Best Mortgage Lenders in Minnesota 2026: Top 10 Ranked
Minnesota's median home price is $365,000 — below the national average. Minneapolis-St. Paul metro averages $400K+. We ranked 10 MN mortgage lenders by rates, fees, and MHFA first-time buyer programs. Rates from 6.09%. Compare in 60 seconds.
Minnesota Mortgage Quick Facts (August 2026)
Top 10 Minnesota Mortgage Lenders Compared
| # | Lender | Rate | Fees | Min Credit | Close Time | Best For | MN Presence |
|---|---|---|---|---|---|---|---|
| 1 | Rocket Mortgage | 6.09% | $1,200 | 620 | 21 days | Best overall — fastest close, fully digital | All 87 MN counties |
| 2 | U.S. Bank | 6.15% | $1,000 | 620 | 30 days | Best local bank — HQ in Minneapolis | HQ in MN, 100+ branches |
| 3 | Wells Fargo | 6.15% | $1,000 | 620 | 30 days | Best for jumbo loans up to $3M | 80+ MN branches |
| 4 | Better.com | 6.12% | $0 | 620 | 23 days | Lowest cost — $0 lender fees | Online only |
| 5 | MHFA Lenders (Wells) | 6.25% | $900 | 640 | 35 days | Best for first-time buyers (MHFA DPA $15K) | MHFA-approved |
| 6 | Veterans United | 5.25% | $0 | 620 | 30 days | Best for VA loans ($0 down) | Online + MN offices |
| 7 | loanDepot | 6.20% | $1,000 | 620 | 25 days | Wide loan variety, strong refinance | 15+ MN loan officers |
| 8 | Chase Bank | 6.22% | $1,200 | 620 | 30 days | Good jumbo rates for banking customers | 40+ MN branches |
| 9 | Guaranteed Rate | 6.15% | $800 | 580 | 25 days | Best for FHA (580 credit accepted) | 10+ MN loan officers |
| 10 | Bremer Bank | 6.20% | $950 | 620 | 30 days | Best local MN bank, strong community focus | HQ in St. Paul, 70+ branches |
Rates as of August 3, 2026. 30-year fixed. Actual rates vary by credit score, LTV, and county.
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Get My MN Lender Quotes →MHFA First-Time Buyer Programs in Minnesota
MHFA (Minnesota Housing Finance Agency) offers down payment assistance and below-market rates for first-time homebuyers.
Start Up Program
3% down with DPA up to $15,000 as a 0% interest deferred second mortgage. For first-time buyers only.
- • Max purchase price: $806,500 (most areas)
- • Income limit: $81,000-$122,000 (varies by county)
- • Must be first-time buyer (or not owned in 3 years)
- • 640+ credit score required
Step Up Program
3% down with DPA for repeat buyers. Below-market rates with reduced mortgage insurance.
- • Available for repeat buyers too
- • 3% down conventional or 3.5% FHA
- • 640+ credit score
- • DPA up to $15,000
MN Property Tax by County
Minnesota property taxes average 1.05% — below the national average. The homestead exemption reduces assessed value for primary residences.
| County | Avg Tax Rate | Annual Tax on $365K Home | Monthly Impact |
|---|---|---|---|
| Hennepin (Minneapolis) | 1.15% | $4,198 | $350/mo |
| Ramsey (St. Paul) | 1.28% | $4,672 | $389/mo |
| Dakota | 1.05% | $3,833 | $319/mo |
| Anoka | 1.18% | $4,307 | $359/mo |
| Washington | 1.12% | $4,088 | $341/mo |
Tip: Apply for the MN homestead exemption — can reduce your property tax bill by $200-$500/year.
Frequently Asked Questions
What are the best mortgage lenders in Minnesota?
Rocket Mortgage (6.09%, best overall), U.S. Bank (HQ in Minneapolis, 100+ branches), Wells Fargo (best jumbo to $3M), MHFA lenders (first-time buyer DPA up to $15K), Veterans United (VA $0 down), Bremer Bank (best local St. Paul-based bank).
What is the Minnesota conforming loan limit in 2026?
Standard: $806,500 for all 87 MN counties. FHA: $472,030-$806,500 depending on county. VA: $806,500 (full entitlement). Above = jumbo loan.
Does Minnesota have first-time home buyer programs?
Yes — MHFA offers Start Up (DPA up to $15K at 0% interest for first-time buyers), Step Up (DPA for repeat buyers), and Monthly Payment Plus (reduced payments for low-income). Income limits $81K-$122K by county. 640+ credit required.
How much down payment do I need to buy a house in Minnesota?
Conventional: 3% down. FHA: 3.5% down. VA: 0% down. MHFA: 3% + DPA up to $15K. On $365K median MN home: 20% = $73,000, 3.5% FHA = $12,775, MHFA = potentially $0 out of pocket.
What are property taxes like in Minnesota?
MN property taxes average 1.05% — below national avg. Hennepin (Minneapolis): 1.15%. Ramsey (St. Paul): 1.28%. On a $365K home: $3,833-$4,672/year ($319-$389/month). Apply for homestead exemption to save $200-$500/year.
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