Forgotten Your Password?

Need to Register?

Minnesota FHA Loan Rates

  • Pre-screened FHA Lenders
  • Loans up to 97.5% LTV
  • Great for first time buyers
  • Competitive rates, custom quotes
  • Be in control, choose the right lender
FHA Loans

Start your FREE Loan Request

Secure Form Privacy Policy | Terms of Use.

Securing an FHA Loan in Minnesota

FHA loans are mortgage loans insured by the Federal Housing Administration that are issued by federally qualified FHA lenders. Minnesota FHA loans allow prospective homeowners to borrow money for the purchase of homes that they would not otherwise be able to afford. To find out how much you can borrow, check the table below for the  Minnesota FHA loan limits by county.

Minnesota FHA Loan Requirements

In order to obtain an FHA loan, borrowers must satisfy Minnesota FHA Loan Requirements. While loans guaranteed by the Federal Housing Administration include fairly lenient qualifications, borrowers must satisfy requirements regarding down payment, debt to income ratio, income and residency. 

General Requirements

  • Your down payment must be 3.5% or greater (96.5% loan-to-value, or LTV).
  • FHA requires a credit score of 500 or greater, but many lenders will not accept less than 580.
  • Your debt-to-income ratio (DTI) should be no greater than 45 - 50%.
  • Loan Limit (max allowable loan amount): Up to $625,500 in higher cost areas and as low as $271,050 in lower cost areas (see bottom of this page). 
  • Mortgage Insurance is required depending on loan terms and down payment.
  • Properties must meet FHA guidelines based on a home inspection.

Mortgage Insurance

  • An upfront premium of 1.75% the base loan amount is required at closing. 
  • Unless your mortgage term is less than or equal to 15 years and down payment is greater than or equal to 22%, a monthly mortgage insurance premium (MIP) must be paid alongside your principal and interest. 
  • The monthly payment can be canceled on loans with 10% or more down payment after reaching 78% LTV and the 11 year mark. 
  • If your down payment is less than 10%, you must also pay monthly mortgage insurance for the life of the loan.

Minnesota FHA Streamline Refinance 

FHA homeowners can get a lower rate or adjust their mortgage term with little hassle through an FHA Streamline refinance. Unlike other refinances, the FHA Streamline does not require a new home appraisal, and there is no income or employment verification step; the result is a faster process and with less paperwork. Borrowers who are underwater on their FHA mortgage, without significant equity, or have experienced any employment or credit hardships can still qualify for the fixed or adjustable-rate mortgage a Streamline refinance provides. 

Streamline Refinance Requirements:

  • Borrower must currently have an FHA-insured mortgage.
  • The refinance must pose a net tangible benefit for the borrower, meaning the process and fees won't outweigh the advantages. 
  • A minimum of six mortgage payments must have been made at the time of applying, or applying must be at least 210 days from closing.
  • Borrower must have clean payment history from the past year. 

Refinancing borrowers will likely have to pay an upfront and monthly mortgage insurance premium (MIP).

Minnesota FHA Loan Lenders

As mentioned above, FHA loans can be originated by qualified FHA loan lenders in MN. These lenders have received approval from the U.S. Department of Housing and Urban Development (HUD) and are qualified to issue all types of FHA loans, including FHA Streamline Refinances, FHA 203k Loans, and FHA Loans for the purchase of FHA-Approved Condos.

Minnesota Counties and FHA Loan Limits

County Name One-Family Two-Family Three-Family Four-Family
AITKIN $271,050 $347,000 $419,400 $521,250
ANOKA $365,000 $467,250 $564,800 $701,900
BECKER $271,050 $347,000 $419,400 $521,250
BELTRAMI $271,050 $347,000 $419,400 $521,250
BENTON $271,050 $347,000 $419,400 $521,250
BIG STONE $271,050 $347,000 $419,400 $521,250
BLUE EARTH $271,050 $347,000 $419,400 $521,250
BROWN $271,050 $347,000 $419,400 $521,250
CARLTON $271,050 $347,000 $419,400 $521,250
CARVER $365,000 $467,250 $564,800 $701,900
CASS $271,050 $347,000 $419,400 $521,250
CHIPPEWA $271,050 $347,000 $419,400 $521,250
CHISAGO $365,000 $467,250 $564,800 $701,900
CLAY $271,050 $347,000 $419,400 $521,250
CLEARWATER $271,050 $347,000 $419,400 $521,250
COOK $296,250 $379,250 $458,400 $569,700
COTTONWOOD $271,050 $347,000 $419,400 $521,250
CROW WING $271,050 $347,000 $419,400 $521,250
DAKOTA $365,000 $467,250 $564,800 $701,900
DODGE $271,050 $347,000 $419,400 $521,250
DOUGLAS $271,050 $347,000 $419,400 $521,250
FARIBAULT $271,050 $347,000 $419,400 $521,250
FILLMORE $271,050 $347,000 $419,400 $521,250
FREEBORN $271,050 $347,000 $419,400 $521,250
GOODHUE $271,050 $347,000 $419,400 $521,250
GRANT $271,050 $347,000 $419,400 $521,250
HENNEPIN $365,000 $467,250 $564,800 $701,900
HOUSTON $271,050 $347,000 $419,400 $521,250
HUBBARD $271,050 $347,000 $419,400 $521,250
ISANTI $365,000 $467,250 $564,800 $701,900
ITASCA $271,050 $347,000 $419,400 $521,250
JACKSON $271,050 $347,000 $419,400 $521,250
KANABEC $271,050 $347,000 $419,400 $521,250
KANDIYOHI $271,050 $347,000 $419,400 $521,250
KITTSON $271,050 $347,000 $419,400 $521,250
KOOCHICHING $271,050 $347,000 $419,400 $521,250
LAC QUI PARLE $271,050 $347,000 $419,400 $521,250
LAKE $271,050 $347,000 $419,400 $521,250
LAKE OF THE WOO $271,050 $347,000 $419,400 $521,250
LE SUEUR $271,050 $347,000 $419,400 $521,250
LINCOLN $271,050 $347,000 $419,400 $521,250
LYON $271,050 $347,000 $419,400 $521,250
MAHNOMEN $271,050 $347,000 $419,400 $521,250
MARSHALL $271,050 $347,000 $419,400 $521,250
MARTIN $271,050 $347,000 $419,400 $521,250
MCLEOD $271,050 $347,000 $419,400 $521,250
MEEKER $271,050 $347,000 $419,400 $521,250
MILLE LACS $271,050 $347,000 $419,400 $521,250
MORRISON $271,050 $347,000 $419,400 $521,250
MOWER $271,050 $347,000 $419,400 $521,250
MURRAY
$271,050 $347,000 $419,400 $521,250
NICOLLET
$271,050 $347,000 $419,400 $521,250
NOBLES
$271,050 $347,000 $419,400 $521,250
NORMAN
$271,050 $347,000 $419,400 $521,250
OLMSTED
$271,050 $347,000 $419,400 $521,250
OTTER TAIL
$271,050 $347,000 $419,400 $521,250
PENNINGTON
$271,050 $347,000 $419,400 $521,250
PINE
$271,050 $347,000 $419,400 $521,250
PIPESTONE
$271,050 $347,000 $419,400 $521,250
POLK
$271,050 $347,000 $419,400 $521,250
POPE
$271,050 $347,000 $419,400 $521,250
RAMSEY
$365,000
$467,250
$564,800
$701,900
RED LAKE
$271,050 $347,000 $419,400 $521,250
REDWOOD
$271,050 $347,000 $419,400 $521,250
RENVILLE
$271,050 $347,000 $419,400 $521,250
RICE
$271,050 $347,000 $419,400 $521,250
ROCK
$271,050 $347,000 $419,400 $521,250
ROSEAU
$271,050 $347,000 $419,400 $521,250
SCOTT
$271,050 $347,000 $419,400 $521,250
SHERBURNE
$365,000
$467,250
$564,800
$701,900
SIBLEY
$271,050 $347,000 $419,400 $521,250
ST. LOUIS
$271,050 $347,000 $419,400 $521,250
STEARNS
$271,050 $347,000 $419,400 $521,250
STEELE
$271,050 $347,000 $419,400 $521,250
STEVENS
$271,050 $347,000 $419,400 $521,250
SWIFT
$271,050 $347,000 $419,400 $521,250
TODD
$271,050 $347,000 $419,400 $521,250
TRAVERSE
$271,050 $347,000 $419,400 $521,250
WABASHA
$271,050 $347,000 $419,400 $521,250
WADENA
$271,050 $347,000 $419,400 $521,250
WASECA
$271,050 $347,000 $419,400 $521,250
WASHINGTON
$365,000
$467,250
$564,800
$701,900
WATONWAN
$271,050 $347,000 $419,400 $521,250
WILKIN
$271,050 $347,000 $419,400 $521,250
WINONA
$271,050 $347,000 $419,400 $521,250
WRIGHT
$365,000
$467,250
$564,800
$701,900
YELLOW MEDICINE
$271,050 $347,000 $419,400 $521,250
Local Cities

user suit Lenders in: Minnesota.

Subscribe to our news feed.