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).