Bismarck FHA Loan Rates, Closing Costs & Stats

BISMARCK, ND

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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.

    Bismarck's 39 lenders originated 242 FHA loans during 2023. The total origination value was $63,930,000, with an average FHA loan value of $264,174.

    Bismarck FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Bismarck averaged 6.17% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Bismarck's average FHA mortgage closing costs are $7,814.

    The average rate for the prior week (2024-12-06) was 6.14% and one month ago for the week of 2024-11-08, the average rate was 5.9%.

    The average rate one year ago was 6.61%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.08%.

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

    Bismarck 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 Bismarck level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 28 6.36% $6,838
    Gate City Bank 24 6.17% $9,775
    Dakota Community Bank & Trust 20 6.18% $8,421
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 16 6.27% $9,232
    CAPITAL CREDIT UNION 11 6.35% $11,733
    QUICKEN LOANS, LLC 11 6.25% $10,886
    UNITED WHOLESALE MORTGAGE, LLC 10 6.57% $9,040
    SeaTrust Mortgage Company 7 6.61% $10,380
    FIRST COMMUNITY CREDIT UNION 4 6.29% $8,235
    First International Bank & Trust 4 6.44% $7,204
    NEWREZ LLC 3 6.71% $11,491
    Starion Bank 3 6.06% $10,326
    The Huntington National Bank 3 6.08% $10,448
    U.S. Bank 3 6.43% $5,457
    Flagstar Bank, FSB 3 6.20% $12,517
    American Bank Center 3 5.83% $7,310
    Citizens Bank 3 6.13% $11,704
    Bank of England 3 7.08% $11,676
    Plains Commerce Bank 2 6.56% $14,839
    BNC National Bank 2 6.31% $12,184
    MID AMERICA MORTGAGE, INC. 2 7.19% $4,172
    SUN WEST MORTGAGE COMPANY, INC. 2 7.06% $9,254
    PREMIER MORTGAGE RESOURCES, L.L.C. 2 7.38% $9,463
    TOWNE MORTGAGE COMPANY 2 6.25% $11,912
    ZILLOW HOME LOANS, LLC 1 6.00% $12,260
    CMG MORTGAGE, INC. 1 7.63% $18,987
    CRESCENT MORTGAGE COMPANY 1 6.63% $7,346
    First Western Bank & Trust 1 6.15% $6,433
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.63% $7,788
    GUARANTEED RATE, INC. 1 7.25% $11,755
    GUILD MORTGAGE COMPANY 1 6.13% $18,816
    Home State Bank 1 6.63% $13,143
    LOANDEPOT.COM, LLC 1 5.50% $6,817
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $19,075
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $19,115
    PENTAGON FEDERAL CREDIT UNION 1 6.13% $10,777
    TOWN AND COUNTRY Credit Union 1 5.25% $13,544
    VALLEY MORTGAGE, INC. 1 6.00% $6,251
    VILLAGE CAPITAL MORTGAGE 1 6.13% $18,811

    The top Bismarck FHA lender as defined by loan originations is ARK-LA-TEX FINANCIAL SERVICES, LLC., with 28 FHA loans originated. Their average total fees are $6,838, which is $2,937 lower than the next largest lender, Gate City Bank.

    The lowest fee Bismarck FHA lenders (with over 10 loans originated) are ARK-LA-TEX FINANCIAL SERVICES, LLC. ($6,838), Dakota Community Bank & Trust ($8,421), UNITED WHOLESALE MORTGAGE, LLC ($9,040), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($9,232) and Gate City Bank ($9,775).

    The lowest rate Bismarck FHA lenders (with over 10 loans originated) are Gate City Bank (6.17%), Dakota Community Bank & Trust (6.18%), QUICKEN LOANS, LLC (6.25%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.27%) and CAPITAL CREDIT UNION (6.35%).

    Bismarck FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    BISMARCK, ND BURLEIGH 2022 $420,680 $538,650 $651,050 $809,150
    BISMARCK, ND MORTON 2022 $420,680 $538,650 $651,050 $809,150
    BISMARCK, ND OLIVER 2022 $420,680 $538,650 $651,050 $809,150
    BISMARCK, ND BURLEIGH 2023 $472,030 $604,400 $730,525 $907,900
    BISMARCK, ND MORTON 2023 $472,030 $604,400 $730,525 $907,900
    BISMARCK, ND OLIVER 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Bismarck (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 $259,900 (1.0%) $297,309 (-3.9%) 0.96 577
    2018-02-01 $255,400 (0.4%) $292,242 (-4.5%) 0.93 582
    2018-03-01 $264,000 (1.6%) $302,553 (-2.6%) 0.93 606
    2018-04-01 $269,900 (0.0%) $313,844 (-1.5%) 0.92 625
    2018-05-01 $269,900 (0.9%) $315,735 (-1.0%) 0.90 701
    2018-06-01 $274,900 (2.4%) $330,098 (2.5%) 0.92 741
    2018-07-01 $268,400 (1.7%) $331,715 (5.2%) 0.90 753
    2018-08-01 $269,175 (2.6%) $332,094 (4.6%) 0.90 779
    2018-09-01 $272,900 (3.0%) $329,724 (3.8%) 0.92 815
    2018-10-01 $269,675 (4.8%) $326,126 (6.3%) 0.91 812
    2018-11-01 $269,900 (4.9%) $328,428 (7.9%) 0.91 792
    2018-12-01 $274,900 (5.8%) $334,101 (10.4%) 0.95 732
    2019-01-01 $273,900 (5.4%) $327,632 (10.2%) 0.95 665
    2019-02-01 $269,900 (5.7%) $326,412 (11.7%) 0.91 650
    2019-03-01 $274,186 (3.9%) $328,006 (8.4%) 0.90 633
    2019-04-01 $279,186 (3.4%) $329,408 (5.0%) 0.89 647
    2019-05-01 $271,900 (0.7%) $319,806 (1.3%) 0.85 709
    2019-06-01 $270,995 (-1.4%) $320,071 (-3.0%) 0.85 763
    2019-07-01 $269,900 (0.6%) $321,602 (-3.1%) 0.84 782
    2019-08-01 $269,900 (0.3%) $321,169 (-3.3%) 0.85 768
    2019-09-01 $269,900 (-1.1%) $316,299 (-4.1%) 0.86 740
    2019-10-01 $269,900 (0.1%) $313,052 (-4.0%) 0.87 710
    2019-11-01 $269,900 (0.0%) $314,432 (-4.3%) 0.88 642
    2019-12-01 $269,900 (-1.8%) $314,789 (-5.8%) 0.90 589
    2020-01-01 $269,900 (-1.5%) $315,089 (-3.8%) 0.90 506
    2020-02-01 $274,900 (1.9%) $312,530 (-4.3%) 0.90 494
    2020-03-01 $282,448 (3.0%) $322,778 (-1.6%) 0.89 504
    2020-04-01 $294,950 (5.7%) $330,523 (0.3%) 0.92 508
    2020-05-01 $289,000 (6.3%) $329,888 (3.2%) 0.88 514
    2020-06-01 $283,475 (4.6%) $330,828 (3.4%) 0.84 499
    2020-07-01 $277,990 (3.0%) $330,348 (2.7%) 0.81 479
    2020-08-01 $289,900 (7.4%) $350,588 (9.2%) 0.83 455
    2020-09-01 $298,000 (10.4%) $356,920 (12.8%) 0.85 443
    2020-10-01 $299,900 (11.1%) $357,915 (14.3%) 0.86 425
    2020-11-01 $292,718 (8.5%) $355,688 (13.1%) 0.86 391
    2020-12-01 $299,900 (11.1%) $370,530 (17.7%) 0.89 340
    2021-01-01 $304,900 (13.0%) $368,349 (16.9%) 0.91 270
    2021-02-01 $311,175 (13.2%) $396,692 (26.9%) 0.91 207
    2021-03-01 $317,900 (12.6%) $402,105 (24.6%) 0.90 205
    2021-04-01 $330,200 (12.0%) $409,890 (24.0%) 0.89 198
    2021-05-01 $336,950 (16.6%) $410,514 (24.4%) 0.90 202
    2021-06-01 $314,900 (11.1%) $394,429 (19.2%) 0.83 245
    2021-07-01 $269,900 (-2.9%) $383,422 (16.1%) 0.71 260
    2021-08-01 $269,900 (-6.9%) $377,351 (7.6%) 0.72 264
    2021-09-01 $269,900 (-9.4%) $367,783 (3.0%) 0.72 264
    2021-10-01 $274,500 (-8.5%) $361,761 (1.1%) 0.73 277
    2021-11-01 $277,400 (-5.2%) $364,848 (2.6%) 0.74 247
    2021-12-01 $265,000 (-11.6%) $362,827 (-2.1%) 0.72 230
    2022-01-01 $299,450 (-1.8%) $371,271 (0.8%) 0.81 190
    2022-02-01 $338,900 (8.9%) $383,801 (-3.3%) 0.88 179
    2022-03-01 $342,925 (7.9%) $402,536 (0.1%) 0.86 177
    2022-04-01 $349,950 (6.0%) $434,319 (6.0%) 0.83 178
    2022-05-01 $389,800 (15.7%) $459,224 (11.9%) 0.89 196
    2022-06-01 $404,225 (28.4%) $481,404 (22.1%) 0.90 225
    2022-07-01 $385,400 (42.8%) $457,569 (19.3%) 0.87 296
    2022-08-01 $369,900 (37.1%) $439,980 (16.6%) 0.86 289
    2022-09-01 $369,950 (37.1%) $443,959 (20.7%) 0.86 283
    2022-10-01 $372,500 (35.7%) $436,944 (20.8%) 0.88 291
    2022-11-01 $368,200 (32.7%) $429,312 (17.7%) 0.89 299
    2022-12-01 $392,450 (48.1%) $430,715 (18.7%) 0.97 275
    2023-01-01 $399,900 (33.5%) $437,901 (18.0%) 0.99 271
    2023-02-01 $404,450 (19.3%) $446,267 (16.3%) 0.98 242
    2023-03-01 $429,950 (25.4%) $457,414 (13.6%) 1.01 232
    2023-04-01 $435,000 (24.3%) $454,609 (4.7%) 1.01 227
    2023-05-01 $459,900 (18.0%) $499,735 (8.8%) 1.04 239
    2023-06-01 $462,950 (14.5%) $506,196 (5.2%) 1.05 264
    2023-07-01 $459,900 (19.3%) $501,912 (9.7%) 1.05 301
    2023-08-01 $433,900 (17.3%) $482,364 (9.6%) 1.00 344
    2023-09-01 $425,450 (15.0%) $467,465 (5.3%) 0.99 357
    2023-10-01 $410,450 (10.2%) $466,402 (6.7%) 0.97 361
    2023-11-01 $410,450 (11.5%) $466,057 (8.6%) 0.98 342
    2023-12-01 $414,900 (5.7%) $466,648 (8.3%) 0.00 332
    2024-01-01 $414,950 (3.8%) $473,523 (8.1%) 0.00 327
    2024-02-01 $409,400 (1.2%) $469,080 (5.1%) 0.00 287
    2024-03-01 $417,450 (-2.9%) $474,122 (3.7%) 0.00 281
    2024-04-01 $461,150 (6.0%) $504,522 (11.0%) 0.00 262
    2024-05-01 $482,400 (4.9%) $526,523 (5.4%) 0.00 283
    2024-06-01 $479,900 (3.7%) $540,116 (6.7%) 0.00 308
    2024-07-01 $442,450 (-3.8%) $511,899 (2.0%) 0.00 336
    2024-08-01 $439,950 (1.4%) $506,212 (4.9%) 0.00 339
    2024-09-01 $448,950 (5.5%) $511,883 (9.5%) 0.00 347
    2024-10-01 $434,900 (6.0%) $487,639 (4.6%) 0.00 355
    2024-11-01 $429,900 (4.7%) $492,355 (5.6%) 0.00 340
    Bismarck's median listing price for 2024-11-01 was $429,900, a difference of $19,450 (4.7%) versus the prior year and $-5,000 versus the prior month.

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

    Bismarck's average listing price for 2024-11-01 was $492,355, a difference of $26,298 (5.6%) versus the prior year and $4,716 versus the prior month.

    For the 2024-11-01 period, Bismarck had 340 MLS listings, a difference of -15 listings (-4%) versus the prior month and -2 listings (-1%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Bismarck (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 94 days 1,934 sqft
    2018-02-01 83 days 1,964 sqft
    2018-03-01 59 days 1,990 sqft
    2018-04-01 58 days 2,019 sqft
    2018-05-01 53 days 2,034 sqft
    2018-06-01 56 days 2,077 sqft
    2018-07-01 65 days 2,093 sqft
    2018-08-01 65 days 2,085 sqft
    2018-09-01 68 days 1,522 sqft
    2018-10-01 77 days 2,136 sqft
    2018-11-01 79 days 2,104 sqft
    2018-12-01 87 days 2,109 sqft
    2019-01-01 91 days 2,062 sqft
    2019-02-01 96 days 2,042 sqft
    2019-03-01 91 days 2,044 sqft
    2019-04-01 77 days 2,046 sqft
    2019-05-01 55 days 2,044 sqft
    2019-06-01 53 days 2,064 sqft
    2019-07-01 59 days 2,061 sqft
    2019-08-01 63 days 2,048 sqft
    2019-09-01 69 days 2,033 sqft
    2019-10-01 76 days 2,021 sqft
    2019-11-01 85 days 2,004 sqft
    2019-12-01 96 days 2,000 sqft
    2020-01-01 94 days 2,003 sqft
    2020-02-01 95 days 2,012 sqft
    2020-03-01 63 days 2,072 sqft
    2020-04-01 61 days 2,096 sqft
    2020-05-01 61 days 2,086 sqft
    2020-06-01 51 days 2,034 sqft
    2020-07-01 54 days 2,021 sqft
    2020-08-01 51 days 2,036 sqft
    2020-09-01 51 days 2,111 sqft
    2020-10-01 60 days 2,007 sqft
    2020-11-01 67 days 1,954 sqft
    2020-12-01 71 days 1,948 sqft
    2021-01-01 79 days 1,801 sqft
    2021-02-01 74 days 1,805 sqft
    2021-03-01 61 days 1,866 sqft
    2021-04-01 36 days 1,895 sqft
    2021-05-01 35 days 2,050 sqft
    2021-06-01 31 days 2,069 sqft
    2021-07-01 34 days 1,913 sqft
    2021-08-01 43 days 2,017 sqft
    2021-09-01 47 days 2,061 sqft
    2021-10-01 44 days 2,080 sqft
    2021-11-01 50 days 1,979 sqft
    2021-12-01 55 days 1,926 sqft
    2022-01-01 68 days 1,980 sqft
    2022-02-01 60 days 2,015 sqft
    2022-03-01 33 days 1,960 sqft
    2022-04-01 37 days 2,047 sqft
    2022-05-01 39 days 2,192 sqft
    2022-06-01 35 days 2,197 sqft
    2022-07-01 34 days 2,121 sqft
    2022-08-01 40 days 2,125 sqft
    2022-09-01 46 days 2,165 sqft
    2022-10-01 46 days 2,143 sqft
    2022-11-01 51 days 2,122 sqft
    2022-12-01 65 days 2,080 sqft
    2023-01-01 82 days 2,085 sqft
    2023-02-01 78 days 2,094 sqft
    2023-03-01 55 days 2,078 sqft
    2023-04-01 52 days 2,058 sqft
    2023-05-01 36 days 2,195 sqft
    2023-06-01 34 days 2,321 sqft
    2023-07-01 44 days 2,326 sqft
    2023-08-01 51 days 2,294 sqft
    2023-09-01 52 days 2,151 sqft
    2023-10-01 49 days 2,169 sqft
    2023-11-01 53 days 2,084 sqft
    2023-12-01 0 days 2,058 sqft
    2024-01-01 0 days 2,041 sqft
    2024-02-01 0 days 1,969 sqft
    2024-03-01 0 days 1,992 sqft
    2024-04-01 0 days 2,086 sqft
    2024-05-01 0 days 2,187 sqft
    2024-06-01 0 days 2,240 sqft
    2024-07-01 0 days 2,198 sqft
    2024-08-01 0 days 2,149 sqft
    2024-09-01 0 days 2,166 sqft
    2024-10-01 0 days 2,113 sqft
    2024-11-01 0 days 2,056 sqft
    Bismarck's median listing age (time on market) for 2024-11-01 was 0 days. This is -100% shorter than the same period one year ago.

    Bismarck's median square footage for active listings during the 2024-11-01 period was 2,056 sqft. One year prior, the average listing was 2,084 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).