Best mortgage lenders in Minnesota
No lender is best for everyone, so this page ranks Minnesota lenders on what federal records can measure: who makes the most loans here, who leads for FHA and VA, and what their Minnesota borrowers paid. All figures are 2025 HMDA data; no lender pays to be listed.
Who leads for what in Minnesota
"Most loans" and "Largest average loan" are among the 15 lenders with the most Minnesota originations in 2025 (the latter counts lenders with at least 300 loans in the state); FHA and VA leaders count every lender's home-purchase loans.
The 15 lenders that made the most home loans in Minnesota
| # | Lender | Type | Loans | FHA | VA | Avg loan | Approval* |
|---|---|---|---|---|---|---|---|
| 1 | United Wholesale Mortgage | Nonbank lender | 6,703 | 18.3% | 14.4% | $319,588 | 87.9% |
| 2 | Bell Bank | — | 6,525 | 4.2% | 2.8% | $328,145 | 93.9% |
| 3 | Rocket Mortgage | Nonbank lender | 5,672 | 15.0% | 6.5% | $242,463 | 82.0% |
| 4 | U.S. Bank | Bank | 4,538 | 1.4% | 0.6% | $239,518 | 63.4% |
| 5 | Trustone Financial Credit Union | — | 4,135 | 0.9% | 0.5% | $161,604 | 77.3% |
| 6 | Affinity Plus | — | 3,656 | 0.0% | 0.1% | $105,136 | 82.2% |
| 7 | CrossCountry Mortgage | Nonbank lender | 3,129 | 14.3% | 5.9% | $328,912 | 97.4% |
| 8 | Blaze Credit Union | — | 2,694 | 0.0% | 0.0% | $158,575 | 84.3% |
| 9 | Fairway Independent Mortgage | Nonbank lender | 2,657 | 16.3% | 5.0% | $274,680 | 96.1% |
| 10 | Wings Financial Credit Union | — | 2,594 | 0.0% | 0.0% | $213,720 | 80.0% |
| 11 | Old National Bank | — | 1,877 | 2.0% | 0.4% | $407,595 | 83.2% |
| 12 | New American Funding | Nonbank lender | 1,842 | 23.7% | 5.6% | $281,819 | 91.2% |
| 13 | Royal Credit Union | — | 1,772 | 6.3% | 0.6% | $239,210 | 87.3% |
| 14 | Prosperity Home Mortgage | Nonbank lender | 1,746 | 9.9% | 6.1% | $327,893 | 95.8% |
| 15 | Huntington Bank | Bank | 1,707 | 1.6% | 0.7% | $270,366 | 67.1% |
Source: 2025 HMDA originations, FFIEC/CFPB. FHA/VA = share of each lender's Minnesota loans. *Approval = originated ÷ (originated + denied); it mirrors a lender's channel and borrower mix, not how hard it is to qualify.
Also among the 25 lenders with the most HMDA filings here: PennyMac, Newrez, Chase, Guaranteed Rate (Rate), Mr. Cooper, Wells Fargo, Freedom Mortgage, AmeriHome Mortgage Company, LLC, Veterans United, loanDepot.
FHA lenders in Minnesota
6,795 FHA home-purchase loans were made in Minnesota in 2025 by 192 lenders. The typical FHA buyer here paid $10,742 in loan costs, including the 1.75% upfront mortgage insurance premium, at a median rate of 6.50%. The ten lenders that made the most:
| # | Lender | FHA purchases | Share | Loan costs | APR vs benchmark |
|---|---|---|---|---|---|
| 1 | United Wholesale Mortgage | 711 | 10.5% | $11,195 | +0.45 |
| 2 | Fairway Independent Mortgage | 379 | 5.6% | $9,843 | +0.94 |
| 3 | CrossCountry Mortgage | 335 | 4.9% | $11,020 | +0.73 |
| 4 | New American Funding | 315 | 4.6% | $11,166 | +0.90 |
| 5 | Rocket Mortgage | 314 | 4.6% | $10,189 | +0.46 |
| 6 | Bell Bank | 257 | 3.8% | $11,024 | +0.52 |
| 7 | Granite Bank | 224 | 3.3% | $10,956 | +0.71 |
| 8 | Guaranteed Rate (Rate) | 212 | 3.1% | $11,184 | +0.59 |
| 9 | loanDepot | 183 | 2.7% | $11,470 | +0.71 |
| 10 | Supreme Lending | 172 | 2.5% | $11,502 | +1.02 |
| All Minnesota FHA buyers | 6,795 | 100% | $10,742 | +0.66 |
Among them, Fairway Independent Mortgage had the lowest median loan costs ($9,843) and Supreme Lending the highest ($11,502) — $1,659 apart on similar loans, which is why a second Loan Estimate is worth getting.
Source: 2025 HMDA loan-level records (FFIEC/CFPB), first-lien FHA home purchases in Minnesota. Costs and APR vs benchmark are medians of each lender's 30-year fixed loans here; "—" = fewer than 30. Our method and its limits.
VA lenders in Minnesota
3,564 VA home-purchase loans were made in Minnesota in 2025 by 167 lenders. The typical VA buyer here paid $5,797 in loan costs (including the VA funding fee for borrowers who owe it) at a median rate of 6.25%. The ten lenders that made the most:
| # | Lender | VA purchases | Share | Loan costs | APR vs benchmark |
|---|---|---|---|---|---|
| 1 | Veterans United | 849 | 23.8% | $4,630 | −0.20 |
| 2 | United Wholesale Mortgage | 285 | 8.0% | $5,187 | −0.32 |
| 3 | Bell Bank | 157 | 4.4% | $5,229 | −0.40 |
| 4 | CrossCountry Mortgage | 122 | 3.4% | $5,023 | −0.29 |
| 5 | Navy Federal Credit Union | 121 | 3.4% | $3,131 | −0.63 |
| 6 | Fairway Independent Mortgage | 107 | 3.0% | $5,778 | −0.23 |
| 7 | USAA | 100 | 2.8% | $5,697 | −0.29 |
| 8 | Rocket Mortgage | 87 | 2.4% | $7,116 | −0.35 |
| 9 | PennyMac | 85 | 2.4% | $9,774 | −0.45 |
| 10 | Guaranteed Rate (Rate) | 84 | 2.4% | $5,392 | −0.31 |
| All Minnesota VA buyers | 3,564 | 100% | $5,797 | −0.28 |
Among them, Navy Federal Credit Union had the lowest median loan costs ($3,131) and PennyMac the highest ($9,774) — $6,643 apart, though VA costs also depend on how many of a lender's borrowers are exempt from the funding fee.
Source: 2025 HMDA loan-level records (FFIEC/CFPB), first-lien VA home purchases in Minnesota. Costs and APR vs benchmark are medians of each lender's 30-year fixed loans here; "—" = fewer than 30. Data notes and limits.
How concentrated is the Minnesota market?
885 institutions reported Minnesota home-loan records for 2025 — the 19th-most of any state. The single most active lender accounts for 5.9% of all records and the top five for 21.3%, the 18th-least concentrated market of 51. With volume spread across many lenders, there is plenty of room to shop beyond the biggest names.
How to choose a lender in Minnesota
Minnesota borrowers took FHA loans 8.4% of the time and VA loans 5.2% (U.S. 13.2% and 8.2%). Every Minnesota county uses the $832,750 conforming limit, so loans above it are jumbo and priced separately.
Get Loan Estimates from three or more lenders in the same two-week window (one credit inquiry) and compare APRs. For down-payment help, ask whether they are approved for Minnesota Housing's Deferred Payment Loan (DPL) and DPL Plus or Monthly Payment Loan — only participating lenders can offer them (terms and sources).
Minnesota lender FAQ
Who is the biggest mortgage lender in Minnesota?
By 2025 federal HMDA data, United Wholesale Mortgage originated the most home loans in Minnesota — about 6,703, or 5.5% of the state's originations.
Which lender makes the most FHA loans in Minnesota?
United Wholesale Mortgage made the most FHA home-purchase loans in Minnesota in 2025 — 711, or 10.5% of the 6,795 FHA purchases made by 192 lenders. Fairway Independent Mortgage (379) was second.
Which lender makes the most VA loans in Minnesota?
Veterans United made the most VA home-purchase loans in Minnesota in 2025 (849, 23.8% of the state's VA purchases). VA loans were 5.2% of Minnesota originations, the 13th-lowest VA share among the states.
How much are closing costs on an FHA loan in Minnesota?
The typical Minnesota FHA buyer in 2025 paid $10,742 in total loan costs on a median $295,000 loan — lender fees, required third-party services and the 1.75% upfront mortgage insurance premium, per the Closing Disclosure.
That figure excludes recording taxes, prepaid interest and insurance, escrow deposits and the down payment.
Rankings are editorial and independent, built from public federal data — no lender pays to be listed. This is general information, not a recommendation or personalized advice. Confirm all terms directly with the lender.
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