Fargo FHA Loan Rates, Closing Costs & Stats

FARGO, ND-MN

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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.

    Fargo's 51 lenders originated 467 FHA loans during 2023. The total origination value was $120,745,000, with an average FHA loan value of $258,555.

    Fargo FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Fargo averaged 6.14% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Fargo's average FHA mortgage closing costs are $7,165.

    The average rate for the prior week (2024-12-06) was 6.11% and one month ago for the week of 2024-11-08, the average rate was 6.17%.

    The average rate one year ago was 6.69%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.12%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 49 6.46% $10,176
    VALLEY MORTGAGE, INC. 49 6.29% $6,809
    Gate City Bank 36 6.37% $8,861
    QUICKEN LOANS, LLC 26 6.08% $10,709
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 24 6.57% $9,921
    TOWN AND COUNTRY Credit Union 19 6.09% $11,453
    Nations Lending Corporation 17 6.41% $7,266
    V.I.P. MORTGAGE, INC. 15 6.52% $11,319
    First International Bank & Trust 10 6.20% $7,205
    PRIMARY RESIDENTIAL MORTGAGE, INC. 10 7.13% $10,361
    FIRST COMMUNITY CREDIT UNION 9 6.07% $9,315
    First Western Bank & Trust 9 6.41% $9,988
    Plains Commerce Bank 8 6.36% $9,208
    BROKER SOLUTIONS, INC. 8 6.84% $11,872
    Bell Bank 8 6.34% $9,213
    FREEDOM MORTGAGE CORPORATION 7 6.75% $14,011
    NEWREZ LLC 6 6.83% $9,190
    Western State Bank 5 6.65% $8,802
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.84% $10,726
    CAPITAL CREDIT UNION 4 5.50% $11,893
    MID AMERICA MORTGAGE, INC. 4 6.72% $4,502
    U.S. Bank 4 6.51% $6,861
    CARDINAL FINANCIAL 4 6.25% $17,117
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 6.71% $9,074
    PLAZA HOME MORTGAGE, INC. 3 6.92% $7,129
    TOWNE MORTGAGE COMPANY 3 7.12% $11,479
    Flagstar Bank, FSB 3 6.20% $9,006
    LOANDEPOT.COM, LLC 3 6.33% $11,683
    PREMIER MORTGAGE RESOURCES, L.L.C. 3 7.13% $13,834
    AMERISAVE MORTGAGE CORPORATION 3 5.92% $12,523
    MUTUAL OF OMAHA MORTGAGE, INC. 2 7.00% $15,932
    Barrington Bank & Trust Company, N.A. 2 7.00% $7,764
    Bremer Bank 2 6.23% $7,335
    GUARANTEED RATE, INC. 2 6.96% $10,971
    Mr. Cooper ( Nationstar Mortgage ) 2 6.50% $15,139
    Alerus Financial 2 6.49% $5,902
    OCMBC, INC. 2 7.50% $8,738
    PENNYMAC LOAN SERVICES, LLC 2 6.56% $14,464
    Mortgage Research Center, LLC 1 7.63% $4,382
    JPMorgan Chase Bank 1 6.99% $11,631
    Prosperity Home Mortgage, LLC 1 6.49% $9,505
    GUILD MORTGAGE COMPANY 1 6.15% $8,214
    ROYAL UNITED MORTGAGE LLC 1 6.88% $9,531
    Servion, Inc. 1 6.13% $6,742
    EVERETT FINANCIAL, INC. 1 7.13% $8,398
    Equity Prime Mortgage LLC 1 7.25% $8,258
    Citizens Bank 1 7.00% $13,759
    Century Mortgage Company DBA Century Lending Company 1 7.25% $17,761
    BAY EQUITY LLC 1 6.75% $8,307
    Bank of England 1 6.13% $7,612
    AMERICAN FINANCIAL NETWORK, INC. 1 7.50% $17,489

    The top Fargo FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 49 FHA loans originated. Their average total fees are $10,176, which is $3,367 higher than the next largest lender, VALLEY MORTGAGE, INC..

    The lowest fee Fargo FHA lenders (with over 10 loans originated) are VALLEY MORTGAGE, INC. ($6,809), First International Bank & Trust ($7,205), Nations Lending Corporation ($7,266), Gate City Bank ($8,861) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($9,921).

    The lowest rate Fargo FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.08%), TOWN AND COUNTRY Credit Union (6.09%), First International Bank & Trust (6.20%), VALLEY MORTGAGE, INC. (6.29%) and Gate City Bank (6.37%).

    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 (-1.9%) $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 (-5.2%) 0.87 1,051
    2018-06-01 $262,950 (-2.8%) $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%) $312,610 (1.4%) 0.83 1,074
    2019-05-01 $263,125 (0.9%) $310,015 (0.1%) 0.82 1,229
    2019-06-01 $259,900 (-1.2%) $306,864 (0.1%) 0.81 1,296
    2019-07-01 $259,409 (-0.2%) $305,120 (0.7%) 0.81 1,307
    2019-08-01 $252,793 (-2.7%) $299,375 (-1.2%) 0.80 1,341
    2019-09-01 $249,634 (-2.1%) $294,773 (-2.4%) 0.80 1,366
    2019-10-01 $247,029 (-1.5%) $290,375 (-3.0%) 0.80 1,383
    2019-11-01 $245,000 (-2.0%) $287,972 (-4.2%) 0.80 1,292
    2019-12-01 $240,813 (-3.6%) $288,241 (-4.1%) 0.80 1,113
    2020-01-01 $239,945 (-4.0%) $290,503 (-4.0%) 0.80 954
    2020-02-01 $245,000 (-5.1%) $294,462 (-4.2%) 0.80 896
    2020-03-01 $249,950 (-3.8%) $295,028 (-4.8%) 0.78 925
    2020-04-01 $259,700 (-0.6%) $300,764 (-3.8%) 0.81 947
    2020-05-01 $264,900 (0.7%) $306,507 (-1.1%) 0.81 933
    2020-06-01 $269,925 (3.9%) $316,753 (3.2%) 0.80 932
    2020-07-01 $269,900 (4.0%) $317,613 (4.1%) 0.78 872
    2020-08-01 $269,900 (6.8%) $324,959 (8.6%) 0.77 875
    2020-09-01 $269,881 (8.1%) $319,652 (8.4%) 0.77 848
    2020-10-01 $269,778 (9.2%) $315,867 (8.8%) 0.77 812
    2020-11-01 $269,545 (10.0%) $310,647 (7.9%) 0.79 749
    2020-12-01 $271,912 (12.9%) $310,338 (7.7%) 0.81 662
    2021-01-01 $278,943 (16.3%) $323,634 (11.4%) 0.83 537
    2021-02-01 $295,236 (20.5%) $343,026 (16.5%) 0.86 454
    2021-03-01 $296,554 (18.7%) $338,955 (14.9%) 0.84 438
    2021-04-01 $302,000 (16.3%) $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 (18.5%) $385,380 (12.4%) 0.91 351
    2022-03-01 $366,835 (23.7%) $429,715 (26.8%) 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%) $419,626 (17.1%) 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%) $441,257 (5.1%) 0.88 672
    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
    2024-01-01 $359,900 (-1.4%) $413,610 (0.4%) 0.88 642
    2024-02-01 $365,000 (-3.2%) $422,950 (-0.7%) 0.88 641
    2024-03-01 $384,900 (1.1%) $435,311 (0.3%) 0.91 700
    2024-04-01 $386,325 (1.0%) $439,438 (-0.6%) 0.90 729
    2024-05-01 $386,460 (-0.9%) $442,047 (-1.6%) 0.87 856
    2024-06-01 $399,000 (2.3%) $457,178 (1.7%) 0.90 800
    2024-07-01 $399,900 (3.9%) $459,872 (4.2%) 0.91 829
    2024-08-01 $395,950 (6.3%) $461,506 (6.4%) 0.92 890
    2024-09-01 $385,000 (5.5%) $455,327 (11.1%) 0.91 935
    2024-10-01 $378,900 (5.9%) $448,060 (11.1%) 0.89 973
    2024-11-01 $374,900 (5.6%) $451,946 (11.9%) 0.90 915
    Fargo's median listing price for 2024-11-01 was $374,900, a difference of $19,925 (5.6%) versus the prior year and $-4,000 versus the prior month.

    Fargo's median listing price comes in at 90% of the national average.

    Fargo's average listing price for 2024-11-01 was $451,946, a difference of $47,962 (11.9%) versus the prior year and $3,886 versus the prior month.

    For the 2024-11-01 period, Fargo had 915 MLS listings, a difference of -58 listings (-6%) versus the prior month and 54 listings (6%) 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 2,274 sqft
    2019-07-01 57 days 2,296 sqft
    2019-08-01 58 days 2,274 sqft
    2019-09-01 60 days 2,255 sqft
    2019-10-01 61 days 2,234 sqft
    2019-11-01 69 days 2,230 sqft
    2019-12-01 87 days 2,201 sqft
    2020-01-01 95 days 2,201 sqft
    2020-02-01 91 days 2,201 sqft
    2020-03-01 65 days 2,213 sqft
    2020-04-01 59 days 2,237 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 2,225 sqft
    2020-12-01 83 days 2,214 sqft
    2021-01-01 71 days 2,239 sqft
    2021-02-01 47 days 2,355 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 2,318 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
    2024-01-01 76 days 2,200 sqft
    2024-02-01 46 days 2,225 sqft
    2024-03-01 51 days 2,280 sqft
    2024-04-01 52 days 2,252 sqft
    2024-05-01 42 days 2,250 sqft
    2024-06-01 47 days 2,345 sqft
    2024-07-01 52 days 2,364 sqft
    2024-08-01 50 days 2,283 sqft
    2024-09-01 53 days 2,283 sqft
    2024-10-01 61 days 2,258 sqft
    2024-11-01 68 days 2,187 sqft
    Fargo's median listing age (time on market) for 2024-11-01 was 68 days. This is 13% longer than the same period one year ago.

    Fargo's median square footage for active listings during the 2024-11-01 period was 2,187 sqft. One year prior, the average listing was 2,250 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).