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).