Minnesota FHA Loan Rates, Closing Costs & Stats

Minnesota

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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.

    Minnesota FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Minnesota averaged 6.25% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    Minnesota's average FHA mortgage closing costs are $8,496.

    The average rate for the prior week (2025-03-28) was 6.45% and one month ago for the week of 2025-02-28, the average rate was 6.53%.

    The average rate one year ago was 6.55%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.39%.

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

    Minnesota 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 Minnesota level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 906 6.21% $12,802
    QUICKEN LOANS, LLC 731 6.33% $11,619
    CROSSCOUNTRY MORTGAGE, LLC 428 6.59% $12,076
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 389 6.78% $10,593
    BROKER SOLUTIONS, INC. 357 6.81% $12,244
    LOANDEPOT.COM, LLC 320 6.44% $11,090
    FREEDOM MORTGAGE CORPORATION 233 6.50% $12,562
    EVERETT FINANCIAL, INC. 186 6.93% $10,947
    PENNYMAC LOAN SERVICES, LLC 182 6.12% $10,961
    Bell Bank 158 6.38% $12,108
    Royal Credit Union 152 6.61% $11,690
    GUARANTEED RATE, INC. 129 6.28% $12,480
    Prosperity Home Mortgage, LLC 129 6.34% $11,698
    Plains Commerce Bank 120 6.70% $10,431
    EAGLE HOME MORTGAGE, LLC 109 5.94% $13,978
    M/I FINANCIAL, LLC 107 5.14% $18,862
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 96 6.78% $12,292
    American Mortgage & Equity Consultants, Inc. 95 6.65% $12,886
    DHI MORTGAGE COMPANY, LTD. 94 5.15% $8,258
    BAY EQUITY LLC 93 6.68% $11,108
    CARDINAL FINANCIAL 88 6.80% $15,605
    Flagstar Bank, FSB 85 6.29% $10,570
    MOVEMENT MORTGAGE, LLC 84 6.73% $11,304
    NEWREZ LLC 83 6.29% $11,096
    PLAZA HOME MORTGAGE, INC. 81 6.74% $10,563
    Granite Community Bank 78 6.56% $10,939
    Cambria Financial Group, LLC 77 6.76% $10,452
    Equity Prime Mortgage LLC 69 6.92% $13,688
    AMERICAN PACIFIC MORTGAGE CORPORATION 62 6.82% $11,849
    Mr. Cooper ( Nationstar Mortgage ) 61 6.45% $14,266
    U.S. Bank 57 6.71% $9,395
    MUTUAL OF OMAHA MORTGAGE, INC. 56 6.35% $15,363
    Paramount Residential Mortgage Group, Inc. 53 6.72% $14,349
    Nations Lending Corporation 52 6.95% $8,829
    Summit Mortgage Corporation 51 6.61% $12,277
    SWBC MORTGAGE CORPORATION 51 6.73% $9,125
    CMG MORTGAGE, INC. 51 6.81% $13,710
    Alerus Financial 48 6.66% $8,649
    LAKEVIEW LOAN SERVICING, LLC 46 6.48% $8,371
    Carrington Mortgage Services, LLC 45 6.35% $12,651
    Bremer Bank 45 6.54% $9,712
    HOMEOWNERS FINANCIAL GROUP USA, LLC 44 6.66% $9,908
    Century Mortgage Company DBA Century Lending Company 44 6.22% $12,695
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 42 6.28% $10,181
    PRIMELENDING, A PLAINSCAPITAL COMPANY 42 6.64% $10,547
    UNION HOME MORTGAGE CORP. 41 6.58% $10,820
    AMERICAN FINANCIAL NETWORK, INC. 38 6.54% $14,590
    TRUSTONE FINANCIAL FEDERAL CREDIT UNION 38 6.60% $9,974
    Servion, Inc. 38 6.63% $8,206
    Barrington Bank & Trust Company, N.A. 37 6.87% $10,945
    GUILD MORTGAGE COMPANY 35 6.55% $10,797
    AMERISAVE MORTGAGE CORPORATION 34 6.24% $14,752
    GUARANTEED RATE AFFINITY, LLC 34 6.64% $12,210
    Ixonia Bank 33 7.03% $11,625
    Tradition Mortgage, LLC 32 6.44% $11,427
    MASON MCDUFFIE MORTGAGE CORPORATION 31 6.44% $11,933
    PREMIER LENDING, INC. 30 6.95% $12,099
    The Huntington National Bank 27 6.65% $10,486
    TOWNE MORTGAGE COMPANY 26 6.48% $9,415
    AMERICAN FINANCING CORPORATION 25 5.91% $12,899
    MEGASTAR FINANCIAL CORP. 25 6.38% $11,466
    ZILLOW HOME LOANS, LLC 25 6.37% $10,821
    Mortgage Research Center, LLC 23 6.71% $7,027
    PRIMARY RESIDENTIAL MORTGAGE, INC. 22 6.93% $9,033
    Waterstone Mortgage Corporation 21 7.07% $13,064
    CORTRUST MORTGAGE, INC. 21 6.74% $8,701
    Gate City Bank 19 5.76% $10,110
    PULTE MORTGAGE LLC 18 5.60% $8,861
    North Shore Bank of Commerce 16 6.58% $8,051
    AmeriHome Mortgage Company, LLC 16 6.50% $6,755
    First Bank & Trust 16 6.33% $9,031
    Loan Simple, Inc. 15 6.69% $13,298
    VALLEY MORTGAGE, INC. 15 6.20% $8,136
    Sierra Pacific Mortgage Company, Inc. 15 6.28% $12,625
    CITY FIRST MORTGAGE SERVICES, L.L.C. 15 6.89% $12,055
    HOMESIDE FINANCIAL, LLC 15 6.37% $13,431
    PREMIER MORTGAGE RESOURCES, L.L.C. 14 6.95% $9,518
    PLANET HOME LENDING, LLC 14 6.27% $8,457
    Merchants Bank 14 6.09% $10,041
    MILEND, INC. 13 6.35% $14,442
    Wells Fargo Bank 13 6.53% $9,334
    HOMEBRIDGE FINANCIAL SERVICES, INC. 13 6.68% $6,722
    SUN WEST MORTGAGE COMPANY, INC. 12 6.22% $12,959
    The Federal Savings Bank 12 6.23% $15,316
    JPMorgan Chase Bank 12 6.47% $7,677
    Park State Bank 12 5.91% $8,320
    First International Bank & Trust 11 6.23% $8,542
    First Western Bank & Trust 11 6.32% $9,854
    Regent Financial Group, Inc. 11 6.44% $10,303
    AXIA FINANCIAL, LLC 11 6.65% $13,157
    MID AMERICA MORTGAGE, INC. 11 6.60% $8,016
    EMM LOANS LLC 10 5.79% $16,935
    LAND HOME FINANCIAL SERVICES, INC. 10 6.50% $11,257
    LOANPAL, LLC 10 5.49% $13,005
    OCMBC, INC. 9 7.64% $10,866
    FIRST COMMUNITY CREDIT UNION 9 6.39% $8,554
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 9 6.43% $14,745
    VILLAGE CAPITAL MORTGAGE 9 6.57% $7,919
    PHH Mortgage Corporation 9 6.66% $10,107
    Lakeview Community Capital, LLC 9 6.35% $7,511
    GSF Mortgage Corporation 9 6.65% $15,762
    AMERICAN FINANCIAL RESOURCES, INC. 9 6.49% $10,315
    Old National Bank 8 6.20% $10,519
    V.I.P. MORTGAGE, INC. 8 6.13% $12,825
    M&T Bank 7 6.38% $11,549
    NATIONS DIRECT MORTGAGE, LLC 7 6.37% $13,401
    Associated Bank 7 6.38% $9,121
    TOP FLITE FINANCIAL, INC. 7 6.88% $16,427
    ROYAL UNITED MORTGAGE LLC 7 6.84% $11,029
    ALTRA 7 6.09% $11,103
    TOWN AND COUNTRY Credit Union 6 6.15% $10,821
    LADERA LENDING, INC. 6 6.29% $13,403
    CANOPY MORTGAGE, LLC 6 6.96% $10,566
    MORTGAGE SOLUTIONS OF COLORADO, LLC 6 6.92% $14,802
    Western State Bank 6 6.67% $8,500
    GENEVA FINANCIAL, LLC 5 7.13% $12,573
    SUCCESS MORTGAGE PARTNERS, INC. 5 6.25% $13,693
    ENVOY MORTGAGE, LTD 5 6.90% $7,074
    Hometown Equity Mortgage, LLC 4 6.34% $14,235
    PREMIA MORTGAGE, LLC 4 6.10% $7,860
    MICHIGAN MUTUAL, INC. 4 5.84% $14,263
    Florida Capital Bank 4 6.00% $12,726
    RELIANCE FIRST CAPITAL, LLC 4 6.16% $13,132
    Liberty Bank Minnesota 4 6.69% $7,331
    Paramount Bank 4 6.28% $8,743
    The Loan Store, Inc. 4 6.00% $15,121
    NBKC BANK 3 6.16% $9,892
    OCEANSIDE MORTGAGE COMPANY 3 6.08% $5,078
    Academy Bank 3 6.38% $11,818
    OPEN MORTGAGE, LLC 3 6.46% $15,301
    Bank of America 3 6.71% $11,381
    BETTER MORTGAGE CORPORATION 3 5.75% $13,286
    BMO Harris Bank 3 6.92% $9,064
    MLD MORTGAGE INC. 3 6.42% $9,932
    CHURCHILL MORTGAGE CORPORATION 3 6.54% $10,102
    LIBERTY HOME MORTGAGE CORPORATION 3 6.79% $13,439
    Arvest Bank 3 6.13% $8,500
    JMAC LENDING, INC. 3 5.88% $10,406
    Integrity Home Mortgage Corp 3 6.25% $10,911
    Goldwater Bank, N.A. 3 6.71% $10,647
    American Bank & Trust 3 6.29% $8,520
    ON Q FINANCIAL, INC. 2 5.81% $8,480
    LEADERONE FINANCIAL CORPORATION 2 6.31% $17,805
    JMJ FINANCIAL GROUP 2 6.88% $13,530
    S1L, Inc. 2 6.25% $12,632
    FIRST COMMUNITY MORTGAGE, INC. 2 6.49% $12,283
    SFMC, LP 2 6.50% $16,222
    FIRST COLONY MORTGAGE CORPORATION 2 6.69% $14,661
    Northpointe Bank 2 6.31% $9,451
    Commerce Home Mortgage, Inc. 2 7.13% $12,860
    NEXERA HOLDING LLC 2 5.44% $6,779
    PENTAGON FEDERAL CREDIT UNION 2 6.00% $10,875
    PNC Bank 2 6.44% $14,786
    First PREMIER Bank 2 5.87% $7,836
    INTERCAP LENDING INC. 1 5.50% $12,677
    Strong Home Mortgage, LLC 1 6.13% $8,390
    OAKTREE FUNDING CORP. 1 5.38% $14,059
    SUMMIT FUNDING, INC. 1 6.63% $18,224
    ALAMEDA MORTGAGE CORPORATION 1 6.63% $9,067
    NATIONS RELIABLE LENDING, LLC 1 7.13% $10,002
    HOMESTEAD FUNDING CORP. 1 5.13% $10,205
    The Central Trust Bank 1 6.25% $9,859
    Home Mortgage Alliance Corp 1 7.25% $9,581
    City Lending Inc. 1 8.25% $14,068
    Bank Five Nine 1 6.25% $8,870
    THE MORTGAGE LINK, INC. 1 7.13% $18,240
    TIB The Independent Bankersbank 1 6.50% $5,487
    FLAT BRANCH MORTGAGE, INC. 1 6.13% $12,426
    NFM, INC. 1 7.75% $15,566
    DATA MORTGAGE, INC. 1 6.63% $12,743
    POLARIS HOME FUNDING CORP. 1 5.63% $14,772
    TruHome Solutions, LLC 1 6.63% $4,988
    Truist 1 6.50% $7,302
    Cornerstone First Mortgage, Inc 1 5.50% $12,730
    First Federal Bank 1 6.63% $16,300
    Armed Forces Bank 1 6.63% $9,354
    NETWORK CAPITAL FUNDING CORPORATION 1 6.75% $10,135
    Arbor Bank 1 6.75% $6,381
    RANLIFE, INC. 1 6.25% $10,127
    Citizens Bank 1 6.38% $9,834
    MYCUMORTGAGE, LLC 1 6.75% $7,280
    AMERITRUST MORTGAGE CORPORATION 1 6.25% $12,639
    UNITED HOME LOANS, INC. 1 7.75% $7,214
    UNITED MORTGAGE CORP 1 6.25% $12,053
    Bank of England 1 5.75% $13,721
    CALCON MUTUAL MORTGAGE LLC 1 6.50% $18,912

    The top Minnesota FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 906 FHA loans originated. Their average total fees are $12,802, which is $1,183 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Minnesota FHA lenders (with over 10 loans originated) are HOMEBRIDGE FINANCIAL SERVICES, INC. ($6,722), AmeriHome Mortgage Company, LLC ($6,755), Mortgage Research Center, LLC ($7,027), JPMorgan Chase Bank ($7,677) and MID AMERICA MORTGAGE, INC. ($8,016).

    The lowest rate Minnesota FHA lenders (with over 10 loans originated) are M/I FINANCIAL, LLC (5.14%), DHI MORTGAGE COMPANY, LTD. (5.15%), LOANPAL, LLC (5.49%), PULTE MORTGAGE LLC (5.60%) and Gate City Bank (5.76%).

    Minnesota FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    NON-METRO AITKIN 2022 $420,680 $538,650 $651,050 $809,150
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI ANOKA 2022 $448,500 $574,150 $694,000 $862,500
    NON-METRO BECKER 2022 $420,680 $538,650 $651,050 $809,150
    BEMIDJI, MN BELTRAMI 2022 $420,680 $538,650 $651,050 $809,150
    ST. CLOUD, MN BENTON 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO BIG STONE 2022 $420,680 $538,650 $651,050 $809,150
    MANKATO, MN BLUE EARTH 2022 $420,680 $538,650 $651,050 $809,150
    NEW ULM, MN BROWN 2022 $420,680 $538,650 $651,050 $809,150
    DULUTH, MN-WI CARLTON 2022 $420,680 $538,650 $651,050 $809,150
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI CARVER 2022 $448,500 $574,150 $694,000 $862,500
    BRAINERD, MN CASS 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO CHIPPEWA 2022 $420,680 $538,650 $651,050 $809,150
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI CHISAGO 2022 $448,500 $574,150 $694,000 $862,500
    FARGO, ND-MN CLAY 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO CLEARWATER 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO COOK 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO COTTONWOOD 2022 $420,680 $538,650 $651,050 $809,150
    BRAINERD, MN CROW WING 2022 $420,680 $538,650 $651,050 $809,150
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI DAKOTA 2022 $448,500 $574,150 $694,000 $862,500
    ROCHESTER, MN DODGE 2022 $420,680 $538,650 $651,050 $809,150
    ALEXANDRIA, MN DOUGLAS 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO FARIBAULT 2022 $420,680 $538,650 $651,050 $809,150
    ROCHESTER, MN FILLMORE 2022 $420,680 $538,650 $651,050 $809,150
    ALBERT LEA, MN FREEBORN 2022 $420,680 $538,650 $651,050 $809,150
    RED WING, MN GOODHUE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO GRANT 2022 $420,680 $538,650 $651,050 $809,150
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI HENNEPIN 2022 $448,500 $574,150 $694,000 $862,500
    LA CROSSE-ONALASKA, WI-MN HOUSTON 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO HUBBARD 2022 $420,680 $538,650 $651,050 $809,150
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI ISANTI 2022 $448,500 $574,150 $694,000 $862,500
    GRAND RAPIDS, MN ITASCA 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO JACKSON 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO KANABEC 2022 $420,680 $538,650 $651,050 $809,150
    WILLMAR, MN KANDIYOHI 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO KITTSON 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO KOOCHICHING 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO LAC QUI PARLE 2022 $420,680 $538,650 $651,050 $809,150
    DULUTH, MN-WI LAKE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO LAKE OF THE WOO 2022 $420,680 $538,650 $651,050 $809,150
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI LE SUEUR 2022 $448,500 $574,150 $694,000 $862,500
    NON-METRO LINCOLN 2022 $420,680 $538,650 $651,050 $809,150
    MARSHALL, MN LYON 2022 $420,680 $538,650 $651,050 $809,150
    HUTCHINSON, MN MCLEOD 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO MAHNOMEN 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO MARSHALL 2022 $420,680 $538,650 $651,050 $809,150
    FAIRMONT, MN MARTIN 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO MEEKER 2022 $420,680 $538,650 $651,050 $809,150
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI MILLE LACS 2022 $448,500 $574,150 $694,000 $862,500
    NON-METRO MORRISON 2022 $420,680 $538,650 $651,050 $809,150
    AUSTIN, MN MOWER 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO MURRAY 2022 $420,680 $538,650 $651,050 $809,150
    MANKATO, MN NICOLLET 2022 $420,680 $538,650 $651,050 $809,150
    WORTHINGTON, MN NOBLES 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO NORMAN 2022 $420,680 $538,650 $651,050 $809,150
    ROCHESTER, MN OLMSTED 2022 $420,680 $538,650 $651,050 $809,150
    FERGUS FALLS, MN OTTER TAIL 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO PENNINGTON 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO PINE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO PIPESTONE 2022 $420,680 $538,650 $651,050 $809,150
    GRAND FORKS, ND-MN POLK 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO POPE 2022 $420,680 $538,650 $651,050 $809,150
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI RAMSEY 2022 $448,500 $574,150 $694,000 $862,500
    NON-METRO RED LAKE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO REDWOOD 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO RENVILLE 2022 $420,680 $538,650 $651,050 $809,150
    FARIBAULT-NORTHFIELD, MN RICE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO ROCK 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO ROSEAU 2022 $420,680 $538,650 $651,050 $809,150
    DULUTH, MN-WI ST. LOUIS 2022 $420,680 $538,650 $651,050 $809,150
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI SCOTT 2022 $448,500 $574,150 $694,000 $862,500
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI SHERBURNE 2022 $448,500 $574,150 $694,000 $862,500
    NON-METRO SIBLEY 2022 $420,680 $538,650 $651,050 $809,150
    ST. CLOUD, MN STEARNS 2022 $420,680 $538,650 $651,050 $809,150
    OWATONNA, MN STEELE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO STEVENS 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO SWIFT 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO TODD 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO TRAVERSE 2022 $420,680 $538,650 $651,050 $809,150
    ROCHESTER, MN WABASHA 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO WADENA 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO WASECA 2022 $420,680 $538,650 $651,050 $809,150
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI WASHINGTON 2022 $448,500 $574,150 $694,000 $862,500
    NON-METRO WATONWAN 2022 $420,680 $538,650 $651,050 $809,150
    WAHPETON, ND-MN WILKIN 2022 $420,680 $538,650 $651,050 $809,150
    WINONA, MN WINONA 2022 $420,680 $538,650 $651,050 $809,150
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI WRIGHT 2022 $448,500 $574,150 $694,000 $862,500
    NON-METRO YELLOW MEDICINE 2022 $420,680 $538,650 $651,050 $809,150
    NON-METRO AITKIN 2023 $472,030 $604,400 $730,525 $907,900
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI ANOKA 2023 $515,200 $659,550 $797,250 $990,800
    NON-METRO BECKER 2023 $472,030 $604,400 $730,525 $907,900
    BEMIDJI, MN BELTRAMI 2023 $472,030 $604,400 $730,525 $907,900
    ST. CLOUD, MN BENTON 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO BIG STONE 2023 $472,030 $604,400 $730,525 $907,900
    MANKATO, MN BLUE EARTH 2023 $472,030 $604,400 $730,525 $907,900
    NEW ULM, MN BROWN 2023 $472,030 $604,400 $730,525 $907,900
    DULUTH, MN-WI CARLTON 2023 $472,030 $604,400 $730,525 $907,900
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI CARVER 2023 $515,200 $659,550 $797,250 $990,800
    BRAINERD, MN CASS 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO CHIPPEWA 2023 $472,030 $604,400 $730,525 $907,900
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI CHISAGO 2023 $515,200 $659,550 $797,250 $990,800
    FARGO, ND-MN CLAY 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO CLEARWATER 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO COOK 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO COTTONWOOD 2023 $472,030 $604,400 $730,525 $907,900
    BRAINERD, MN CROW WING 2023 $472,030 $604,400 $730,525 $907,900
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI DAKOTA 2023 $515,200 $659,550 $797,250 $990,800
    ROCHESTER, MN DODGE 2023 $472,030 $604,400 $730,525 $907,900
    ALEXANDRIA, MN DOUGLAS 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO FARIBAULT 2023 $472,030 $604,400 $730,525 $907,900
    ROCHESTER, MN FILLMORE 2023 $472,030 $604,400 $730,525 $907,900
    ALBERT LEA, MN FREEBORN 2023 $472,030 $604,400 $730,525 $907,900
    RED WING, MN GOODHUE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO GRANT 2023 $472,030 $604,400 $730,525 $907,900
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI HENNEPIN 2023 $515,200 $659,550 $797,250 $990,800
    LA CROSSE-ONALASKA, WI-MN HOUSTON 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO HUBBARD 2023 $472,030 $604,400 $730,525 $907,900
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI ISANTI 2023 $515,200 $659,550 $797,250 $990,800
    GRAND RAPIDS, MN ITASCA 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO JACKSON 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO KANABEC 2023 $472,030 $604,400 $730,525 $907,900
    WILLMAR, MN KANDIYOHI 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO KITTSON 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO KOOCHICHING 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO LAC QUI PARLE 2023 $472,030 $604,400 $730,525 $907,900
    DULUTH, MN-WI LAKE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO LAKE OF THE WOO 2023 $472,030 $604,400 $730,525 $907,900
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI LE SUEUR 2023 $515,200 $659,550 $797,250 $990,800
    NON-METRO LINCOLN 2023 $472,030 $604,400 $730,525 $907,900
    MARSHALL, MN LYON 2023 $472,030 $604,400 $730,525 $907,900
    HUTCHINSON, MN MCLEOD 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO MAHNOMEN 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO MARSHALL 2023 $472,030 $604,400 $730,525 $907,900
    FAIRMONT, MN MARTIN 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO MEEKER 2023 $472,030 $604,400 $730,525 $907,900
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI MILLE LACS 2023 $515,200 $659,550 $797,250 $990,800
    NON-METRO MORRISON 2023 $472,030 $604,400 $730,525 $907,900
    AUSTIN, MN MOWER 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO MURRAY 2023 $472,030 $604,400 $730,525 $907,900
    MANKATO, MN NICOLLET 2023 $472,030 $604,400 $730,525 $907,900
    WORTHINGTON, MN NOBLES 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO NORMAN 2023 $472,030 $604,400 $730,525 $907,900
    ROCHESTER, MN OLMSTED 2023 $472,030 $604,400 $730,525 $907,900
    FERGUS FALLS, MN OTTER TAIL 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO PENNINGTON 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO PINE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO PIPESTONE 2023 $472,030 $604,400 $730,525 $907,900
    GRAND FORKS, ND-MN POLK 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO POPE 2023 $472,030 $604,400 $730,525 $907,900
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI RAMSEY 2023 $515,200 $659,550 $797,250 $990,800
    NON-METRO RED LAKE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO REDWOOD 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO RENVILLE 2023 $472,030 $604,400 $730,525 $907,900
    FARIBAULT-NORTHFIELD, MN RICE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO ROCK 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO ROSEAU 2023 $472,030 $604,400 $730,525 $907,900
    DULUTH, MN-WI ST. LOUIS 2023 $472,030 $604,400 $730,525 $907,900
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI SCOTT 2023 $515,200 $659,550 $797,250 $990,800
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI SHERBURNE 2023 $515,200 $659,550 $797,250 $990,800
    NON-METRO SIBLEY 2023 $472,030 $604,400 $730,525 $907,900
    ST. CLOUD, MN STEARNS 2023 $472,030 $604,400 $730,525 $907,900
    OWATONNA, MN STEELE 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO STEVENS 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO SWIFT 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO TODD 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO TRAVERSE 2023 $472,030 $604,400 $730,525 $907,900
    ROCHESTER, MN WABASHA 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO WADENA 2023 $472,030 $604,400 $730,525 $907,900
    NON-METRO WASECA 2023 $472,030 $604,400 $730,525 $907,900
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI WASHINGTON 2023 $515,200 $659,550 $797,250 $990,800
    NON-METRO WATONWAN 2023 $472,030 $604,400 $730,525 $907,900
    WAHPETON, ND-MN WILKIN 2023 $472,030 $604,400 $730,525 $907,900
    WINONA, MN WINONA 2023 $472,030 $604,400 $730,525 $907,900
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI WRIGHT 2023 $515,200 $659,550 $797,250 $990,800
    NON-METRO YELLOW MEDICINE 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).