Find FHA Loan Specialists in Rochester, MN
Directory of fha loan specialists in Rochester, Minnesota. Verify credentials with the state state mortgage licensing authority before hiring.
Important: Listings are compiled from publicly available sources and have not been independently verified by BeforeMortgageUSA.com. We do not endorse any broker or guarantee outcomes. Verify licensing and disciplinary status with the
State Mortgage Licensing Authority of Minnesota before hiring.
Showing 19 fha loan specialists in Rochester, MN
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
What Does a FHA Loan Specialist in Rochester Cost?
Typical costs for an FHA loan in Rochester Minnesota include the upfront mortgage insurance premium of 1.75 percent of the loan amount and an annual premium of 0.55 to 0.85 percent. Closing costs generally range from 2 to 5 percent of the loan amount and may include appraisal fees around $500 to $700 and title insurance. Lender origination fees vary but often run 0.5 to 1 percent of the loan. Note that this is general information and not mortgage or financial advice.
* Cost estimates are general ranges based on publicly available data and compiled using automated research tools. Actual fees vary by agent and case complexity. This is not mortgage or financial advice — consult directly with an agent for fee specifics.
Frequently Asked Questions
What are the FHA loan limits for Rochester Minnesota?
For 2024 the FHA loan limit for a single family home in Olmsted County is $498,257. This limit applies to most areas in Rochester and may be higher for duplexes or larger properties. Check with a local specialist for the most current figures.
What is the minimum down payment for an FHA loan in Minnesota?
The minimum down payment for an FHA loan is 3.5 percent of the purchase price if your credit score is 580 or higher. If your score is between 500 and 579 you may qualify with a 10 percent down payment. These rules apply statewide including Rochester.
Do FHA loans require mortgage insurance in Minnesota?
Yes FHA loans require both an upfront mortgage insurance premium of 1.75 percent of the loan amount and an annual premium that varies based on loan term and down payment. For most Rochester borrowers the annual premium is 0.55 percent of the loan balance.