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 6.38% for the week of 2023-12-01, compared to the national average (all FHA variants) of 6.949% for the same period.

    Minnesota's average FHA mortgage closing costs are $7,776.

    The average rate for the prior week (2023-11-24) was 6.69% and one month ago for the week of 2023-10-27, the average rate was 7.3%.

    The average rate one year ago was 5.92%.

    For refis of the same type during the week of 2023-12-01, the average rate was 5.71%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 788 4.53% $9,858
    UNITED WHOLESALE MORTGAGE, LLC 738 4.88% $9,884
    CROSSCOUNTRY MORTGAGE, LLC 491 5.26% $10,998
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 488 5.38% $8,997
    LOANDEPOT.COM, LLC 482 5.10% $10,841
    BROKER SOLUTIONS, INC. 407 5.32% $11,174
    EVERETT FINANCIAL, INC. 270 5.12% $6,467
    Goldwater Bank, N.A. 258 5.33% $11,394
    Bell Bank 232 4.90% $10,477
    PENNYMAC LOAN SERVICES, LLC 228 4.16% $9,230
    CARDINAL FINANCIAL 202 5.00% $12,696
    BAY EQUITY LLC 182 4.96% $11,114
    FREEDOM MORTGAGE CORPORATION 174 4.83% $9,699
    Royal Credit Union 172 4.95% $11,084
    CALIBER HOME LOANS, INC. 152 4.84% $9,223
    GUARANTEED RATE, INC. 151 5.16% $9,935
    Prosperity Home Mortgage, LLC 150 5.12% $8,393
    Mr. Cooper ( Nationstar Mortgage ) 131 4.53% $11,308
    Flagstar Bank, FSB 120 4.65% $9,648
    RESULTS MORTGAGE, LLC 117 5.06% $9,670
    AMERISAVE MORTGAGE CORPORATION 115 4.51% $11,141
    Lend Smart Mortgage, LLC 109 5.10% $10,152
    PLAZA HOME MORTGAGE, INC. 104 4.90% $9,573
    LAKEVIEW LOAN SERVICING, LLC 104 3.91% $6,687
    MOVEMENT MORTGAGE, LLC 101 5.38% $9,820
    U.S. Bank 96 5.10% $8,423
    HOMEOWNERS FINANCIAL GROUP USA, LLC 93 5.54% $9,233
    Servion, Inc. 92 4.58% $7,731
    American Mortgage & Equity Consultants, Inc. 87 5.31% $12,783
    GUARANTEED RATE AFFINITY, LLC 87 5.18% $10,810
    Summit Mortgage Corporation 87 4.91% $11,002
    Mortgages Unlimited Inc. 86 5.10% $11,239
    PRIMELENDING, A PLAINSCAPITAL COMPANY 81 5.13% $9,686
    HOME POINT FINANCIAL CORPORATION 77 4.30% $9,522
    Paramount Residential Mortgage Group, Inc. 75 5.42% $13,019
    Plains Commerce Bank 73 5.15% $8,502
    Carrington Mortgage Services, LLC 71 4.85% $10,650
    Cambria Financial Group, LLC 69 5.29% $10,721
    NEWREZ LLC 68 4.83% $8,956
    TRUSTONE FINANCIAL FEDERAL CREDIT UNION 65 4.79% $9,825
    Bank of England 65 5.32% $11,725
    Alerus Financial 59 5.04% $8,917
    CMG MORTGAGE, INC. 58 4.90% $11,125
    Barrington Bank & Trust Company, N.A. 55 5.05% $10,342
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 52 5.62% $10,241
    Hometown Lenders, Inc. 47 5.30% $12,843
    Tradition Mortgage, LLC 46 4.77% $9,572
    LAND HOME FINANCIAL SERVICES, INC. 43 5.05% $9,176
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 42 4.67% $9,522
    Bremer Bank 41 5.23% $8,711
    MEGASTAR FINANCIAL CORP. 39 4.71% $10,570
    The Huntington National Bank 37 5.20% $8,330
    Waterstone Mortgage Corporation 37 5.24% $11,559
    MANN FINANCIAL INC. 36 4.85% $7,480
    Home Federal Savings Bank 35 5.13% $8,107
    AXIA FINANCIAL, LLC 32 4.96% $11,332
    Ixonia Bank 32 5.43% $11,175
    EAGLE HOME MORTGAGE, LLC 32 4.81% $11,844
    PRIMARY RESIDENTIAL MORTGAGE, INC. 31 5.51% $11,208
    MUTUAL OF OMAHA MORTGAGE, INC. 31 5.03% $13,534
    DHI MORTGAGE COMPANY, LTD. 30 4.19% $8,730
    ENVOY MORTGAGE, LTD 29 5.13% $11,256
    Mortgage Research Center, LLC 29 5.87% $5,515
    Wells Fargo Bank 29 5.03% $7,097
    PLANET HOME LENDING, LLC 28 5.10% $9,585
    Equity Prime Mortgage LLC 27 6.08% $11,872
    M/I FINANCIAL, LLC 27 4.33% $12,624
    MID AMERICA MORTGAGE, INC. 24 5.29% $6,813
    AMERICAN PACIFIC MORTGAGE CORPORATION 23 5.19% $12,721
    First Western Bank & Trust 23 4.60% $7,486
    PULTE MORTGAGE LLC 22 4.91% $8,211
    PREMIER MORTGAGE RESOURCES, L.L.C. 21 5.42% $9,788
    AMERICAN FINANCING CORPORATION 20 4.44% $8,455
    SUN WEST MORTGAGE COMPANY, INC. 19 4.47% $9,723
    GSF Mortgage Corporation 18 5.26% $12,391
    VALLEY MORTGAGE, INC. 18 4.77% $7,877
    Heritage Bank 18 4.79% $9,035
    North Shore Bank of Commerce 17 5.64% $7,456
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 17 5.39% $13,193
    HOMEBRIDGE FINANCIAL SERVICES, INC. 16 4.52% $9,447
    TOWNE MORTGAGE COMPANY 16 4.87% $9,236
    Lakeview Community Capital, LLC 15 4.13% $6,482
    Old National Bank 15 5.06% $7,990
    Gate City Bank 15 4.76% $8,542
    CRESCENT MORTGAGE COMPANY 14 5.22% $7,829
    Regent Financial Group, Inc. 14 5.43% $9,666
    M&T Bank 14 3.96% $8,810
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 13 4.91% $9,660
    HOMESIDE FINANCIAL, LLC 13 4.88% $9,751
    GUILD MORTGAGE COMPANY 13 4.85% $8,013
    First Guaranty Mortgage Corporation 13 4.03% $9,485
    FINANCE OF AMERICA MORTGAGE LLC 13 4.94% $8,593
    Nations Lending Corporation 12 5.07% $11,891
    The Federal Savings Bank 11 4.86% $16,654
    Merchants Bank 11 4.34% $7,488
    ZILLOW HOME LOANS, LLC 10 4.54% $11,259
    AMERICAN FINANCIAL RESOURCES, INC. 10 5.35% $9,265
    NETWORK CAPITAL FUNDING CORPORATION 10 4.58% $11,577
    JPMorgan Chase Bank 9 5.40% $6,602
    KELLER MORTGAGE, LLC 9 4.50% $11,483
    BankVista 9 4.39% $7,441
    LOANPAL, LLC 9 4.69% $10,317
    First Bank & Trust 8 4.69% $7,674
    CORTRUST MORTGAGE, INC. 8 4.27% $8,851
    TOWN AND COUNTRY Credit Union 8 4.25% $8,679
    Associated Bank 8 4.97% $8,604
    CHURCHILL MORTGAGE CORPORATION 8 5.63% $10,869
    HANCOCK MORTGAGE PARTNERS, LLC 8 4.08% $8,331
    Century Mortgage Company DBA Century Lending Company 8 5.39% $10,320
    DATA MORTGAGE, INC. 8 5.48% $9,868
    MILEND, INC. 8 3.67% $11,852
    Liberty Bank Minnesota 7 4.75% $7,075
    LEADERONE FINANCIAL CORPORATION 7 4.70% $10,990
    EMBRACE HOME LOANS, INC. 7 5.43% $10,682
    EMM LOANS LLC 7 4.86% $11,311
    Neighborhood Loans, Inc. 7 6.50% $10,012
    Western State Bank 7 5.23% $7,908
    MORTGAGE SOLUTIONS OF COLORADO, LLC 6 4.85% $10,192
    VILLAGE CAPITAL MORTGAGE 6 3.43% $3,105
    Amerifirst Financial, Inc. 6 6.02% $6,289
    BETTER MORTGAGE CORPORATION 6 3.98% $9,961
    POLARIS HOME FUNDING CORP. 6 4.98% $13,078
    PREMIA MORTGAGE, LLC 5 5.75% $7,984
    Citizens Bank 5 4.05% $7,726
    LIBERTY HOME MORTGAGE CORPORATION 5 5.85% $11,393
    AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 5 4.08% $13,158
    IOWA BANKERS MORTGAGE CORPORATION 5 3.98% $8,908
    DRAPER AND KRAMER MORTGAGE CORP. 5 6.72% $10,865
    INLANTA MORTGAGE, INC. 5 5.63% $9,243
    Bank of the West 5 5.75% $5,459
    Princeton Mortgage Corporation 4 3.31% $12,287
    Sierra Pacific Mortgage Company, Inc. 4 5.22% $16,060
    GUARANTY HOME MORTGAGE CORPORATION 4 6.13% $14,884
    COMPASS MORTGAGE, INC. 4 3.72% $12,221
    GENEVA FINANCIAL, LLC 4 5.31% $13,211
    ALAMEDA MORTGAGE CORPORATION 4 6.25% $10,994
    NBKC BANK 4 4.91% $8,729
    OCMBC, INC. 4 5.66% $10,734
    Truist 3 4.71% $7,259
    Florida Capital Bank 3 4.46% $6,320
    First PREMIER Bank 3 4.67% $8,731
    First International Bank & Trust 3 5.50% $9,321
    MASON MCDUFFIE MORTGAGE CORPORATION 3 5.21% $11,818
    MICHIGAN MUTUAL, INC. 3 4.96% $14,466
    Academy Bank 3 3.08% $11,395
    North American Savings Bank, F.S.B. 3 5.50% $7,872
    NP, Inc. 3 3.75% $9,314
    CHERRY CREEK MORTGAGE, LLC 3 4.88% $2,727
    RELIANCE FIRST CAPITAL, LLC 3 4.83% $14,978
    SOVEREIGN LENDING GROUP INCORPORATED 3 3.38% $10,475
    Texana Bank 3 4.00% $10,658
    AmeriHome Mortgage Company, LLC 3 4.04% $9,204
    Wyndham Capital Mortgage, Inc. 3 5.08% $8,930
    PLUS RELOCATION MORTGAGE, LLC 2 5.50% $11,722
    Northpointe Bank 2 4.94% $8,205
    MORTGAGE ACCESS CORP. 2 5.25% $12,281
    Colonial Savings, F.A. 2 5.88% $13,211
    Peoples Bank 2 4.75% $10,573
    FIRST COMMUNITY CREDIT UNION 2 4.93% $7,810
    PNC Bank 2 4.38% $7,303
    Magnolia Bank 2 3.00% $14,155
    CALCON MUTUAL MORTGAGE LLC 2 6.69% $12,318
    First Federal Bank 2 4.75% $8,344
    First Option Mortgage, LLC 2 4.81% $10,669
    ROYAL UNITED MORTGAGE LLC 2 4.81% $12,853
    S1L, Inc. 2 4.25% $13,496
    Sunflower Bank 2 4.56% $7,335
    AmRes Corporation 2 4.12% $18,282
    Hometown Equity Mortgage, LLC 2 5.25% $11,493
    Gateway First Bank 2 5.44% $7,345
    UNION HOME MORTGAGE CORP. 2 5.13% $23,790
    MYCUMORTGAGE, LLC 2 4.88% $11,894
    NATIONS RELIABLE LENDING, LLC 2 4.63% $10,944
    NATIONWIDE MORTGAGE BANKERS, INC. 2 4.19% $11,744
    DEVELOPER'S MORTGAGE COMPANY 2 5.31% $8,359
    Flanagan State Bank 2 5.13% $10,614
    CONTOUR MORTGAGE CORPORATION 2 5.31% $15,550
    NFM, INC. 2 6.00% $7,400
    HOMESTAR FINANCIAL CORPORATION 1 6.75% $11,338
    BECKAM FUNDING CORP. 1 4.38% $7,980
    First Home Bank 1 4.75% $10,929
    Reliabank Dakota 1 5.88% $6,257
    ACADEMY MORTGAGE CORPORATION 1 6.63% $9,227
    RESIDENTIAL BANCORP 1 6.00% $11,633
    AMERIFIRST FINANCIAL CORPORATION 1 4.50% $21,164
    Bank of Colorado 1 5.63% $8,264
    DELMAR FINANCIAL COMPANY 1 6.13% $17,682
    United Fidelity Funding Corp. 1 4.75% $18,233
    Auto Club Trust, FSB 1 4.75% $7,569
    LADERA LENDING, INC. 1 3.38% $5,768
    FM Home Loans, LLC 1 3.00% $8,634
    SUCCESS MORTGAGE PARTNERS, INC. 1 2.99% $16,736
    Assurance Financial Group, L.L.C. 1 4.00% $5,988
    First Western Trust Bank 1 3.13% $5,460
    FIRST STATE MORTGAGE SERVICES, LLC 1 7.00% $7,624
    Willamette Valley Bank 1 6.25% $8,584
    The Central Trust Bank 1 2.63% $7,876
    Arvest Bank 1 6.50% $8,720
    Dundee Bank 1 5.25% $12,179
    Watermark Capital, Inc. 1 4.25% $6,340
    American National Bank 1 5.50% $5,641
    Commerce Home Mortgage, Inc. 1 2.88% $13,595
    ON Q FINANCIAL, INC. 1 4.25% $7,345
    OPEN MORTGAGE, LLC 1 6.63% $9,903
    The Union Bank Company 1 5.13% $15,505
    FAY SERVICING, LLC 1 5.63% $7,706
    PENTAGON FEDERAL CREDIT UNION 1 6.38% $7,270
    THRIVE MORTGAGE, LLC 1 4.38% $19,777
    PHH Mortgage Corporation 1 5.13% $12,187
    TJC Mortgage, Inc. 1 4.75% $7,712
    Chickasaw Community Bank 1 4.75% $15,634
    FLAT BRANCH MORTGAGE, INC. 1 6.75% $8,652
    V.I.P. MORTGAGE, INC. 1 5.75% $18,945
    ALTRA 1 5.25% $8,976
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 3.75% $7,241
    Loan Simple, Inc. 1 4.75% $13,431
    First Dakota National Bank 1 3.00% $5,101
    CANOPY MORTGAGE, LLC 1 3.75% $6,419
    HOMESTEAD FUNDING CORP. 1 4.13% $9,565
    LENOX FINANCIAL MORTGAGE CORPORATION 1 3.75% $13,923
    BMO Harris Bank 1 6.00% $6,124

    The top Minnesota FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 788 FHA loans originated. Their average total fees are $9,858, which is $26 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Minnesota FHA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,515), EVERETT FINANCIAL, INC. ($6,467), Lakeview Community Capital, LLC ($6,482), LAKEVIEW LOAN SERVICING, LLC ($6,687) and MID AMERICA MORTGAGE, INC. ($6,813).

    The lowest rate Minnesota FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC (3.91%), M&T Bank (3.96%), First Guaranty Mortgage Corporation (4.03%), Lakeview Community Capital, LLC (4.13%) and PENNYMAC LOAN SERVICES, LLC (4.16%).

    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).