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FHA loans in Prior Lake, MN

Quick answer

The 2026 FHA loan limit in Prior Lake, MN (Scott County) is $552,000 for a single-family home, enough for a purchase price up to about $572,000 with 3.5% down. On the $429,900 median home value, that down payment is about $15,047 and the estimated payment is $3,589/month at 7.18%, which needs roughly $154,000 a year in income.

By Purchase Mortgage Loan Editorial Team Checked against official sources per our editorial standardsData last updated

Median household income: $130,278; value-to-income ratio 3.30. Prior Lake ranks 12 by home value and 36 by population among 101 places in our MN dataset.

What does an FHA loan cost on a typical Prior Lake home?

ItemPrior Lake
Median home value (Census ACS)$429,900
Minnesota median home value$305,500
Down payment (3.5%)$15,047
Loan incl. 1.75% upfront MIP$422,113
Estimated monthly payment (PITI + MI)$3,589
Income needed (28% / 36%)$154,000 / $120,000
Scott County 2026 FHA limit (1 unit)$552,000
Max purchase price at the limit$572,000

Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.

Payment includes Minnesota's 1.04% effective property tax rate (Census ACS), $1,988/yr homeowners insurance (NAIC state average) and 0.55% annual FHA MIP.

What is the 2026 FHA loan limit in Prior Lake?

Prior Lake is in Scott County where HUD's 2026 one-unit FHA limit is $552,000. With the minimum 3.5% down, that caps the purchase price at about $572,000; above that you'd need a bigger down payment or a conventional loan (conforming limit $832,750).

The Prior Lake median home value of $429,900 is 41% above the Minnesota median, and within what the county limit supports.

Which down payment assistance programs can Prior Lake buyers use?

FHA loans in nearby cities

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FHA loan FAQs for Prior Lake

Prior Lake is in Scott County, where HUD's 2026 FHA limit for a one-unit home is $552,000. With 3.5% down, that supports a purchase price up to about $572,000.

3.5% of $429,900 is about $15,047 with a 580+ credit score (10%, or $42,990, with a 500–579 score), plus closing costs.

At the $429,900 median value (above the Minnesota median of $305,500), the estimated payment of $3,589/month at 7.18% needs about $154,000 a year under the 28% housing guideline, or $120,000 if your total debts stay under 36%.

0 city-level, 0 county-level and 2 statewide programs are verified for this city (2 total). Check each official administrator's eligibility rules and available funds.

Sources

Data last updated October 23, 2026.

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Figures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.