Minnesota FHA Loan Rates, Closing Costs & Stats

Minnesota

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 6.88% for the week of 2024-06-14, compared to the national average (all FHA variants) of 6.712% for the same period.

Minnesota's average FHA mortgage closing costs are $8,167.

The average rate for the prior week (2024-06-07) was 6.67% and one month ago for the week of 2024-05-10, the average rate was 6.75%.

The average rate one year ago was 6.6%.

For refis of the same type during the week of 2024-06-14, the average rate was 6.98%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 812 6.43% $12,516
QUICKEN LOANS, LLC 763 6.30% $10,914
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 434 6.83% $10,161
CROSSCOUNTRY MORTGAGE, LLC 397 6.74% $11,906
LOANDEPOT.COM, LLC 383 6.51% $12,387
BROKER SOLUTIONS, INC. 373 6.80% $12,629
PENNYMAC LOAN SERVICES, LLC 199 6.27% $12,790
Bell Bank 183 6.44% $11,977
EVERETT FINANCIAL, INC. 183 6.76% $10,999
MOVEMENT MORTGAGE, LLC 143 6.61% $11,805
BAY EQUITY LLC 141 6.67% $11,871
Prosperity Home Mortgage, LLC 128 6.69% $9,913
Royal Credit Union 125 6.55% $12,157
FREEDOM MORTGAGE CORPORATION 117 6.82% $13,864
EAGLE HOME MORTGAGE, LLC 111 5.57% $12,830
Summit Mortgage Corporation 110 6.67% $11,506
GUARANTEED RATE, INC. 110 6.49% $11,889
American Mortgage & Equity Consultants, Inc. 106 6.92% $12,811
CARDINAL FINANCIAL 104 6.52% $13,613
AMERICAN PACIFIC MORTGAGE CORPORATION 96 6.69% $12,575
Plains Commerce Bank 94 6.79% $10,742
DHI MORTGAGE COMPANY, LTD. 91 5.63% $7,950
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 81 6.81% $11,709
PLAZA HOME MORTGAGE, INC. 74 6.42% $11,821
U.S. Bank 73 6.74% $8,649
HOMEOWNERS FINANCIAL GROUP USA, LLC 72 6.73% $9,699
Century Mortgage Company DBA Century Lending Company 72 6.36% $10,355
AMERISAVE MORTGAGE CORPORATION 71 6.13% $13,991
Paramount Residential Mortgage Group, Inc. 69 6.96% $13,028
Flagstar Bank, FSB 68 6.69% $10,382
Cambria Financial Group, LLC 68 6.88% $11,742
Servion, Inc. 67 6.52% $8,384
TRUSTONE FINANCIAL FEDERAL CREDIT UNION 67 6.52% $10,851
Mr. Cooper ( Nationstar Mortgage ) 64 6.16% $15,915
NEWREZ LLC 63 6.55% $11,577
GUARANTEED RATE AFFINITY, LLC 57 6.80% $12,897
M/I FINANCIAL, LLC 55 5.85% $16,670
PRIMELENDING, A PLAINSCAPITAL COMPANY 48 6.92% $10,828
Barrington Bank & Trust Company, N.A. 46 6.67% $12,314
Nations Lending Corporation 46 6.71% $8,828
ARK-LA-TEX FINANCIAL SERVICES, LLC. 46 6.54% $10,541
Alerus Financial 46 6.61% $8,612
Tradition Mortgage, LLC 45 6.48% $12,131
AMERICAN FINANCIAL NETWORK, INC. 44 6.66% $13,440
MUTUAL OF OMAHA MORTGAGE, INC. 42 6.55% $12,535
Goldwater Bank, N.A. 40 6.35% $12,198
The Huntington National Bank 38 6.63% $8,932
Bremer Bank 36 6.47% $8,105
LAKEVIEW LOAN SERVICING, LLC 36 6.09% $11,411
CMG MORTGAGE, INC. 36 7.02% $12,983
Bank of England 36 6.76% $11,039
Carrington Mortgage Services, LLC 34 6.40% $12,617
Ixonia Bank 32 6.97% $11,234
SWBC MORTGAGE CORPORATION 32 6.79% $10,383
MEGASTAR FINANCIAL CORP. 30 6.77% $10,688
MANN FINANCIAL INC. 29 6.62% $7,350
UNION HOME MORTGAGE CORP. 29 7.28% $10,974
PULTE MORTGAGE LLC 28 5.81% $8,789
Neighborhood Loans, Inc. 28 6.96% $11,605
Equity Prime Mortgage LLC 26 7.13% $12,752
LAND HOME FINANCIAL SERVICES, INC. 26 6.60% $10,084
Gate City Bank 24 6.33% $8,962
DRAPER AND KRAMER MORTGAGE CORP. 24 6.70% $9,234
ZILLOW HOME LOANS, LLC 23 6.51% $11,142
Wells Fargo Bank 23 6.61% $8,390
Mortgage Research Center, LLC 22 6.89% $7,340
First Western Bank & Trust 21 6.47% $8,198
Home Federal Savings Bank 21 6.83% $8,057
TOWNE MORTGAGE COMPANY 20 6.82% $10,633
PREMIER MORTGAGE RESOURCES, L.L.C. 20 7.01% $11,453
PLANET HOME LENDING, LLC 19 6.32% $10,173
CITY FIRST MORTGAGE SERVICES, L.L.C. 19 6.95% $12,861
Sierra Pacific Mortgage Company, Inc. 19 6.55% $11,596
MID AMERICA MORTGAGE, INC. 19 6.91% $7,157
Mortgages Unlimited Inc. 18 6.18% $11,324
Waterstone Mortgage Corporation 16 6.66% $14,068
SUN WEST MORTGAGE COMPANY, INC. 16 6.43% $12,500
EMM LOANS LLC 16 5.98% $14,736
First International Bank & Trust 15 6.38% $5,467
First Bank & Trust 14 6.00% $9,150
TOWN AND COUNTRY Credit Union 13 6.08% $10,589
PRIMARY RESIDENTIAL MORTGAGE, INC. 12 6.75% $12,970
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 12 6.68% $15,639
Merchants Bank 12 6.28% $8,548
MILEND, INC. 12 6.08% $15,731
VILLAGE CAPITAL MORTGAGE 11 6.29% $10,053
Citizens Bank 11 6.68% $9,629
North Shore Bank of Commerce 11 6.52% $9,000
AXIA FINANCIAL, LLC 11 6.51% $11,160
CRESCENT MORTGAGE COMPANY 11 6.76% $9,157
VALLEY MORTGAGE, INC. 11 6.25% $9,036
Regent Financial Group, Inc. 10 6.69% $7,937
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 10 6.35% $12,813
CALIBER HOME LOANS, INC. 10 6.71% $10,373
AMERICAN FINANCIAL RESOURCES, INC. 10 6.80% $11,847
TOP FLITE FINANCIAL, INC. 10 6.90% $13,610
MASON MCDUFFIE MORTGAGE CORPORATION 9 6.14% $14,533
V.I.P. MORTGAGE, INC. 9 6.53% $11,913
JPMorgan Chase Bank 9 6.90% $7,255
CORTRUST MORTGAGE, INC. 9 6.50% $10,050
The Federal Savings Bank 8 6.38% $18,636
HOMESIDE FINANCIAL, LLC 8 6.75% $13,003
FIRST COMMUNITY CREDIT UNION 7 6.21% $8,368
HOMEBRIDGE FINANCIAL SERVICES, INC. 7 6.57% $10,908
DATA MORTGAGE, INC. 7 7.27% $14,000
PHH Mortgage Corporation 7 6.64% $11,079
LOANPAL, LLC 7 5.98% $17,965
GUILD MORTGAGE COMPANY 6 6.71% $8,247
AMERICAN FINANCING CORPORATION 6 6.42% $12,574
MORTGAGE SOLUTIONS OF COLORADO, LLC 6 6.96% $17,640
NBKC BANK 6 6.17% $9,107
Heritage Bank 6 6.81% $7,484
AMERICAN PORTFOLIO MORTGAGE CORPORATION 6 6.50% $10,751
Associated Bank 6 6.50% $10,091
CAPITAL CREDIT UNION 5 5.93% $10,092
M&T Bank 5 6.65% $9,612
CORNERSTONE HOME LENDING, INC. 5 6.73% $9,798
OCMBC, INC. 5 7.55% $12,164
Park State Bank 5 6.38% $8,339
LEADERONE FINANCIAL CORPORATION 5 6.83% $12,185
IOWA BANKERS MORTGAGE CORPORATION 4 6.53% $4,517
Lend Smart Mortgage, LLC 4 6.47% $11,151
LIBERTY HOME MORTGAGE CORPORATION 4 6.53% $15,316
BMO Harris Bank 4 6.72% $6,390
CHURCHILL MORTGAGE CORPORATION 4 6.53% $12,344
ROYAL UNITED MORTGAGE LLC 4 7.25% $10,315
American Bank & Trust 4 6.44% $7,529
Coulee Bank 3 6.25% $10,365
AmeriHome Mortgage Company, LLC 3 6.79% $9,387
Armed Forces Bank 3 6.25% $12,233
Bank of America 3 6.92% $6,258
COMPASS MORTGAGE, INC. 3 6.54% $10,861
First Federal Bank 3 6.33% $10,905
GSF Mortgage Corporation 3 6.46% $9,230
Liberty Bank Minnesota 3 7.21% $6,929
NFM, INC. 3 7.58% $9,382
Old National Bank 3 6.42% $7,421
POLARIS HOME FUNDING CORP. 3 6.50% $12,888
RUOFF MORTGAGE COMPANY, INC. 3 6.04% $11,289
EMBRACE HOME LOANS, INC. 2 6.12% $13,313
RESIDENTIAL BANCORP 2 6.25% $13,535
Loan Simple, Inc. 2 7.81% $11,729
The Union Bank Company 2 6.31% $12,978
THRIVE MORTGAGE, LLC 2 6.63% $13,263
Lakeview Community Capital, LLC 2 6.25% $8,826
ACADEMY MORTGAGE CORPORATION 2 6.75% $13,499
TOTAL MORTGAGE SERVICES, LLC 2 7.31% $11,928
PENTAGON FEDERAL CREDIT UNION 2 5.94% $6,459
KELLER MORTGAGE, LLC 2 5.00% $13,344
GUARANTY HOME MORTGAGE CORPORATION 2 5.81% $14,861
GREENSTATE CREDIT UNION 2 6.13% $10,312
CANOPY MORTGAGE, LLC 2 6.06% $22,294
BNC National Bank 2 5.06% $16,172
BETTER MORTGAGE CORPORATION 2 5.44% $10,135
NATIONS DIRECT MORTGAGE, LLC 2 6.75% $12,852
Axos Bank 2 6.44% $9,336
JMAC LENDING, INC. 2 6.94% $14,136
Ameris Bank 2 6.25% $18,128
Florida Capital Bank 2 7.25% $6,527
SUMMIT FUNDING, INC. 2 6.63% $15,309
OCEANSIDE MORTGAGE COMPANY 2 6.19% $6,648
Reliabank Dakota 2 6.56% $9,193
ENVOY MORTGAGE, LTD 2 6.50% $8,551
RELIANCE FIRST CAPITAL, LLC 2 6.69% $12,601
SUCCESS MORTGAGE PARTNERS, INC. 1 6.99% $19,682
FIRST COMMUNITY MORTGAGE, INC. 1 6.25% $8,318
Fifth Third Bank 1 6.50% $5,552
The Central Trust Bank 1 6.13% $9,318
Academy Bank 1 6.63% $9,530
The Loan Store, Inc. 1 6.38% $10,588
TJC Mortgage, Inc. 1 6.75% $11,765
CONTOUR MORTGAGE CORPORATION 1 6.50% $13,321
Chickasaw Community Bank 1 6.63% $6,431
CHERRY CREEK MORTGAGE, LLC 1 5.50% $9,313
Capital Bank 1 6.13% $6,205
TruHome Solutions, LLC 1 6.63% $9,109
BANKWEST, INC. 1 5.25% $13,762
VANDERBILT MORTGAGE AND FINANCE, INC. 1 5.63% $8,817
American Bank of Oklahoma 1 6.13% $20,730
Watermark Capital, Inc. 1 6.75% $9,798
NETWORK CAPITAL FUNDING CORPORATION 1 5.75% $7,253
NEW DAY FINANCIAL, LLC 1 7.99% $6,403
NATIONWIDE MORTGAGE BANKERS, INC. 1 6.99% $8,852
NEXERA HOLDING LLC 1 6.75% $6,203
NexBank 1 6.38% $21,948
ALTRA 1 6.63% $6,829
North American Savings Bank, F.S.B. 1 6.63% $12,866
Northpointe Bank 1 7.25% $7,225
MYCUMORTGAGE, LLC 1 7.13% $8,014
ALAMEDA MORTGAGE CORPORATION 1 6.25% $19,531
ON Q FINANCIAL, INC. 1 6.13% $7,943
MORIA DEVELOPMENT, INC. 1 7.13% $8,992
JMJ FINANCIAL GROUP 1 6.75% $10,935
Heartland Bank and Trust Company 1 6.63% $6,243
PLUS RELOCATION MORTGAGE, LLC 1 6.75% $14,111
Western State Bank 1 7.25% $8,007
PREMIA MORTGAGE, LLC 1 7.25% $8,999
Gulf Coast Bank and Trust Company 1 6.25% $10,919
GENEVA FINANCIAL, LLC 1 7.25% $8,374
Fortress Bank 1 7.13% $7,465
Flanagan State Bank 1 7.13% $6,362
First Savings Bank 1 6.75% $9,791
First PREMIER Bank 1 6.25% $7,691
First National Bank of Omaha 1 5.63% $11,402
FIRST INTEGRITY MORTGAGE SERVICES, INC. 1 7.63% $6,564
SIRVA MORTGAGE, INC. 1 6.13% $4,035
SouthPoint Bank 1 7.25% $7,202
SOVEREIGN LENDING GROUP INCORPORATED 1 5.75% $16,394
Strong Home Mortgage, LLC 1 6.50% $12,071

The top Minnesota FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 812 FHA loans originated. Their average total fees are $12,516, which is $1,603 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Minnesota FHA lenders (with over 10 loans originated) are First International Bank & Trust ($5,467), MID AMERICA MORTGAGE, INC. ($7,157), Mortgage Research Center, LLC ($7,340), MANN FINANCIAL INC. ($7,350) and Regent Financial Group, Inc. ($7,937).

The lowest rate Minnesota FHA lenders (with over 10 loans originated) are EAGLE HOME MORTGAGE, LLC (5.57%), DHI MORTGAGE COMPANY, LTD. (5.63%), PULTE MORTGAGE LLC (5.81%), M/I FINANCIAL, LLC (5.85%) and EMM LOANS LLC (5.98%).

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).