Fargo FHA Loan Rates, Closing Costs & Stats

FARGO, ND-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.

Fargo's 54 lenders originated 471 FHA loans during 2022. The total origination value was $110,735,000, with an average FHA loan value of $235,106.

Fargo FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Fargo averaged 6.12% for the week of 2024-02-16, compared to the national average (all FHA variants) of 6.611% for the same period.

Fargo's average FHA mortgage closing costs are $6,795.

The average rate for the prior week (2024-02-09) was 5.83% and one month ago for the week of 2024-01-12, the average rate was 5.77%.

The average rate one year ago was 5.72%.

For refis of the same type during the week of 2024-02-16, the average rate was 4.95%.

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

Fargo 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 Fargo level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
VALLEY MORTGAGE, INC. 59 4.51% $6,635
UNITED WHOLESALE MORTGAGE, LLC 54 4.98% $9,420
CALIBER HOME LOANS, INC. 43 4.72% $8,303
QUICKEN LOANS, LLC 19 4.17% $10,367
Gate City Bank 19 4.57% $8,156
Western State Bank 18 4.78% $7,130
CARDINAL FINANCIAL 17 4.83% $13,348
TOWN AND COUNTRY Credit Union 16 4.29% $9,324
First Western Bank & Trust 12 4.68% $7,462
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 5.10% $10,551
ARK-LA-TEX FINANCIAL SERVICES, LLC. 9 5.53% $8,389
Flagstar Bank, FSB 8 4.10% $9,073
Bremer Bank 7 5.61% $6,612
First International Bank & Trust 7 4.29% $7,286
FINANCE OF AMERICA MORTGAGE LLC 6 5.15% $11,741
Bell Bank 6 4.63% $8,353
LOANDEPOT.COM, LLC 6 4.50% $10,690
Mortgage Research Center, LLC 5 5.30% $5,916
Mr. Cooper ( Nationstar Mortgage ) 5 4.45% $6,408
BROKER SOLUTIONS, INC. 4 4.56% $8,170
PENNYMAC LOAN SERVICES, LLC 4 4.31% $10,807
GUARANTEED RATE, INC. 4 5.93% $11,257
AMERISAVE MORTGAGE CORPORATION 4 3.81% $11,762
FREEDOM MORTGAGE CORPORATION 4 4.90% $9,014
U.S. Bank 3 4.88% $6,956
ALAMEDA MORTGAGE CORPORATION 3 6.17% $9,126
FIRST COMMUNITY CREDIT UNION 3 4.61% $7,298
Paramount Residential Mortgage Group, Inc. 3 4.75% $9,410
HOME POINT FINANCIAL CORPORATION 3 5.63% $12,087
Alerus Financial 3 5.61% $6,301
MID AMERICA MORTGAGE, INC. 2 5.50% $4,331
CROSSCOUNTRY MORTGAGE, LLC 2 5.88% $11,077
The Huntington National Bank 1 5.65% $7,395
AMERICAN FINANCING CORPORATION 1 5.25% $13,374
Bank of England 1 5.63% $10,487
Bank of the West 1 5.25% $6,426
BETTER MORTGAGE CORPORATION 1 4.75% $19,284
CMG MORTGAGE, INC. 1 4.63% $10,660
Equity Prime Mortgage LLC 1 7.25% $9,007
EVERETT FINANCIAL, INC. 1 5.38% $6,264
Goldwater Bank, N.A. 1 7.00% $12,362
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 5.13% $12,106
HOMESIDE FINANCIAL, LLC 1 5.13% $9,894
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 4.50% $8,663
MUTUAL OF OMAHA MORTGAGE, INC. 1 5.75% $8,209
NEWREZ LLC 1 7.13% $17,071
Plains Commerce Bank 1 3.50% $4,730
PLAZA HOME MORTGAGE, INC. 1 5.13% $7,894
PREMIA MORTGAGE, LLC 1 2.88% $6,010
PREMIER MORTGAGE RESOURCES, L.L.C. 1 5.88% $15,297
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.25% $9,733
Servion, Inc. 1 4.50% $8,801
The Federal Savings Bank 1 4.50% $12,280
VILLAGE CAPITAL MORTGAGE 1 2.63% $2,008

The top Fargo FHA lender as defined by loan originations is VALLEY MORTGAGE, INC., with 59 FHA loans originated. Their average total fees are $6,635, which is $2,785 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Fargo FHA lenders (with over 10 loans originated) are VALLEY MORTGAGE, INC. ($6,635), Western State Bank ($7,130), First Western Bank & Trust ($7,462), Gate City Bank ($8,156) and CALIBER HOME LOANS, INC. ($8,303).

The lowest rate Fargo FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.17%), TOWN AND COUNTRY Credit Union (4.29%), VALLEY MORTGAGE, INC. (4.51%), Gate City Bank (4.57%) and First Western Bank & Trust (4.68%).

Fargo FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Fargo (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 $259,875 (2.4%) $302,763 (-1.4%) 0.96 848
2018-02-01 $254,923 (-2.1%) $302,147 (-8.2%) 0.93 870
2018-03-01 $256,731 (-4.3%) $302,402 (-9.0%) 0.90 873
2018-04-01 $260,031 (-3.7%) $308,176 (-7.5%) 0.88 930
2018-05-01 $260,772 (-4.9%) $309,626 (-5.3%) 0.87 1,051
2018-06-01 $262,950 (-3.0%) $306,589 (-5.6%) 0.88 1,132
2018-07-01 $260,028 (-2.3%) $302,992 (-6.0%) 0.87 1,167
2018-08-01 $259,900 (2.0%) $302,860 (-0.4%) 0.87 1,206
2018-09-01 $254,990 (1.3%) $302,135 (0.2%) 0.86 1,233
2018-10-01 $250,672 (-0.1%) $299,192 (-0.6%) 0.85 1,217
2018-11-01 $249,900 (-1.7%) $300,693 (1.1%) 0.85 1,154
2018-12-01 $249,900 (-2.4%) $300,615 (1.0%) 0.86 1,014
2019-01-01 $249,900 (-3.8%) $302,671 (0.0%) 0.86 893
2019-02-01 $258,120 (1.3%) $307,307 (1.7%) 0.87 914
2019-03-01 $259,734 (1.2%) $310,018 (2.5%) 0.85 984
2019-04-01 $261,197 (0.5%) $312,661 (1.5%) 0.83 1,074
2019-05-01 $263,373 (1.0%) $310,199 (0.2%) 0.82 1,227
2019-06-01 $259,900 (-1.2%) $307,044 (0.2%) 0.81 1,294
2019-07-01 $259,400 (-0.2%) $305,180 (0.7%) 0.81 1,306
2019-08-01 $252,769 (-2.7%) $299,398 (-1.1%) 0.80 1,340
2019-09-01 $249,574 (-2.1%) $294,800 (-2.4%) 0.80 1,365
2019-10-01 $246,927 (-1.5%) $290,403 (-2.9%) 0.80 1,382
2019-11-01 $245,000 (-2.0%) $288,001 (-4.2%) 0.80 1,291
2019-12-01 $241,429 (-3.4%) $288,282 (-4.1%) 0.81 1,112
2020-01-01 $239,945 (-4.0%) $290,553 (-4.0%) 0.80 953
2020-02-01 $245,000 (-5.1%) $294,520 (-4.2%) 0.80 895
2020-03-01 $249,950 (-3.8%) $295,091 (-4.8%) 0.78 924
2020-04-01 $259,800 (-0.5%) $300,836 (-3.8%) 0.81 946
2020-05-01 $264,900 (0.6%) $306,585 (-1.2%) 0.81 933
2020-06-01 $269,925 (3.9%) $316,753 (3.2%) 0.80 932
2020-07-01 $269,900 (4.1%) $317,613 (4.1%) 0.78 872
2020-08-01 $269,900 (6.8%) $324,964 (8.5%) 0.77 874
2020-09-01 $269,780 (8.1%) $319,652 (8.4%) 0.77 847
2020-10-01 $269,770 (9.3%) $315,868 (8.8%) 0.77 811
2020-11-01 $269,420 (10.0%) $310,651 (7.9%) 0.79 748
2020-12-01 $271,897 (12.6%) $310,353 (7.7%) 0.81 661
2021-01-01 $278,886 (16.2%) $323,676 (11.4%) 0.83 536
2021-02-01 $295,523 (20.6%) $343,134 (16.5%) 0.86 453
2021-03-01 $297,004 (18.8%) $339,070 (14.9%) 0.84 438
2021-04-01 $302,000 (16.2%) $347,715 (15.6%) 0.82 455
2021-05-01 $315,000 (18.9%) $358,070 (16.8%) 0.84 451
2021-06-01 $318,700 (18.1%) $359,532 (13.5%) 0.84 506
2021-07-01 $319,950 (18.5%) $357,813 (12.7%) 0.84 532
2021-08-01 $317,400 (17.6%) $358,237 (10.2%) 0.85 560
2021-09-01 $318,633 (18.1%) $348,420 (9.0%) 0.85 561
2021-10-01 $327,055 (21.2%) $350,217 (10.9%) 0.87 544
2021-11-01 $328,495 (21.9%) $351,257 (13.1%) 0.88 506
2021-12-01 $338,995 (24.7%) $361,565 (16.5%) 0.92 416
2022-01-01 $345,000 (23.7%) $360,013 (11.2%) 0.93 364
2022-02-01 $349,950 (18.4%) $385,380 (12.3%) 0.91 351
2022-03-01 $366,835 (23.5%) $429,715 (26.7%) 0.92 338
2022-04-01 $370,000 (22.5%) $426,661 (22.7%) 0.88 378
2022-05-01 $371,366 (17.9%) $418,168 (16.8%) 0.85 476
2022-06-01 $362,752 (13.8%) $409,167 (13.8%) 0.81 540
2022-07-01 $369,350 (15.4%) $419,740 (17.3%) 0.83 553
2022-08-01 $364,325 (14.8%) $419,761 (17.2%) 0.84 571
2022-09-01 $359,910 (13.0%) $409,412 (17.5%) 0.84 636
2022-10-01 $354,911 (8.5%) $403,402 (15.2%) 0.84 670
2022-11-01 $353,955 (7.8%) $404,681 (15.2%) 0.85 711
2022-12-01 $354,900 (4.7%) $398,181 (10.1%) 0.88 680
2023-01-01 $364,978 (5.8%) $412,112 (14.5%) 0.90 596
2023-02-01 $377,225 (7.8%) $425,879 (10.5%) 0.91 542
2023-03-01 $380,893 (3.8%) $434,033 (1.0%) 0.90 546
2023-04-01 $382,465 (3.4%) $441,858 (3.6%) 0.89 551
2023-05-01 $389,900 (5.0%) $449,183 (7.4%) 0.88 621
2023-06-01 $389,900 (7.5%) $449,646 (9.9%) 0.88 659
2023-07-01 $385,000 (4.2%) $441,410 (5.2%) 0.88 671
2023-08-01 $372,546 (2.3%) $433,623 (3.3%) 0.86 735
2023-09-01 $364,900 (1.4%) $409,719 (0.1%) 0.85 868
2023-10-01 $357,843 (0.8%) $403,301 (0.0%) 0.84 858
2023-11-01 $354,975 (0.3%) $403,984 (-0.2%) 0.85 861
2023-12-01 $360,350 (1.5%) $410,772 (3.2%) 0.88 734
Fargo's median listing price for 2023-12-01 was $360,350, a difference of $5,450 (1.5%) versus the prior year and $5,375 versus the prior month.

Fargo's median listing price comes in at 88% of the national average.

Fargo's average listing price for 2023-12-01 was $410,772, a difference of $12,591 (3.2%) versus the prior year and $6,788 versus the prior month.

For the 2023-12-01 period, Fargo had 734 MLS listings, a difference of -127 listings (-15%) versus the prior month and 54 listings (8%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Fargo (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 88 days 2,339 sqft
2018-02-01 48 days 2,298 sqft
2018-03-01 53 days 2,314 sqft
2018-04-01 46 days 2,347 sqft
2018-05-01 39 days 2,390 sqft
2018-06-01 40 days 2,399 sqft
2018-07-01 49 days 2,365 sqft
2018-08-01 55 days 2,352 sqft
2018-09-01 58 days 2,340 sqft
2018-10-01 65 days 2,317 sqft
2018-11-01 73 days 2,268 sqft
2018-12-01 85 days 2,240 sqft
2019-01-01 86 days 2,217 sqft
2019-02-01 78 days 2,230 sqft
2019-03-01 60 days 2,242 sqft
2019-04-01 46 days 2,255 sqft
2019-05-01 39 days 2,256 sqft
2019-06-01 46 days 2,273 sqft
2019-07-01 57 days 2,296 sqft
2019-08-01 57 days 2,272 sqft
2019-09-01 59 days 2,254 sqft
2019-10-01 61 days 2,234 sqft
2019-11-01 69 days 2,229 sqft
2019-12-01 87 days 2,201 sqft
2020-01-01 95 days 2,201 sqft
2020-02-01 92 days 2,201 sqft
2020-03-01 65 days 2,212 sqft
2020-04-01 59 days 2,236 sqft
2020-05-01 57 days 2,274 sqft
2020-06-01 45 days 2,340 sqft
2020-07-01 46 days 2,340 sqft
2020-08-01 51 days 2,345 sqft
2020-09-01 50 days 2,340 sqft
2020-10-01 57 days 2,296 sqft
2020-11-01 67 days 2,220 sqft
2020-12-01 83 days 2,213 sqft
2021-01-01 71 days 2,236 sqft
2021-02-01 46 days 2,354 sqft
2021-03-01 47 days 2,360 sqft
2021-04-01 36 days 2,324 sqft
2021-05-01 33 days 2,341 sqft
2021-06-01 32 days 2,349 sqft
2021-07-01 38 days 2,343 sqft
2021-08-01 44 days 2,401 sqft
2021-09-01 53 days 2,383 sqft
2021-10-01 60 days 2,396 sqft
2021-11-01 62 days 2,389 sqft
2021-12-01 80 days 2,438 sqft
2022-01-01 75 days 2,417 sqft
2022-02-01 58 days 2,410 sqft
2022-03-01 56 days 2,372 sqft
2022-04-01 38 days 2,332 sqft
2022-05-01 30 days 2,359 sqft
2022-06-01 34 days 2,318 sqft
2022-07-01 44 days 2,326 sqft
2022-08-01 46 days 2,321 sqft
2022-09-01 43 days 2,258 sqft
2022-10-01 51 days 2,250 sqft
2022-11-01 58 days 2,212 sqft
2022-12-01 71 days 2,183 sqft
2023-01-01 86 days 2,185 sqft
2023-02-01 86 days 2,190 sqft
2023-03-01 62 days 2,183 sqft
2023-04-01 57 days 2,190 sqft
2023-05-01 53 days 2,241 sqft
2023-06-01 51 days 2,341 sqft
2023-07-01 53 days 2,341 sqft
2023-08-01 57 days 2,267 sqft
2023-09-01 57 days 2,266 sqft
2023-10-01 61 days 2,251 sqft
2023-11-01 60 days 2,250 sqft
2023-12-01 72 days 2,242 sqft
Fargo's median listing age (time on market) for 2023-12-01 was 72 days. This is 1% longer than the same period one year ago.

Fargo's median square footage for active listings during the 2023-12-01 period was 2,242 sqft. One year prior, the average listing was 2,183 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).