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 6.44% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.51% and one month ago for the week of 2024-11-08, the average rate was 6.57%.

    The average rate one year ago was 6.59%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.35%.

    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).