St. Cloud FHA Loan Rates, Closing Costs & Stats

ST. CLOUD, 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.

    St. Cloud's 75 lenders originated 453 FHA loans during 2022. The total origination value was $96,835,000, with an average FHA loan value of $213,764.

    St. Cloud FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in St. Cloud averaged 6.13% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    St. Cloud's average FHA mortgage closing costs are $6,720.

    The average rate for the prior week (2023-05-19) was 6.11% and one month ago for the week of 2023-04-21, the average rate was 6.05%.

    The average rate one year ago was 4.87%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.5%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    EVERETT FINANCIAL, INC. 45 5.20% $5,855
    HOMEOWNERS FINANCIAL GROUP USA, LLC 39 5.47% $9,399
    QUICKEN LOANS, LLC 28 4.45% $8,707
    LOANDEPOT.COM, LLC 20 4.72% $9,808
    UNITED WHOLESALE MORTGAGE, LLC 18 5.36% $9,771
    BROKER SOLUTIONS, INC. 17 5.34% $9,219
    PRIMELENDING, A PLAINSCAPITAL COMPANY 17 5.01% $8,784
    PLAZA HOME MORTGAGE, INC. 17 5.48% $8,376
    CROSSCOUNTRY MORTGAGE, LLC 14 5.38% $9,294
    HOME POINT FINANCIAL CORPORATION 13 3.92% $8,407
    CARDINAL FINANCIAL 11 5.27% $12,831
    FREEDOM MORTGAGE CORPORATION 10 4.61% $8,324
    BAY EQUITY LLC 10 4.95% $8,217
    Prosperity Home Mortgage, LLC 9 5.53% $7,671
    PENNYMAC LOAN SERVICES, LLC 8 4.66% $10,387
    CMG MORTGAGE, INC. 8 4.48% $9,490
    CALIBER HOME LOANS, INC. 7 4.68% $8,121
    Goldwater Bank, N.A. 7 5.20% $9,926
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 5.21% $7,933
    Liberty Bank Minnesota 6 4.98% $6,620
    NEWREZ LLC 6 4.75% $7,772
    Servion, Inc. 5 3.90% $7,496
    Bremer Bank 5 5.43% $8,245
    Paramount Residential Mortgage Group, Inc. 4 6.03% $9,188
    GUARANTEED RATE AFFINITY, LLC 4 5.88% $9,521
    BankVista 4 4.78% $7,487
    RESULTS MORTGAGE, LLC 4 5.72% $9,135
    CRESCENT MORTGAGE COMPANY 3 5.17% $9,961
    AMERISAVE MORTGAGE CORPORATION 3 5.71% $10,103
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 4.33% $13,543
    Bank of England 3 4.67% $9,351
    Bell Bank 3 4.88% $10,127
    Heritage Bank 3 4.33% $10,130
    LAKEVIEW LOAN SERVICING, LLC 3 3.67% $5,541
    Royal Credit Union 3 5.33% $9,147
    Summit Mortgage Corporation 3 4.58% $9,334
    GUARANTEED RATE, INC. 2 5.50% $8,802
    U.S. Bank 2 5.44% $9,210
    TRUSTONE FINANCIAL FEDERAL CREDIT UNION 2 4.38% $6,110
    MOVEMENT MORTGAGE, LLC 2 4.25% $4,088
    Waterstone Mortgage Corporation 2 5.13% $11,627
    American Mortgage & Equity Consultants, Inc. 2 6.31% $8,068
    Mr. Cooper ( Nationstar Mortgage ) 2 4.06% $6,643
    MILEND, INC. 1 2.99% $9,863
    Mortgage Research Center, LLC 1 5.38% $9,788
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.25% $6,866
    MUTUAL OF OMAHA MORTGAGE, INC. 1 3.75% $15,368
    Nations Lending Corporation 1 4.00% $13,093
    NBKC BANK 1 5.75% $10,557
    NETWORK CAPITAL FUNDING CORPORATION 1 3.00% $12,226
    Equity Prime Mortgage LLC 1 5.50% $8,790
    North Shore Bank of Commerce 1 3.25% $7,431
    EMM LOANS LLC 1 6.38% $10,088
    DATA MORTGAGE, INC. 1 5.25% $8,950
    PLANET HOME LENDING, LLC 1 4.50% $6,466
    Alerus Financial 1 6.25% $5,633
    Carrington Mortgage Services, LLC 1 5.63% $7,451
    AmeriHome Mortgage Company, LLC 1 3.63% $7,505
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.75% $8,687
    RELIANCE FIRST CAPITAL, LLC 1 4.75% $12,091
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.25% $7,724
    Wells Fargo Bank 1 6.13% $4,811
    The Federal Savings Bank 1 6.75% $11,713
    Tradition Mortgage, LLC 1 3.13% $5,263
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.75% $7,170
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.88% $8,037
    GUARANTY HOME MORTGAGE CORPORATION 1 5.25% $14,749
    Hometown Lenders, Inc. 1 6.00% $8,303
    HOMESIDE FINANCIAL, LLC 1 3.75% $5,601
    IOWA BANKERS MORTGAGE CORPORATION 1 2.88% $8,200
    JPMorgan Chase Bank 1 7.75% $5,497
    LADERA LENDING, INC. 1 3.38% $5,768
    LEADERONE FINANCIAL CORPORATION 1 6.13% $8,373
    Gateway First Bank 1 7.25% $9,875
    LOANPAL, LLC 1 5.50% $8,318

    The top St. Cloud FHA lender as defined by loan originations is EVERETT FINANCIAL, INC., with 45 FHA loans originated. Their average total fees are $5,855, which is $3,544 lower than the next largest lender, HOMEOWNERS FINANCIAL GROUP USA, LLC.

    The lowest fee St. Cloud FHA lenders (with over 10 loans originated) are EVERETT FINANCIAL, INC. ($5,855), BAY EQUITY LLC ($8,217), FREEDOM MORTGAGE CORPORATION ($8,324), PLAZA HOME MORTGAGE, INC. ($8,376) and HOME POINT FINANCIAL CORPORATION ($8,407).

    The lowest rate St. Cloud FHA lenders (with over 10 loans originated) are HOME POINT FINANCIAL CORPORATION (3.92%), QUICKEN LOANS, LLC (4.45%), FREEDOM MORTGAGE CORPORATION (4.61%), LOANDEPOT.COM, LLC (4.72%) and BAY EQUITY LLC (4.95%).

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - St. Cloud (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 $212,475 (7.9%) $249,326 (4.2%) 0.79 509
    2018-02-01 $217,450 (0.3%) $259,779 (3.2%) 0.79 526
    2018-03-01 $224,900 (0.0%) $270,550 (2.0%) 0.79 541
    2018-04-01 $249,950 (13.0%) $286,099 (8.3%) 0.85 545
    2018-05-01 $249,950 (13.7%) $291,671 (11.5%) 0.83 611
    2018-06-01 $254,900 (18.4%) $293,414 (12.8%) 0.85 619
    2018-07-01 $248,350 (18.3%) $291,583 (13.7%) 0.83 651
    2018-08-01 $247,200 (17.7%) $289,484 (13.5%) 0.83 642
    2018-09-01 $240,000 (14.3%) $284,837 (11.5%) 0.81 653
    2018-10-01 $247,175 (17.8%) $284,223 (11.3%) 0.84 655
    2018-11-01 $229,950 (10.1%) $273,979 (8.4%) 0.78 620
    2018-12-01 $229,948 (9.5%) $275,031 (9.0%) 0.79 534
    2019-01-01 $232,400 (9.4%) $276,566 (10.9%) 0.80 469
    2019-02-01 $236,950 (9.0%) $278,034 (7.0%) 0.80 463
    2019-03-01 $235,000 (8.6%) $281,810 (4.2%) 0.78 531
    2019-04-01 $248,329 (-0.3%) $289,337 (1.1%) 0.79 597
    2019-05-01 $249,900 (0.0%) $285,905 (-2.0%) 0.78 679
    2019-06-01 $249,900 (-2.0%) $286,802 (-2.3%) 0.78 715
    2019-07-01 $245,375 (-1.2%) $284,720 (-2.4%) 0.77 738
    2019-08-01 $244,950 (-5.2%) $284,832 (-1.6%) 0.77 779
    2019-09-01 $244,200 (-3.4%) $282,395 (-0.9%) 0.77 715
    2019-10-01 $229,900 (-7.0%) $267,032 (-6.1%) 0.74 725
    2019-11-01 $229,900 (0.0%) $266,766 (-2.6%) 0.75 669
    2019-12-01 $231,950 (0.9%) $268,696 (-2.3%) 0.77 546
    2020-01-01 $229,925 (-1.1%) $266,773 (-3.5%) 0.77 487
    2020-02-01 $250,000 (5.5%) $287,535 (3.4%) 0.82 495
    2020-03-01 $269,900 (10.5%) $300,822 (6.8%) 0.85 500
    2020-04-01 $267,950 (7.5%) $303,831 (5.0%) 0.84 529
    2020-05-01 $269,900 (8.0%) $304,052 (6.4%) 0.82 564
    2020-06-01 $271,425 (8.6%) $310,306 (8.2%) 0.80 539
    2020-07-01 $269,325 (9.8%) $310,786 (9.2%) 0.78 498
    2020-08-01 $258,950 (10.5%) $307,415 (7.9%) 0.74 471
    2020-09-01 $266,175 (14.8%) $316,149 (12.0%) 0.76 462
    2020-10-01 $259,400 (12.8%) $312,681 (17.1%) 0.74 447
    2020-11-01 $252,450 (9.8%) $307,738 (15.4%) 0.74 350
    2020-12-01 $250,725 (8.1%) $311,778 (16.0%) 0.75 293
    2021-01-01 $249,950 (8.7%) $317,645 (19.1%) 0.75 239
    2021-02-01 $272,450 (9.0%) $350,784 (22.0%) 0.79 221
    2021-03-01 $297,396 (10.2%) $367,540 (22.2%) 0.84 215
    2021-04-01 $297,450 (11.0%) $355,863 (17.1%) 0.81 217
    2021-05-01 $299,900 (11.1%) $368,103 (21.1%) 0.80 219
    2021-06-01 $284,925 (5.0%) $347,958 (12.1%) 0.75 294
    2021-07-01 $293,450 (9.0%) $351,267 (13.0%) 0.77 332
    2021-08-01 $289,950 (12.0%) $344,650 (12.1%) 0.77 355
    2021-09-01 $295,950 (11.2%) $342,646 (8.4%) 0.79 360
    2021-10-01 $284,950 (9.9%) $332,022 (6.2%) 0.76 363
    2021-11-01 $293,450 (16.2%) $334,994 (8.9%) 0.78 295
    2021-12-01 $299,900 (19.6%) $347,124 (11.3%) 0.81 242
    2022-01-01 $315,000 (26.0%) $360,734 (13.6%) 0.85 179
    2022-02-01 $322,900 (18.5%) $380,050 (8.3%) 0.84 153
    2022-03-01 $329,950 (11.0%) $399,942 (8.8%) 0.83 154
    2022-04-01 $349,900 (17.6%) $407,909 (14.6%) 0.83 189
    2022-05-01 $339,650 (13.3%) $406,284 (10.4%) 0.78 240
    2022-06-01 $328,450 (15.3%) $386,778 (11.2%) 0.73 302
    2022-07-01 $325,000 (10.8%) $380,845 (8.4%) 0.73 311
    2022-08-01 $335,900 (15.9%) $388,510 (12.7%) 0.78 308
    2022-09-01 $329,900 (11.5%) $380,475 (11.0%) 0.77 320
    2022-10-01 $335,000 (17.6%) $389,410 (17.3%) 0.79 312
    2022-11-01 $325,000 (10.8%) $379,659 (13.3%) 0.78 286
    2022-12-01 $325,000 (8.4%) $384,662 (10.8%) 0.80 242
    2023-01-01 $336,150 (6.7%) $386,875 (7.3%) 0.83 208
    2023-02-01 $354,900 (9.9%) $392,884 (3.4%) 0.86 198
    2023-03-01 $357,650 (8.4%) $405,380 (1.4%) 0.84 202
    2023-04-01 $374,900 (0.0%) $417,215 (2.3%) 0.87 210
    St. Cloud's median listing price for 2023-04-01 was $374,900, a difference of $25,000 (0.0%) versus the prior year and $17,250 versus the prior month.

    St. Cloud's median listing price comes in at 87% of the national average.

    St. Cloud's average listing price for 2023-04-01 was $417,215, a difference of $9,306 (2.3%) versus the prior year and $11,835 versus the prior month.

    For the 2023-04-01 period, St. Cloud had 210 MLS listings, a difference of 8 listings (4%) versus the prior month and 21 listings (11%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - St. Cloud (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 101 days 1,817 sqft
    2018-02-01 96 days 1,872 sqft
    2018-03-01 65 days 1,900 sqft
    2018-04-01 63 days 1,999 sqft
    2018-05-01 54 days 2,016 sqft
    2018-06-01 49 days 2,041 sqft
    2018-07-01 53 days 2,047 sqft
    2018-08-01 59 days 2,045 sqft
    2018-09-01 60 days 2,043 sqft
    2018-10-01 58 days 2,003 sqft
    2018-11-01 64 days 1,947 sqft
    2018-12-01 82 days 1,851 sqft
    2019-01-01 89 days 1,850 sqft
    2019-02-01 84 days 1,841 sqft
    2019-03-01 60 days 1,881 sqft
    2019-04-01 42 days 2,003 sqft
    2019-05-01 39 days 1,968 sqft
    2019-06-01 43 days 1,974 sqft
    2019-07-01 49 days 1,984 sqft
    2019-08-01 59 days 1,990 sqft
    2019-09-01 66 days 1,981 sqft
    2019-10-01 72 days 1,925 sqft
    2019-11-01 82 days 1,928 sqft
    2019-12-01 93 days 1,958 sqft
    2020-01-01 89 days 1,968 sqft
    2020-02-01 82 days 2,043 sqft
    2020-03-01 54 days 2,105 sqft
    2020-04-01 49 days 2,101 sqft
    2020-05-01 50 days 2,071 sqft
    2020-06-01 49 days 2,063 sqft
    2020-07-01 50 days 2,055 sqft
    2020-08-01 50 days 2,130 sqft
    2020-09-01 48 days 2,109 sqft
    2020-10-01 50 days 2,025 sqft
    2020-11-01 57 days 1,929 sqft
    2020-12-01 68 days 1,901 sqft
    2021-01-01 78 days 1,849 sqft
    2021-02-01 53 days 1,905 sqft
    2021-03-01 41 days 1,926 sqft
    2021-04-01 33 days 1,920 sqft
    2021-05-01 37 days 1,957 sqft
    2021-06-01 30 days 1,916 sqft
    2021-07-01 35 days 1,952 sqft
    2021-08-01 36 days 1,945 sqft
    2021-09-01 39 days 1,934 sqft
    2021-10-01 44 days 1,909 sqft
    2021-11-01 50 days 1,931 sqft
    2021-12-01 61 days 1,946 sqft
    2022-01-01 79 days 1,911 sqft
    2022-02-01 65 days 2,212 sqft
    2022-03-01 36 days 2,217 sqft
    2022-04-01 27 days 2,256 sqft
    2022-05-01 22 days 2,103 sqft
    2022-06-01 29 days 2,053 sqft
    2022-07-01 40 days 2,098 sqft
    2022-08-01 41 days 2,124 sqft
    2022-09-01 46 days 2,063 sqft
    2022-10-01 46 days 2,064 sqft
    2022-11-01 58 days 1,982 sqft
    2022-12-01 71 days 1,945 sqft
    2023-01-01 80 days 1,871 sqft
    2023-02-01 75 days 2,004 sqft
    2023-03-01 49 days 2,137 sqft
    2023-04-01 46 days 2,076 sqft
    St. Cloud's median listing age (time on market) for 2023-04-01 was 46 days. This is 70% longer than the same period one year ago.

    St. Cloud's median square footage for active listings during the 2023-04-01 period was 2,076 sqft. One year prior, the average listing was 2,256 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).