11-25) was 6.54% and one month ago for the week of 2022-10-28, the average rate was 6.77%.

    The average rate one year ago was 3.21%.

    For refis of the same type during the week of 2022-12-02, the average rate was 6.42%.

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

    Rochester 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 Rochester level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 58 2.69% $7,212
    QUICKEN LOANS, LLC 56 2.79% $5,846
    LOANDEPOT.COM, LLC 41 3.12% $8,476
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 32 3.41% $8,798
    Home Federal Savings Bank 24 2.96% $7,669
    RESULTS MORTGAGE, LLC 23 3.16% $7,269
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 20 3.36% $7,967
    Barrington Bank & Trust Company, N.A. 20 3.16% $7,711
    Bell Bank 17 2.92% $8,307
    GUARANTEED RATE, INC. 15 2.60% $7,589
    CALIBER HOME LOANS, INC. 12 3.14% $6,535
    GUARANTEED RATE AFFINITY, LLC 10 2.86% $7,575
    FREEDOM MORTGAGE CORPORATION 10 2.78% $4,780
    PENNYMAC LOAN SERVICES, LLC 9 3.01% $3,986
    BAY EQUITY LLC 9 2.98% $8,333
    CROSSCOUNTRY MORTGAGE, LLC 8 3.04% $7,743
    Carrington Mortgage Services, LLC 7 3.16% $6,697
    U.S. Bank 6 3.25% $7,071
    Prosperity Home Mortgage, LLC 6 3.40% $6,942
    Mr. Cooper ( Nationstar Mortgage ) 6 3.33% $4,668
    HOMEBRIDGE FINANCIAL SERVICES, INC. 5 2.60% $5,222
    VILLAGE CAPITAL MORTGAGE 5 2.65% $2,046
    LAKEVIEW LOAN SERVICING, LLC 5 2.95% $4,120
    Plains Commerce Bank 5 2.68% $7,435
    AMERISAVE MORTGAGE CORPORATION 4 2.91% $8,380
    Bremer Bank 4 2.84% $6,034
    HANCOCK MORTGAGE PARTNERS, LLC 4 3.00% $10,302
    Wells Fargo Bank 4 3.19% $4,526
    AMERICAN FINANCIAL NETWORK, INC. 3 2.50% $9,482
    EVERETT FINANCIAL, INC. 3 3.25% $6,561
    MUTUAL OF OMAHA MORTGAGE, INC. 3 3.00% $8,658
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 2.91% $7,010
    Servion, Inc. 3 3.29% $6,370
    BROKER SOLUTIONS, INC. 3 3.24% $8,529
    Bank of England 3 3.29% $8,587
    NATIONS RELIABLE LENDING, LLC 2 3.25% $8,552
    Hometown Lenders, Inc. 2 2.88% $8,472
    Lend Smart Mortgage, LLC 2 3.25% $11,040
    LAND HOME FINANCIAL SERVICES, INC. 2 3.38% $8,506
    First Guaranty Mortgage Corporation 2 3.19% $5,339
    ZILLOW HOME LOANS, LLC 1 2.88% $4,492
    ALTRA 1 3.25% $10,319
    American Mortgage & Equity Consultants, Inc. 1 3.00% $7,351
    AmeriHome Mortgage Company, LLC 1 2.99% $4,191
    AXIA FINANCIAL, LLC 1 2.88% $7,110
    Citizens Bank 1 2.75% $5,285
    Coulee Bank 1 2.25% $7,889
    CRESCENT MORTGAGE COMPANY 1 2.75% $7,033
    DATA MORTGAGE, INC. 1 3.50% $5,501
    EMBRACE HOME LOANS, INC. 1 2.75% $9,088
    Fidelity Bank 1 3.00% $5,975
    First Federal Bank 1 3.00% $8,695
    Heritage Bank 1 3.25% $10,373
    HOME POINT FINANCIAL CORPORATION 1 2.50% $7,912
    HOMESIDE FINANCIAL, LLC 1 3.00% $7,562
    INLANTA MORTGAGE, INC. 1 3.63% $6,327
    IOWA BANKERS MORTGAGE CORPORATION 1 2.75% $6,994
    Ixonia Bank 1 3.25% $5,665
    KELLER MORTGAGE, LLC 1 2.88% $12,226
    Lakeview Community Capital, LLC 1 2.99% $4,178
    LOANPAL, LLC 1 2.75% $4,847
    MICHIGAN MUTUAL, INC. 1 2.88% $6,526
    MORIA DEVELOPMENT, INC. 1 3.00% $7,590
    NEWREZ LLC 1 2.99% $2,623
    OCMBC, INC. 1 2.63% $5,109
    Paramount Residential Mortgage Group, Inc. 1 3.99% $8,060
    Sierra Pacific Mortgage Company, Inc. 1 3.75% $6,726
    SOVEREIGN LENDING GROUP INCORPORATED 1 3.75% $11,232
    SUMMIT FUNDING, INC. 1 3.75% $11,643
    Summit Mortgage Corporation 1 3.25% $7,791
    THOMPSON KANE & COMPANY, LLC 1 3.00% $7,391
    Tradition Mortgage, LLC 1 3.13% $7,289
    TRUSTONE FINANCIAL FEDERAL CREDIT UNION 1 3.13% $5,381
    UNITED SECURITY FINANCIAL CORP 1 2.50% $4,489
    Alerus Financial 1 2.50% $4,391

    The top Rochester FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 58 FHA loans originated. Their average total fees are $7,212, which is $1,366 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Rochester FHA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($4,780), QUICKEN LOANS, LLC ($5,846), CALIBER HOME LOANS, INC. ($6,535), UNITED WHOLESALE MORTGAGE, LLC ($7,212) and RESULTS MORTGAGE, LLC ($7,269).

    The lowest rate Rochester FHA lenders (with over 10 loans originated) are GUARANTEED RATE, INC. (2.60%), UNITED WHOLESALE MORTGAGE, LLC (2.69%), FREEDOM MORTGAGE CORPORATION (2.78%), QUICKEN LOANS, LLC (2.79%) and GUARANTEED RATE AFFINITY, LLC (2.86%).

    Rochester FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ROCHESTER, MN DODGE 2022 $420,680 $538,650 $651,050 $809,150
    ROCHESTER, MN FILLMORE 2022 $420,680 $538,650 $651,050 $809,150
    ROCHESTER, MN OLMSTED 2022 $420,680 $538,650 $651,050 $809,150
    ROCHESTER, MN WABASHA 2022 $420,680 $538,650 $651,050 $809,150

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Rochester (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 $294,875 (20.5%) $330,136 (12.7%) 1.09 495
    2018-02-01 $299,700 (21.1%) $341,746 (16.1%) 1.09 489
    2018-03-01 $319,900 (26.7%) $360,613 (19.7%) 1.12 551
    2018-04-01 $315,925 (12.9%) $363,578 (15.3%) 1.07 581
    2018-05-01 $307,950 (12.0%) $359,415 (11.9%) 1.03 604
    2018-06-01 $299,900 (10.1%) $354,093 (10.0%) 1.00 641
    2018-07-01 $296,100 (9.3%) $348,041 (9.4%) 0.99 722
    2018-08-01 $283,675 (3.2%) $334,360 (6.2%) 0.95 739
    2018-09-01 $279,900 (7.7%) $329,024 (7.5%) 0.94 781
    2018-10-01 $274,950 (2.8%) $322,233 (3.2%) 0.93 779
    2018-11-01 $274,900 (-1.3%) $324,856 (3.9%) 0.93 730
    2018-12-01 $295,800 (5.7%) $341,017 (7.6%) 1.02 637
    2019-01-01 $308,175 (4.5%) $353,846 (7.2%) 1.06 489
    2019-02-01 $301,225 (0.5%) $353,421 (3.4%) 1.02 380
    2019-03-01 $313,900 (-1.9%) $358,982 (-0.5%) 1.03 507
    2019-04-01 $319,900 (1.3%) $365,469 (0.5%) 1.02 655
    2019-05-01 $319,400 (3.7%) $360,598 (0.3%) 1.00 699
    2019-06-01 $309,900 (3.3%) $359,596 (1.6%) 0.97 710
    2019-07-01 $309,450 (4.5%) $359,422 (3.3%) 0.97 745
    2019-08-01 $307,173 (8.3%) $357,969 (7.1%) 0.97 752
    2019-09-01 $303,082 (8.3%) $354,964 (7.9%) 0.97 766
    2019-10-01 $298,575 (8.6%) $351,299 (9.0%) 0.96 767
    2019-11-01 $294,900 (7.3%) $348,951 (7.4%) 0.97 726
    2019-12-01 $299,900 (1.4%) $356,462 (4.5%) 1.00 602
    2020-01-01 $309,900 (0.6%) $357,407 (1.0%) 1.04 529
    2020-02-01 $320,950 (6.6%) $373,798 (5.8%) 1.05 478
    2020-03-01 $317,450 (1.1%) $375,303 (4.6%) 0.99 509
    2020-04-01 $320,575 (0.2%) $370,525 (1.4%) 1.00 555
    2020-05-01 $322,500 (1.0%) $378,655 (5.0%) 0.98 564
    2020-06-01 $329,950 (6.5%) $389,980 (8.5%) 0.97 538
    2020-07-01 $329,900 (6.6%) $400,254 (11.4%) 0.96 488
    2020-08-01 $321,900 (4.8%) $395,395 (10.5%) 0.92 483
    2020-09-01 $309,975 (2.3%) $389,237 (9.7%) 0.89 454
    2020-10-01 $298,500 (0.0%) $377,824 (7.6%) 0.86 450
    2020-11-01 $287,400 (-2.5%) $386,595 (10.8%) 0.84 365
    2020-12-01 $292,450 (-2.5%) $392,674 (10.2%) 0.87 295
    2021-01-01 $304,950 (-1.6%) $405,591 (13.5%) 0.91 246
    2021-02-01 $318,675 (-0.7%) $411,380 (10.1%) 0.93 246
    2021-03-01 $332,050 (4.6%) $411,978 (9.8%) 0.94 264
    2021-04-01 $334,875 (4.5%) $412,184 (11.2%) 0.91 242
    2021-05-01 $339,700 (5.3%) $417,559 (10.3%) 0.90 227
    2021-06-01 $339,450 (2.9%) $411,298 (5.5%) 0.89 257
    2021-07-01 $338,500 (2.6%) $420,810 (5.1%) 0.89 329
    2021-08-01 $322,450 (0.2%) $418,467 (5.8%) 0.86 369
    2021-09-01 $327,450 (5.6%) $410,999 (5.6%) 0.87 406
    2021-10-01 $339,000 (13.6%) $415,718 (10.0%) 0.90 428
    2021-11-01 $347,450 (20.9%) $426,789 (10.4%) 0.93 380
    2021-12-01 $353,675 (20.9%) $439,806 (12.0%) 0.96 308
    2022-01-01 $359,900 (18.0%) $442,345 (9.1%) 0.97 247
    2022-02-01 $379,900 (19.2%) $471,508 (14.6%) 0.99 210
    2022-03-01 $380,675 (14.6%) $472,548 (14.7%) 0.95 229
    2022-04-01 $390,000 (16.5%) $465,913 (13.0%) 0.93 260
    2022-05-01 $394,250 (16.1%) $476,785 (14.2%) 0.90 298
    2022-06-01 $379,900 (11.9%) $469,260 (14.1%) 0.85 338
    2022-07-01 $365,000 (7.8%) $455,072 (8.1%) 0.83 399
    2022-08-01 $382,400 (18.6%) $463,620 (10.8%) 0.88 419
    2022-09-01 $372,500 (13.8%) $464,782 (13.1%) 0.87 434
    2022-10-01 $384,900 (13.5%) $459,630 (10.6%) 0.91 467
    2022-11-01 $386,725 (11.3%) $454,990 (6.6%) 0.93 433
    Rochester's median listing price for 2022-11-01 was $386,725, a difference of $39,275 (11.3%) versus the prior year and $1,825 versus the prior month.

    Rochester's median listing price comes in at 93% of the national average.

    Rochester's average listing price for 2022-11-01 was $454,990, a difference of $28,201 (6.6%) versus the prior year and $-4,640 versus the prior month.

    For the 2022-11-01 period, Rochester had 433 MLS listings, a difference of -34 listings (-7%) versus the prior month and 53 listings (14%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Rochester (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 92 days 2,570 sqft
    2018-02-01 94 days 2,605 sqft
    2018-03-01 53 days 2,801 sqft
    2018-04-01 46 days 2,786 sqft
    2018-05-01 50 days 2,728 sqft
    2018-06-01 49 days 2,730 sqft
    2018-07-01 51 days 2,729 sqft
    2018-08-01 58 days 2,616 sqft
    2018-09-01 59 days 2,598 sqft
    2018-10-01 63 days 2,522 sqft
    2018-11-01 69 days 2,528 sqft
    2018-12-01 86 days 2,536 sqft
    2019-01-01 99 days 2,103 sqft
    2019-02-01 67 days 2,095 sqft
    2019-03-01 60 days 2,164 sqft
    2019-04-01 52 days 2,208 sqft
    2019-05-01 52 days 2,211 sqft
    2019-06-01 56 days 2,240 sqft
    2019-07-01 56 days 2,250 sqft
    2019-08-01 54 days 2,253 sqft
    2019-09-01 57 days 2,224 sqft
    2019-10-01 63 days 2,198 sqft
    2019-11-01 73 days 2,163 sqft
    2019-12-01 91 days 2,157 sqft
    2020-01-01 90 days 2,130 sqft
    2020-02-01 94 days 2,222 sqft
    2020-03-01 49 days 2,183 sqft
    2020-04-01 44 days 2,189 sqft
    2020-05-01 52 days 2,241 sqft
    2020-06-01 57 days 2,264 sqft
    2020-07-01 53 days 2,321 sqft
    2020-08-01 50 days 2,213 sqft
    2020-09-01 50 days 2,176 sqft
    2020-10-01 49 days 2,122 sqft
    2020-11-01 56 days 2,053 sqft
    2020-12-01 61 days 2,085 sqft
    2021-01-01 65 days 1,990 sqft
    2021-02-01 54 days 2,032 sqft
    2021-03-01 34 days 2,107 sqft
    2021-04-01 33 days 2,050 sqft
    2021-05-01 37 days 2,100 sqft
    2021-06-01 34 days 2,106 sqft
    2021-07-01 36 days 2,100 sqft
    2021-08-01 37 days 2,103 sqft
    2021-09-01 43 days 2,095 sqft
    2021-10-01 43 days 2,134 sqft
    2021-11-01 46 days 2,092 sqft
    2021-12-01 59 days 2,091 sqft
    2022-01-01 67 days 2,212 sqft
    2022-02-01 43 days 2,567 sqft
    2022-03-01 33 days 2,535 sqft
    2022-04-01 31 days 2,579 sqft
    2022-05-01 33 days 2,346 sqft
    2022-06-01 37 days 2,193 sqft
    2022-07-01 37 days 2,147 sqft
    2022-08-01 40 days 2,157 sqft
    2022-09-01 47 days 2,136 sqft
    2022-10-01 49 days 2,163 sqft
    2022-11-01 59 days 2,155 sqft
    Rochester's median listing age (time on market) for 2022-11-01 was 59 days. This is 28% longer than the same period one year ago.

    Rochester's median square footage for active listings during the 2022-11-01 period was 2,155 sqft. One year prior, the average listing was 2,092 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).