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 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 6.86% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

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

    The average rate for the prior week (2024-07-12) was 6.91% and one month ago for the week of 2024-06-14, the average rate was 6.77%.

    The average rate one year ago was 6.65%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.95%.

    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).