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 55 lenders originated 307 FHA loans during 2024. The total origination value was $79,185,000, with an average FHA loan value of $257,932.

    Rochester FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Rochester averaged 0.17% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Rochester's average FHA mortgage closing costs are $7,926.

    The average rate for the prior week (2025-06-13) was 6.75% and one month ago for the week of 2025-05-16, the average rate was 6.51%.

    The average rate one year ago was 7.06%.

    For refis of the same type during the week of 2025-06-20, the average rate was -0.26%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 38 6.34% $11,111
    UNITED WHOLESALE MORTGAGE, LLC 36 6.26% $12,377
    LOANDEPOT.COM, LLC 20 7.08% $12,761
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 18 7.10% $11,794
    GUARANTEED RATE, INC. 15 6.49% $10,945
    Bell Bank 11 6.44% $12,778
    BROKER SOLUTIONS, INC. 9 6.90% $11,670
    Alerus Financial 8 6.69% $11,019
    Barrington Bank & Trust Company, N.A. 8 6.86% $10,334
    FREEDOM MORTGAGE CORPORATION 6 6.58% $9,974
    Cambria Financial Group, LLC 6 6.63% $10,715
    CROSSCOUNTRY MORTGAGE, LLC 6 6.77% $10,813
    Bremer Bank 5 6.40% $10,241
    Plains Commerce Bank 5 6.30% $9,239
    U.S. Bank 4 6.53% $7,392
    GUARANTEED RATE AFFINITY, LLC 4 6.63% $10,415
    Equity Prime Mortgage LLC 4 6.63% $10,583
    SUN WEST MORTGAGE COMPANY, INC. 3 5.96% $15,903
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.42% $16,346
    Park State Bank 3 5.38% $11,944
    Prosperity Home Mortgage, LLC 3 5.96% $13,330
    Ixonia Bank 3 6.83% $8,247
    LAKEVIEW LOAN SERVICING, LLC 3 6.58% $7,662
    CARDINAL FINANCIAL 2 6.44% $14,626
    ALTRA 2 6.38% $9,748
    AMERISAVE MORTGAGE CORPORATION 2 6.50% $12,083
    Mortgage Research Center, LLC 2 6.56% $10,709
    AMERICAN FINANCIAL NETWORK, INC. 2 6.25% $15,712
    American Mortgage & Equity Consultants, Inc. 2 6.38% $10,239
    Paramount Residential Mortgage Group, Inc. 2 7.06% $11,015
    HOMESIDE FINANCIAL, LLC 2 6.37% $12,891
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.25% $7,262
    Wells Fargo Bank 1 6.25% $9,230
    Associated Bank 1 6.63% $6,527
    BAY EQUITY LLC 1 6.75% $8,516
    EMM LOANS LLC 1 5.75% $11,425
    Granite Community Bank 1 6.50% $11,393
    JMAC LENDING, INC. 1 5.75% $9,500
    LADERA LENDING, INC. 1 6.50% $15,910
    LAND HOME FINANCIAL SERVICES, INC. 1 7.00% $11,362
    LIBERTY HOME MORTGAGE CORPORATION 1 7.13% $8,515
    Merchants Bank 1 5.99% $8,740
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $27,699
    Mr. Cooper ( Nationstar Mortgage ) 1 5.25% $19,195
    NATIONS DIRECT MORTGAGE, LLC 1 6.13% $10,194
    OCMBC, INC. 1 7.25% $9,270
    PENNYMAC LOAN SERVICES, LLC 1 5.75% $12,507
    PHH Mortgage Corporation 1 6.63% $10,040
    POLARIS HOME FUNDING CORP. 1 5.63% $14,772
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $13,679
    Servion, Inc. 1 7.25% $11,078
    Summit Mortgage Corporation 1 6.75% $22,385
    The Huntington National Bank 1 7.25% $6,282
    TOP FLITE FINANCIAL, INC. 1 6.63% $18,907
    TruHome Solutions, LLC 1 6.63% $4,988

    The top Rochester FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 38 FHA loans originated. Their average total fees are $11,111, which is $1,266 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Rochester FHA lenders (with over 10 loans originated) are GUARANTEED RATE, INC. ($10,945), QUICKEN LOANS, LLC ($11,111), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($11,794), UNITED WHOLESALE MORTGAGE, LLC ($12,377) and LOANDEPOT.COM, LLC ($12,761).

    The lowest rate Rochester FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.26%), QUICKEN LOANS, LLC (6.34%), Bell Bank (6.44%), GUARANTEED RATE, INC. (6.49%) and LOANDEPOT.COM, LLC (7.08%).

    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
    ROCHESTER, MN DODGE 2023 $472,030 $604,400 $730,525 $907,900
    ROCHESTER, MN FILLMORE 2023 $472,030 $604,400 $730,525 $907,900
    ROCHESTER, MN OLMSTED 2023 $472,030 $604,400 $730,525 $907,900
    ROCHESTER, MN WABASHA 2023 $472,030 $604,400 $730,525 $907,900

    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).