City of Lakes Realty is a registered U.S. Department of Housing and Urban Development (HUD) listing broker and selling agent. We list and sell REO bank owned and HUD homes, helping to put these properties back into the hands of individuals. We have sold HUD owned homes in the Minnesota counties of: Hennepin, Ramsey, Washington, Dakota, Scott, Carver, Wright, Sherburne and Anoka. In addition, we list HUD owned homes in Wisconsin in the counties of: Burnet, Polk, St. Croix and Pierce.

Please contact us for more information on HUD listed homes in our service territories. You can view a complete list of all HUD listed homes at: Give us call to schedule a showing of any HUD homes located in the Twin Cities and surrounding areas, including Western Wisconsin. We can also refer you to other knowledgable HUD agents for showings in other states.

HUD Agent Resources

All HUD offer submission forms are available from City of Lakes Realty. For agents, prior to registering as a HUD selling agent on, your brokerage must be issued a NAID number by HUD. Your Principle or Employing Broker must register on first with the brokerage’s NAID number. Click here for specific instructions on registering with

HUD and YARDI P260

HUD utilizes the YARDI P260 system for managing assets. YARDI has a long list of resources available including Training Manuals, User Guides and Training Videos. To access this valuable resource, just click here to find the information you need on how to use P260.

Bidding on HUD Homes:
  • The Exclusive period for owner occupied only properties is 15 days. Bids submitted during the initial 10 days will still be sealed. After the 10th day bids will be reviewed daily. If no acceptable bid is received by day 15, the property will enter the Extended period.
  • Bids received on Friday, Saturday, or Sunday will be opened in one batch on Monday. These bids will be considered as having been submitted simultaneously. In the event that Monday is a federal holiday, the batch will include bids received Monday and will be opened on the following business day.
  • If a federal holiday falls during the week, any bids submitted that day will be grouped with the bids from the previous day.

NOTE: Bids will not be batched together if the listing period ends over the weekend or on a holiday. For example if the listing period ends Saturday, bids received Sunday will not be included in the batch to be opened the following business day.

FHA Mortgage Information

FHA lending limits in MINNESOTA and WISCONSIN inform home buyers how much FHA borrowing power they have in their area of the country. FHA loan limits vary based partly on the state and county in which the property is located. (

Some Advantages of FHA Loans:

  • FHA Loans Allow a Blemished Credit History
    • Low credit score, Bankruptcy or a Foreclosure will not automatically exclude you from loan approval.
  • FHA Loans Boast Competitive Rates & Terms
    • Rates vary very little, making them comparable to conventional loans.
    • Down payments call be a little at 3.5% or less or the purchase price.
  • FHA Loans demand fewer repairs
    • Today’s FHA repair requirements are much less stringent, making it easier for a seller’s home to qualify for the buyer’s FHA loan.

FHA Loan Limits
FHA mortgage limits vary by area. Please see below for typical mortgage limitations in Minnesota and Wisconsin.  Up to date information can be found here.

Minneapolis-Saint Paul-Bloomington, MN-WI (MSA) (Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington & Wright Counties in MN, Pierce & St. Croix Counties, WI)

Single Family     Duplex         Tri-plex       Four-plex

$365,000            $467,250     $564,800    $701,900

All other Minnesota Counties (Including Dodge, Olmsted, Wabasha, Goodhue)

Single Family     Duplex         Tri-plex       Four-plex

$271,050            $347,000     $419,400    $521,500

Wisconsin (Columbia, Dane, Iowa & Racine Counties)

Single Family     Duplex         Tri-plex       Four-plex

$293,750            $376,050     $454,550    $564,900

Wisconsin (Milwaukee, Ozaukee, Washington & Waukesha Counties)

Single Family     Duplex         Tri-plex       Four-plex

$315,000            $403,250     $487,450    $605,750

Wisconsin (Kenosha County)

Single Family     Duplex         Tri-plex       Four-plex

$410,000            $524,850     $634,450    $788,450

All other Wisconsin Counties

Single Family     Duplex         Tri-plex       Four-plex

$271,050            $347,000     $419,400    $521,250

Financing Types

Not all properties qualify for FHA Financing, therefore, you should check the insurability status and alert your lender before placing a bid.

The financing classifications for every HUD owned property are as follows:

IN (Insurable) – these properties qualify for FHA 203(b) financing and have no obvious Minimum Property Standard (MPS) repairs. These properties may also qualify for 203(k) financing, a rehabilitation loan for owner occupants only.

IE (Insurable with Escrow) – these properties qualify for FHA 203(b) with Repair Escrow, and have MPS repairs totaling less than $5,000. The repair escrow is the buyer’s financial responsibility, never a credit to the buyer. The lender holds the repair escrow money until completed (which must be within 90 days after closing) and is responsible for disbursing the funds to the appropriate parties. The escrow repair amount only applies to FHA 203(b) financing. These properties may also qualify for 203(k) financing.

UI (Uninsurable) – these properties do not qualify for FHA 203(b) financing. Typically these properties have MPS repairs exceeding $5,000 or may not meet other guidelines for FHA financing. Additional Loan limitation information can be found at the US Department of Housing and Urban Development website located Here.  

Contact us with any questions on HUD homes at 612-692-2000.

The U.S. Department of Housing and Urban Development can be contacted at:
451 7th Street S.W., Washington, DC 20410  Telephone: (202) 708-1112  TTY: (202) 708-1455