Compare Shakopee, MN mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Shakopee.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Shakopee. Plus, shopping lenders is free and there is no obligation.
January 25, 2022
Below we provide helpful information on the real estate market, home prices and housing affordability in Shakopee. Understand how much you need to earn to afford a home in Shakopee, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Shakopee fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Shakopee is right for you.
The median home value for Shakopee, MN (Scott County) is $203,862
Based on current mortgage rates and a 10% down payment, you need to make $33,402 per year to buy the median priced home in Shakopee
With this income, you could qualify for a $183,476 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Shakopee is $774
The median household income for Shakopee, MN (Scott County) is $65,321
Based on this income, you can afford a home valued at approximately $398,676
The home price you can afford to buy based on household income in Shakopee is 196% of the median home value which means housing prices are average. Shakopee (Scott County) ranks 45 out of 87 counties in Minnesota and 1,820 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Shakopee, MN is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Shakopee (Scott County) below.
Conforming loan limits for Shakopee, MN
FHA loan limits for Shakopee, MN