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Minnesota FHA Home Loans

FHA Mortgage Loan Programs in Minnesota
FHA Loan Requirements - 2022 FHA Loan Limits

Minnesota FHA Loan | Requirements | 2022 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 2022 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.

2022 Minnesota FHA Loan Limits

Below are the 2022 FHA loan limits for every county in Minnesota:

County Single Family (1 Unit) 2 Units 3 Units 4 Units
AITKIN $420,680 $538,650 $651,050 $809,150
ANOKA $448,500 $574,150 $694,000 $862,500
BECKER $420,680 $538,650 $651,050 $809,150
BELTRAMI $420,680 $538,650 $651,050 $809,150
BENTON $420,680 $538,650 $651,050 $809,150
BIG STONE $420,680 $538,650 $651,050 $809,150
BLUE EARTH $420,680 $538,650 $651,050 $809,150
BROWN $420,680 $538,650 $651,050 $809,150
CARLTON $420,680 $538,650 $651,050 $809,150
CARVER $448,500 $574,150 $694,000 $862,500
CASS $420,680 $538,650 $651,050 $809,150
CHIPPEWA $420,680 $538,650 $651,050 $809,150
CHISAGO $448,500 $574,150 $694,000 $862,500
CLAY $420,680 $538,650 $651,050 $809,150
CLEARWATER $420,680 $538,650 $651,050 $809,150
COOK $420,680 $538,650 $651,050 $809,150
COTTONWOOD $420,680 $538,650 $651,050 $809,150
CROW WING $420,680 $538,650 $651,050 $809,150
DAKOTA $448,500 $574,150 $694,000 $862,500
DODGE $420,680 $538,650 $651,050 $809,150
DOUGLAS $420,680 $538,650 $651,050 $809,150
FARIBAULT $420,680 $538,650 $651,050 $809,150
FILLMORE $420,680 $538,650 $651,050 $809,150
FREEBORN $420,680 $538,650 $651,050 $809,150
GOODHUE $420,680 $538,650 $651,050 $809,150
GRANT $420,680 $538,650 $651,050 $809,150
HENNEPIN $448,500 $574,150 $694,000 $862,500
HOUSTON $420,680 $538,650 $651,050 $809,150
HUBBARD $420,680 $538,650 $651,050 $809,150
ISANTI $448,500 $574,150 $694,000 $862,500
ITASCA $420,680 $538,650 $651,050 $809,150
JACKSON $420,680 $538,650 $651,050 $809,150
KANABEC $420,680 $538,650 $651,050 $809,150
KANDIYOHI $420,680 $538,650 $651,050 $809,150
KITTSON $420,680 $538,650 $651,050 $809,150
KOOCHICHING $420,680 $538,650 $651,050 $809,150
LAC QUI PARLE $420,680 $538,650 $651,050 $809,150
LAKE $420,680 $538,650 $651,050 $809,150
LAKE OF THE WOO $420,680 $538,650 $651,050 $809,150
LE SUEUR $448,500 $574,150 $694,000 $862,500
LINCOLN $420,680 $538,650 $651,050 $809,150
LYON $420,680 $538,650 $651,050 $809,150
MCLEOD $420,680 $538,650 $651,050 $809,150
MAHNOMEN $420,680 $538,650 $651,050 $809,150
MARSHALL $420,680 $538,650 $651,050 $809,150
MARTIN $420,680 $538,650 $651,050 $809,150
MEEKER $420,680 $538,650 $651,050 $809,150
MILLE LACS $448,500 $574,150 $694,000 $862,500
MORRISON $420,680 $538,650 $651,050 $809,150
MOWER $420,680 $538,650 $651,050 $809,150
MURRAY $420,680 $538,650 $651,050 $809,150
NICOLLET $420,680 $538,650 $651,050 $809,150
NOBLES $420,680 $538,650 $651,050 $809,150
NORMAN $420,680 $538,650 $651,050 $809,150
OLMSTED $420,680 $538,650 $651,050 $809,150
OTTER TAIL $420,680 $538,650 $651,050 $809,150
PENNINGTON $420,680 $538,650 $651,050 $809,150
PINE $420,680 $538,650 $651,050 $809,150
PIPESTONE $420,680 $538,650 $651,050 $809,150
POLK $420,680 $538,650 $651,050 $809,150
POPE $420,680 $538,650 $651,050 $809,150
RAMSEY $448,500 $574,150 $694,000 $862,500
RED LAKE $420,680 $538,650 $651,050 $809,150
REDWOOD $420,680 $538,650 $651,050 $809,150
RENVILLE $420,680 $538,650 $651,050 $809,150
RICE $420,680 $538,650 $651,050 $809,150
ROCK $420,680 $538,650 $651,050 $809,150
ROSEAU $420,680 $538,650 $651,050 $809,150
ST. LOUIS $420,680 $538,650 $651,050 $809,150
SCOTT $448,500 $574,150 $694,000 $862,500
SHERBURNE $448,500 $574,150 $694,000 $862,500
SIBLEY $420,680 $538,650 $651,050 $809,150
STEARNS $420,680 $538,650 $651,050 $809,150
STEELE $420,680 $538,650 $651,050 $809,150
STEVENS $420,680 $538,650 $651,050 $809,150
SWIFT $420,680 $538,650 $651,050 $809,150
TODD $420,680 $538,650 $651,050 $809,150
TRAVERSE $420,680 $538,650 $651,050 $809,150
WABASHA $420,680 $538,650 $651,050 $809,150
WADENA $420,680 $538,650 $651,050 $809,150
WASECA $420,680 $538,650 $651,050 $809,150
WASHINGTON $448,500 $574,150 $694,000 $862,500
WATONWAN $420,680 $538,650 $651,050 $809,150
WILKIN $420,680 $538,650 $651,050 $809,150
WINONA $420,680 $538,650 $651,050 $809,150
WRIGHT $448,500 $574,150 $694,000 $862,500
YELLOW MEDICINE $420,680 $538,650 $651,050 $809,150

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