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Minnesota FHA Home Loans

FHA Mortgage Loan Programs in Minnesota
FHA Loan Requirements - 2023 FHA Loan Limits

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

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