Willmar FHA Loan Rates, Closing Costs & Stats

Willmar, 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.

    Willmar's 25 lenders originated 68 FHA loans during 2023. The total origination value was $13,330,000, with an average FHA loan value of $196,029.

    Willmar FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Willmar averaged 0.24% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Willmar's average FHA mortgage closing costs are $6,728.

    The average rate for the prior week (2024-11-08) was 6.55% and one month ago for the week of 2024-10-11, the average rate was 6.35%.

    The average rate one year ago was 7.3%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Willmar 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 Willmar level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 12 6.08% $9,373
    EVERETT FINANCIAL, INC. 6 6.44% $9,961
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.58% $6,996
    HOMEOWNERS FINANCIAL GROUP USA, LLC 4 7.09% $9,911
    Bremer Bank 3 6.33% $9,050
    Prosperity Home Mortgage, LLC 3 6.62% $8,189
    UNITED WHOLESALE MORTGAGE, LLC 3 6.41% $10,867
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 7.08% $6,484
    FREEDOM MORTGAGE CORPORATION 3 7.08% $8,174
    Flagstar Bank, FSB 2 6.93% $8,038
    LOANDEPOT.COM, LLC 2 6.63% $11,251
    CROSSCOUNTRY MORTGAGE, LLC 2 6.38% $12,069
    ZILLOW HOME LOANS, LLC 2 7.56% $8,610
    GUARANTEED RATE AFFINITY, LLC 1 6.88% $9,528
    BROKER SOLUTIONS, INC. 1 7.25% $9,131
    CARDINAL FINANCIAL 1 5.75% $7,553
    Carrington Mortgage Services, LLC 1 5.50% $7,630
    DRAPER AND KRAMER MORTGAGE CORP. 1 6.38% $6,988
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.25% $9,170
    Heritage Bank 1 6.00% $5,540
    MOVEMENT MORTGAGE, LLC 1 7.00% $8,339
    NEWREZ LLC 1 6.99% $7,473
    North Shore Bank of Commerce 1 6.00% $7,024
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.38% $9,057
    TOTAL MORTGAGE SERVICES, LLC 1 8.25% $11,868

    The top Willmar FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 12 FHA loans originated. Their average total fees are $9,373, which is $588 lower than the next largest lender, EVERETT FINANCIAL, INC..

    The lowest fee Willmar FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($9,373), .

    The lowest rate Willmar FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.08%), .

    Willmar FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    WILLMAR, MN KANDIYOHI 2022 $420,680 $538,650 $651,050 $809,150
    WILLMAR, MN KANDIYOHI 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Willmar (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 $251,069 (18.8%) $324,892 (5.0%) 0.00 169
    2018-02-01 $254,500 (15.5%) $321,755 (5.0%) 0.00 174
    2018-03-01 $266,100 (16.5%) $326,029 (5.0%) 0.00 189
    2018-04-01 $269,675 (8.9%) $337,277 (4.0%) 0.00 197
    2018-05-01 $272,975 (13.1%) $336,707 (2.2%) 0.00 212
    2018-06-01 $249,000 (2.4%) $324,797 (-2.3%) 0.00 229
    2018-07-01 $239,450 (-4.2%) $308,774 (-8.6%) 0.00 232
    2018-08-01 $232,450 (-5.3%) $303,730 (-6.6%) 0.00 222
    2018-09-01 $244,944 (-0.4%) $313,083 (-2.1%) 0.00 221
    2018-10-01 $233,050 (-1.0%) $311,714 (-0.5%) 0.00 233
    2018-11-01 $222,125 (-10.0%) $311,562 (-2.5%) 0.00 222
    2018-12-01 $217,500 (-12.7%) $294,332 (-10.7%) 0.00 198
    2019-01-01 $199,447 (-20.6%) $287,931 (-11.4%) 0.00 171
    2019-02-01 $220,800 (-13.2%) $332,817 (3.4%) 0.00 158
    2019-03-01 $224,999 (-15.5%) $330,116 (1.3%) 0.00 176
    2019-04-01 $229,950 (-14.7%) $318,801 (-5.5%) 0.00 197
    2019-05-01 $242,394 (-11.2%) $321,319 (-4.6%) 0.00 225
    2019-06-01 $254,977 (2.4%) $339,357 (4.5%) 0.00 228
    2019-07-01 $275,000 (14.9%) $352,034 (14.0%) 0.00 234
    2019-08-01 $282,055 (21.3%) $357,383 (17.7%) 0.00 224
    2019-09-01 $272,461 (11.2%) $352,138 (12.5%) 0.00 224
    2019-10-01 $259,500 (11.4%) $344,206 (10.4%) 0.00 224
    2019-11-01 $259,500 (16.8%) $337,697 (8.4%) 0.00 209
    2019-12-01 $249,600 (14.8%) $329,754 (12.0%) 0.00 210
    2020-01-01 $256,050 (28.4%) $330,289 (14.7%) 0.00 198
    2020-02-01 $260,000 (17.8%) $328,618 (-1.3%) 0.00 190
    2020-03-01 $282,225 (25.4%) $341,089 (3.3%) 0.00 183
    2020-04-01 $278,597 (21.2%) $340,676 (6.9%) 0.00 180
    2020-05-01 $289,900 (19.6%) $360,025 (12.1%) 0.00 180
    2020-06-01 $282,450 (10.8%) $370,896 (9.3%) 0.00 178
    2020-07-01 $255,000 (-7.3%) $354,107 (0.6%) 0.00 186
    2020-08-01 $256,950 (-8.9%) $353,745 (-1.0%) 0.00 163
    2020-09-01 $257,425 (-5.5%) $347,001 (-1.5%) 0.00 149
    2020-10-01 $250,000 (-3.7%) $330,910 (-3.9%) 0.00 125
    2020-11-01 $244,950 (-5.6%) $335,422 (-0.7%) 0.00 108
    2020-12-01 $281,675 (12.9%) $370,154 (12.3%) 0.00 80
    2021-01-01 $270,000 (5.5%) $392,639 (18.9%) 0.00 66
    2021-02-01 $269,900 (3.8%) $401,632 (22.2%) 0.00 70
    2021-03-01 $303,444 (7.5%) $397,728 (16.6%) 0.00 68
    2021-04-01 $288,000 (3.4%) $448,335 (31.6%) 0.00 78
    2021-05-01 $232,500 (-19.8%) $380,520 (5.7%) 0.00 83
    2021-06-01 $234,999 (-16.8%) $389,882 (5.1%) 0.00 83
    2021-07-01 $231,900 (-9.1%) $358,108 (1.1%) 0.00 96
    2021-08-01 $250,000 (-2.7%) $365,109 (3.2%) 0.00 106
    2021-09-01 $228,175 (-11.4%) $359,051 (3.5%) 0.00 93
    2021-10-01 $215,000 (-14.0%) $336,595 (1.7%) 0.00 87
    2021-11-01 $187,450 (-23.5%) $298,167 (-11.1%) 0.00 81
    2021-12-01 $202,000 (-28.3%) $282,292 (-23.7%) 0.00 59
    2022-01-01 $215,000 (-20.4%) $301,287 (-23.3%) 0.00 40
    2022-02-01 $254,750 (-5.6%) $364,118 (-9.3%) 0.00 30
    2022-03-01 $254,000 (-16.3%) $401,602 (1.0%) 0.00 31
    2022-04-01 $257,000 (-10.8%) $382,414 (-14.7%) 0.00 35
    2022-05-01 $262,500 (12.9%) $401,114 (5.4%) 0.00 48
    2022-06-01 $267,475 (13.8%) $383,012 (-1.8%) 0.00 64
    2022-07-01 $272,500 (17.5%) $370,411 (3.4%) 0.00 70
    2022-08-01 $316,250 (26.5%) $425,735 (16.6%) 0.00 63
    2022-09-01 $297,250 (30.3%) $457,582 (27.4%) 0.00 54
    2022-10-01 $345,000 (60.5%) $493,186 (46.5%) 0.00 62
    2022-11-01 $353,450 (88.6%) $479,809 (60.9%) 0.00 56
    2022-12-01 $340,000 (68.3%) $468,489 (66.0%) 0.00 50
    2023-01-01 $340,000 (58.1%) $461,695 (53.2%) 0.00 40
    2023-02-01 $358,944 (40.9%) $458,843 (26.0%) 0.00 35
    2023-03-01 $349,250 (37.5%) $447,673 (11.5%) 0.00 38
    2023-04-01 $334,000 (30.0%) $465,589 (21.8%) 0.00 32
    2023-05-01 $318,850 (21.5%) $436,904 (8.9%) 0.00 38
    2023-06-01 $357,475 (33.7%) $466,612 (21.8%) 0.00 59
    2023-07-01 $350,000 (28.4%) $428,475 (15.7%) 0.00 71
    2023-08-01 $365,950 (15.7%) $452,069 (6.2%) 0.00 79
    2023-09-01 $345,000 (16.1%) $400,103 (-12.6%) 0.00 81
    2023-10-01 $344,500 (-0.1%) $397,590 (-19.4%) 0.00 78
    2023-11-01 $335,000 (-5.2%) $386,410 (-19.5%) 0.00 78
    2023-12-01 $342,500 (0.7%) $380,197 (-18.9%) 0.00 66
    2024-01-01 $374,950 (10.3%) $466,320 (1.0%) 0.00 51
    2024-02-01 $385,425 (7.4%) $506,370 (10.4%) 0.00 51
    2024-03-01 $374,500 (7.2%) $500,948 (11.9%) 0.00 47
    2024-04-01 $384,450 (15.1%) $508,764 (9.3%) 0.00 52
    2024-05-01 $384,900 (20.7%) $538,357 (23.2%) 0.00 65
    2024-06-01 $384,900 (7.7%) $485,735 (4.1%) 0.00 68
    2024-07-01 $386,950 (10.6%) $493,951 (15.3%) 0.00 70
    2024-08-01 $395,000 (7.9%) $501,926 (11.0%) 0.00 77
    2024-09-01 $387,425 (12.3%) $471,427 (17.8%) 0.00 82
    2024-10-01 $384,925 (11.7%) $488,788 (22.9%) 0.00 104
    Willmar's median listing price for 2024-10-01 was $384,925, a difference of $40,425 (11.7%) versus the prior year and $-2,500 versus the prior month.

    Willmar's median listing price comes in at 0% of the national average.

    Willmar's average listing price for 2024-10-01 was $488,788, a difference of $91,198 (22.9%) versus the prior year and $17,361 versus the prior month.

    For the 2024-10-01 period, Willmar had 104 MLS listings, a difference of 22 listings (27%) versus the prior month and 26 listings (33%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Willmar (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,428 sqft
    2018-02-01 0 days 2,435 sqft
    2018-03-01 0 days 2,432 sqft
    2018-04-01 0 days 2,434 sqft
    2018-05-01 0 days 2,398 sqft
    2018-06-01 0 days 2,344 sqft
    2018-07-01 0 days 2,346 sqft
    2018-08-01 0 days 2,323 sqft
    2018-09-01 0 days 2,348 sqft
    2018-10-01 0 days 2,343 sqft
    2018-11-01 0 days 2,269 sqft
    2018-12-01 0 days 2,190 sqft
    2019-01-01 0 days 2,189 sqft
    2019-02-01 0 days 2,355 sqft
    2019-03-01 0 days 2,181 sqft
    2019-04-01 0 days 2,087 sqft
    2019-05-01 0 days 2,118 sqft
    2019-06-01 0 days 2,210 sqft
    2019-07-01 0 days 2,264 sqft
    2019-08-01 0 days 2,214 sqft
    2019-09-01 0 days 2,131 sqft
    2019-10-01 0 days 2,070 sqft
    2019-11-01 0 days 2,072 sqft
    2019-12-01 0 days 2,108 sqft
    2020-01-01 0 days 2,084 sqft
    2020-02-01 0 days 2,084 sqft
    2020-03-01 0 days 2,071 sqft
    2020-04-01 0 days 1,953 sqft
    2020-05-01 0 days 2,120 sqft
    2020-06-01 0 days 2,189 sqft
    2020-07-01 0 days 2,193 sqft
    2020-08-01 0 days 2,158 sqft
    2020-09-01 0 days 2,217 sqft
    2020-10-01 0 days 2,229 sqft
    2020-11-01 0 days 2,214 sqft
    2020-12-01 0 days 2,361 sqft
    2021-01-01 0 days 2,387 sqft
    2021-02-01 0 days 2,520 sqft
    2021-03-01 0 days 2,577 sqft
    2021-04-01 0 days 2,341 sqft
    2021-05-01 0 days 2,075 sqft
    2021-06-01 0 days 2,020 sqft
    2021-07-01 0 days 2,028 sqft
    2021-08-01 0 days 2,026 sqft
    2021-09-01 0 days 1,972 sqft
    2021-10-01 0 days 1,976 sqft
    2021-11-01 0 days 1,948 sqft
    2021-12-01 0 days 1,818 sqft
    2022-01-01 0 days 1,976 sqft
    2022-02-01 0 days 2,103 sqft
    2022-03-01 0 days 2,033 sqft
    2022-04-01 0 days 2,160 sqft
    2022-05-01 0 days 1,976 sqft
    2022-06-01 0 days 2,153 sqft
    2022-07-01 0 days 2,069 sqft
    2022-08-01 0 days 2,239 sqft
    2022-09-01 0 days 2,228 sqft
    2022-10-01 0 days 2,241 sqft
    2022-11-01 0 days 2,199 sqft
    2022-12-01 0 days 1,996 sqft
    2023-01-01 0 days 1,978 sqft
    2023-02-01 0 days 2,013 sqft
    2023-03-01 0 days 2,195 sqft
    2023-04-01 0 days 2,025 sqft
    2023-05-01 0 days 2,032 sqft
    2023-06-01 0 days 2,299 sqft
    2023-07-01 0 days 2,057 sqft
    2023-08-01 0 days 2,083 sqft
    2023-09-01 0 days 2,054 sqft
    2023-10-01 0 days 2,084 sqft
    2023-11-01 0 days 2,022 sqft
    2023-12-01 0 days 1,989 sqft
    2024-01-01 0 days 2,028 sqft
    2024-02-01 0 days 2,002 sqft
    2024-03-01 0 days 2,002 sqft
    2024-04-01 0 days 2,002 sqft
    2024-05-01 0 days 2,080 sqft
    2024-06-01 0 days 2,054 sqft
    2024-07-01 0 days 2,171 sqft
    2024-08-01 0 days 2,178 sqft
    2024-09-01 0 days 2,138 sqft
    2024-10-01 0 days 2,083 sqft
    Willmar's median listing age (time on market) for 2024-10-01 was 0 days.

    Willmar's median square footage for active listings during the 2024-10-01 period was 2,083 sqft. One year prior, the average listing was 2,084 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).