Dickinson FHA Loan Rates, Closing Costs & Stats

Dickinson, ND

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.

Dickinson's 21 lenders originated 125 FHA loans during 2023. The total origination value was $32,005,000, with an average FHA loan value of $256,040.

Dickinson FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Dickinson averaged 6.54% for the week of 2024-03-22, compared to the national average (all FHA variants) of 6.696% for the same period.

Dickinson's average FHA mortgage closing costs are $7,781.

The average rate for the prior week (2024-03-15) was 6.36% and one month ago for the week of 2024-02-16, the average rate was 6.28%.

The average rate one year ago was 6.27%.

For refis of the same type during the week of 2024-03-22, the average rate was 6.9%.

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

Dickinson 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 Dickinson level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 22 6.55% $10,310
ARK-LA-TEX FINANCIAL SERVICES, LLC. 21 6.83% $6,222
Bank of England 18 6.71% $10,652
Dakota Community Bank & Trust 13 6.16% $8,402
American Bank Center 6 6.47% $9,484
GUILD MORTGAGE COMPANY 6 7.06% $12,055
QUICKEN LOANS, LLC 5 6.62% $9,925
WESTERN COOPERATIVE CREDIT UNION 5 6.55% $12,074
FIRST COLONY MORTGAGE CORPORATION 4 6.53% $9,054
Gate City Bank 4 6.23% $7,702
Unify Home Lending Inc. 4 7.18% $6,200
U.S. Bank 3 6.25% $6,630
OPEN MORTGAGE, LLC 2 6.19% $13,943
SUN WEST MORTGAGE COMPANY, INC. 2 6.19% $9,105
AMERISAVE MORTGAGE CORPORATION 1 5.75% $7,533
Flagstar Bank, FSB 1 5.00% $8,087
NEWREZ LLC 1 6.13% $8,756
Plains Commerce Bank 1 8.38% $10,550
PLANET HOME LENDING, LLC 1 5.50% $7,896
UNITED WHOLESALE MORTGAGE, LLC 1 6.63% $9,959
AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.88% $14,040

The top Dickinson FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 22 FHA loans originated. Their average total fees are $10,310, which is $4,088 higher than the next largest lender, ARK-LA-TEX FINANCIAL SERVICES, LLC..

The lowest fee Dickinson FHA lenders (with over 10 loans originated) are ARK-LA-TEX FINANCIAL SERVICES, LLC. ($6,222), Dakota Community Bank & Trust ($8,402), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($10,310), Bank of England ($10,652) and .

The lowest rate Dickinson FHA lenders (with over 10 loans originated) are Dakota Community Bank & Trust (6.16%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.55%), Bank of England (6.71%), ARK-LA-TEX FINANCIAL SERVICES, LLC. (6.83%) and .

Dickinson FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Dickinson (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 $225,725 (2.6%) $245,413 (3.0%) 0.00 237
2018-02-01 $229,450 (4.1%) $250,021 (4.9%) 0.00 237
2018-03-01 $233,000 (2.0%) $253,765 (3.3%) 0.00 235
2018-04-01 $239,675 (2.0%) $260,594 (2.6%) 0.00 244
2018-05-01 $239,900 (1.4%) $268,671 (3.7%) 0.00 261
2018-06-01 $249,000 (3.8%) $273,510 (4.2%) 0.00 284
2018-07-01 $240,450 (0.4%) $269,846 (4.5%) 0.00 289
2018-08-01 $235,000 (0.6%) $269,475 (5.5%) 0.00 284
2018-09-01 $229,900 (1.3%) $261,750 (3.2%) 0.00 281
2018-10-01 $224,000 (-0.4%) $251,772 (0.8%) 0.00 278
2018-11-01 $225,000 (2.3%) $249,615 (3.3%) 0.00 261
2018-12-01 $239,999 (6.7%) $260,256 (7.6%) 0.00 241
2019-01-01 $243,750 (8.0%) $273,967 (11.6%) 0.00 204
2019-02-01 $249,000 (8.5%) $277,472 (11.0%) 0.00 188
2019-03-01 $255,643 (9.7%) $280,863 (10.7%) 0.00 168
2019-04-01 $266,750 (11.3%) $290,876 (11.6%) 0.00 158
2019-05-01 $271,225 (13.1%) $292,475 (8.9%) 0.00 181
2019-06-01 $277,450 (11.4%) $307,078 (12.3%) 0.00 191
2019-07-01 $271,950 (13.1%) $306,188 (13.5%) 0.00 196
2019-08-01 $266,273 (13.3%) $306,364 (13.7%) 0.00 197
2019-09-01 $262,182 (14.0%) $300,519 (14.8%) 0.00 193
2019-10-01 $254,500 (13.6%) $296,623 (17.8%) 0.00 187
2019-11-01 $243,250 (8.1%) $278,168 (11.4%) 0.00 177
2019-12-01 $239,900 (0.0%) $275,819 (6.0%) 0.00 166
2020-01-01 $244,000 (0.1%) $278,108 (1.5%) 0.00 146
2020-02-01 $238,000 (-4.4%) $280,510 (1.1%) 0.00 125
2020-03-01 $246,000 (-3.8%) $283,001 (0.8%) 0.00 122
2020-04-01 $244,475 (-8.4%) $282,997 (-2.7%) 0.00 148
2020-05-01 $246,400 (-9.2%) $278,273 (-4.9%) 0.00 180
2020-06-01 $246,800 (-11.1%) $286,684 (-6.6%) 0.00 180
2020-07-01 $244,925 (-9.9%) $285,048 (-6.9%) 0.00 177
2020-08-01 $245,000 (-8.0%) $290,134 (-5.3%) 0.00 184
2020-09-01 $244,950 (-6.6%) $287,581 (-4.3%) 0.00 187
2020-10-01 $244,900 (-3.8%) $277,565 (-6.4%) 0.00 185
2020-11-01 $248,450 (2.1%) $276,655 (-0.5%) 0.00 179
2020-12-01 $244,900 (2.1%) $275,608 (-0.1%) 0.00 174
2021-01-01 $242,450 (-0.6%) $273,037 (-1.8%) 0.00 161
2021-02-01 $240,000 (0.8%) $264,281 (-5.8%) 0.00 163
2021-03-01 $240,000 (-2.4%) $273,992 (-3.2%) 0.00 148
2021-04-01 $230,000 (-5.9%) $250,759 (-11.4%) 0.00 183
2021-05-01 $234,950 (-4.7%) $260,293 (-6.5%) 0.00 163
2021-06-01 $233,750 (-5.3%) $262,929 (-8.3%) 0.00 160
2021-07-01 $239,950 (-2.0%) $260,984 (-8.4%) 0.00 174
2021-08-01 $239,975 (-2.1%) $260,135 (-10.3%) 0.00 163
2021-09-01 $239,975 (-2.0%) $255,024 (-11.3%) 0.00 163
2021-10-01 $244,950 (0.0%) $251,493 (-9.4%) 0.00 162
2021-11-01 $237,500 (-4.4%) $251,992 (-8.9%) 0.00 155
2021-12-01 $214,900 (-12.3%) $236,345 (-14.3%) 0.00 137
2022-01-01 $210,000 (-13.4%) $224,834 (-17.7%) 0.00 102
2022-02-01 $218,700 (-8.9%) $233,628 (-11.6%) 0.00 103
2022-03-01 $245,000 (2.1%) $257,310 (-6.1%) 0.00 88
2022-04-01 $249,900 (8.7%) $267,382 (6.6%) 0.00 77
2022-05-01 $271,800 (15.7%) $311,748 (19.8%) 0.00 90
2022-06-01 $297,450 (27.3%) $329,674 (25.4%) 0.00 110
2022-07-01 $295,000 (22.9%) $335,111 (28.4%) 0.00 119
2022-08-01 $269,725 (12.4%) $319,281 (22.7%) 0.00 134
2022-09-01 $269,000 (12.1%) $317,881 (24.7%) 0.00 146
2022-10-01 $267,500 (9.2%) $313,770 (24.8%) 0.00 156
2022-11-01 $260,725 (9.8%) $311,503 (23.6%) 0.00 150
2022-12-01 $265,500 (23.6%) $302,323 (27.9%) 0.00 138
2023-01-01 $256,000 (21.9%) $301,068 (33.9%) 0.00 127
2023-02-01 $252,000 (15.2%) $306,859 (31.4%) 0.00 97
2023-03-01 $265,250 (8.3%) $322,498 (25.3%) 0.00 92
2023-04-01 $255,000 (2.0%) $323,277 (20.9%) 0.00 91
2023-05-01 $274,975 (1.2%) $319,552 (2.5%) 0.00 97
2023-06-01 $273,675 (-8.0%) $325,553 (-1.3%) 0.00 96
2023-07-01 $269,900 (-8.5%) $326,802 (-2.5%) 0.00 98
2023-08-01 $297,000 (10.1%) $339,007 (6.2%) 0.00 104
2023-09-01 $289,900 (7.8%) $322,546 (1.5%) 0.00 99
2023-10-01 $285,400 (6.7%) $322,318 (2.7%) 0.00 90
2023-11-01 $262,000 (0.5%) $302,710 (-2.8%) 0.00 84
2023-12-01 $259,450 (-2.3%) $301,831 (-0.2%) 0.00 81
2024-01-01 $311,175 (21.6%) $321,608 (6.8%) 0.00 71
2024-02-01 $279,000 (10.7%) $312,617 (1.9%) 0.00 63
Dickinson's median listing price for 2024-02-01 was $279,000, a difference of $27,000 (10.7%) versus the prior year and $-32,175 versus the prior month.

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

Dickinson's average listing price for 2024-02-01 was $312,617, a difference of $5,758 (1.9%) versus the prior year and $-8,991 versus the prior month.

For the 2024-02-01 period, Dickinson had 63 MLS listings, a difference of -8 listings (-11%) versus the prior month and -34 listings (-35%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Dickinson (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,228 sqft
2018-02-01 0 days 2,223 sqft
2018-03-01 0 days 2,202 sqft
2018-04-01 0 days 2,288 sqft
2018-05-01 0 days 2,304 sqft
2018-06-01 0 days 2,296 sqft
2018-07-01 0 days 2,254 sqft
2018-08-01 0 days 2,204 sqft
2018-09-01 0 days 2,219 sqft
2018-10-01 0 days 2,140 sqft
2018-11-01 0 days 2,126 sqft
2018-12-01 0 days 2,244 sqft
2019-01-01 0 days 2,234 sqft
2019-02-01 0 days 2,224 sqft
2019-03-01 0 days 2,232 sqft
2019-04-01 0 days 2,260 sqft
2019-05-01 0 days 2,393 sqft
2019-06-01 0 days 2,472 sqft
2019-07-01 0 days 2,449 sqft
2019-08-01 0 days 2,417 sqft
2019-09-01 0 days 2,399 sqft
2019-10-01 0 days 2,381 sqft
2019-11-01 0 days 2,352 sqft
2019-12-01 0 days 2,258 sqft
2020-01-01 0 days 2,276 sqft
2020-02-01 0 days 2,225 sqft
2020-03-01 0 days 2,237 sqft
2020-04-01 0 days 2,215 sqft
2020-05-01 0 days 2,211 sqft
2020-06-01 0 days 2,214 sqft
2020-07-01 0 days 2,176 sqft
2020-08-01 0 days 2,176 sqft
2020-09-01 0 days 2,208 sqft
2020-10-01 0 days 2,164 sqft
2020-11-01 0 days 2,145 sqft
2020-12-01 0 days 2,111 sqft
2021-01-01 0 days 2,120 sqft
2021-02-01 0 days 2,073 sqft
2021-03-01 0 days 2,082 sqft
2021-04-01 0 days 2,023 sqft
2021-05-01 0 days 2,054 sqft
2021-06-01 0 days 2,044 sqft
2021-07-01 0 days 2,080 sqft
2021-08-01 0 days 2,076 sqft
2021-09-01 0 days 2,003 sqft
2021-10-01 0 days 2,080 sqft
2021-11-01 0 days 2,093 sqft
2021-12-01 0 days 2,030 sqft
2022-01-01 0 days 1,923 sqft
2022-02-01 0 days 2,119 sqft
2022-03-01 0 days 2,198 sqft
2022-04-01 0 days 2,220 sqft
2022-05-01 0 days 2,329 sqft
2022-06-01 0 days 2,420 sqft
2022-07-01 0 days 2,469 sqft
2022-08-01 0 days 2,343 sqft
2022-09-01 0 days 2,285 sqft
2022-10-01 0 days 2,212 sqft
2022-11-01 0 days 2,168 sqft
2022-12-01 0 days 2,167 sqft
2023-01-01 0 days 2,164 sqft
2023-02-01 0 days 2,078 sqft
2023-03-01 0 days 2,080 sqft
2023-04-01 0 days 2,155 sqft
2023-05-01 0 days 2,169 sqft
2023-06-01 0 days 2,187 sqft
2023-07-01 0 days 2,204 sqft
2023-08-01 0 days 2,280 sqft
2023-09-01 0 days 2,340 sqft
2023-10-01 0 days 2,256 sqft
2023-11-01 0 days 2,046 sqft
2023-12-01 0 days 2,064 sqft
2024-01-01 0 days 2,169 sqft
2024-02-01 0 days 2,200 sqft
Dickinson's median listing age (time on market) for 2024-02-01 was 0 days.

Dickinson's median square footage for active listings during the 2024-02-01 period was 2,200 sqft. One year prior, the average listing was 2,078 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).