Mortgage in Eden Prairie, MN (2026)

Eden Prairie Overview

Eden Prairie is a key market in Minnesota with a population of 64,048 and a median household income of $65,000. The median home price stands at $300,000, shaping the local borrowing landscape.

Rates & Terms

Mortgage rates in Eden Prairie for 2026 range from approximately 6.5% to 7.5% for 30-year fixed loans, depending on credit score and down payment.

FHA loans in MN typically offer rates 0.25% to 0.50% higher than conventional loans but require only 3.5% down.

Requirements in Eden Prairie

Conventional mortgages in Eden Prairie typically require a minimum credit score of 620, a debt-to-income ratio below 43%, and stable employment history.

FHA loans in MN accept credit scores as low as 580 with 3.5% down, or 500-579 with 10% down.

Minnesota Regulations

Minnesota regulates payday lending with fee caps and licensing requirements.

• Usury Limit: 8% (non-written), no limit (written)
• Payday Lending: Legal, max $350

Local Market Insights

Local mortgage brokers in Eden Prairie, MN can access wholesale rates from multiple lenders, often beating retail bank offerings.

With a median home price of $300,000, Eden Prairie offers a robust housing market for prospective buyers.

Borrowing Tips for Eden Prairie

• Lock your mortgage rate once you have a signed purchase agreement; rates can change daily and cost you thousands.
• Improve your credit score by 20+ points before applying; even small improvements can lower your rate significantly.
• Save for closing costs in addition to your down payment; expect 2-5% of the loan amount for closing expenses.