Clay County, MN: mortgages, home buyers & loan limits
What buyers in Clay County actually borrowed, earned and paid in 2025, from the official Home Mortgage Disclosure Act records — plus the 2026 conforming and FHA loan limits.
HMDA 2025 data released June 23, 2026 · Loan limits for calendar year 2026
In 2025, lenders reported 696 home-purchase mortgages for owner-occupied, single-family homes in Clay County, MN. The median buyer borrowed $245,000 on a home valued at $285,000 and reported a household income of $93,000.
Buyers financed a median 92% of the home's value (roughly 8% down), paid a median 6.375% on 30-year fixed conventional loans and faced median conventional loan costs of $4,730.
Lenders denied 4.6% of completed home-purchase applications.
Key facts about Clay County mortgages
- Home buyers' median income ($93,000) is 13% lower than the Minnesota median ($107,000).
- The median 30-year fixed conventional rate here was 25 basis points below the U.S. median (6.625%).
- Median conventional loan costs ($4,730) were 15% lower than the U.S. median ($5,570).
- The most common age bracket among borrowers was 25–34 (39.2% of purchase loans).
- 49.6% of purchase mortgages had a single borrower with no co-applicant.
- The most-cited reason for denial was debt-to-income ratio (25.0% of denials with a stated reason).
National rank among 1,994 counties with at least 100 purchase loans: median income of home buyers 1021st · median home-purchase loan 1085th · median conventional loan costs 992nd · purchase application denial rate 1869th. See rankings.
2026 loan limits in Clay County
| Property | Conforming 2026 | vs 2025 | FHA 2026 | vs 2025 |
|---|---|---|---|---|
| 1 unit | $832,750 | +$26,250 | $541,287 | +$17,062 |
| 2 units | $1,066,250 | +$33,600 | $693,050 | +$21,850 |
| 3 units | $1,288,800 | +$40,650 | $837,700 | +$26,425 |
| 4 units | $1,601,750 | +$50,500 | $1,041,125 | +$32,825 |
2026 limits for Clay County, MN: conforming (Fannie Mae / Freddie Mac) from FHFA; FHA forward-mortgage limits from HUD. FHA limit is at the national floor for low-cost areas. Loans above the conforming limit are "jumbo" loans.
All Minnesota counties: Minnesota 2026 loan limits. FHFA and HUD normally announce the next year's limits in late November.
Who bought homes in Clay County
Home-purchase mortgages for owner-occupied, single-family (1–4 unit) site-built homes, first liens, originated in 2025.
Values are medians; "middle half" is the 25th to 75th percentile.
Loan type
What the homes were for
All first-lien, closed-end purchase mortgages, including second homes and investors.
Borrower age
Debt-to-income ratio
Monthly debts (including the new payment) as a share of income, as used in underwriting.
What borrowing cost in Clay County
Medians for 2025 home-purchase loans. Total loan costs are section D of the Loan Estimate/Closing Disclosure (lender and third-party loan charges, excluding taxes, prepaids and escrow). FHA and VA costs include the upfront mortgage insurance premium or VA funding fee, so compare like with like.
| Measure | Clay County | Minnesota | U.S. |
|---|---|---|---|
| 30-year fixed rate · conventional | 6.375% | 6.625% | 6.625% |
| 30-year fixed rate · FHA | 6.250% | 6.500% | 6.250% |
| 30-year fixed rate · VA | 6.125% | 6.250% | 6.125% |
| 15-year fixed rate · conventional | — | 5.875% | 5.875% |
| Rate spread vs. APOR · conventional | +0.03 pts | +0.15 pts | +0.13 pts |
| Total loan costs · conventional | $4,730 | $5,100 | $5,570 |
| Total loan costs · FHA | $9,930 | $10,780 | $11,310 |
| Total loan costs · VA | $8,300 | $5,760 | $6,490 |
| Origination charges (all loan types) | $2,450 | $2,360 | $1,860 |
| Borrowers paying discount points | 48.7% | 54.9% | 51.3% |
| Points paid, when paid (% of loan) | 0.83% | 0.79% | 0.87% |
| Borrowers receiving lender credits | 32.0% | 35.3% | 33.1% |
| Adjustable-rate mortgages | 3.0% | 5.4% | 7.4% |
| Jumbo loans (above conforming limit) | 0.1% | 1.9% | 3.8% |
Medians are shown only when at least 30 loans report the field. Rates are those reported at closing; market rates changed during 2025, which the rate spread (APR minus the average prime offer rate on the lock date) adjusts for.
Approvals and denials
Clay County: 34 of 740 completed home-purchase applications were denied (4.6%).
Denial rate
| Application | Clay County | Minnesota | U.S. |
|---|---|---|---|
| Home purchase | 4.6% | 5.2% | 8.5% |
| Conventional | 3.5% | 4.2% | 7.1% |
| FHA | 8.5% | 10.7% | 12.5% |
| VA | 5.9% | 7.2% | 8.0% |
| USDA | — | 10.2% | 12.5% |
| Refinance | 13.9% | 15.3% | 17.9% |
| Cash-out refinance | 33.9% | 31.1% | 33.6% |
Main reason for purchase denials
First reason the lender reported.
Denial rate = denied ÷ (originated + approved but not accepted + denied). Withdrawn and incomplete applications are excluded. Differences between places reflect who applies, not only lender behavior.
Refinancing in Clay County
Top mortgage lenders in Clay County
97 lenders originated at least one home-purchase or refinance loan here in 2025. The table ranks them by loan count; pricing columns compare conventional purchase loans only.
| # | Lender | Loans | Share | Denial rate | 30-yr rate* | Spread* | Costs* |
|---|---|---|---|---|---|---|---|
| 1 | Bell Bank | 112 | 12.4% | 1.0% | 6.500% | +0.03 | $4,160 |
| 2 | Gate City Bank | 101 | 11.2% | 0.0% | 6.125% | −0.15 | $5,250 |
| 3 | United Wholesale Mortgage (UWM) | 80 | 8.8% | 5.7% | 6.499% | +0.08 | $5,530 |
| 4 | Rocket Mortgage, LLC | 44 | 4.9% | — | — | — | — |
| 5 | Valley Mortgage, Inc. | 42 | 4.6% | 0.0% | 6.490% | +0.04 | $2,810 |
| 6 | First Community Credit Union | 33 | 3.6% | 0.0% | 6.250% | −0.16 | $5,040 |
| 7 | Guild Mortgage Company | 28 | 3.1% | 4.2% | — | — | — |
| 8 | Town AND Country Credit Union | 26 | 2.9% | 0.0% | — | — | — |
| 9 | First International Bank & Trust | 26 | 2.9% | 3.9% | — | — | — |
| 10 | U.S. Bank, N.A. | 26 | 2.9% | 0.0% | — | — | — |
| 11 | Western State Bank | 24 | 2.6% | 14.8% | — | — | — |
| 12 | Granite Bank | 22 | 2.4% | 8.3% | — | — | — |
| 13 | Cambria Financial Group, LLC | 20 | 2.2% | 4.8% | — | — | — |
| 14 | CMG Mortgage, Inc. | 20 | 2.2% | 4.8% | — | — | — |
| 15 | Fairway Independent Mortgage Corporation | 18 | 2.0% | 10.0% | — | — | — |
| 16 | Wells Fargo Bank, N.A. | 16 | 1.8% | — | — | — | — |
| 17 | Midwest Bank | 15 | 1.7% | — | — | — | — |
| 18 | Veterans United Home Loans | 15 | 1.7% | — | — | — | — |
| 19 | Rate | 15 | 1.7% | — | — | — | — |
| 20 | Choice Financial Group | 13 | 1.4% | — | — | — | — |
| 21 | American Federal Bank | 12 | 1.3% | — | — | — | — |
| 22 | Magnifi Financial Credit Union | 11 | 1.2% | — | — | — | — |
| 23 | Pennymac Loan Services, LLC | 10 | 1.1% | — | — | — | — |
| 24 | Valley Premier Bank | 9 | 1.0% | — | — | — | — |
| 25 | Freedom Mortgage Corporation | 9 | 1.0% | — | — | — | — |
Lenders in Clay County, MN. Loans = home-purchase, refinance and cash-out originations (2025); share = share of those loans here; denial rate = home-purchase applications. *Medians for conventional home-purchase loans, shown with at least 20 loans; spread = APR minus the average prime offer rate at rate lock (percentage points); costs = total loan costs (section D).
Check a quote for Clay County
Is my Loan Estimate high?
Compare your origination charges and total loan costs with 2025 loans of the same type and size in Minnesota and Clay County.
Monthly payment calculator
Principal, interest, property tax (1.13% typical effective rate here) and insurance, with Clay County defaults.
Typical effective property-tax rate 1.13% = median real estate taxes ÷ median home value, U.S. Census Bureau ACS 2020–2024 5-year estimates.
Nearby counties
| County | Distance | Purchase loans | Median loan | Buyer income | Conforming limit | FHA limit |
|---|---|---|---|---|---|---|
| Norman County, MN | 30 mi | 52 | $165,000 | $71,000 | $832,750 | $541,287 |
| Becker County, MN | 36 mi | 274 | $275,000 | $101,000 | $832,750 | $541,287 |
| Cass County, ND | 36 mi | 1,952 | $295,000 | $107,000 | $832,750 | $541,287 |
| Wilkin County, MN | 37 mi | 51 | $185,000 | $73,000 | $832,750 | $541,287 |
| Mahnomen County, MN | 44 mi | 35 | $175,000 | $79,000 | $832,750 | $541,287 |
| Richland County, ND | 49 mi | 129 | $195,000 | $84,000 | $832,750 | $541,287 |
Frequently asked questions
What is the 2026 conforming loan limit in Clay County?
$832,750 for a one-unit home (FHFA). Two- to four-unit limits are $1,066,250, $1,288,800, $1,601,750. Loans above the limit are jumbo loans and are not eligible for purchase by Fannie Mae or Freddie Mac.
What is the 2026 FHA loan limit in Clay County?
$541,287 for a one-unit home (HUD). This is the national floor for low-cost areas.
How much do home buyers in Clay County earn?
The median household income reported on 2025 home-purchase mortgages was $93,000; the middle half of buyers reported $67,000 to $133,000.
What mortgage rate did buyers in Clay County get in 2025?
The median rate on 30-year fixed conventional purchase loans was 6.375%; FHA borrowers paid a median 6.25%. These are rates locked during 2025; check today's rates with several lenders.
How often are mortgage applications denied in Clay County?
4.6% of completed home-purchase applications were denied in 2025; the most common stated reason was debt-to-income ratio.
Sources: FFIEC/CFPB HMDA 2025 public loan/application register (Snapshot as of June 1, 2026); FHFA 2026 conforming loan limits; HUD 2026 FHA forward-mortgage limits; U.S. Census Bureau. Figures describe typical 2025 loans, not your offer. Methodology