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 5.91% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.09% and one month ago for the week of 2024-10-04, the average rate was 5.81%.

    The average rate one year ago was 6.85%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.63%.

    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

    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).