Bemidji FHA Loan Rates, Closing Costs & Stats

Bemidji, MN

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 24 lenders originated 45 FHA loans during 2022. The total origination value was $9,115,000, with an average FHA loan value of $202,556.

Bemidji FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Bemidji averaged 6.47% for the week of 2024-03-01, compared to the national average (all FHA variants) of 6.688% for the same period.

Bemidji's average FHA mortgage closing costs are $6,987.

The average rate for the prior week (2024-02-23) was 6.06% and one month ago for the week of 2024-01-26, the average rate was 5.96%.

The average rate one year ago was 6.09%.

For refis of the same type during the week of 2024-03-01, the average rate was 6.69%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Lend Smart Mortgage, LLC 5 4.78% $5,513
QUICKEN LOANS, LLC 4 3.65% $9,895
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 4.79% $10,287
Flagstar Bank, FSB 3 5.67% $12,082
UNITED WHOLESALE MORTGAGE, LLC 3 4.83% $8,865
BROKER SOLUTIONS, INC. 3 5.38% $8,994
Mr. Cooper ( Nationstar Mortgage ) 2 4.38% $11,398
GUILD MORTGAGE COMPANY 1 4.63% $9,127
LOANDEPOT.COM, LLC 1 4.50% $7,390
Mortgage Research Center, LLC 1 4.25% $9,161
MUTUAL OF OMAHA MORTGAGE, INC. 1 5.25% $9,461
NEWREZ LLC 1 3.25% $3,428
PLAZA HOME MORTGAGE, INC. 1 4.00% $5,634
RESULTS MORTGAGE, LLC 1 5.25% $10,246
Servion, Inc. 1 5.25% $8,920
Summit Mortgage Corporation 1 5.50% $7,042
AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.75% $9,577
Wells Fargo Bank 1 5.63% $5,330
Bank of England 1 5.13% $11,279
CALIBER HOME LOANS, INC. 1 5.25% $9,201
CARDINAL FINANCIAL 1 5.63% $9,653
EMM LOANS LLC 1 4.75% $13,571
Gate City Bank 1 6.50% $11,059
Goldwater Bank, N.A. 1 5.25% $8,548

The top Bemidji FHA lender as defined by loan originations is Lend Smart Mortgage, LLC, with 5 FHA loans originated. Their average total fees are $5,513, which is $4,382 lower than the next largest lender, QUICKEN LOANS, LLC.

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
Bemidji's median listing price for 2024-01-01 was $347,250, a difference of $4,800 (1.4%) versus the prior year and $6,750 versus the prior month.

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

Bemidji's average listing price for 2024-01-01 was $400,592, a difference of $11,649 (3.0%) versus the prior year and $8,262 versus the prior month.

For the 2024-01-01 period, Bemidji had 89 MLS listings, a difference of -8 listings (-8%) versus the prior month and 26 listings (41%) 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
Bemidji's median listing age (time on market) for 2024-01-01 was 0 days.

Bemidji's median square footage for active listings during the 2024-01-01 period was 1,841 sqft. One year prior, the average listing was 1,896 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).