USDA and FHA Pro and Con in Perham, Otter Tail County, MN
In 2026, the USDA loan limit for Perham, within the county of Otter Tail, MN, is set at $336,500. On the other hand, the FHA loan limit for a single-family home is $472,030.
Take advantage of Lendersa® USDA loan calculator to explore today's top USDA compared to FHA rates. Determine the income, credit, reserves, and necessary documents to qualify. Our advanced mortgage calculator presents USDA, FHA, Conforming, and VA loans side by side, aiding you in selecting the best program for your financial plan in .
2026 Loan Limits and Down Payment Requirements in Perham, Otter Tail, 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 Loan Options in Perham, MN
The primary mission of Lendersa® is to quickly connect you with the optimal USDA or FHA loan without hassle. Select one of three starting points to link with matching lenders and available USDA loan programs that fit your requirements.
A USDA home loan, backed by the Department of Agriculture, commonly referred to as a USDA rural development loan or USDA mortgage, is available only in rural areas. Unlike FHA loans, which require a minimum 3.5% down payment, USDA loans require no down payment whatsoever, offering a more accessible route for eligible borrowers.
At Dawson Home Mortgage we strive to give our customers competitive rates and offer a broad range of products giving you the top notch service you deserve.As a customer you will be treated as an individual and not just another number. We will walk you through every step of the way making sure your loan is processed on time.
Farmers & Merchants State Bank of New York Mills, Incorporated
11 Walker Avenue North Otter Tail, New York Mills, MN, 56567
Lends in Minnesota
Farmers & Merchants State Bank is a local bank serving our community’s financial needs with quality products and services. We are committed to exceeding our customers’ expectations with our friendly and professional staff. As a local, independent bank, we do not offer risky products and we pride ourselves on knowing our customers
Midwest Minnesota Community Development Corporation
119 Graystone Plaza, Suite 100, Detroit Lakes, MN, 56501
Lends in Minnesota
MMCDC is a leading private nonprofit company providing commercial and home mortgage lending, as well as housing, business and community development services throughout Minnesota and the Midwest. We are also the parent company of a reservation-based bank and a reservation-focused community development company.
1135 Washington Ave, Suite 100, Detroit Lakes, MN, 56501
Lends in Minnesota
Principle Mortgage Group, Inc. is a wholesale Mortgage Broker committed to providing our clients with great customer service combined with great rates. Whether you are first time home buyer, purchasing your dream home, refinancing an outstanding loan, or consolidating debt, our highly experienced mortgage professionals
Mid-Central National Bank has been a partner in this area’s progress since 1957. We have helped consumers and businesses alike to prosper for over 50 years by providing superior services to our customers. Our staff of experienced professionals will respond to your financial needs in a timely and effective manner.
Farmers State Bank is a locally owned, independent, community bank. We have four locations to better serve our customers. Our main office is located in Underwood, MN, and three branches are located in Dalton, Rothsay, and Fergus Falls, MN. Our officers, directors, and staff all live and work in our local communities.
All loan decisions are made locally. The bank believes in personal service that starts with friendliness and a sincere desire to be helpful. Although their equipment and services are as advanced as any, the bank extends old-fashioned personal attention to its customers. The bank remains independent and family-owned and continues to grow.
Northwoods Bank of Minnesota has an interesting history. Chartered over a century ago in the small town of Dorset MN, the bank successfully navigated through the depths of the depression, the expansion years of the 1980’s and 1990’s, a charter re-location and name change, and most recently, the “great recession”.
