Many buyers agree that saving for a down payment can be the most difficult part of buying a home. But FHA loans, which are backed by the Federal Housing Administration, are available for buyers who can afford a monthly mortgage payment, but have as little as 3.5 percent saved for a down payment.
These loans can be the boost that many would-be buyers need to enter the market — and in fact, they are known in the industry as “helper loans” because they are designed to help buyers who may not qualify for other loan programs.
These loans are meant to help borrowers secure responsible loans, so the FHA limits the loan amount based on county housing values. This means that you won’t be able to buy a mansion with an FHA loan, but you should be able to find a moderately-priced home in your area.
If you’re considering an FHA loan in 2019, here are the FHA loan limits for each county in Minnesota.
Note: In addition to paying their monthly mortgage principal and interest, FHA borrowers will pay mortgage insurance at closing and throughout the life of the loan. Learn more about mortgage insurance.
2019 FHA loan limits for Minnesota counties
| Minnesota county | FHA loan limit for 2019 |
|---|---|
| Aitkin County | $314,827 |
| Anoka County | $366,850 |
| Becker County | $314,827 |
| Beltrami County | $314,827 |
| Benton County | $314,827 |
| Big Stone County | $314,827 |
| Blue Earth County | $314,827 |
| Brown County | $314,827 |
| Carlton County | $314,827 |
| Carver County | $366,850 |
| Cass County | $314,827 |
| Chippewa County | $314,827 |
| Chisago County | $366,850 |
| Clay County | $314,827 |
| Clearwater County | $314,827 |
| Cook County | $314,827 |
| Cottonwood County | $314,827 |
| Crow Wing County | $314,827 |
| Dakota County | $366,850 |
| Dodge County | $314,827 |
| Douglas County | $314,827 |
| Faribault County | $314,827 |
| Fillmore County | $314,827 |
| Freeborn County | $314,827 |
| Goodhue County | $314,827 |
| Grant County | $314,827 |
| Hennepin County | $366,850 |
| Houston County | $314,827 |
| Hubbard County | $314,827 |
| Isanti County | $366,850 |
| Itasca County | $314,827 |
| Jackson County | $314,827 |
| Kanabec County | $314,827 |
| Kandiyohi County | $314,827 |
| Kittson County | $314,827 |
| Koochiching County | $314,827 |
| Lac Qui Parle County | $314,827 |
| Lake County | $314,827 |
| Lake of the Woods County | $314,827 |
| Le Sueur County | $366,850 |
| Lincoln County | $314,827 |
| Lyon County | $314,827 |
| Mahnomen County | $314,827 |
| Marshall County | $314,827 |
| Martin County | $314,827 |
| McLeod County | $314,827 |
| Meeker County | $314,827 |
| Mille Lacs County | $366,850 |
| Morrison County | $314,827 |
| Mower County | $314,827 |
| Murray County | $314,827 |
| Nicollet County | $314,827 |
| Nobles County | $314,827 |
| Norman County | $314,827 |
| Olmsted County | $314,827 |
| Otter Tail County | $314,827 |
| Pennington County | $314,827 |
| Pine County | $314,827 |
| Pipestone County | $314,827 |
| Polk County | $314,827 |
| Pope County | $314,827 |
| Ramsey County | $366,850 |
| Red Lake County | $314,827 |
| Redwood County | $314,827 |
| Renville County | $314,827 |
| Rice County | $314,827 |
| Rock County | $314,827 |
| Roseau County | $314,827 |
| Scott County | $366,850 |
| Sherburne County | $366,850 |
| Sibley County | $366,850 |
| St. Louis County | $314,827 |
| Stearns County | $314,827 |
| Steele County | $314,827 |
| Stevens County | $314,827 |
| Swift County | $314,827 |
| Todd County | $314,827 |
| Traverse County | $314,827 |
| Wabasha County | $314,827 |
| Wadena County | $314,827 |
| Waseca County | $314,827 |
| Washington County | $366,850 |
| Watonwan County | $314,827 |
| Wilkin County | $314,827 |
| Winona County | $314,827 |
| Wright County | $366,850 |
| Yellow Medicine County | $314,827 |
Remember, some cities span more than one county. Ask your REALTOR® or lender about the loan limit you can expect if you’re searching for homes near county lines.
Ready to buy with an FHA loan in 2019?
Whether you know that an FHA loan is the right choice for you, or you need mortgage guidance as you begin your home buying journey, we can help. Contact Edina Realty or your Realtor to get insights on borrowing and buying.
For more buyer insights you can use, follow #BuyerInsights on Twitter, Facebook, Instagram and YouTube.
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