With about 307,762 residents, Saint Paul is a sizable Minnesota city, and its median home value of $280,300 is close to the Minnesota median of $305,500. The median home costs about 3.8× the median household income of $73,055, so many buyers pair a low-down-payment loan with assistance. Prices sit in the range where FHA and 3%-down conventional loans are both common.
How much does it cost to buy a typical home in Saint Paul?
| Scenario | Down payment | Est. monthly payment | Income needed (28% / 36%) |
|---|---|---|---|
| FHA, 3.5% down | $9,811 | $2,397 | $103,000 / $80,000 |
| Conventional, 20% down | $56,060 | $1,928 | $83,000 / $65,000 |
Estimates use the Census median home value, a 30-year rate (see below), Minnesota's 1.04% effective property tax rate, $1,988/yr insurance (NAIC state average) and FHA mortgage insurance.
Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.
What are the 2026 loan limits for Saint Paul?
Saint Paul is in Ramsey County, where the single-family FHA limit is $552,000 (max price ≈ $572,000 with 3.5% down) and the conforming limit is $832,750. Loans above that are jumbo loans.
Is there down payment assistance in Saint Paul?
- Inheritance Fund (Rondo and West Side Flats) — Up to $110,000 ($50,000-$100,000 plus $10,000 for purchases in historic Rondo/West Side); assistance (see official terms); city-level. City of Saint Paul Planning and Economic Development · Verified October 25, 2026
- Minnesota Housing Deferred Payment Loan Plus — Up to $18,000; deferred; state-level. Minnesota Housing · Verified October 23, 2026
- Minnesota Housing Monthly Payment Loan — Up to $14,000; second_mortgage; state-level. Minnesota Housing · Verified October 23, 2026
What mortgage options do Saint Paul buyers have?
- Conventional Loan — Not government-backed; as little as 3% down for first-time buyers, PMI removable at 20% equity.
- FHA Loan — Government-insured; 3.5% down with a 580 credit score and flexible debt-to-income rules.
- VA Loan — For eligible veterans, service members and surviving spouses: 0% down and no monthly mortgage insurance.
- USDA Loan — 0% down for moderate-income buyers in eligible rural and suburban areas.
- Jumbo Loan — For loan amounts above the conforming limit; usually 10–20% down and 700+ credit.
- First-Time Home Buyer Loans — Low-down-payment loans plus state assistance programs designed for first-time buyers.
- Self-Employed Mortgage — Options for business owners and 1099 earners, including tax-return and bank-statement loans.
- DSCR Purchase Loan — Investment-property loans qualified on the rental income of the property, not personal income.
- New Construction Home Loans — Financing for a newly built home from a builder, or for building your own with a construction-to-permanent loan.
Home loan options in Saint Paul
- FHA loans in Saint Paul, MN
- First-time home buyer programs in Saint Paul, MN
- VA loans in Saint Paul, MN
- Conventional loans in Saint Paul, MN
- Home affordability in Saint Paul, MN
- New construction home loans in Saint Paul, MN
- Down payment assistance in Saint Paul, MN
How much will I pay in property taxes in Saint Paul?
Homeowners in Minnesota pay a median of $3,184 a year in property taxes — an effective rate of about 1.04% of the median home value, above the national average (Census ACS). Actual rates vary by county and municipality. Ask your agent for the specific property's tax history.
Nearby cities (Ramsey County first)
Saint Paul home buying FAQs
Sources
- U.S. Census Bureau — ACS 2019–2023 5-Year Estimates
- FHFA — 2026 Conforming Loan Limit Values
- HUD — 2026 FHA Forward Mortgage Limits (county file)
- NAIC — Homeowners Insurance Report, Data for 2023 (HO-3 average premium)
- City of Saint Paul Planning and Economic Development — Inheritance Fund (Rondo and West Side Flats)
- Minnesota Housing — Minnesota Housing Deferred Payment Loan Plus
Data last updated October 23, 2026.
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Get My MatchesFigures 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.