Friday, 30 October 2020

2019 FHA Loan Limits in Minnesota

2019 FHA Loan Limits in Minnesota
04 Apr
12:19

If you’re hoping to buy a home in Minnesota with a Federal Housing Administration (FHA) loan, it’s important to understand that the FHA sets and adjusts loan limits every year to reflect the changes in average U.S. home prices.

In 2019, the FHA loan limits for a single-family home in the North Star State range from $314,827 to $366,850, depending on the county. In fiscal 2018, 1.56% of all FHA mortgages across the country came from Minnesota, and a 2016 FHA report, which is the most recent data available, showed that 22.5% of the 73,710 homes financed in Minnesota in 2015 were bought with an FHA loan.

Home prices rose more in Minneapolis than the national average in 2019, according to the National Association of Realtors. It says that in the third quarter of 2018, the average median sales price of an existing single-family home in Minneapolis was $274,500. This is a 6.5% increase from the average median price in the third quarter of 2017, and it’s nearly two points above the national average increase of 4.8%.

Here’s a closer look at Minnesota’s FHA loan limits by county and details on how these limits are determined.

Minnesota FHA Loan Limits by County

County Name One-Family Two-Family Three-Family Four-Family Median Sale Price
AITKIN $314,827 $403,125 $487,250 $605,525 $128,000
ANOKA $366,850 $469,600 $567,650 $705,500 $319,000
BECKER $314,827 $403,125 $487,250 $605,525 $175,000
BELTRAMI $314,827 $403,125 $487,250 $605,525 $145,000
BENTON $314,827 $403,125 $487,250 $605,525 $175,000
BIG STONE $314,827 $403,125 $487,250 $605,525 $71,000
BLUE EARTH $314,827 $403,125 $487,250 $605,525 $180,000
BROWN $314,827 $403,125 $487,250 $605,525 $123,000
CARLTON $314,827 $403,125 $487,250 $605,525 $152,000
CARVER $366,850 $469,600 $567,650 $705,500 $319,000
CASS $314,827 $403,125 $487,250 $605,525 $172,000
CHIPPEWA $314,827 $403,125 $487,250 $605,525 $80,000
CHISAGO $366,850 $469,600 $567,650 $705,500 $319,000
CLAY $314,827 $403,125 $487,250 $605,525 $228,000
CLEARWATER $314,827 $403,125 $487,250 $605,525 $88,000
COOK $314,827 $403,125 $487,250 $605,525 $191,000
COTTONWOOD $314,827 $403,125 $487,250 $605,525 $72,000
CROW WING $314,827 $403,125 $487,250 $605,525 $172,000
DAKOTA $366,850 $469,600 $567,650 $705,500 $319,000
DODGE $314,827 $403,125 $487,250 $605,525 $217,000
DOUGLAS $314,827 $403,125 $487,250 $605,525 $175,000
FARIBAULT $314,827 $403,125 $487,250 $605,525 $60,000
FILLMORE $314,827 $403,125 $487,250 $605,525 $217,000
FREEBORN $314,827 $403,125 $487,250 $605,525 $90,000
GOODHUE $314,827 $403,125 $487,250 $605,525 $189,000
GRANT $314,827 $403,125 $487,250 $605,525 $88,000
HENNEPIN $366,850 $469,600 $567,650 $705,500 $319,000
HOUSTON $314,827 $403,125 $487,250 $605,525 $165,000
HUBBARD $314,827 $403,125 $487,250 $605,525 $135,000
ISANTI $366,850 $469,600 $567,650 $705,500 $319,000
ITASCA $314,827 $403,125 $487,250 $605,525 $140,000
JACKSON $314,827 $403,125 $487,250 $605,525 $86,000
KANABEC $314,827 $403,125 $487,250 $605,525 $140,000
KANDIYOHI $314,827 $403,125 $487,250 $605,525 $138,000
KITTSON $314,827 $403,125 $487,250 $605,525 $61,000
KOOCHICHING $314,827 $403,125 $487,250 $605,525 $72,000
LAC QUI PARLE $314,827 $403,125 $487,250 $605,525 $50,000
LAKE $314,827 $403,125 $487,250 $605,525 $123,000
LAKE OF THE WOO $314,827 $403,125 $487,250 $605,525 $77,000
LE SUEUR $366,850 $469,600 $567,650 $705,500 $319,000
LINCOLN $314,827 $403,125 $487,250 $605,525 $65,000
LYON $314,827 $403,125 $487,250 $605,525 $125,000
MAHNOMEN $314,827 $403,125 $487,250 $605,525 $72,000
MARSHALL $314,827 $403,125 $487,250 $605,525 $90,000
MARTIN $314,827 $403,125 $487,250 $605,525 $95,000
MCLEOD $314,827 $403,125 $487,250 $605,525 $160,000
MEEKER $314,827 $403,125 $487,250 $605,525 $145,000
MILLE LACS $366,850 $469,600 $567,650 $705,500 $319,000
MORRISON $314,827 $403,125 $487,250 $605,525 $142,000
MOWER $314,827 $403,125 $487,250 $605,525 $95,000
MURRAY $314,827 $403,125 $487,250 $605,525 $62,000
NICOLLET $314,827 $403,125 $487,250 $605,525 $180,000
NOBLES $314,827 $403,125 $487,250 $605,525 $122,000
NORMAN $314,827 $403,125 $487,250 $605,525 $56,000
OLMSTED $314,827 $403,125 $487,250 $605,525 $217,000
OTTER TAIL $314,827 $403,125 $487,250 $605,525 $150,000
PENNINGTON $314,827 $403,125 $487,250 $605,525 $134,000
PINE $314,827 $403,125 $487,250 $605,525 $132,000
PIPESTONE $314,827 $403,125 $487,250 $605,525 $55,000
POLK $314,827 $403,125 $487,250 $605,525 $215,000
POPE $314,827 $403,125 $487,250 $605,525 $130,000
RAMSEY $366,850 $469,600 $567,650 $705,500 $319,000
RED LAKE $314,827 $403,125 $487,250 $605,525 $86,000
REDWOOD $314,827 $403,125 $487,250 $605,525 $77,000
RENVILLE $314,827 $403,125 $487,250 $605,525 $71,000
RICE $314,827 $403,125 $487,250 $605,525 $208,000
ROCK $314,827 $403,125 $487,250 $605,525 $111,000
ROSEAU $314,827 $403,125 $487,250 $605,525 $100,000
SCOTT $366,850 $469,600 $567,650 $705,500 $319,000
SHERBURNE $366,850 $469,600 $567,650 $705,500 $319,000
SIBLEY $366,850 $469,600 $567,650 $705,500 $319,000
ST. LOUIS $314,827 $403,125 $487,250 $605,525 $152,000
STEARNS $314,827 $403,125 $487,250 $605,525 $175,000
STEELE $314,827 $403,125 $487,250 $605,525 $160,000
STEVENS $314,827 $403,125 $487,250 $605,525 $100,000
SWIFT $314,827 $403,125 $487,250 $605,525 $60,000
TODD $314,827 $403,125 $487,250 $605,525 $100,000
TRAVERSE $314,827 $403,125 $487,250 $605,525 $32,000
WABASHA $314,827 $403,125 $487,250 $605,525 $217,000
WADENA $314,827 $403,125 $487,250 $605,525 $105,000
WASECA $314,827 $403,125 $487,250 $605,525 $125,000
WASHINGTON $366,850 $469,600 $567,650 $705,500 $319,000
WATONWAN $314,827 $403,125 $487,250 $605,525 $75,000
WILKIN $314,827 $403,125 $487,250 $605,525 $124,000
WINONA $314,827 $403,125 $487,250 $605,525 $145,000
WRIGHT $366,850 $469,600 $567,650 $705,500 $319,000
YELLOW MEDICINE $314,827 $403,125 $487,250 $605,525 $68,000

How are FHA loan limits calculated?

FHA loan limits are determined by the U.S. Department of Housing and Urban Development (HUD) and based on the conforming loan limit, which is how large of a mortgage Fannie Mae and Freddie Mac will purchase. In 2019, that limit is $484,350.

The “floor” — the largest mortgage the FHA will issue in most of the country — is set at 65% of the conforming loan limit. It’s $314,827 for 2019. The FHA “ceiling,” which applies to high-cost areas, is set at 150% of the conforming loan limit, or $726,525.

Here’s a look at the 2019 standard FHA loan limits for all types of properties:

  • One-unit: $314,827
  • Two-unit: $403,125
  • Three-unit: $487,250
  • Four-unit: $605,525

The 2019 standard FHA limits for high-cost areas:

  • One-unit: $726,525
  • Two-unit: $930,300
  • Three-unit: $1,124,475
  • Four-unit: $1,397,400

Are you eligible for an FHA loan in Minnesota?

While the price of the home you plan to buy plays a vital role in whether you qualify for an FHA loan, other criteria such as your income, down payment, credit score and credit history are considered as well. For more information on FHA loans, we invite you to check out our complete guide to FHA loans. Good luck on your search for a home in Minnesota.

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Anna Baluch
Anna Baluch |

Anna Baluch is a writer at MagnifyMoney. You can email Anna here

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Source: https://www.magnifymoney.com/blog/mortgage/fha-loan-limits-in-minnesota/

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