Minnesota homebuyers have plenty of housing options to choose from. Minnesota is just under 2.5 million housing units And according to the US Census Bureau, a homemade rate of about 72% 2018 American Community Survey.
Minnesota’s average housing price is $ 235,400, well above the national average price of $ 229,700. Housing prices are high in some areas of Minnesota, but there are many areas that offer lower price points.
US News conducted an in-depth review of major direct mortgage lenders. Research was based on program availability and customer satisfaction ratings. Because each consumer has different needs, the top finishers were chosen in several key areas.
What are mortgage rates in Minnesota?
House interest rates Range from 2.5% Service 3.75% In Minnesota.
What are today’s mortgage rates?
By locking in a low mortgage rate today, you can save thousands over the life of your loan. Compare your mortgage rate offers with national average trends.
|
Loan type |
Rate of this week |
Last week rate |
| 30-Year Fixed Rate Mortgage | 3.01% | 3.03% |
| 15-Year Fixed Rate Mortgage | 2.58% | 2.56% |
| 30-Year Fixed-Rate Jumbo Mortgage | 3.03% | 3.09% |
| 5/1 ARM | 3.04% | 3.06% |
| 5/1 Jumbo ARM | 2.86% | 2.87% |
* Rates up to October 28, 2020
US News’ Best Minnesota Mortgage Lenders
Methodology: US News conducted an in-depth review of major direct mortgage lenders in Minnesota. The research was based on program availability, customer satisfaction ratings, and qualification requirements. Because each consumer has different needs, the top finishers were chosen in several key areas.
Before you apply
- Mortgage Type: ARM, Traditional, FHA, Refinance, USDA and VA
- Minimum FICO Credit Score: 660
- Maximum loan amount: $ 1.5 million
- Better Business Bureau Rating: A +
Lender highlights
- Mortgage Type: ARM, traditional, FHA, first time homebuyer program, home equity lines of credit, refinance, VA
- Minimum FICO Credit Score: 600
- Maximum loan amount: $ 5 million
- Better Business Bureau Rating: A +
Best counter
-
Different types of mortgages
-
Annual percentage rate or closing cost rebate for qualifying Bank of America and Merrill Lynch clients
-
No closing costs and no annual cash balance fees for balance transfers and HELOCs
Before you apply
- Mortgage Type: Traditional, FHA, Jumbo, Refinance, USDA and VA
- Minimum FICO Credit Score: 580
- Maximum loan amount: $ 3 million
- Better Business Bureau Rating: a
Best counter
-
Homebuyer offers programs for the first time
-
FICO accepts mortgage applicants with credit scores as low as 580
Before you apply
- Mortgage Type: ARM, Traditional, FHA, Jumbo, Manufactured Homes, Refinance, Reverse, USDA & VA
- Minimum FICO Credit Score: 600
- Maximum loan amount: Different
- Better Business Bureau Rating: A +
Best counter
-
Receives strong customer service rating from Better Business Bureau
-
Offers a wide range of mortgage products
-
Offers exclusive mortgage programs for first time buyers and manufactured homebuyers
main characteristics:
- Mortgage Type Offered: Traditional, FHA, VA, ARM, Refinance (Conventional), Refinance (FHA), Refinance (VA), Home Equity Loan
- Minimum FICO Credit Score: 500 with conditions
- Maximum debt-to-income ratio: 43% for FHA
- Maximum combined debt-to-value ratio: 90%
- JD Power Satisfaction Rating: Four out of five
Best counter
-
The LoanDepot mortgage has a lifetime guarantee, which means that if you ever decide to refinance an existing LoanDepot loan, the company will waive the lender fee and reimburse the appraisal fee.
main characteristics:
- Loan Type: Traditional, FHA, VA, USDA, ARM, Refinance
- Minimum FICO Score: 600
- Maximum debt-to-value ratio: Not disclosed
- Maximum debt-to-income ratio: 43%
- Total Closing Cost: 2% to 6% of the loan amount
- Equity required: Not disclosed
- JD Power Satisfaction Rating: Not rated
Best counter
-
Offers various types of mortgage loans.
-
Nationwide offers mortgage loans.
-
Helps with closing costs.
Highlight:
- Mortgage Type Offered: ARM, FHA, VA, Refinance (FHA), USDA, Traditional, Refinance (Traditional)
- Minimum FICO Credit Score: 580 (FHA), other loans vary
- Maximum debt-to-income ratio: 60%
- JD Power Satisfaction Rating: Five out of five
Best counter
-
The complete loan procedure is available online.
-
Wide variety of mortgage products.
-
Good customer service rating.
mortgage calculator
Is your dream home within reach? US News’ mortgage calculator will show you how much home you can buy.
What are some Minnesota homebuyer programs?
Minnesota Housing offers home loan programs. Minnesota homebuyers can help them afford the home. These include down payment and closing cost loans, fixed interest rates and low down payment options.
- available to: Qualified Minnesota first-time homebuyers or buyers who have not owned a home in the past three years.
- Income Range: Different from county (see) Income range).
- First time homebuyers only? Yes.
- Benefit: Fixed interest rates, payments as low as 3%, low or no mortgage insurance options and potential down payments and closing loans that cost up to $ 17,000.
- available to: Worthy Minnesota Homebuyers.
- Income Range: Different from county (see) Income range).
- First time homebuyers only? No.
- Benefit: Fixed interest rates, payments as low as 3%, little or no mortgage insurance options and potential down payments and closing loans that cost up to $ 17,000.
Advertisement Disclosure: Some of the loan offers on this site are from companies that are advertising clients of US News. Advertising ideas can influence offers that appear on the site, but do not affect any editorial decisions, such as which loan products we write and how to evaluate them. This site does not include all loan companies or all loan offers available in the market.