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2019 FHA Loan Limits in Minnesota

Are you a Minnesota resident thinking about buying a home using an FHA loan? If so, you’re not alone. In 2015 (the most recent year for which this data is available), 22.5% of mortgage loans originated in the state were FHA loans, according to an annual report.

When looking to secure an FHA loan, you should understand that limits exist in every state. In Minnesota, the FHA loan limits for a single-family home range from $314,827 throughout most of the state to $366,850 in some higher-cost areas.

Home prices have been rising across Minnesota over the past several years. The Hennepin County state assessor’s office reports the median market value of a single-family home in Minneapolis in 2018 was $249,500, an increase of 11% over the last year and a 38% increase over the last five years.

Breaking it down by region, the median home sales price in the counties that make up the Minneapolis-St. Paul and Bloomington areas is $319,000 as of January 1, 2019, according to the FHA. In this area, qualified homebuyers can get an FHA loan for a single-family home up to the state maximum, $366,850. In contrast, the median home sales price in Kanabec County is only $140,000, so buyers here can secure an FHA loan of only up to $314,827 for a single-family home.

Minnesota FHA loan limits by county

FHA Loan Limits in Minnesota
County Single-Family Limit Two-Family Limit Three-Family Limit Four-Family Limit 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 determined?

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

The most common loan limit is known as the FHA “floor.” This is the largest mortgage the agency will insure in most of the country and is set at $314,827 for 2019.

Higher-cost areas get a special, higher loan limit known as the FHA “ceiling.” This is set at 150% of the conforming loan limit, or $726,525. With a few exceptions in some years, this is the highest mortgage the agency will insure for a single-family home.

Many U.S. counties have loan limits that fall somewhere between the FHA floor and ceiling.

Here are the 2019 standard FHA limits for all property types:

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

Here are 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

Do you qualify for an FHA loan in Minnesota?

An FHA loan may be able to help you become a homeowner, but you will need to qualify. Your credit score, income level and debt-to-income ratio will all be taken into consideration by lenders. To learn more about qualifying for an FHA loan and get other information about the process, visit LendingTree’s main FHA page.

 

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