Bemidji FHA Loan Rates, Closing Costs & Stats

Bemidji, MN

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    Bemidji's 23 lenders originated 44 FHA loans during 2023. The total origination value was $9,170,000, with an average FHA loan value of $208,409.

    Bemidji FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Bemidji averaged -0.17% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Bemidji's average FHA mortgage closing costs are $7,319.

    The average rate for the prior week (2024-11-08) was 6.64% and one month ago for the week of 2024-10-11, the average rate was 6.24%.

    The average rate one year ago was 7.19%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.1%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Bemidji FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Bemidji level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 4 5.99% $10,799
    AMERICAN PACIFIC MORTGAGE CORPORATION 4 6.66% $8,900
    UNITED WHOLESALE MORTGAGE, LLC 4 6.72% $8,434
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.63% $12,304
    LOANDEPOT.COM, LLC 2 7.00% $7,270
    CROSSCOUNTRY MORTGAGE, LLC 2 7.25% $9,481
    CARDINAL FINANCIAL 2 6.06% $16,900
    MID AMERICA MORTGAGE, INC. 1 6.63% $5,289
    Mortgage Research Center, LLC 1 7.25% $3,490
    Nations Lending Corporation 1 6.38% $4,582
    Paramount Residential Mortgage Group, Inc. 1 7.25% $6,628
    PENNYMAC LOAN SERVICES, LLC 1 7.25% $7,625
    Plains Commerce Bank 1 6.63% $14,321
    PLANET HOME LENDING, LLC 1 5.88% $7,355
    VILLAGE CAPITAL MORTGAGE 1 6.75% $2,176
    Alerus Financial 1 6.63% $6,719
    ZILLOW HOME LOANS, LLC 1 6.25% $7,663
    American Mortgage & Equity Consultants, Inc. 1 6.50% $13,738
    BROKER SOLUTIONS, INC. 1 6.25% $7,123
    FREEDOM MORTGAGE CORPORATION 1 6.75% $10,103
    Gate City Bank 1 6.13% $12,148
    Lend Smart Mortgage, LLC 1 6.25% $11,077
    MANN FINANCIAL INC. 1 6.75% $8,257

    The top Bemidji FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 4 FHA loans originated. Their average total fees are $10,799, which is $1,899 higher than the next largest lender, AMERICAN PACIFIC MORTGAGE CORPORATION.

    The lowest fee Bemidji FHA lenders (with over 10 loans originated) are .

    The lowest rate Bemidji FHA lenders (with over 10 loans originated) are .

    Bemidji FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    BEMIDJI, MN BELTRAMI 2022 $420,680 $538,650 $651,050 $809,150
    BEMIDJI, MN BELTRAMI 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Bemidji (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $212,400 (0.1%) $236,309 (-3.8%) 0.00 190
    2018-02-01 $219,900 (1.2%) $246,903 (0.3%) 0.00 187
    2018-03-01 $239,800 (1.7%) $263,924 (3.5%) 0.00 184
    2018-04-01 $245,350 (7.3%) $276,988 (10.6%) 0.00 197
    2018-05-01 $243,475 (1.8%) $280,704 (10.1%) 0.00 216
    2018-06-01 $239,850 (0.0%) $276,597 (9.0%) 0.00 254
    2018-07-01 $234,875 (-2.1%) $270,111 (5.0%) 0.00 279
    2018-08-01 $229,450 (-2.1%) $264,900 (3.9%) 0.00 267
    2018-09-01 $207,450 (-8.0%) $257,247 (2.2%) 0.00 243
    2018-10-01 $202,100 (-8.8%) $254,509 (5.3%) 0.00 228
    2018-11-01 $191,825 (-12.0%) $248,025 (2.1%) 0.00 217
    2018-12-01 $189,900 (-8.9%) $245,631 (4.0%) 0.00 186
    2019-01-01 $195,125 (-8.1%) $250,213 (5.9%) 0.00 156
    2019-02-01 $200,725 (-8.7%) $255,047 (3.3%) 0.00 156
    2019-03-01 $210,786 (-12.1%) $261,299 (-1.0%) 0.00 164
    2019-04-01 $224,011 (-8.7%) $269,841 (-2.6%) 0.00 174
    2019-05-01 $224,900 (-7.6%) $261,757 (-6.8%) 0.00 195
    2019-06-01 $224,963 (-6.2%) $264,964 (-4.2%) 0.00 206
    2019-07-01 $225,200 (-4.1%) $268,553 (-0.6%) 0.00 223
    2019-08-01 $224,936 (-2.0%) $262,154 (-1.0%) 0.00 216
    2019-09-01 $224,916 (8.4%) $259,801 (1.0%) 0.00 207
    2019-10-01 $224,900 (11.3%) $257,534 (1.2%) 0.00 198
    2019-11-01 $225,900 (17.8%) $262,733 (5.9%) 0.00 177
    2019-12-01 $225,900 (19.0%) $258,917 (5.4%) 0.00 156
    2020-01-01 $225,900 (15.8%) $258,847 (3.5%) 0.00 130
    2020-02-01 $225,900 (12.5%) $263,226 (3.2%) 0.00 132
    2020-03-01 $225,900 (7.2%) $268,028 (2.6%) 0.00 150
    2020-04-01 $229,675 (2.5%) $284,753 (5.5%) 0.00 153
    2020-05-01 $229,900 (2.2%) $285,826 (9.2%) 0.00 154
    2020-06-01 $242,825 (7.9%) $295,446 (11.5%) 0.00 146
    2020-07-01 $245,900 (9.2%) $293,829 (9.4%) 0.00 133
    2020-08-01 $239,400 (6.4%) $291,166 (11.1%) 0.00 125
    2020-09-01 $239,400 (6.4%) $288,102 (10.9%) 0.00 119
    2020-10-01 $215,000 (-4.4%) $266,740 (3.6%) 0.00 111
    2020-11-01 $211,150 (-6.5%) $261,372 (-0.5%) 0.00 93
    2020-12-01 $215,000 (-4.8%) $279,893 (8.1%) 0.00 82
    2021-01-01 $228,800 (1.3%) $312,986 (20.9%) 0.00 63
    2021-02-01 $253,200 (12.1%) $353,935 (34.5%) 0.00 47
    2021-03-01 $278,650 (23.4%) $400,965 (49.6%) 0.00 45
    2021-04-01 $274,900 (19.7%) $398,868 (40.1%) 0.00 57
    2021-05-01 $266,375 (15.9%) $364,563 (27.6%) 0.00 90
    2021-06-01 $264,163 (8.8%) $321,543 (8.8%) 0.00 119
    2021-07-01 $269,900 (9.8%) $321,340 (9.4%) 0.00 118
    2021-08-01 $288,225 (20.4%) $324,898 (11.6%) 0.00 127
    2021-09-01 $282,175 (17.9%) $329,608 (14.4%) 0.00 122
    2021-10-01 $274,477 (27.7%) $330,205 (23.8%) 0.00 112
    2021-11-01 $267,375 (26.6%) $318,946 (22.0%) 0.00 92
    2021-12-01 $285,000 (32.6%) $317,446 (13.4%) 0.00 73
    2022-01-01 $279,900 (22.3%) $320,274 (2.3%) 0.00 66
    2022-02-01 $282,975 (11.8%) $332,273 (-6.1%) 0.00 51
    2022-03-01 $278,200 (-0.2%) $316,389 (-21.1%) 0.00 61
    2022-04-01 $279,900 (1.8%) $318,044 (-20.3%) 0.00 66
    2022-05-01 $297,175 (11.6%) $367,802 (0.9%) 0.00 80
    2022-06-01 $299,450 (13.4%) $372,056 (15.7%) 0.00 87
    2022-07-01 $284,450 (5.4%) $352,596 (9.7%) 0.00 104
    2022-08-01 $300,700 (4.3%) $359,557 (10.7%) 0.00 115
    2022-09-01 $309,000 (9.5%) $360,020 (9.2%) 0.00 115
    2022-10-01 $314,100 (14.4%) $393,413 (19.1%) 0.00 103
    2022-11-01 $317,000 (18.6%) $375,407 (17.7%) 0.00 94
    2022-12-01 $330,000 (15.8%) $374,094 (17.8%) 0.00 81
    2023-01-01 $342,450 (22.4%) $388,943 (21.4%) 0.00 63
    2023-02-01 $349,900 (23.7%) $401,056 (20.7%) 0.00 62
    2023-03-01 $353,450 (27.1%) $410,059 (29.6%) 0.00 60
    2023-04-01 $340,000 (21.5%) $387,538 (21.9%) 0.00 67
    2023-05-01 $344,003 (15.8%) $401,620 (9.2%) 0.00 84
    2023-06-01 $349,900 (16.9%) $397,990 (7.0%) 0.00 103
    2023-07-01 $348,000 (22.3%) $385,388 (9.3%) 0.00 116
    2023-08-01 $342,050 (13.8%) $398,865 (10.9%) 0.00 132
    2023-09-01 $346,500 (12.1%) $398,059 (10.6%) 0.00 133
    2023-10-01 $346,550 (10.3%) $393,970 (0.1%) 0.00 124
    2023-11-01 $338,725 (6.9%) $395,887 (5.5%) 0.00 115
    2023-12-01 $340,500 (3.2%) $392,330 (4.9%) 0.00 97
    2024-01-01 $347,250 (1.4%) $400,592 (3.0%) 0.00 89
    2024-02-01 $347,075 (-0.8%) $401,930 (0.2%) 0.00 85
    2024-03-01 $349,900 (-1.0%) $412,851 (0.7%) 0.00 77
    2024-04-01 $352,725 (3.7%) $402,007 (3.7%) 0.00 97
    2024-05-01 $348,950 (1.4%) $385,837 (-3.9%) 0.00 123
    2024-06-01 $349,900 (0.0%) $395,113 (-0.7%) 0.00 130
    2024-07-01 $349,900 (0.6%) $407,455 (5.7%) 0.00 142
    2024-08-01 $369,900 (8.1%) $421,305 (5.6%) 0.00 155
    2024-09-01 $375,000 (8.2%) $426,441 (7.1%) 0.00 152
    2024-10-01 $370,150 (6.8%) $426,487 (8.3%) 0.00 150
    Bemidji's median listing price for 2024-10-01 was $370,150, a difference of $23,600 (6.8%) versus the prior year and $-4,850 versus the prior month.

    Bemidji's median listing price comes in at 0% of the national average.

    Bemidji's average listing price for 2024-10-01 was $426,487, a difference of $32,517 (8.3%) versus the prior year and $46 versus the prior month.

    For the 2024-10-01 period, Bemidji had 150 MLS listings, a difference of -2 listings (-1%) versus the prior month and 26 listings (21%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Bemidji (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,605 sqft
    2018-02-01 0 days 1,626 sqft
    2018-03-01 0 days 1,698 sqft
    2018-04-01 0 days 1,910 sqft
    2018-05-01 0 days 1,844 sqft
    2018-06-01 0 days 1,872 sqft
    2018-07-01 0 days 1,808 sqft
    2018-08-01 0 days 1,796 sqft
    2018-09-01 0 days 1,920 sqft
    2018-10-01 0 days 1,850 sqft
    2018-11-01 0 days 1,795 sqft
    2018-12-01 0 days 1,785 sqft
    2019-01-01 0 days 1,730 sqft
    2019-02-01 0 days 1,767 sqft
    2019-03-01 0 days 1,777 sqft
    2019-04-01 0 days 1,776 sqft
    2019-05-01 0 days 1,801 sqft
    2019-06-01 0 days 1,901 sqft
    2019-07-01 0 days 1,957 sqft
    2019-08-01 0 days 1,986 sqft
    2019-09-01 0 days 2,046 sqft
    2019-10-01 0 days 2,071 sqft
    2019-11-01 0 days 2,048 sqft
    2019-12-01 0 days 1,961 sqft
    2020-01-01 0 days 1,986 sqft
    2020-02-01 0 days 1,980 sqft
    2020-03-01 0 days 1,885 sqft
    2020-04-01 0 days 1,976 sqft
    2020-05-01 0 days 1,884 sqft
    2020-06-01 0 days 1,950 sqft
    2020-07-01 0 days 2,089 sqft
    2020-08-01 0 days 2,181 sqft
    2020-09-01 0 days 2,102 sqft
    2020-10-01 0 days 2,016 sqft
    2020-11-01 0 days 1,924 sqft
    2020-12-01 0 days 2,103 sqft
    2021-01-01 0 days 2,154 sqft
    2021-02-01 0 days 2,061 sqft
    2021-03-01 0 days 2,143 sqft
    2021-04-01 0 days 2,333 sqft
    2021-05-01 0 days 1,522 sqft
    2021-06-01 0 days 1,749 sqft
    2021-07-01 0 days 1,744 sqft
    2021-08-01 0 days 1,822 sqft
    2021-09-01 0 days 1,880 sqft
    2021-10-01 0 days 1,772 sqft
    2021-11-01 0 days 1,489 sqft
    2021-12-01 0 days 1,568 sqft
    2022-01-01 0 days 1,568 sqft
    2022-02-01 0 days 1,293 sqft
    2022-03-01 0 days 1,508 sqft
    2022-04-01 0 days 1,591 sqft
    2022-05-01 0 days 1,807 sqft
    2022-06-01 0 days 1,770 sqft
    2022-07-01 0 days 1,560 sqft
    2022-08-01 0 days 1,681 sqft
    2022-09-01 0 days 1,779 sqft
    2022-10-01 0 days 1,904 sqft
    2022-11-01 0 days 1,894 sqft
    2022-12-01 0 days 1,872 sqft
    2023-01-01 0 days 1,896 sqft
    2023-02-01 0 days 1,856 sqft
    2023-03-01 0 days 1,880 sqft
    2023-04-01 0 days 1,745 sqft
    2023-05-01 0 days 1,768 sqft
    2023-06-01 0 days 1,834 sqft
    2023-07-01 0 days 1,798 sqft
    2023-08-01 0 days 1,950 sqft
    2023-09-01 0 days 1,910 sqft
    2023-10-01 0 days 1,940 sqft
    2023-11-01 0 days 1,813 sqft
    2023-12-01 0 days 1,840 sqft
    2024-01-01 0 days 1,841 sqft
    2024-02-01 0 days 1,793 sqft
    2024-03-01 0 days 1,793 sqft
    2024-04-01 0 days 1,766 sqft
    2024-05-01 0 days 1,705 sqft
    2024-06-01 0 days 1,749 sqft
    2024-07-01 0 days 1,836 sqft
    2024-08-01 0 days 1,738 sqft
    2024-09-01 0 days 1,739 sqft
    2024-10-01 0 days 1,692 sqft
    Bemidji's median listing age (time on market) for 2024-10-01 was 0 days.

    Bemidji's median square footage for active listings during the 2024-10-01 period was 1,692 sqft. One year prior, the average listing was 1,940 sqft.

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).