Minneapolis USDA Loans

MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI

USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.

Minneapolis's 78 lenders originated 560 USDA loans during 2021. The total origination value was $139,700,000, with an average USDA loan value of $249,464.

Minneapolis USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Minneapolis averaged 6.23% for the week of 2022-09-23, compared to the national average (all USDA variants) of 6.08% for the same period.

The average rate for the prior week (2022-09-16) was 5.66% and one month ago for the week of 2022-08-19, the average rate was 5.45%.

The average rate one year ago was 2.78%.

For refis of the same type during the week of 2022-09-23, the average rate was 6.1%.

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

Minneapolis USDA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Minneapolis level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
CROSSCOUNTRY MORTGAGE, LLC 57 2.93% $6,914
BAY EQUITY LLC 42 2.85% $6,977
Flagstar Bank, FSB 27 2.61% $5,515
Bell Bank 22 2.64% $6,095
GUARANTEED RATE, INC. 20 2.71% $6,802
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 20 3.07% $7,045
Summit Mortgage Corporation 19 2.74% $6,456
BROKER SOLUTIONS, INC. 19 3.17% $6,796
CALIBER HOME LOANS, INC. 17 2.88% $6,596
Ixonia Bank 14 2.87% $5,275
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 14 2.95% $6,284
Prosperity Home Mortgage, LLC 13 2.84% $5,809
RESULTS MORTGAGE, LLC 12 2.89% $6,084
HOME POINT FINANCIAL CORPORATION 12 2.77% $5,671
Mortgages Unlimited Inc. 11 2.97% $7,864
PLAZA HOME MORTGAGE, INC. 11 2.62% $5,941
Lend Smart Mortgage, LLC 11 2.82% $4,632
LOANDEPOT.COM, LLC 10 3.14% $7,229
PENNYMAC LOAN SERVICES, LLC 10 2.69% $6,631
American Mortgage & Equity Consultants, Inc. 9 3.07% $7,178
CMG MORTGAGE, INC. 9 2.93% $7,924
Barrington Bank & Trust Company, N.A. 8 2.92% $7,325
AXIA FINANCIAL, LLC 8 2.72% $6,133
UNITED WHOLESALE MORTGAGE, LLC 7 2.89% $6,064
MOVEMENT MORTGAGE, LLC 7 2.70% $6,740
First Guaranty Mortgage Corporation 7 2.64% $4,947
Alerus Financial 6 2.65% $5,017
Bank of England 6 2.98% $7,073
Paramount Residential Mortgage Group, Inc. 6 3.27% $8,404
ST. CLOUD FINANCIAL 6 2.56% $5,816
Waterstone Mortgage Corporation 6 2.96% $6,929
AMERICAN PORTFOLIO MORTGAGE CORPORATION 5 2.68% $7,015
PRIMELENDING, A PLAINSCAPITAL COMPANY 5 3.40% $6,792
EVERETT FINANCIAL, INC. 5 2.93% $5,320
UNION HOME MORTGAGE CORP. 5 2.65% $7,302
Lake Area Bank 5 2.78% $5,961
Heritage Bank 4 3.06% $7,849
Old National Bank 4 2.63% $5,812
Goldwater Bank, N.A. 4 2.97% $8,055
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 3.29% $7,374
MEGASTAR FINANCIAL CORP. 3 2.75% $6,139
GUARANTEED RATE AFFINITY, LLC 3 3.17% $6,842
Frandsen Bank & Trust 3 2.71% $6,545
HOMEOWNERS FINANCIAL GROUP USA, LLC 3 2.96% $5,153
GSF Mortgage Corporation 3 2.96% $9,561
TRUSTONE FINANCIAL FEDERAL CREDIT UNION 3 2.25% $5,662
FREEDOM MORTGAGE CORPORATION 2 2.75% $7,420
LEADERONE FINANCIAL CORPORATION 2 2.69% $3,780
DATA MORTGAGE, INC. 2 3.25% $5,928
Merchants Bank 2 2.46% $5,615
CORTRUST MORTGAGE, INC. 2 2.38% $5,310
PARKSIDE LENDING, LLC 2 2.88% $3,725
Plains Commerce Bank 2 2.56% $7,965
PLANET HOME LENDING, LLC 2 2.81% $4,687
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 3.25% $7,172
Wells Fargo Bank 2 3.13% $1,656
STEARNS LENDING, LLC 2 3.25% $5,495
AMERICAN PACIFIC MORTGAGE CORPORATION 2 3.19% $7,981
U.S. Bank 2 3.13% $5,567
Carrington Mortgage Services, LLC 1 4.75% $4,675
First Bank & Trust 1 3.00% $6,803
Liberty Bank Minnesota 1 2.50% $4,699
Bremer Bank 1 3.00% $8,037
Equity Prime Mortgage LLC 1 3.50% $10,249
Servion, Inc. 1 2.75% $6,733
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 3.75% $8,351
Florida Capital Bank 1 2.50% $9,689
Stifel Bank and Trust 1 2.38% $6,453
MANN FINANCIAL INC. 1 2.75% $7,044
First International Bank & Trust 1 2.75% $6,477
CRESCENT MORTGAGE COMPANY 1 2.75% $10,315
TCF National Bank 1 2.75% $7,482
Loan Simple, Inc. 1 2.25% $12,902
WESTconsin Credit Union 1 3.38% $4,224
TJC Mortgage, Inc. 1 2.25% $5,722
CELEBRITY HOME LOANS, LLC 1 3.25% $8,794
LAKEVIEW LOAN SERVICING, LLC 1 2.75% $3,088
KELLER MORTGAGE, LLC 1 2.75% $3,922

The top Minneapolis USDA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 57 USDA loans originated. Their average total fees are $6,914, which is $63 lower than the next largest lender, BAY EQUITY LLC.

The lowest fee Minneapolis USDA lenders (with over 10 loans originated) are Lend Smart Mortgage, LLC ($4,632), Ixonia Bank ($5,275), Flagstar Bank, FSB ($5,515), HOME POINT FINANCIAL CORPORATION ($5,671) and Prosperity Home Mortgage, LLC ($5,809).

The lowest rate Minneapolis USDA lenders (with over 10 loans originated) are Flagstar Bank, FSB (2.61%), PLAZA HOME MORTGAGE, INC. (2.62%), Bell Bank (2.64%), PENNYMAC LOAN SERVICES, LLC (2.69%) and GUARANTEED RATE, INC. (2.71%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Minneapolis (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 $372,400 (12.0%) $493,420 (9.1%) 1.37 5,786
2018-02-01 $384,850 (8.6%) $510,428 (6.8%) 1.39 5,946
2018-03-01 $389,890 (8.6%) $512,707 (5.8%) 1.35 6,440
2018-04-01 $382,735 (8.9%) $509,156 (7.0%) 1.28 6,948
2018-05-01 $374,950 (7.1%) $500,317 (6.8%) 1.25 7,814
2018-06-01 $369,000 (7.2%) $487,394 (6.5%) 1.23 8,929
2018-07-01 $360,945 (6.2%) $477,506 (5.5%) 1.20 9,596
2018-08-01 $349,950 (7.1%) $468,458 (6.5%) 1.17 10,191
2018-09-01 $349,900 (6.0%) $462,856 (3.5%) 1.17 10,664
2018-10-01 $351,000 (4.8%) $468,955 (3.7%) 1.17 10,610
2018-11-01 $349,900 (0.7%) $461,218 (0.3%) 1.17 9,659
2018-12-01 $365,000 (0.3%) $480,163 (0.9%) 1.25 7,985
2019-01-01 $379,403 (1.9%) $489,216 (-0.9%) 1.31 6,796
2019-02-01 $388,458 (0.9%) $502,040 (-1.6%) 1.30 6,608
2019-03-01 $380,814 (-2.3%) $493,106 (-3.8%) 1.24 7,583
2019-04-01 $369,900 (-3.4%) $478,532 (-6.0%) 1.16 9,088
2019-05-01 $360,000 (-4.0%) $471,759 (-5.7%) 1.11 10,404
2019-06-01 $355,000 (-3.8%) $466,542 (-4.3%) 1.09 11,592
2019-07-01 $350,054 (-3.0%) $461,864 (-3.3%) 1.09 11,866
2019-08-01 $345,614 (-1.2%) $455,056 (-2.9%) 1.09 11,896
2019-09-01 $339,900 (-2.9%) $450,122 (-2.8%) 1.08 11,930
2019-10-01 $344,950 (-1.7%) $458,362 (-2.3%) 1.10 12,301
2019-11-01 $349,900 (0.0%) $464,792 (0.8%) 1.13 10,812
2019-12-01 $357,450 (-2.1%) $476,718 (-0.7%) 1.19 8,616
2020-01-01 $359,950 (-5.1%) $476,255 (-2.7%) 1.20 7,455
2020-02-01 $374,900 (-3.5%) $494,459 (-1.5%) 1.21 7,430
2020-03-01 $373,950 (-1.8%) $495,521 (0.5%) 1.17 8,137
2020-04-01 $367,495 (-0.7%) $481,475 (0.6%) 1.14 8,481
2020-05-01 $369,900 (2.8%) $483,817 (2.6%) 1.12 9,177
2020-06-01 $369,900 (4.2%) $491,052 (5.3%) 1.08 9,292
2020-07-01 $367,250 (4.9%) $490,240 (6.1%) 1.05 8,769
2020-08-01 $360,000 (4.2%) $484,106 (6.4%) 1.03 8,716
2020-09-01 $354,330 (4.3%) $479,753 (6.6%) 1.01 8,530
2020-10-01 $349,900 (1.4%) $465,772 (1.6%) 1.00 8,615
2020-11-01 $344,950 (-1.4%) $463,476 (-0.3%) 0.99 7,336
2020-12-01 $344,310 (-3.7%) $468,098 (-1.8%) 1.01 5,875
2021-01-01 $357,635 (-0.6%) $481,073 (1.0%) 1.05 4,732
2021-02-01 $369,274 (-1.5%) $498,249 (0.8%) 1.06 4,346
2021-03-01 $369,450 (-1.2%) $507,613 (2.4%) 1.04 4,434
2021-04-01 $359,950 (-2.1%) $496,420 (3.1%) 0.97 4,718
2021-05-01 $359,900 (-2.7%) $494,480 (2.2%) 0.95 5,014
2021-06-01 $365,000 (-1.3%) $486,751 (-0.9%) 0.95 6,026
2021-07-01 $364,950 (-0.6%) $478,453 (-2.4%) 0.95 6,557
2021-08-01 $354,983 (-1.4%) $467,642 (-3.4%) 0.93 7,402
2021-09-01 $350,000 (-1.2%) $458,496 (-4.4%) 0.92 7,812
2021-10-01 $350,000 (0.0%) $456,860 (-1.9%) 0.92 7,706
2021-11-01 $349,995 (1.5%) $454,707 (-1.9%) 0.92 6,675
2021-12-01 $354,268 (2.9%) $460,548 (-1.6%) 0.94 5,171
2022-01-01 $370,000 (3.5%) $481,982 (0.2%) 0.99 3,949
2022-02-01 $401,900 (8.8%) $527,759 (5.9%) 1.02 3,350
2022-03-01 $414,500 (12.2%) $537,586 (5.9%) 1.02 3,672
2022-04-01 $417,990 (16.1%) $540,326 (8.8%) 0.98 4,000
2022-05-01 $421,999 (17.3%) $542,721 (9.8%) 0.94 5,134
2022-06-01 $419,950 (15.1%) $544,956 (12.0%) 0.93 5,998
2022-07-01 $420,000 (15.1%) $545,841 (14.1%) 0.94 6,883
2022-08-01 $419,900 (18.3%) $541,756 (15.9%) 0.97 7,021
Minneapolis's median listing price for 2022-08-01 was $419,900, a difference of $64,917 (18.3%) versus the prior year and $-100 versus the prior month.

Minneapolis's median listing price comes in at 97% of the national average.

Minneapolis's average listing price for 2022-08-01 was $541,756, a difference of $74,114 (15.9%) versus the prior year and $-4,085 versus the prior month.

For the 2022-08-01 period, Minneapolis had 7,021 MLS listings, a difference of 138 listings (2%) versus the prior month and -381 listings (-5%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Minneapolis (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 73 days 2,317 sqft
2018-02-01 52 days 2,378 sqft
2018-03-01 42 days 2,400 sqft
2018-04-01 42 days 2,379 sqft
2018-05-01 38 days 2,352 sqft
2018-06-01 37 days 2,336 sqft
2018-07-01 40 days 2,280 sqft
2018-08-01 40 days 2,242 sqft
2018-09-01 43 days 2,208 sqft
2018-10-01 43 days 2,217 sqft
2018-11-01 52 days 2,178 sqft
2018-12-01 65 days 2,210 sqft
2019-01-01 71 days 2,249 sqft
2019-02-01 60 days 2,278 sqft
2019-03-01 45 days 2,259 sqft
2019-04-01 37 days 2,228 sqft
2019-05-01 34 days 2,213 sqft
2019-06-01 36 days 2,210 sqft
2019-07-01 38 days 2,183 sqft
2019-08-01 41 days 2,154 sqft
2019-09-01 43 days 2,128 sqft
2019-10-01 40 days 2,135 sqft
2019-11-01 49 days 2,136 sqft
2019-12-01 61 days 2,144 sqft
2020-01-01 67 days 2,123 sqft
2020-02-01 49 days 2,175 sqft
2020-03-01 35 days 2,189 sqft
2020-04-01 38 days 2,161 sqft
2020-05-01 42 days 2,150 sqft
2020-06-01 39 days 2,154 sqft
2020-07-01 40 days 2,112 sqft
2020-08-01 36 days 2,070 sqft
2020-09-01 35 days 2,007 sqft
2020-10-01 36 days 1,952 sqft
2020-11-01 43 days 1,916 sqft
2020-12-01 52 days 1,887 sqft
2021-01-01 56 days 1,866 sqft
2021-02-01 42 days 1,870 sqft
2021-03-01 36 days 1,900 sqft
2021-04-01 34 days 1,898 sqft
2021-05-01 32 days 1,900 sqft
2021-06-01 31 days 1,922 sqft
2021-07-01 32 days 1,915 sqft
2021-08-01 29 days 1,900 sqft
2021-09-01 33 days 1,880 sqft
2021-10-01 36 days 1,858 sqft
2021-11-01 42 days 1,817 sqft
2021-12-01 50 days 1,809 sqft
2022-01-01 58 days 1,800 sqft
2022-02-01 36 days 2,184 sqft
2022-03-01 32 days 2,216 sqft
2022-04-01 31 days 2,250 sqft
2022-05-01 28 days 2,003 sqft
2022-06-01 30 days 2,023 sqft
2022-07-01 33 days 2,040 sqft
2022-08-01 37 days 2,028 sqft
Minneapolis's median listing age (time on market) for 2022-08-01 was 37 days. This is 26% longer than the same period one year ago.

Minneapolis's median square footage for active listings during the 2022-08-01 period was 2,028 sqft. One year prior, the average listing was 1,900 sqft.