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 6.66% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

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

The average rate for the prior week (2024-05-31) was 6.64% and one month ago for the week of 2024-05-03, the average rate was 6.94%.

The average rate one year ago was 6.91%.

For refis of the same type during the week of 2024-06-07, the average rate was 7.35%.

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

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 $212,975 (8.0%) $249,381 (4.2%) 0.79 510
2018-02-01 $217,675 (0.1%) $259,815 (3.1%) 0.79 527
2018-03-01 $224,900 (0.0%) $270,566 (2.0%) 0.79 541
2018-04-01 $249,950 (12.3%) $286,099 (8.2%) 0.85 545
2018-05-01 $249,950 (13.7%) $291,671 (11.4%) 0.83 611
2018-06-01 $254,900 (18.3%) $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 (13.4%) 0.83 642
2018-09-01 $240,000 (14.3%) $284,748 (11.4%) 0.81 653
2018-10-01 $247,175 (17.8%) $284,223 (11.2%) 0.84 655
2018-11-01 $229,950 (10.0%) $273,979 (8.4%) 0.78 620
2018-12-01 $229,948 (9.5%) $275,031 (8.9%) 0.79 534
2019-01-01 $232,400 (9.1%) $276,566 (10.9%) 0.80 469
2019-02-01 $236,950 (8.9%) $278,034 (7.0%) 0.80 463
2019-03-01 $244,186 (8.6%) $286,589 (5.9%) 0.80 515
2019-04-01 $249,186 (-0.3%) $290,251 (1.5%) 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 $245,875 (-1.0%) $284,921 (-2.3%) 0.77 739
2019-08-01 $235,318 (-4.8%) $276,272 (-4.6%) 0.75 760
2019-09-01 $232,270 (-3.2%) $270,958 (-4.8%) 0.74 739
2019-10-01 $229,950 (-7.0%) $267,267 (-6.0%) 0.74 724
2019-11-01 $229,900 (0.0%) $267,039 (-2.5%) 0.75 670
2019-12-01 $232,000 (0.9%) $268,986 (-2.2%) 0.77 547
2020-01-01 $229,925 (-1.1%) $266,935 (-3.5%) 0.77 488
2020-02-01 $250,000 (5.5%) $287,535 (3.4%) 0.82 495
2020-03-01 $269,900 (10.5%) $300,822 (5.0%) 0.85 500
2020-04-01 $267,950 (7.5%) $303,831 (4.7%) 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 (9.5%) $310,786 (9.1%) 0.78 498
2020-08-01 $258,950 (10.0%) $307,415 (11.3%) 0.74 471
2020-09-01 $266,175 (14.6%) $316,149 (16.7%) 0.76 462
2020-10-01 $259,400 (12.8%) $312,681 (17.0%) 0.74 447
2020-11-01 $252,450 (9.8%) $307,738 (15.2%) 0.74 350
2020-12-01 $250,725 (8.1%) $311,778 (15.9%) 0.75 293
2021-01-01 $249,950 (8.7%) $317,645 (19.0%) 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%) $381,650 (8.7%) 0.73 311
2022-08-01 $335,900 (15.9%) $388,510 (12.7%) 0.78 308
2022-09-01 $329,925 (11.5%) $380,471 (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 $354,925 (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 (7.1%) $417,215 (2.3%) 0.87 210
2023-05-01 $368,650 (8.5%) $431,155 (6.1%) 0.84 244
2023-06-01 $354,975 (8.1%) $413,083 (6.8%) 0.80 276
2023-07-01 $357,450 (10.0%) $410,184 (7.5%) 0.81 295
2023-08-01 $354,900 (5.7%) $405,962 (4.5%) 0.81 302
2023-09-01 $349,000 (5.8%) $404,167 (6.2%) 0.81 323
2023-10-01 $329,125 (-1.8%) $387,745 (-0.4%) 0.77 348
2023-11-01 $316,675 (-2.6%) $378,485 (-0.3%) 0.75 340
2023-12-01 $319,900 (-1.6%) $377,852 (-1.8%) 0.78 301
2024-01-01 $323,750 (-3.7%) $379,122 (-2.0%) 0.79 246
2024-02-01 $334,925 (-5.6%) $388,519 (-1.1%) 0.81 235
2024-03-01 $350,000 (-2.1%) $418,496 (3.2%) 0.82 266
2024-04-01 $373,675 (-0.3%) $429,448 (2.9%) 0.87 291
2024-05-01 $384,925 (4.4%) $441,484 (2.4%) 0.87 315
St. Cloud's median listing price for 2024-05-01 was $384,925, a difference of $16,275 (4.4%) versus the prior year and $11,250 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 2024-05-01 was $441,484, a difference of $10,329 (2.4%) versus the prior year and $12,036 versus the prior month.

For the 2024-05-01 period, St. Cloud had 315 MLS listings, a difference of 24 listings (8%) versus the prior month and 71 listings (29%) 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 88 days 1,815 sqft
2018-02-01 65 days 1,871 sqft
2018-03-01 54 days 1,900 sqft
2018-04-01 52 days 1,999 sqft
2018-05-01 46 days 2,016 sqft
2018-06-01 45 days 2,041 sqft
2018-07-01 51 days 2,047 sqft
2018-08-01 57 days 2,045 sqft
2018-09-01 57 days 2,044 sqft
2018-10-01 55 days 2,003 sqft
2018-11-01 61 days 1,947 sqft
2018-12-01 80 days 1,851 sqft
2019-01-01 87 days 1,850 sqft
2019-02-01 78 days 1,841 sqft
2019-03-01 59 days 1,902 sqft
2019-04-01 39 days 2,003 sqft
2019-05-01 38 days 1,968 sqft
2019-06-01 42 days 1,974 sqft
2019-07-01 47 days 1,983 sqft
2019-08-01 54 days 1,975 sqft
2019-09-01 64 days 1,951 sqft
2019-10-01 70 days 1,926 sqft
2019-11-01 77 days 1,931 sqft
2019-12-01 89 days 1,959 sqft
2020-01-01 86 days 1,968 sqft
2020-02-01 75 days 2,043 sqft
2020-03-01 51 days 2,105 sqft
2020-04-01 46 days 2,101 sqft
2020-05-01 47 days 2,071 sqft
2020-06-01 46 days 2,063 sqft
2020-07-01 48 days 2,055 sqft
2020-08-01 47 days 2,128 sqft
2020-09-01 45 days 2,109 sqft
2020-10-01 47 days 2,025 sqft
2020-11-01 55 days 1,929 sqft
2020-12-01 66 days 1,900 sqft
2021-01-01 69 days 1,848 sqft
2021-02-01 47 days 1,905 sqft
2021-03-01 39 days 1,923 sqft
2021-04-01 32 days 1,920 sqft
2021-05-01 35 days 1,957 sqft
2021-06-01 30 days 1,916 sqft
2021-07-01 34 days 1,952 sqft
2021-08-01 35 days 1,945 sqft
2021-09-01 39 days 1,934 sqft
2021-10-01 43 days 1,909 sqft
2021-11-01 50 days 1,931 sqft
2021-12-01 60 days 1,946 sqft
2022-01-01 77 days 1,911 sqft
2022-02-01 58 days 2,212 sqft
2022-03-01 33 days 2,217 sqft
2022-04-01 23 days 2,256 sqft
2022-05-01 21 days 2,103 sqft
2022-06-01 29 days 2,053 sqft
2022-07-01 39 days 2,100 sqft
2022-08-01 39 days 2,124 sqft
2022-09-01 46 days 2,065 sqft
2022-10-01 46 days 2,060 sqft
2022-11-01 57 days 1,978 sqft
2022-12-01 71 days 1,945 sqft
2023-01-01 78 days 1,873 sqft
2023-02-01 73 days 2,002 sqft
2023-03-01 44 days 2,131 sqft
2023-04-01 44 days 2,061 sqft
2023-05-01 34 days 2,010 sqft
2023-06-01 30 days 2,036 sqft
2023-07-01 37 days 2,028 sqft
2023-08-01 46 days 2,052 sqft
2023-09-01 46 days 2,079 sqft
2023-10-01 45 days 2,007 sqft
2023-11-01 53 days 1,953 sqft
2023-12-01 66 days 1,868 sqft
2024-01-01 62 days 1,936 sqft
2024-02-01 59 days 2,013 sqft
2024-03-01 36 days 2,019 sqft
2024-04-01 38 days 2,135 sqft
2024-05-01 30 days 2,114 sqft
St. Cloud's median listing age (time on market) for 2024-05-01 was 30 days. This is -10% shorter than the same period one year ago.

St. Cloud's median square footage for active listings during the 2024-05-01 period was 2,114 sqft. One year prior, the average listing was 2,010 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).