Minnesota FHA loans are home loans insured by the FHA (Federal Housing Administration) which give Minnesota borrowers the opportunity to secure MN home loans, when they don't quality for other conventional loans. For example, future Minnesota homeowners with little credit history or poor credit history are sometimes able to qualify for Minnesota FHA loans.
Minnesota FHA Loans for First Time Homeowners
MN FHA loans are ideal for first-time Minnesota homeowners due to low down-payment requirements and flexible qualifying guidelines.
Refinancing with FHA Loans in Minnesota
FHA also offers a refinancing option for Minnesota homeowners where it's possible to refinance up to 97.5% of your home’s value. Additionally, there’s also an option for FHA cash-out refinance of up to 85%.
FHA Loan Requirements - Minnesota
- No income limit
- Minnesota borrower credit score flexibility
- 3.5% down payment on Minnesota Purchase Loans
- Bankruptcy: MN FHA loans can be obtained as soon as 2 years after Chapter 7 discharge (assuming good credit history since)
- Foreclosures: An FHA loan can be obtained as early as 3 years after the final date of foreclosure (assuming good credit history since)
Minnesota (MN) FHA Loan Limits
FHA loan limits in Minnesota vary based on a number of criteria including the specific. location (county), number of units in the property (up to 4-unit properties in Minnesota), etc. Please contact Home Point Financial's Minnesota FHA loan experts for details on loan limits for FHA loans in Minnesota (MN).