St. Cloud FHA Loan Rates, Closing Costs & Stats
ST. CLOUD, 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.
St. Cloud's 68 lenders originated 370 FHA
loans during 2024. The total origination value was $88,660,000, with an average FHA loan value of
$239,622.
St. Cloud FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in St. Cloud
averaged
0.4%
for the week of 2025-06-20, compared to the national average (all FHA variants) of
0% for the same period.
St. Cloud's average FHA mortgage closing costs are $7,498.
The average rate for the prior week (2025-06-13) was
6.59% and
one month ago for the week of 2025-05-16, the
average rate was 6.55%.
The average rate one year ago was 6.7%.
For refis of the same type during the week of 2025-06-20, the average rate
was -0.21%.
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.
St. Cloud 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 St. Cloud level.
Name |
# of Loans |
2024 Avg. 30yFix Rate |
2024 Avg. Closing Costs |
UNITED WHOLESALE MORTGAGE, LLC
|
35
|
6.14%
|
$13,745
|
FREEDOM MORTGAGE CORPORATION
|
30
|
6.51%
|
$12,167
|
QUICKEN LOANS, LLC
|
28
|
6.20%
|
$10,642
|
HOMEOWNERS FINANCIAL GROUP USA, LLC
|
20
|
6.71%
|
$10,140
|
BROKER SOLUTIONS, INC.
|
20
|
6.98%
|
$11,916
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
18
|
6.85%
|
$11,572
|
PLAZA HOME MORTGAGE, INC.
|
15
|
6.60%
|
$9,796
|
CROSSCOUNTRY MORTGAGE, LLC
|
14
|
6.55%
|
$9,346
|
EVERETT FINANCIAL, INC.
|
12
|
7.06%
|
$9,707
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
11
|
6.60%
|
$10,235
|
PENNYMAC LOAN SERVICES, LLC
|
8
|
6.30%
|
$10,778
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
8
|
6.05%
|
$10,541
|
PREMIER LENDING, INC.
|
7
|
7.09%
|
$11,651
|
NEWREZ LLC
|
5
|
6.30%
|
$9,625
|
Carrington Mortgage Services, LLC
|
4
|
6.00%
|
$10,372
|
Prosperity Home Mortgage, LLC
|
3
|
6.21%
|
$9,620
|
Nations Lending Corporation
|
3
|
6.71%
|
$10,596
|
CARDINAL FINANCIAL
|
3
|
6.92%
|
$13,544
|
LOANDEPOT.COM, LLC
|
3
|
6.58%
|
$12,306
|
Plains Commerce Bank
|
3
|
7.29%
|
$11,485
|
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC
|
3
|
6.54%
|
$10,604
|
MOVEMENT MORTGAGE, LLC
|
3
|
6.54%
|
$10,941
|
Royal Credit Union
|
3
|
6.79%
|
$9,888
|
Flagstar Bank, FSB
|
3
|
6.00%
|
$11,045
|
UNION HOME MORTGAGE CORP.
|
3
|
6.67%
|
$8,713
|
Cambria Financial Group, LLC
|
2
|
6.88%
|
$9,507
|
AMERICAN FINANCIAL RESOURCES, INC.
|
2
|
7.25%
|
$11,355
|
NBKC BANK
|
2
|
6.25%
|
$10,221
|
Equity Prime Mortgage LLC
|
2
|
6.19%
|
$7,464
|
Mr. Cooper ( Nationstar Mortgage )
|
2
|
6.75%
|
$13,249
|
Tradition Mortgage, LLC
|
2
|
6.19%
|
$9,234
|
American Mortgage & Equity Consultants, Inc.
|
2
|
7.12%
|
$10,558
|
Granite Community Bank
|
2
|
6.75%
|
$10,487
|
Wells Fargo Bank
|
2
|
6.81%
|
$8,157
|
AMERICAN FINANCIAL NETWORK, INC.
|
2
|
6.94%
|
$11,368
|
GUARANTEED RATE, INC.
|
2
|
6.25%
|
$9,346
|
Hometown Equity Mortgage, LLC
|
2
|
6.00%
|
$11,394
|
Liberty Bank Minnesota
|
2
|
6.56%
|
$7,870
|
MASON MCDUFFIE MORTGAGE CORPORATION
|
2
|
6.56%
|
$10,810
|
CMG MORTGAGE, INC.
|
2
|
6.31%
|
$11,711
|
ZILLOW HOME LOANS, LLC
|
1
|
6.38%
|
$9,338
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
1
|
6.63%
|
$7,627
|
AMERISAVE MORTGAGE CORPORATION
|
1
|
6.75%
|
$15,799
|
Bell Bank
|
1
|
5.75%
|
$11,232
|
BETTER MORTGAGE CORPORATION
|
1
|
6.50%
|
$9,128
|
CANOPY MORTGAGE, LLC
|
1
|
7.13%
|
$8,963
|
CITY FIRST MORTGAGE SERVICES, L.L.C.
|
1
|
6.63%
|
$14,263
|
CORTRUST MORTGAGE, INC.
|
1
|
6.50%
|
$6,444
|
EMM LOANS LLC
|
1
|
5.75%
|
$12,416
|
FIRST COLONY MORTGAGE CORPORATION
|
1
|
6.75%
|
$19,782
|
Gate City Bank
|
1
|
5.75%
|
$11,541
|
GENEVA FINANCIAL, LLC
|
1
|
7.13%
|
$12,825
|
GUARANTEED RATE AFFINITY, LLC
|
1
|
7.00%
|
$8,825
|
INTERCAP LENDING INC.
|
1
|
5.50%
|
$12,677
|
Ixonia Bank
|
1
|
6.50%
|
$10,933
|
Merchants Bank
|
1
|
6.63%
|
$9,275
|
MILEND, INC.
|
1
|
5.99%
|
$12,754
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
1
|
6.25%
|
$13,030
|
NATIONS DIRECT MORTGAGE, LLC
|
1
|
5.99%
|
$11,979
|
PLANET HOME LENDING, LLC
|
1
|
6.25%
|
$5,063
|
PREMIER MORTGAGE RESOURCES, L.L.C.
|
1
|
6.25%
|
$8,848
|
PRIMARY RESIDENTIAL MORTGAGE, INC.
|
1
|
7.25%
|
$8,840
|
Servion, Inc.
|
1
|
7.38%
|
$6,805
|
Sierra Pacific Mortgage Company, Inc.
|
1
|
6.25%
|
$7,727
|
Summit Mortgage Corporation
|
1
|
6.50%
|
$7,798
|
The Huntington National Bank
|
1
|
6.38%
|
$9,620
|
U.S. Bank
|
1
|
6.13%
|
$7,063
|
Waterstone Mortgage Corporation
|
1
|
7.13%
|
$11,115
|
The top St. Cloud FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
35 FHA loans originated. Their average total fees are
$13,745, which is $1,579
higher than the next largest lender,
FREEDOM MORTGAGE CORPORATION.
The lowest fee St. Cloud FHA lenders (with over 10 loans originated) are
CROSSCOUNTRY MORTGAGE, LLC ($9,346), EVERETT FINANCIAL, INC. ($9,707), PLAZA HOME MORTGAGE, INC. ($9,796), HOMEOWNERS FINANCIAL GROUP USA, LLC ($10,140) and PRIMELENDING, A PLAINSCAPITAL COMPANY ($10,235).
The lowest rate St. Cloud FHA lenders (with over 10 loans originated) are
UNITED WHOLESALE MORTGAGE, LLC (6.14%), QUICKEN LOANS, LLC (6.20%), FREEDOM MORTGAGE CORPORATION (6.51%), CROSSCOUNTRY MORTGAGE, LLC (6.55%) and PLAZA HOME MORTGAGE, INC. (6.60%).
St. Cloud FHA Loan Limits
Metro |
County |
Year |
Single Family Limit |
2 Family Limit |
3 Family Limit |
4 Family Limit |
ST. CLOUD, MN |
BENTON |
2022 |
$420,680 |
$538,650 |
$651,050 |
$809,150 |
ST. CLOUD, MN |
STEARNS |
2022 |
$420,680 |
$538,650 |
$651,050 |
$809,150 |
ST. CLOUD, MN |
BENTON |
2023 |
$472,030 |
$604,400 |
$730,525 |
$907,900 |
ST. CLOUD, MN |
STEARNS |
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).