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 66 lenders originated 351 FHA loans during 2023. The total origination value was $82,075,000, with an average FHA loan value of $233,832.

St. Cloud FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in St. Cloud averaged 6.12% for the week of 2024-10-25, compared to the national average (all FHA variants) of 6.253% for the same period.

St. Cloud's average FHA mortgage closing costs are $7,113.

The average rate for the prior week (2024-10-18) was 6.01% and one month ago for the week of 2024-09-20, the average rate was 5.93%.

The average rate one year ago was 7.57%.

For refis of the same type during the week of 2024-10-25, the average rate was 6.61%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
HOMEOWNERS FINANCIAL GROUP USA, LLC 36 6.69% $10,352
QUICKEN LOANS, LLC 33 6.24% $9,634
UNITED WHOLESALE MORTGAGE, LLC 30 6.47% $11,653
EVERETT FINANCIAL, INC. 24 6.82% $8,914
CROSSCOUNTRY MORTGAGE, LLC 20 6.69% $9,940
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 14 6.86% $9,778
BROKER SOLUTIONS, INC. 14 7.09% $11,108
PLAZA HOME MORTGAGE, INC. 12 6.58% $8,203
PENNYMAC LOAN SERVICES, LLC 12 6.01% $12,233
ARK-LA-TEX FINANCIAL SERVICES, LLC. 11 6.68% $12,444
PRIMELENDING, A PLAINSCAPITAL COMPANY 9 7.03% $10,798
BAY EQUITY LLC 6 6.98% $11,508
MOVEMENT MORTGAGE, LLC 5 6.88% $11,908
LOANDEPOT.COM, LLC 5 6.37% $10,581
Prosperity Home Mortgage, LLC 5 7.25% $7,264
FREEDOM MORTGAGE CORPORATION 4 7.00% $11,731
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 4 6.97% $10,284
Royal Credit Union 3 7.04% $10,265
AMERISAVE MORTGAGE CORPORATION 3 5.67% $10,372
Liberty Bank Minnesota 3 7.21% $6,929
Equity Prime Mortgage LLC 3 7.13% $7,897
Servion, Inc. 3 6.46% $9,627
Sierra Pacific Mortgage Company, Inc. 3 6.46% $7,844
Neighborhood Loans, Inc. 3 6.67% $12,491
Summit Mortgage Corporation 3 6.50% $10,770
MUTUAL OF OMAHA MORTGAGE, INC. 2 6.31% $15,899
Bank of England 2 6.88% $8,342
Cambria Financial Group, LLC 2 6.81% $7,887
CARDINAL FINANCIAL 2 6.75% $7,861
DRAPER AND KRAMER MORTGAGE CORP. 2 7.31% $11,738
GUARANTEED RATE AFFINITY, LLC 2 6.81% $11,259
MILEND, INC. 2 5.81% $17,739
Mr. Cooper ( Nationstar Mortgage ) 2 7.13% $8,732
NBKC BANK 2 6.06% $9,068
Paramount Residential Mortgage Group, Inc. 2 7.19% $10,716
Plains Commerce Bank 2 6.63% $11,180
PREMIER MORTGAGE RESOURCES, L.L.C. 2 7.13% $11,540
Tradition Mortgage, LLC 2 7.06% $9,900
TRUSTONE FINANCIAL FEDERAL CREDIT UNION 2 6.81% $8,261
U.S. Bank 2 6.94% $8,359
SWBC MORTGAGE CORPORATION 1 6.63% $9,951
Alerus Financial 1 5.50% $5,657
ZILLOW HOME LOANS, LLC 1 6.63% $8,598
First Federal Bank 1 5.38% $12,330
OCMBC, INC. 1 7.75% $8,261
Wells Fargo Bank 1 6.50% $10,048
ENVOY MORTGAGE, LTD 1 6.25% $10,073
UNION HOME MORTGAGE CORP. 1 7.63% $9,599
PLANET HOME LENDING, LLC 1 5.38% $13,268
Century Mortgage Company DBA Century Lending Company 1 6.13% $15,436
AMERICAN FINANCIAL NETWORK, INC. 1 7.13% $5,290
Carrington Mortgage Services, LLC 1 5.13% $22,034
Bremer Bank 1 6.00% $9,909
Barrington Bank & Trust Company, N.A. 1 6.25% $9,859
Ameris Bank 1 6.25% $14,794
AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $11,586
American Mortgage & Equity Consultants, Inc. 1 7.25% $10,356
Ixonia Bank 1 6.13% $12,564
LAKEVIEW LOAN SERVICING, LLC 1 6.75% $8,816
Heartland Bank and Trust Company 1 6.63% $6,243
Flagstar Bank, FSB 1 7.25% $15,585
MID AMERICA MORTGAGE, INC. 1 7.25% $6,079
AMERICAN FINANCIAL RESOURCES, INC. 1 6.25% $6,508
Mortgage Research Center, LLC 1 6.75% $8,555
Mortgages Unlimited Inc. 1 6.38% $8,727
First Western Bank & Trust 1 6.50% $8,420

The top St. Cloud FHA lender as defined by loan originations is HOMEOWNERS FINANCIAL GROUP USA, LLC, with 36 FHA loans originated. Their average total fees are $10,352, which is $718 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee St. Cloud FHA lenders (with over 10 loans originated) are PLAZA HOME MORTGAGE, INC. ($8,203), EVERETT FINANCIAL, INC. ($8,914), QUICKEN LOANS, LLC ($9,634), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($9,778) and CROSSCOUNTRY MORTGAGE, LLC ($9,940).

The lowest rate St. Cloud FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (6.01%), QUICKEN LOANS, LLC (6.24%), UNITED WHOLESALE MORTGAGE, LLC (6.47%), PLAZA HOME MORTGAGE, INC. (6.58%) and ARK-LA-TEX FINANCIAL SERVICES, LLC. (6.68%).

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).