Minnesota FHA Loan | Requirements | 2023 FHA Loan Limits
FHA loans bring to you the best opportunity to buy a home in Minnesota. Run by The FHA (Federal Housing Administration), this loan scheme aims at making buying home achievable for every average American. It is primarily due to its low down payments (3.5%), less strict eligibility criterions and not to forget the low credit scores (500) that the loan scheme bags high popularity in the continent.
Minnesota FHA Loan Requirements
In order to make it easier for the people of Minnesota, qualify for the FHA loan in Minnesota, here’s a list of the requirements for the same. If you wish to find your eligibility for an FHA loan, we can help. To receive a call back in this concern, request a free consultation.
- Credit Score– Borrowers with a credit score of 580 or above automatically qualify for 3.5% down payment, while these ranging between 500-579, qualify for a 10% down payment under FHA loan.
- Job History – Borrowers cannot qualify for the FHA loan with a job history of less than 2 years. A proof of employment for at least 2 years is required. In case of changed jobs, a consistent employment and income proof needs to be produced.
- Financial Statements– Financial statements required for the FHA loans require a compilation of your pay stubs, two most recent bank statements, and your last tax returns.
- Debt-to-Income– As a borrower, none of the individuals can qualify if the debt-to-income ratio is higher than 43%. However, under “compensating factors,” like- higher savings, great credit scores and consistent job history, one can qualify for the FHA loans even after holding higher debt levels.
- Primary Residence– As a borrower, the property against which you intend to take the loan should be your primary residence and you should occupy the same after purchase. However, in case of purchasing an investment property, second home, or vacation home with such a loan facility is not applicable.
- Mortgage Insurance– All FHA loans, despite of the chosen lender, has to be backed by either of the two types of mortgage insurances- the UPMIP (Upfront Mortgage Insurance Premium) and the regular MIP (Mortgage Insurance Premium). You may use this FHA loan calculator to find an estimate about your monthly payment and mortgage insurance costs involved with your opted FHA loans.
- FHA Loan Limits– FHA loans have a particular lending limits, which solely depends on the county, it falls in. This maximum level is based on the county level. Use the below mentioned list to find the FHA loan limits for all counties in Minnesota.
Do you wish to identify your qualifications for an FHA loan? We can help match you with a mortgage lender offering the best rated FHA loans in Minnesota. To let an FHA lender contact you, request a free consultation.
2023 Minnesota FHA Loan Limits
Below are the 2023 FHA loan limits for every county in Minnesota:
County | Single Family (1 Unit) | 2 Units | 3 Units | 4 Units |
---|---|---|---|---|
AITKIN | $472,030 | $604,400 | $730,525 | $907,900 |
ANOKA | $515,200 | $659,550 | $797,250 | $990,800 |
BECKER | $472,030 | $604,400 | $730,525 | $907,900 |
BELTRAMI | $472,030 | $604,400 | $730,525 | $907,900 |
BENTON | $472,030 | $604,400 | $730,525 | $907,900 |
BIG STONE | $472,030 | $604,400 | $730,525 | $907,900 |
BLUE EARTH | $472,030 | $604,400 | $730,525 | $907,900 |
BROWN | $472,030 | $604,400 | $730,525 | $907,900 |
CARLTON | $472,030 | $604,400 | $730,525 | $907,900 |
CARVER | $515,200 | $659,550 | $797,250 | $990,800 |
CASS | $472,030 | $604,400 | $730,525 | $907,900 |
CHIPPEWA | $472,030 | $604,400 | $730,525 | $907,900 |
CHISAGO | $515,200 | $659,550 | $797,250 | $990,800 |
CLAY | $472,030 | $604,400 | $730,525 | $907,900 |
CLEARWATER | $472,030 | $604,400 | $730,525 | $907,900 |
COOK | $472,030 | $604,400 | $730,525 | $907,900 |
COTTONWOOD | $472,030 | $604,400 | $730,525 | $907,900 |
CROW WING | $472,030 | $604,400 | $730,525 | $907,900 |
DAKOTA | $515,200 | $659,550 | $797,250 | $990,800 |
DODGE | $472,030 | $604,400 | $730,525 | $907,900 |
DOUGLAS | $472,030 | $604,400 | $730,525 | $907,900 |
FARIBAULT | $472,030 | $604,400 | $730,525 | $907,900 |
FILLMORE | $472,030 | $604,400 | $730,525 | $907,900 |
FREEBORN | $472,030 | $604,400 | $730,525 | $907,900 |
GOODHUE | $472,030 | $604,400 | $730,525 | $907,900 |
GRANT | $472,030 | $604,400 | $730,525 | $907,900 |
HENNEPIN | $515,200 | $659,550 | $797,250 | $990,800 |
HOUSTON | $472,030 | $604,400 | $730,525 | $907,900 |
HUBBARD | $472,030 | $604,400 | $730,525 | $907,900 |
ISANTI | $515,200 | $659,550 | $797,250 | $990,800 |
ITASCA | $472,030 | $604,400 | $730,525 | $907,900 |
JACKSON | $472,030 | $604,400 | $730,525 | $907,900 |
KANABEC | $472,030 | $604,400 | $730,525 | $907,900 |
KANDIYOHI | $472,030 | $604,400 | $730,525 | $907,900 |
KITTSON | $472,030 | $604,400 | $730,525 | $907,900 |
KOOCHICHING | $472,030 | $604,400 | $730,525 | $907,900 |
LAC QUI PARLE | $472,030 | $604,400 | $730,525 | $907,900 |
LAKE | $472,030 | $604,400 | $730,525 | $907,900 |
LAKE OF THE WOO | $472,030 | $604,400 | $730,525 | $907,900 |
LE SUEUR | $515,200 | $659,550 | $797,250 | $990,800 |
LINCOLN | $472,030 | $604,400 | $730,525 | $907,900 |
LYON | $472,030 | $604,400 | $730,525 | $907,900 |
MCLEOD | $472,030 | $604,400 | $730,525 | $907,900 |
MAHNOMEN | $472,030 | $604,400 | $730,525 | $907,900 |
MARSHALL | $472,030 | $604,400 | $730,525 | $907,900 |
MARTIN | $472,030 | $604,400 | $730,525 | $907,900 |
MEEKER | $472,030 | $604,400 | $730,525 | $907,900 |
MILLE LACS | $515,200 | $659,550 | $797,250 | $990,800 |
MORRISON | $472,030 | $604,400 | $730,525 | $907,900 |
MOWER | $472,030 | $604,400 | $730,525 | $907,900 |
MURRAY | $472,030 | $604,400 | $730,525 | $907,900 |
NICOLLET | $472,030 | $604,400 | $730,525 | $907,900 |
NOBLES | $472,030 | $604,400 | $730,525 | $907,900 |
NORMAN | $472,030 | $604,400 | $730,525 | $907,900 |
OLMSTED | $472,030 | $604,400 | $730,525 | $907,900 |
OTTER TAIL | $472,030 | $604,400 | $730,525 | $907,900 |
PENNINGTON | $472,030 | $604,400 | $730,525 | $907,900 |
PINE | $472,030 | $604,400 | $730,525 | $907,900 |
PIPESTONE | $472,030 | $604,400 | $730,525 | $907,900 |
POLK | $472,030 | $604,400 | $730,525 | $907,900 |
POPE | $472,030 | $604,400 | $730,525 | $907,900 |
RAMSEY | $515,200 | $659,550 | $797,250 | $990,800 |
RED LAKE | $472,030 | $604,400 | $730,525 | $907,900 |
REDWOOD | $472,030 | $604,400 | $730,525 | $907,900 |
RENVILLE | $472,030 | $604,400 | $730,525 | $907,900 |
RICE | $472,030 | $604,400 | $730,525 | $907,900 |
ROCK | $472,030 | $604,400 | $730,525 | $907,900 |
ROSEAU | $472,030 | $604,400 | $730,525 | $907,900 |
ST. LOUIS | $472,030 | $604,400 | $730,525 | $907,900 |
SCOTT | $515,200 | $659,550 | $797,250 | $990,800 |
SHERBURNE | $515,200 | $659,550 | $797,250 | $990,800 |
SIBLEY | $472,030 | $604,400 | $730,525 | $907,900 |
STEARNS | $472,030 | $604,400 | $730,525 | $907,900 |
STEELE | $472,030 | $604,400 | $730,525 | $907,900 |
STEVENS | $472,030 | $604,400 | $730,525 | $907,900 |
SWIFT | $472,030 | $604,400 | $730,525 | $907,900 |
TODD | $472,030 | $604,400 | $730,525 | $907,900 |
TRAVERSE | $472,030 | $604,400 | $730,525 | $907,900 |
WABASHA | $472,030 | $604,400 | $730,525 | $907,900 |
WADENA | $472,030 | $604,400 | $730,525 | $907,900 |
WASECA | $472,030 | $604,400 | $730,525 | $907,900 |
WASHINGTON | $515,200 | $659,550 | $797,250 | $990,800 |
WATONWAN | $472,030 | $604,400 | $730,525 | $907,900 |
WILKIN | $472,030 | $604,400 | $730,525 | $907,900 |
WINONA | $472,030 | $604,400 | $730,525 | $907,900 |
WRIGHT | $515,200 | $659,550 | $797,250 | $990,800 |
YELLOW MEDICINE | $472,030 | $604,400 | $730,525 | $907,900 |