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Minnesota FHA Home Loans

FHA Mortgage Loan Programs in Minnesota
FHA Loan Requirements - 2020 FHA Loan Limits

Minnesota FHA Loan | Requirements | 2020 FHA Loan Limits

FHA loans provide a great opportunity to buy a home in Minnesota.  The FHA (Federal Housing Administration) was created to help the average American have a chance at owning their own home.  One of the reasons that FHA loans are so popular is because of the low down payment option.  FHA loans allow you to purchase a home with only a 3.5% down payment.  There are also less strict requirements to get an FHA loan (compared to conventional loans), such as being able to qualify with a credit score as low as 500.

Minnesota FHA Loan Requirements

Below are some of the basic requirements to get an FHA loan in Minnesota.  If you would like to find out if you are eligible for an FHA loan, we can help match you with a lender.  To have an FHA lender contact you, request a free consultation.

  • Credit Score – To qualify for the 3.5% down payment, you must have a 580 credit score or higher. If your credit score is between a 500-579, you still may qualify for an FHA loan, but will be required to put 10% down.
  • Job History – Proof of employment for 2 years is required. It is ok if you have changed jobs, but you need to show consistent employment/income.
  • Financial Statements – You should expect to be required to provide your 2 most recent bank statements, pay stubs, and tax returns.
  • Debt-to-Income – You can not have a debt-to-income ratio higher than 43%.  However, if you have “compensating factors” you might be able to get approved with higher debt levels (a compensating factor could be more money in savings, longer job history, or great credit).
  • Primary Residence – You must occupy the home that you intend to purchase and have it be your primary residence. FHA loans are not available to purchase an investment property, second home, or vacation home.
  • Mortgage Insurance – All FHA loans, regardless of the lender, require two types of mortgage insurance.  This includes the UPMIP (Upfront Mortgage Insurance Premium) and the regular MIP (Mortgage Insurance Premium).  FHA MIP acts similarly to how PMI (Private Mortgage Insurance) on a conventional loan acts.  You can use this FHA loan calculator to estimate your monthly payment and mortgage insurance costs.
  • FHA Loan Limits – FHA loans have maximum lending limits, which are set at the county level. You can view the 2020 FHA loan limits for all counties in Illinois below.

Would you like to see if you qualify for an FHA loan?  We can help match you with a mortgage lender that offers FHA loans in Illinois.  To have an FHA lender contact you, request a free consultation.

2020 Minnesota FHA Loan Limits

Below are the 2020 FHA loan limits for every county in Minnesota:

County Single Family (1 Unit) 2 Units 3 Units 4 Units
AITKIN $331,760 $424,800 $513,450 $638,100
ANOKA $382,950 $490,250 $592,600 $736,450
BECKER $331,760 $424,800 $513,450 $638,100
BELtrAMI $331,760 $424,800 $513,450 $638,100
BENTON $331,760 $424,800 $513,450 $638,100
BIG STONE $331,760 $424,800 $513,450 $638,100
BLUE EARTH $331,760 $424,800 $513,450 $638,100
BROWN $331,760 $424,800 $513,450 $638,100
CARLTON $331,760 $424,800 $513,450 $638,100
CARVER $382,950 $490,250 $592,600 $736,450
CASS $331,760 $424,800 $513,450 $638,100
CHIPPEWA $331,760 $424,800 $513,450 $638,100
CHISAGO $382,950 $490,250 $592,600 $736,450
CLAY $331,760 $424,800 $513,450 $638,100
CLEARWATER $331,760 $424,800 $513,450 $638,100
COOK $331,760 $424,800 $513,450 $638,100
COTTONWOOD $331,760 $424,800 $513,450 $638,100
CROW WING $331,760 $424,800 $513,450 $638,100
DAKOTA $382,950 $490,250 $592,600 $736,450
DODGE $331,760 $424,800 $513,450 $638,100
DOUGLAS $331,760 $424,800 $513,450 $638,100
FARIBAULT $331,760 $424,800 $513,450 $638,100
FILLMORE $331,760 $424,800 $513,450 $638,100
FREEBORN $331,760 $424,800 $513,450 $638,100
GOODHUE $331,760 $424,800 $513,450 $638,100
GRANT $331,760 $424,800 $513,450 $638,100
HENNEPIN $382,950 $490,250 $592,600 $736,450
HOUSTON $331,760 $424,800 $513,450 $638,100
HUBBARD $331,760 $424,800 $513,450 $638,100
ISANTI $382,950 $490,250 $592,600 $736,450
ITASCA $331,760 $424,800 $513,450 $638,100
JACKSON $331,760 $424,800 $513,450 $638,100
KANABEC $331,760 $424,800 $513,450 $638,100
KANDIYOHI $331,760 $424,800 $513,450 $638,100
KITTSON $331,760 $424,800 $513,450 $638,100
KOOCHICHING $331,760 $424,800 $513,450 $638,100
LAC QUI PARLE $331,760 $424,800 $513,450 $638,100
LAKE $331,760 $424,800 $513,450 $638,100
LAKE OF THE WOO $331,760 $424,800 $513,450 $638,100
LE SUEUR $382,950 $490,250 $592,600 $736,450
LINCOLN $331,760 $424,800 $513,450 $638,100
LYON $331,760 $424,800 $513,450 $638,100
MAHNOMEN $331,760 $424,800 $513,450 $638,100
MARSHALL $331,760 $424,800 $513,450 $638,100
MARTIN $331,760 $424,800 $513,450 $638,100
MCLEOD $331,760 $424,800 $513,450 $638,100
MEEKER $331,760 $424,800 $513,450 $638,100
MILLE LACS $382,950 $490,250 $592,600 $736,450
MORRISON $331,760 $424,800 $513,450 $638,100
MOWER $331,760 $424,800 $513,450 $638,100
MURRAY $331,760 $424,800 $513,450 $638,100
NICOLLET $331,760 $424,800 $513,450 $638,100
NOBLES $331,760 $424,800 $513,450 $638,100
NORMAN $331,760 $424,800 $513,450 $638,100
OLMSTED $331,760 $424,800 $513,450 $638,100
OTTER TAIL $331,760 $424,800 $513,450 $638,100
PENNINGTON $331,760 $424,800 $513,450 $638,100
PINE $331,760 $424,800 $513,450 $638,100
PIPESTONE $331,760 $424,800 $513,450 $638,100
POLK $331,760 $424,800 $513,450 $638,100
POPE $331,760 $424,800 $513,450 $638,100
RAMSEY $382,950 $490,250 $592,600 $736,450
RED LAKE $331,760 $424,800 $513,450 $638,100
REDWOOD $331,760 $424,800 $513,450 $638,100
RENVILLE $331,760 $424,800 $513,450 $638,100
RICE $331,760 $424,800 $513,450 $638,100
ROCK $331,760 $424,800 $513,450 $638,100
ROSEAU $331,760 $424,800 $513,450 $638,100
SCOTT $382,950 $490,250 $592,600 $736,450
SHERBURNE $382,950 $490,250 $592,600 $736,450
SIBLEY $382,950 $490,250 $592,600 $736,450
ST. LOUIS $331,760 $424,800 $513,450 $638,100
STEARNS $331,760 $424,800 $513,450 $638,100
STEELE $331,760 $424,800 $513,450 $638,100
STEVENS $331,760 $424,800 $513,450 $638,100
SWIFT $331,760 $424,800 $513,450 $638,100
TODD $331,760 $424,800 $513,450 $638,100
TRAVERSE $331,760 $424,800 $513,450 $638,100
WABASHA $331,760 $424,800 $513,450 $638,100
WADENA $331,760 $424,800 $513,450 $638,100
WASECA $331,760 $424,800 $513,450 $638,100
WASHINGTON $382,950 $490,250 $592,600 $736,450
WATONWAN $331,760 $424,800 $513,450 $638,100
WILKIN $331,760 $424,800 $513,450 $638,100
WINONA $331,760 $424,800 $513,450 $638,100
WRIGHT $382,950 $490,250 $592,600 $736,450
YELLOW MEDICINE $331,760 $424,800 $513,450 $638,100

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