The median home price in Rochester, Minnesota is approximately $310,000. Prices vary by neighborhood and property type. For example, the downtown area and neighborhoods with good school districts tend to have higher home prices. Contact NMHL for current market data and to get pre-approved for a mortgage.

NMHL offers a range of mortgage programs in Rochester, Minnesota, including FHA, VA, conventional, jumbo, and specialty loans. Our loan officers can help you find the best program for your situation, whether you're a first-time homebuyer, self-employed, or have bad credit. We also offer NMHL pre-approval, which can give you a competitive edge in the Rochester housing market.

Property taxes in Rochester average approximately 1.12% of assessed value. This translates to manageable monthly costs when factored into your mortgage payment. For example, on a $310,000 home, you can expect to pay around $3,472 per year in property taxes. Our loan officers can help you understand how property taxes will impact your mortgage payment and provide guidance on how to factor them into your homebuying budget.

Rochester has several popular neighborhoods to consider, including downtown Rochester, which offers a mix of new construction and historic homes. Other popular areas include the Cascade neighborhood, known for its good school districts and family-friendly atmosphere, and the Brookdale neighborhood, which offers a range of housing options and easy access to parks and recreational facilities. Our loan officers can provide more information on Rochester neighborhoods and help you find the best area for your needs and budget.

Minnesota offers several first-time homebuyer programs, including the Minnesota Housing Finance Agency's (MHFA) Down Payment Assistance Program, which provides up to $7,500 in down payment assistance. NMHL also offers a range of mortgage programs with low down payment options, including FHA loans with as little as 3.5% down. Our loan officers can help you understand the eligibility requirements and benefits of these programs and guide you through the application process.

Yes, it is possible to get a mortgage with bad credit in Rochester. NMHL offers specialty mortgage programs for borrowers with credit challenges, including FHA loans with more lenient credit score requirements. Our loan officers can help you understand your options and provide guidance on how to improve your credit score and qualify for a mortgage. We also offer free credit counseling and pre-approval services to help you get started.