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2021 FHA Loan Limits in Minnesota

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In Minnesota, FHA loan limits have risen to $356,362 for most counties in the state, and up to $402,500 for higher-cost areas for a single-family home, depending on the county. And if you’re considering buying a house in the Gopher State, this year may be the perfect time to start your search.

Whether you plan to call the Twin Cities or a town along the U.S.-Canada border home, financing a home purchase could be within reach if you qualify for a Federal Housing Administration (FHA) loan. This year, Minnesota residents will be able to borrow even more with an FHA loan in certain areas of the state.

Minnesota FHA loan limits by county

FHA Loan Limits in Minnesota
County Name One-Family Two-Family Three-Family Four-Family Median Sale Price
Aitkin $356,362 $456,275 $551,500 $685,400 $135,000
Anoka $402,500 $515,250 $622,850 $774,050 $350,000
Becker $356,362 $456,275 $551,500 $685,400 $198,000
Beltrami $356,362 $456,275 $551,500 $685,400 $155,000
Benton $356,362 $456,275 $551,500 $685,400 $190,000
Big Stone $356,362 $456,275 $551,500 $685,400 $89,000
Blue Earth $356,362 $456,275 $551,500 $685,400 $209,000
Brown $356,362 $456,275 $551,500 $685,400 $136,000
Carlton $356,362 $456,275 $551,500 $685,400 $162,000
Carver $402,500 $515,250 $622,850 $774,050 $350,000
Cass $356,362 $456,275 $551,500 $685,400 $180,000
Chippewa $356,362 $456,275 $551,500 $685,400 $80,000
Chisago $402,500 $515,250 $622,850 $774,050 $350,000
Clay $356,362 $456,275 $551,500 $685,400 $238,000
Clearwater $356,362 $456,275 $551,500 $685,400 $115,000
Cook $356,362 $456,275 $551,500 $685,400 $204,000
Cottonwood $356,362 $456,275 $551,500 $685,400 $81,000
Crow Wing $356,362 $456,275 $551,500 $685,400 $180,000
Dakota $402,500 $515,250 $622,850 $774,050 $350,000
Dodge $356,362 $456,275 $551,500 $685,400 $240,000
Douglas $356,362 $456,275 $551,500 $685,400 $191,000
Faribault $356,362 $456,275 $551,500 $685,400 $75,000
Fillmore $356,362 $456,275 $551,500 $685,400 $240,000
Freeborn $356,362 $456,275 $551,500 $685,400 $110,000
Goodhue $356,362 $456,275 $551,500 $685,400 $203,000
Grant $356,362 $456,275 $551,500 $685,400 $94,000
Hennepin $402,500 $515,250 $622,850 $774,050 $350,000
Houston $356,362 $456,275 $551,500 $685,400 $188,000
Hubbard $356,362 $456,275 $551,500 $685,400 $145,000
Isanti $402,500 $515,250 $622,850 $774,050 $350,000
Itasca $356,362 $456,275 $551,500 $685,400 $143,000
Jackson $356,362 $456,275 $551,500 $685,400 $88,000
Kanabec $356,362 $456,275 $551,500 $685,400 $163,000
Kandiyohi $356,362 $456,275 $551,500 $685,400 $154,000
Kittson $356,362 $456,275 $551,500 $685,400 $68,000
Koochiching $356,362 $456,275 $551,500 $685,400 $77,000
Lac Qui Parle $356,362 $456,275 $551,500 $685,400 $57,000
Lake $356,362 $456,275 $551,500 $685,400 $162,000
Lake Of The Woo $356,362 $456,275 $551,500 $685,400 $102,000
Le Sueur $402,500 $515,250 $622,850 $774,050 $350,000
Lincoln $356,362 $456,275 $551,500 $685,400 $55,000
Lyon $356,362 $456,275 $551,500 $685,400 $140,000
Mahnomen $356,362 $456,275 $551,500 $685,400 $70,000
Marshall $356,362 $456,275 $551,500 $685,400 $85,000
Martin $356,362 $456,275 $551,500 $685,400 $110,000
Mcleod $356,362 $456,275 $551,500 $685,400 $180,000
Meeker $356,362 $456,275 $551,500 $685,400 $160,000
Mille Lacs $402,500 $515,250 $622,850 $774,050 $350,000
Morrison $356,362 $456,275 $551,500 $685,400 $160,000
Mower $356,362 $456,275 $551,500 $685,400 $125,000

How are FHA loan limits determined?

The U.S. Department of Housing and Urban Development (HUD) sets limits on how expensive a house the FHA will insure in each county in the United States. These limits are set based on the current year’s conforming loan limit — or how large of a mortgage Fannie Mae and Freddie Mac will purchase. In 2021, that conforming limit is $548,250, up roughly $38,000 from 2020’s limit of $510,400.

The FHA “floor” is the largest mortgage the agency will issue in most of the country and is 65% of the conforming loan limit. In 2021, the FHA floor is set at $356,362, an increase of about $24,600 above the 2020 limit of $331,760.

The FHA “ceiling” is a higher limit that only applies to high-cost areas. This is set at 150% of the conforming loan limit, or $822,375 for single-family homes. With a few exceptions, this is generally the largest mortgage amount the agency will insure for a single-family home. In many parts of the country, loan limits fall somewhere between the FHA floor and ceiling.

Outside of the lower 48 states, FHA maximum loan limits are higher because of more expensive construction costs. These include the special exception areas of Alaska, Hawaii, Guam and the U.S. Virgin Islands.

Here are the 2021 standard FHA limits for all property types:

  • One-unit: $356,362
  • Two-unit: $456,275
  • Three-unit: $551,500
  • Four-unit: $685,400

Here are the 2021 standard FHA limits for high-cost areas:

  • One-unit: $822,375
  • Two-unit: $1,053,000
  • Three-unit: $1,272,750
  • Four-unit: $1,581,750

Do you qualify for an FHA loan in Minnesota?

FHA loans are a great deal for qualified buyers, thanks to lower down payments and closing costs. Find out if your credit score and income will help you qualify for one of these loans.

 

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