In 2026, the USDA loan limit for Owatonna, in Steele county, MN, is $336,500, whereas for a single-family home, the FHA limit is $472,030.
Take advantage of the Lendersa® USDA loan calculator to compare today's USDA versus FHA best rates and figure out the income, credit, reserves, and documents necessary to qualify. Our advanced mortgage calculator puts USDA, FHA, Conforming, and VA options side by side, aiding in selecting the right program in for your unique financial scenario.
2026 Loan Limits and Down Payment Requirements in Owatonna, County of Steele, MN
Loan Type
Loan Limit
Down Payment
USDA
$336,500
0%
FHA
$472,030
3.5%
Conventional Conforming
$726,200
3%
USDA and FHA Loan Options in Owatonna, MN
Lendersa®'s goal is to secure the best USDA or FHA loan for you swiftly and effortlessly. Select one of three paths that lead to matching lenders and USDA loan programs.
A USDA home loan, guaranteed by the government through the Department of Agriculture, also known as a USDA rural development loan or USDA mortgage, is available exclusively in rural neighborhoods. Unlike FHA loans that require a minimum of 3.5% down payment, the USDA mortgage requires no down payment.
Moose's Money is a private lender for business-purpose, non-owner-occupied investment real estate. We fund fix and flip, DSCR, bridge, BRRRR, new construction, and small multifamily nationwide, first lien only, entity borrowers. Loans from $50K to $3M. We fund most deals directly and place out-of-box deals through our lender network. Real equity and cash reserves required. Fast quotes and closings, every fee in writing upfront. No runaround.
Community Bank Owatonna is committed to helping businesses grow and expand. We offer a full range of lending products designed, competitive rates and terms, and local decision making to help your business meet its financial goals.
Our lenders, each with more than 25 years of banking experience, take pride in structuring the most effective loan.
HomeTown Credit Union is a not-for-profit financial cooperative owned by members. Serving the communities of Dodge, Rice, Steele and Waseca counties in Southern Minnesota, HomeTown Credit Union has two locations in Owatonna and one location in Faribault. Loan options include home loans, land loans, personal loans, auto loans, school loans and more.
First National Bank is a local, family-owned and managed bank that has been proudly serving southern Minnesota since 1874. We strive to meet the growing needs of our customers while developing and maintaining the personal aspects of service that is synonymous with community banking.
Heritage Bank is proud of its southern Minnesota history, rooted in local family ownership. Known as Farmers State Bank from 1930-2018, this community bank originated in West Concord, Minnesota.
In 1966, current owners, Al and Mary Ellen Organ, moved from the Rice Lake, Wisconsin area to West Concord.
On August 13, 2007 Reliance Bank opened its doors to the community of Faribault as a State Chartered, FDIC insured, full-service bank. Staffed with nine experienced bank employees, Reliance set off on a mission to become the best community bank. After its first full year of operation, Reliance Bank was given the coveted Faribault Area
Our goal is simple. We aspire to build a better Janesville by serving the financial needs of our customers & creating lasting relationships within our community.Janesville State Bank is a locally owned and operated financial institution serving Janesville and the surrounding communities. We are a five-star, full-service bank committed to providing.
City & County Employees Federal Credit Union Our Mission is to provide our member/owners with financial solutions and outstanding personal service. By creating opportunities to grow and diversify our services, we will promote the economic strength of our present and future members.
Our mission at Trades & Labor Federal Credit Union is to provide financial products, services, and education enabling members to achieve personal and financial goals to benefit their quality of life and Trades & Labor received its state charter on January 2, 1958 under the name of "Albert Lea-Blue Earth Building
