USDA Vs. FHA Pro and Con comparison in Ely, St. Louis County, MN
As of 2026, in the county of St. Louis, within Ely, MN, the USDA loan ceiling is set at $336,500, whereas for a single-family dwelling, the FHA cap is $472,030.
Utilize the Lendersa® USDA loan calculator to contrast today’s USDA and FHA top rates, evaluating the necessary income, credit, reserves, and documents for qualification. Our sophisticated mortgage calculator compares USDA, FHA, Conforming, and VA options side by side, aiding your decision on the most suitable program in for your financial needs.
Loan limits and downpayment requirements for 2026 in Ely, county of St. Louis, MN
Loan Type
Loan Limit
Down payment
USDA
$336,500
0%
FHA
$472,030
3.5%
Conventional Conforming
$726,200
3%
Exploring USDA and FHA Loans in Ely, MN
The aim of Lendersa® is to secure you the ideal USDA or FHA loan swiftly and without complication. Choose from three pathways that link you to lenders and USDA loan schemes.
A USDA home loan is backed by the U.S. Department of Agriculture, often referred to as a USDA rural development or mortgage loan, designated for rural locales. Unlike FHA loans demanding a 3.5% minimum down payment, USDA mortgage loans require no money down. They are designed to aid in home ownership without the need for an upfront downpayment.
The Ely Cooperative Credit Union, now known as the Ely Area Credit Union, was organized in 1938 to serve the financial needs of the members of the Ely Coop Association and their families. Then in 1976, the state of Minnesota granted us a community charter to serve all those who live or work in the Ely school district.
Embarrass Vermillion Federal Credit Union’s mission is to build relationships that span generations through innovative financial services while maintaining safety and soundness. We are proud supporters of the Gillette Children's Hospital. Embarrass Vermillion Fcu is a financial services company based out of 4880 Highway 21, Embarrass, MN.
The NorthRidge Community Credit Union is a progressive, family oriented, member owned and operated financial organization offering a broad range of personalized financial services including auto loans, personal loans, mortgage loans, commercial loans and deposit products including Kasasa rewards checking.
Virginia Coop Credit Union is a member-owned financial cooperative offering a wide array of quality and affordable financial products to satisfy our members’ financial needs. Virginia Coop Credit Union was established on July 21, 1937 to promote thrift among its members and to create a source of credit for them.
We offer a wide variety of checking accounts and savings plans to suit your special needs. As we are an independent bank serving the Iron Range area since 1908, our products and services are designed for customers within our local community. We're here to serve you, in a prompt, efficient, and friendly manner.
North Shore Federal Credit Union has been a financial beacon along the shore of Lake Superior for 50 plus years. Specializing in outstanding member service and offering products to meet every walk of life. North Shore Federal Credit Union proudly meets the financial needs of those living along the Lake Superior's North Shore.
The Miners National Bank of Eveleth is an independent, family-owned, community bank located in downtown Eveleth. Established in 1903, we are a full service institution specializing in personalized service for all your personal and business needs. To help you keep up with the fast pace of the world today, we offer you access to your account info.
People in the Two Harbors area who believed townspeople could benefit from an alternative to commercial banks founded THFCU in 1948. Founders envisioned a model financial cooperative where people pooled their money for borrowing and would have a safe place to save money. In contrast to a commercial bank, the "credit union
Hibbing Co-op Credit Union (HCCU) has been serving the communities of the Iron Range and the neighboring area with a complete array of financial services since 1939. HCCU is a non-profit, member owned cooperative financial institution with membership privileges available to all residents of northern Minnesota.
