Winona FHA Loan Rates, Closing Costs & Stats

Winona, 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.

    Winona's 18 lenders originated 44 FHA loans during 2023. The total origination value was $8,850,000, with an average FHA loan value of $201,136.

    Winona FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Winona averaged 6.62% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    Winona's average FHA mortgage closing costs are $6,752.

    The average rate for the prior week (2024-04-05) was 6.84% and one month ago for the week of 2024-03-08, the average rate was 6.58%.

    The average rate one year ago was 6.21%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.54%.

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

    Winona 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 Winona level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 7 5.82% $11,554
    Merchants Bank 6 6.32% $7,001
    U.S. Bank 4 7.28% $5,565
    AMERICAN FINANCIAL NETWORK, INC. 3 6.63% $17,289
    Plains Commerce Bank 3 6.75% $9,784
    QUICKEN LOANS, LLC 2 6.19% $6,182
    BROKER SOLUTIONS, INC. 2 7.13% $14,053
    LOANDEPOT.COM, LLC 2 7.13% $9,509
    Prosperity Home Mortgage, LLC 1 6.63% $9,019
    UNION HOME MORTGAGE CORP. 1 7.75% $7,571
    Home Federal Savings Bank 1 6.25% $5,764
    Bell Bank 1 7.25% $9,013
    Bremer Bank 1 6.13% $9,099
    Citizens Bank 1 7.75% $7,868
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.50% $6,563
    FIRST COMMUNITY MORTGAGE, INC. 1 6.25% $8,318
    GUARANTEED RATE, INC. 1 7.25% $11,611
    ALTRA 1 6.63% $6,829

    The top Winona FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 7 FHA loans originated. Their average total fees are $11,554, which is $4,553 higher than the next largest lender, Merchants Bank.

    The lowest fee Winona FHA lenders (with over 10 loans originated) are .

    The lowest rate Winona FHA lenders (with over 10 loans originated) are .

    Winona FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Winona (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 $149,450 (7.5%) $199,737 (4.4%) 0.00 103
    2018-02-01 $149,900 (6.2%) $199,911 (4.4%) 0.00 93
    2018-03-01 $164,900 (12.0%) $209,429 (4.9%) 0.00 93
    2018-04-01 $173,675 (16.6%) $229,213 (12.3%) 0.00 112
    2018-05-01 $181,050 (19.3%) $238,157 (18.9%) 0.00 121
    2018-06-01 $179,900 (14.6%) $247,487 (22.2%) 0.00 131
    2018-07-01 $179,900 (3.0%) $245,641 (18.1%) 0.00 157
    2018-08-01 $182,175 (9.7%) $242,664 (15.9%) 0.00 179
    2018-09-01 $179,900 (14.6%) $240,055 (15.5%) 0.00 189
    2018-10-01 $176,950 (14.7%) $233,798 (14.4%) 0.00 191
    2018-11-01 $174,925 (16.7%) $234,587 (18.4%) 0.00 171
    2018-12-01 $174,900 (20.6%) $242,076 (22.6%) 0.00 136
    2019-01-01 $162,400 (8.7%) $237,080 (18.7%) 0.00 103
    2019-02-01 $159,950 (6.7%) $244,534 (22.3%) 0.00 85
    2019-03-01 $189,950 (15.2%) $265,445 (26.8%) 0.00 96
    2019-04-01 $222,475 (28.1%) $280,239 (22.3%) 0.00 112
    2019-05-01 $225,000 (24.3%) $280,237 (17.7%) 0.00 130
    2019-06-01 $225,950 (25.6%) $283,379 (14.5%) 0.00 138
    2019-07-01 $198,100 (10.1%) $265,745 (8.2%) 0.00 138
    2019-08-01 $199,391 (9.5%) $255,030 (5.1%) 0.00 146
    2019-09-01 $199,677 (11.0%) $245,703 (2.4%) 0.00 153
    2019-10-01 $199,868 (13.0%) $240,597 (2.9%) 0.00 153
    2019-11-01 $187,450 (7.2%) $252,789 (7.8%) 0.00 131
    2019-12-01 $193,725 (10.8%) $227,737 (-5.9%) 0.00 116
    2020-01-01 $210,000 (29.3%) $238,909 (0.8%) 0.00 97
    2020-02-01 $194,900 (21.9%) $227,546 (-7.0%) 0.00 89
    2020-03-01 $193,450 (1.8%) $239,296 (-9.9%) 0.00 83
    2020-04-01 $204,900 (-7.9%) $233,722 (-16.6%) 0.00 92
    2020-05-01 $209,900 (-6.7%) $243,624 (-13.1%) 0.00 100
    2020-06-01 $243,700 (7.9%) $276,304 (-2.5%) 0.00 100
    2020-07-01 $222,500 (12.3%) $272,133 (2.4%) 0.00 96
    2020-08-01 $234,500 (17.6%) $298,605 (17.1%) 0.00 87
    2020-09-01 $249,900 (25.2%) $313,507 (27.6%) 0.00 89
    2020-10-01 $224,900 (12.5%) $290,400 (20.7%) 0.00 89
    2020-11-01 $222,475 (18.7%) $290,857 (15.1%) 0.00 71
    2020-12-01 $194,925 (0.6%) $273,410 (20.1%) 0.00 59
    2021-01-01 $215,000 (2.4%) $267,768 (12.1%) 0.00 43
    2021-02-01 $207,500 (6.5%) $253,725 (11.5%) 0.00 38
    2021-03-01 $217,475 (12.4%) $267,061 (11.6%) 0.00 34
    2021-04-01 $176,950 (-13.6%) $234,916 (0.5%) 0.00 41
    2021-05-01 $199,950 (-4.7%) $274,884 (12.8%) 0.00 43
    2021-06-01 $211,950 (-13.0%) $279,004 (1.0%) 0.00 53
    2021-07-01 $219,450 (-1.4%) $281,876 (3.6%) 0.00 76
    2021-08-01 $199,900 (-14.8%) $266,852 (-10.6%) 0.00 87
    2021-09-01 $199,675 (-20.1%) $263,892 (-15.8%) 0.00 78
    2021-10-01 $219,900 (-2.2%) $277,526 (-4.4%) 0.00 70
    2021-11-01 $224,500 (0.9%) $287,378 (-1.2%) 0.00 52
    2021-12-01 $199,950 (2.6%) $272,381 (-0.4%) 0.00 49
    2022-01-01 $184,900 (-14.0%) $254,404 (-5.0%) 0.00 41
    2022-02-01 $202,475 (-2.4%) $328,024 (29.3%) 0.00 36
    2022-03-01 $243,900 (12.2%) $340,131 (27.4%) 0.00 28
    2022-04-01 $211,950 (19.8%) $327,508 (39.4%) 0.00 32
    2022-05-01 $221,150 (10.6%) $325,274 (18.3%) 0.00 44
    2022-06-01 $244,500 (15.4%) $326,195 (16.9%) 0.00 56
    2022-07-01 $244,000 (11.2%) $317,716 (12.7%) 0.00 62
    2022-08-01 $253,500 (26.8%) $323,608 (21.3%) 0.00 60
    2022-09-01 $244,350 (22.4%) $305,048 (15.6%) 0.00 62
    2022-10-01 $249,000 (13.2%) $332,439 (19.8%) 0.00 61
    2022-11-01 $251,100 (11.9%) $336,519 (17.1%) 0.00 55
    2022-12-01 $237,000 (18.5%) $337,402 (23.9%) 0.00 50
    2023-01-01 $287,950 (55.7%) $374,634 (47.3%) 0.00 42
    2023-02-01 $271,150 (33.9%) $300,567 (-8.4%) 0.00 39
    2023-03-01 $257,450 (5.6%) $296,310 (-12.9%) 0.00 36
    2023-04-01 $291,000 (37.3%) $402,003 (22.8%) 0.00 38
    2023-05-01 $298,475 (35.0%) $412,076 (26.7%) 0.00 46
    2023-06-01 $297,650 (21.7%) $418,783 (28.4%) 0.00 56
    2023-07-01 $317,450 (30.1%) $426,426 (34.2%) 0.00 52
    2023-08-01 $302,425 (19.3%) $421,741 (30.3%) 0.00 60
    2023-09-01 $302,450 (23.8%) $424,983 (39.3%) 0.00 58
    2023-10-01 $291,000 (16.9%) $400,186 (20.4%) 0.00 61
    2023-11-01 $357,000 (42.2%) $448,601 (33.3%) 0.00 56
    2023-12-01 $327,500 (38.2%) $435,432 (29.1%) 0.00 49
    2024-01-01 $355,000 (23.3%) $439,081 (17.2%) 0.00 39
    2024-02-01 $452,400 (66.8%) $500,278 (66.4%) 0.00 36
    2024-03-01 $445,000 (72.9%) $485,115 (63.7%) 0.00 36
    Winona's median listing price for 2024-03-01 was $445,000, a difference of $187,550 (72.9%) versus the prior year and $-7,400 versus the prior month.

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

    Winona's average listing price for 2024-03-01 was $485,115, a difference of $188,805 (63.7%) versus the prior year and $-15,163 versus the prior month.

    For the 2024-03-01 period, Winona had 36 MLS listings, a difference of 0 listings (0%) versus the prior month and 0 listings (0%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Winona (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,245 sqft
    2018-02-01 0 days 2,258 sqft
    2018-03-01 0 days 2,435 sqft
    2018-04-01 0 days 2,500 sqft
    2018-05-01 0 days 2,513 sqft
    2018-06-01 0 days 2,538 sqft
    2018-07-01 0 days 2,528 sqft
    2018-08-01 0 days 2,463 sqft
    2018-09-01 0 days 2,454 sqft
    2018-10-01 0 days 2,424 sqft
    2018-11-01 0 days 2,445 sqft
    2018-12-01 0 days 2,454 sqft
    2019-01-01 0 days 1,972 sqft
    2019-02-01 0 days 1,929 sqft
    2019-03-01 0 days 2,103 sqft
    2019-04-01 0 days 2,215 sqft
    2019-05-01 0 days 2,130 sqft
    2019-06-01 0 days 2,124 sqft
    2019-07-01 0 days 1,995 sqft
    2019-08-01 0 days 1,991 sqft
    2019-09-01 0 days 1,927 sqft
    2019-10-01 0 days 1,877 sqft
    2019-11-01 0 days 1,863 sqft
    2019-12-01 0 days 1,852 sqft
    2020-01-01 0 days 1,854 sqft
    2020-02-01 0 days 1,770 sqft
    2020-03-01 0 days 1,890 sqft
    2020-04-01 0 days 1,881 sqft
    2020-05-01 0 days 1,896 sqft
    2020-06-01 0 days 2,281 sqft
    2020-07-01 0 days 2,007 sqft
    2020-08-01 0 days 2,160 sqft
    2020-09-01 0 days 2,410 sqft
    2020-10-01 0 days 2,221 sqft
    2020-11-01 0 days 2,199 sqft
    2020-12-01 0 days 1,945 sqft
    2021-01-01 0 days 1,945 sqft
    2021-02-01 0 days 1,939 sqft
    2021-03-01 0 days 1,931 sqft
    2021-04-01 0 days 1,668 sqft
    2021-05-01 0 days 1,919 sqft
    2021-06-01 0 days 1,930 sqft
    2021-07-01 0 days 1,906 sqft
    2021-08-01 0 days 1,720 sqft
    2021-09-01 0 days 1,753 sqft
    2021-10-01 0 days 1,749 sqft
    2021-11-01 0 days 1,792 sqft
    2021-12-01 0 days 1,844 sqft
    2022-01-01 0 days 1,694 sqft
    2022-02-01 0 days 2,367 sqft
    2022-03-01 0 days 2,328 sqft
    2022-04-01 0 days 2,254 sqft
    2022-05-01 0 days 1,705 sqft
    2022-06-01 0 days 1,794 sqft
    2022-07-01 0 days 1,998 sqft
    2022-08-01 0 days 1,899 sqft
    2022-09-01 0 days 1,911 sqft
    2022-10-01 0 days 2,119 sqft
    2022-11-01 0 days 2,037 sqft
    2022-12-01 0 days 2,003 sqft
    2023-01-01 0 days 2,022 sqft
    2023-02-01 0 days 1,737 sqft
    2023-03-01 0 days 1,824 sqft
    2023-04-01 0 days 2,122 sqft
    2023-05-01 0 days 2,077 sqft
    2023-06-01 0 days 2,052 sqft
    2023-07-01 0 days 2,163 sqft
    2023-08-01 0 days 1,985 sqft
    2023-09-01 0 days 2,041 sqft
    2023-10-01 0 days 2,054 sqft
    2023-11-01 0 days 2,165 sqft
    2023-12-01 0 days 2,127 sqft
    2024-01-01 0 days 2,143 sqft
    2024-02-01 0 days 2,323 sqft
    2024-03-01 0 days 2,540 sqft
    Winona's median listing age (time on market) for 2024-03-01 was 0 days.

    Winona's median square footage for active listings during the 2024-03-01 period was 2,540 sqft. One year prior, the average listing was 1,824 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).