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 6.15% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

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

The average rate for the prior week (2023-05-19) was 6.02% and one month ago for the week of 2023-04-21, the average rate was 6.16%.

The average rate one year ago was 5.08%.

For refis of the same type during the week of 2023-05-26, the average rate was 5.27%.

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).