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 52 lenders originated 283 FHA loans during 2023. The total origination value was $67,795,000, with an average FHA loan value of $239,558.

    Rochester FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Rochester averaged 6.9% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Rochester's average FHA mortgage closing costs are $7,522.

    The average rate for the prior week (2024-04-12) was 6.69% and one month ago for the week of 2024-03-15, the average rate was 6.45%.

    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 6.97%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 30 6.23% $10,120
    UNITED WHOLESALE MORTGAGE, LLC 26 6.40% $10,892
    LOANDEPOT.COM, LLC 23 6.70% $11,282
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 16 6.82% $10,053
    GUARANTEED RATE, INC. 14 6.59% $9,253
    Home Federal Savings Bank 10 6.93% $8,399
    Century Mortgage Company DBA Century Lending Company 10 6.40% $8,921
    Bell Bank 9 6.33% $11,228
    PRIMELENDING, A PLAINSCAPITAL COMPANY 8 6.98% $11,019
    CROSSCOUNTRY MORTGAGE, LLC 6 6.74% $11,951
    BROKER SOLUTIONS, INC. 6 6.52% $13,154
    U.S. Bank 6 6.02% $10,365
    Prosperity Home Mortgage, LLC 5 6.68% $7,814
    Mr. Cooper ( Nationstar Mortgage ) 5 6.15% $12,963
    VILLAGE CAPITAL MORTGAGE 4 6.72% $9,545
    Barrington Bank & Trust Company, N.A. 3 7.00% $8,683
    Citizens Bank 3 6.75% $7,518
    FREEDOM MORTGAGE CORPORATION 3 6.75% $13,224
    PENNYMAC LOAN SERVICES, LLC 3 6.13% $9,191
    Plains Commerce Bank 3 7.54% $12,669
    CARDINAL FINANCIAL 2 6.94% $7,749
    NEWREZ LLC 2 6.50% $12,556
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 7.56% $13,814
    Coulee Bank 2 5.88% $12,007
    EMM LOANS LLC 2 6.44% $14,062
    Associated Bank 2 6.56% $10,869
    TOP FLITE FINANCIAL, INC. 2 7.00% $12,188
    BAY EQUITY LLC 2 7.25% $12,651
    Bremer Bank 2 6.44% $10,138
    JPMorgan Chase Bank 2 7.12% $5,154
    Cambria Financial Group, LLC 2 7.13% $9,491
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 7.37% $14,156
    Wells Fargo Bank 1 6.63% $10,078
    Carrington Mortgage Services, LLC 1 5.63% $18,999
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 7.50% $9,566
    EVERETT FINANCIAL, INC. 1 6.13% $11,221
    First Federal Bank 1 7.00% $9,911
    Flagstar Bank, FSB 1 6.75% $13,154
    GUARANTEED RATE AFFINITY, LLC 1 7.75% $10,733
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.13% $10,561
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $9,060
    LAND HOME FINANCIAL SERVICES, INC. 1 6.38% $8,185
    LOANPAL, LLC 1 5.99% $15,293
    MORIA DEVELOPMENT, INC. 1 7.13% $8,992
    MOVEMENT MORTGAGE, LLC 1 6.75% $14,837
    Nations Lending Corporation 1 7.25% $9,288
    PENTAGON FEDERAL CREDIT UNION 1 5.75% $5,300
    POLARIS HOME FUNDING CORP. 1 6.75% $13,154
    PREMIA MORTGAGE, LLC 1 7.25% $8,999
    Summit Mortgage Corporation 1 7.00% $8,357
    The Huntington National Bank 1 6.13% $7,937
    American Mortgage & Equity Consultants, Inc. 1 7.63% $14,178

    The top Rochester FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 30 FHA loans originated. Their average total fees are $10,120, which is $772 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Rochester FHA lenders (with over 10 loans originated) are Home Federal Savings Bank ($8,399), Century Mortgage Company DBA Century Lending Company ($8,921), GUARANTEED RATE, INC. ($9,253), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($10,053) and QUICKEN LOANS, LLC ($10,120).

    The lowest rate Rochester FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.23%), UNITED WHOLESALE MORTGAGE, LLC (6.40%), Century Mortgage Company DBA Century Lending Company (6.40%), GUARANTEED RATE, INC. (6.59%) and LOANDEPOT.COM, LLC (6.70%).

    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

    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 $294,353 (21.4%) $329,513 (12.6%) 1.09 496
    2018-02-01 $299,200 (21.4%) $341,398 (16.2%) 1.09 490
    2018-03-01 $319,900 (27.7%) $360,296 (19.8%) 1.12 552
    2018-04-01 $314,900 (12.5%) $362,808 (15.2%) 1.07 584
    2018-05-01 $304,475 (10.8%) $359,002 (11.9%) 1.02 606
    2018-06-01 $299,900 (10.1%) $353,964 (10.1%) 1.00 642
    2018-07-01 $295,725 (9.5%) $347,977 (9.6%) 0.99 722
    2018-08-01 $283,200 (3.0%) $334,261 (6.2%) 0.95 739
    2018-09-01 $279,900 (7.7%) $329,024 (7.5%) 0.94 783
    2018-10-01 $274,950 (3.3%) $322,071 (3.2%) 0.93 782
    2018-11-01 $274,900 (-0.8%) $324,692 (4.0%) 0.93 732
    2018-12-01 $296,450 (5.9%) $341,416 (7.9%) 1.02 638
    2019-01-01 $307,950 (4.6%) $353,599 (7.3%) 1.06 490
    2019-02-01 $303,225 (1.4%) $355,534 (4.1%) 1.02 378
    2019-03-01 $313,329 (-2.1%) $358,144 (-0.6%) 1.02 504
    2019-04-01 $319,900 (1.6%) $365,430 (0.7%) 1.02 655
    2019-05-01 $319,050 (4.8%) $360,446 (0.4%) 1.00 698
    2019-06-01 $309,900 (3.3%) $359,396 (1.5%) 0.97 709
    2019-07-01 $309,450 (4.6%) $359,467 (3.3%) 0.97 744
    2019-08-01 $307,173 (8.5%) $357,955 (7.1%) 0.97 752
    2019-09-01 $303,082 (8.3%) $354,861 (7.9%) 0.97 765
    2019-10-01 $298,575 (8.6%) $351,141 (9.0%) 0.96 767
    2019-11-01 $294,900 (7.3%) $348,701 (7.4%) 0.97 725
    2019-12-01 $298,700 (0.8%) $355,828 (4.2%) 1.00 600
    2020-01-01 $309,175 (0.4%) $356,717 (0.9%) 1.03 525
    2020-02-01 $319,950 (5.5%) $373,241 (5.0%) 1.05 474
    2020-03-01 $317,450 (1.3%) $374,902 (4.7%) 1.00 506
    2020-04-01 $319,950 (0.0%) $370,116 (1.3%) 1.00 552
    2020-05-01 $321,250 (0.7%) $378,297 (5.0%) 0.98 561
    2020-06-01 $328,725 (6.1%) $389,683 (8.4%) 0.97 535
    2020-07-01 $329,900 (6.6%) $399,982 (11.3%) 0.96 484
    2020-08-01 $320,000 (4.2%) $394,674 (10.3%) 0.92 479
    2020-09-01 $309,975 (2.3%) $388,845 (9.6%) 0.89 452
    2020-10-01 $298,500 (0.0%) $377,285 (7.5%) 0.86 449
    2020-11-01 $287,400 (-2.5%) $385,700 (10.6%) 0.84 362
    2020-12-01 $292,450 (-2.1%) $391,383 (10.0%) 0.87 291
    2021-01-01 $302,400 (-2.2%) $404,364 (13.4%) 0.90 242
    2021-02-01 $316,400 (-1.1%) $409,997 (9.9%) 0.92 242
    2021-03-01 $326,075 (2.7%) $410,702 (9.6%) 0.93 261
    2021-04-01 $331,225 (3.5%) $411,401 (11.2%) 0.90 239
    2021-05-01 $338,500 (5.4%) $416,322 (10.1%) 0.90 223
    2021-06-01 $338,225 (2.9%) $410,133 (5.3%) 0.89 253
    2021-07-01 $336,500 (2.0%) $419,891 (5.0%) 0.89 324
    2021-08-01 $319,900 (0.0%) $417,635 (5.8%) 0.85 364
    2021-09-01 $327,000 (5.5%) $410,142 (5.5%) 0.87 401
    2021-10-01 $336,500 (12.7%) $414,957 (10.0%) 0.90 423
    2021-11-01 $343,950 (19.7%) $426,060 (10.5%) 0.92 375
    2021-12-01 $349,900 (19.6%) $439,082 (12.2%) 0.95 303
    2022-01-01 $355,000 (17.4%) $441,460 (9.2%) 0.96 242
    2022-02-01 $377,425 (19.3%) $473,697 (15.5%) 0.98 205
    2022-03-01 $379,000 (16.2%) $472,213 (15.0%) 0.95 224
    2022-04-01 $389,450 (17.6%) $465,474 (13.1%) 0.93 255
    2022-05-01 $392,475 (16.0%) $479,428 (15.2%) 0.90 293
    2022-06-01 $379,000 (12.1%) $468,993 (14.4%) 0.84 333
    2022-07-01 $364,900 (8.4%) $454,662 (8.3%) 0.82 394
    2022-08-01 $377,500 (18.0%) $463,334 (10.9%) 0.87 414
    2022-09-01 $370,425 (13.3%) $464,510 (13.3%) 0.87 429
    2022-10-01 $382,450 (13.7%) $459,325 (10.7%) 0.90 461
    2022-11-01 $385,175 (12.0%) $454,603 (6.7%) 0.93 428
    2022-12-01 $381,950 (9.2%) $451,332 (2.8%) 0.94 357
    2023-01-01 $394,900 (11.2%) $458,736 (3.9%) 0.98 302
    2023-02-01 $413,828 (9.7%) $488,214 (3.1%) 1.00 273
    2023-03-01 $414,171 (9.3%) $498,326 (5.5%) 0.98 308
    2023-04-01 $414,900 (6.5%) $500,582 (7.5%) 0.96 337
    2023-05-01 $418,393 (6.6%) $513,104 (7.0%) 0.95 346
    2023-06-01 $418,393 (10.4%) $510,184 (8.8%) 0.94 363
    2023-07-01 $410,000 (12.4%) $501,082 (10.2%) 0.93 367
    2023-08-01 $399,925 (5.9%) $486,722 (5.1%) 0.92 442
    2023-09-01 $385,000 (3.9%) $465,387 (0.2%) 0.90 467
    2023-10-01 $385,000 (0.7%) $461,984 (0.6%) 0.91 505
    2023-11-01 $380,925 (-1.1%) $470,118 (3.4%) 0.91 489
    2023-12-01 $379,900 (-0.5%) $474,629 (5.2%) 0.93 431
    2024-01-01 $404,995 (2.6%) $519,130 (13.2%) 0.99 344
    2024-02-01 $399,950 (-3.4%) $537,069 (10.0%) 0.96 315
    2024-03-01 $419,900 (1.4%) $538,475 (8.1%) 0.99 346
    Rochester's median listing price for 2024-03-01 was $419,900, a difference of $5,729 (1.4%) versus the prior year and $19,950 versus the prior month.

    Rochester's median listing price comes in at 99% of the national average.

    Rochester's average listing price for 2024-03-01 was $538,475, a difference of $40,149 (8.1%) versus the prior year and $1,406 versus the prior month.

    For the 2024-03-01 period, Rochester had 346 MLS listings, a difference of 31 listings (10%) versus the prior month and 38 listings (12%) 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 88 days 2,567 sqft
    2018-02-01 89 days 2,600 sqft
    2018-03-01 48 days 2,800 sqft
    2018-04-01 43 days 2,781 sqft
    2018-05-01 47 days 2,721 sqft
    2018-06-01 46 days 2,729 sqft
    2018-07-01 49 days 2,727 sqft
    2018-08-01 55 days 2,616 sqft
    2018-09-01 57 days 2,596 sqft
    2018-10-01 59 days 2,520 sqft
    2018-11-01 66 days 2,524 sqft
    2018-12-01 81 days 2,536 sqft
    2019-01-01 93 days 2,094 sqft
    2019-02-01 64 days 2,102 sqft
    2019-03-01 49 days 2,151 sqft
    2019-04-01 46 days 2,206 sqft
    2019-05-01 47 days 2,210 sqft
    2019-06-01 51 days 2,240 sqft
    2019-07-01 50 days 2,250 sqft
    2019-08-01 51 days 2,253 sqft
    2019-09-01 55 days 2,224 sqft
    2019-10-01 59 days 2,198 sqft
    2019-11-01 71 days 2,163 sqft
    2019-12-01 86 days 2,152 sqft
    2020-01-01 86 days 2,127 sqft
    2020-02-01 88 days 2,208 sqft
    2020-03-01 44 days 2,167 sqft
    2020-04-01 42 days 2,185 sqft
    2020-05-01 50 days 2,234 sqft
    2020-06-01 52 days 2,247 sqft
    2020-07-01 51 days 2,310 sqft
    2020-08-01 46 days 2,210 sqft
    2020-09-01 47 days 2,166 sqft
    2020-10-01 45 days 2,109 sqft
    2020-11-01 53 days 2,045 sqft
    2020-12-01 58 days 2,062 sqft
    2021-01-01 63 days 1,978 sqft
    2021-02-01 50 days 2,017 sqft
    2021-03-01 32 days 2,091 sqft
    2021-04-01 31 days 2,023 sqft
    2021-05-01 36 days 2,096 sqft
    2021-06-01 32 days 2,085 sqft
    2021-07-01 36 days 2,090 sqft
    2021-08-01 36 days 2,098 sqft
    2021-09-01 42 days 2,087 sqft
    2021-10-01 43 days 2,123 sqft
    2021-11-01 45 days 2,073 sqft
    2021-12-01 58 days 2,064 sqft
    2022-01-01 65 days 2,198 sqft
    2022-02-01 40 days 2,540 sqft
    2022-03-01 31 days 2,513 sqft
    2022-04-01 31 days 2,544 sqft
    2022-05-01 33 days 2,330 sqft
    2022-06-01 36 days 2,179 sqft
    2022-07-01 37 days 2,138 sqft
    2022-08-01 39 days 2,147 sqft
    2022-09-01 46 days 2,120 sqft
    2022-10-01 47 days 2,149 sqft
    2022-11-01 59 days 2,136 sqft
    2022-12-01 73 days 2,085 sqft
    2023-01-01 84 days 2,097 sqft
    2023-02-01 69 days 2,198 sqft
    2023-03-01 47 days 2,229 sqft
    2023-04-01 39 days 2,225 sqft
    2023-05-01 39 days 2,343 sqft
    2023-06-01 46 days 2,354 sqft
    2023-07-01 47 days 2,334 sqft
    2023-08-01 41 days 2,257 sqft
    2023-09-01 42 days 2,149 sqft
    2023-10-01 47 days 2,151 sqft
    2023-11-01 57 days 2,158 sqft
    2023-12-01 69 days 2,092 sqft
    2024-01-01 77 days 2,149 sqft
    2024-02-01 73 days 2,150 sqft
    2024-03-01 39 days 2,241 sqft
    Rochester's median listing age (time on market) for 2024-03-01 was 39 days. This is -17% shorter than the same period one year ago.

    Rochester's median square footage for active listings during the 2024-03-01 period was 2,241 sqft. One year prior, the average listing was 2,229 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).