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 57 lenders originated 563 FHA loans during 2024. The total origination value was $174,025,000, with an average FHA loan value of $309,103.

    Fargo FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Fargo averaged 6.2% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    Fargo's average FHA mortgage closing costs are $7,550.

    The average rate for the prior week (2025-03-28) was 6.39% and one month ago for the week of 2025-02-28, the average rate was 5.98%.

    The average rate one year ago was 6.5%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.18%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    VALLEY MORTGAGE, INC. 41 5.92% $7,626
    QUICKEN LOANS, LLC 40 6.39% $10,598
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 37 6.05% $10,236
    UNITED WHOLESALE MORTGAGE, LLC 31 6.21% $11,582
    Gate City Bank 29 5.65% $9,922
    PRIMARY RESIDENTIAL MORTGAGE, INC. 24 6.14% $8,413
    Nations Lending Corporation 22 5.91% $6,763
    TOWN AND COUNTRY Credit Union 19 5.99% $10,391
    First International Bank & Trust 19 6.04% $9,098
    FIRST COLONY MORTGAGE CORPORATION 19 6.14% $13,089
    FREEDOM MORTGAGE CORPORATION 12 6.24% $11,213
    BAY EQUITY LLC 12 6.31% $11,188
    Cambria Financial Group, LLC 12 6.28% $11,081
    LOANDEPOT.COM, LLC 12 6.63% $12,505
    FIRST COMMUNITY CREDIT UNION 12 5.54% $8,079
    Western State Bank 10 6.48% $8,193
    Bell Bank 7 6.20% $10,280
    MUTUAL OF OMAHA MORTGAGE, INC. 6 6.42% $15,485
    V.I.P. MORTGAGE, INC. 6 6.17% $8,805
    PENNYMAC LOAN SERVICES, LLC 6 6.08% $12,008
    Plains Commerce Bank 5 6.93% $9,859
    Flagstar Bank, FSB 5 5.82% $10,138
    First Western Bank & Trust 5 5.89% $8,348
    Bremer Bank 5 6.50% $8,784
    GUARANTEED RATE, INC. 5 6.50% $10,376
    CAPITAL CREDIT UNION 4 6.00% $12,213
    NEWREZ LLC 4 6.66% $10,449
    U.S. Bank 4 6.69% $8,739
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 5.79% $10,255
    TOWNE MORTGAGE COMPANY 3 6.25% $10,815
    GUILD MORTGAGE COMPANY 2 5.88% $16,146
    LAKEVIEW LOAN SERVICING, LLC 2 6.50% $6,629
    Mr. Cooper ( Nationstar Mortgage ) 2 6.94% $14,019
    Alerus Financial 2 6.19% $6,148
    CANOPY MORTGAGE, LLC 2 6.31% $11,657
    AmeriHome Mortgage Company, LLC 2 6.13% $7,131
    Equity Prime Mortgage LLC 2 7.75% $12,640
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.75% $10,495
    NBKC BANK 1 6.25% $13,798
    AMERICAN FINANCING CORPORATION 1 4.99% $20,600
    ON Q FINANCIAL, INC. 1 5.63% $9,524
    Park State Bank 1 6.38% $7,712
    VILLAGE CAPITAL MORTGAGE 1 6.99% $23,956
    BROKER SOLUTIONS, INC. 1 5.75% $11,295
    PLAZA HOME MORTGAGE, INC. 1 6.75% $7,225
    BETTER MORTGAGE CORPORATION 1 5.50% $19,832
    Barrington Bank & Trust Company, N.A. 1 6.75% $9,294
    Starion Bank 1 6.25% $7,829
    SUN WEST MORTGAGE COMPANY, INC. 1 5.75% $10,153
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.88% $10,246
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.50% $6,034
    Dakota Community Bank & Trust 1 6.13% $13,743
    Dacotah Bank 1 6.00% $4,137
    Loan Simple, Inc. 1 7.63% $6,339
    Mortgage Research Center, LLC 1 6.75% $7,759
    AMERICAN FINANCIAL NETWORK, INC. 1 6.63% $11,119
    Carrington Mortgage Services, LLC 1 6.25% $12,173

    The top Fargo FHA lender as defined by loan originations is VALLEY MORTGAGE, INC., with 41 FHA loans originated. Their average total fees are $7,626, which is $2,972 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Fargo FHA lenders (with over 10 loans originated) are Nations Lending Corporation ($6,763), VALLEY MORTGAGE, INC. ($7,626), FIRST COMMUNITY CREDIT UNION ($8,079), Western State Bank ($8,193) and PRIMARY RESIDENTIAL MORTGAGE, INC. ($8,413).

    The lowest rate Fargo FHA lenders (with over 10 loans originated) are FIRST COMMUNITY CREDIT UNION (5.54%), Gate City Bank (5.65%), Nations Lending Corporation (5.91%), VALLEY MORTGAGE, INC. (5.92%) and TOWN AND COUNTRY Credit Union (5.99%).

    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 (-7.6%) 0.88 930
    2018-05-01 $261,032 (-4.9%) $309,697 (-5.3%) 0.87 1,050
    2018-06-01 $262,950 (-3.0%) $306,589 (-5.7%) 0.88 1,132
    2018-07-01 $259,775 (-2.7%) $302,795 (-6.1%) 0.87 1,166
    2018-08-01 $259,900 (1.9%) $302,670 (-0.6%) 0.87 1,205
    2018-09-01 $254,945 (1.1%) $301,955 (0.1%) 0.86 1,232
    2018-10-01 $250,336 (-0.3%) $299,035 (-0.6%) 0.85 1,216
    2018-11-01 $249,900 (-1.7%) $300,510 (1.0%) 0.85 1,153
    2018-12-01 $249,900 (-2.4%) $300,398 (0.9%) 0.86 1,013
    2019-01-01 $249,900 (-3.8%) $302,438 (-0.1%) 0.86 892
    2019-02-01 $257,791 (1.1%) $307,081 (1.6%) 0.87 913
    2019-03-01 $259,437 (1.1%) $309,889 (2.5%) 0.85 984
    2019-04-01 $261,160 (0.4%) $312,661 (1.5%) 0.83 1,074
    2019-05-01 $263,373 (0.9%) $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 $259,175 (-0.2%) $305,212 (0.8%) 0.81 1,305
    2019-08-01 $252,769 (-2.7%) $299,420 (-1.1%) 0.80 1,340
    2019-09-01 $249,574 (-2.1%) $294,809 (-2.4%) 0.80 1,365
    2019-10-01 $246,927 (-1.4%) $290,403 (-2.9%) 0.80 1,381
    2019-11-01 $245,000 (-2.0%) $288,032 (-4.2%) 0.80 1,290
    2019-12-01 $242,204 (-3.1%) $288,325 (-4.0%) 0.81 1,111
    2020-01-01 $239,968 (-4.0%) $290,608 (-3.9%) 0.80 952
    2020-02-01 $245,000 (-5.0%) $294,584 (-4.1%) 0.80 894
    2020-03-01 $249,950 (-3.7%) $295,160 (-4.8%) 0.78 923
    2020-04-01 $259,900 (-0.5%) $300,872 (-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 (12.3%) $310,353 (7.6%) 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
    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 $385,610 (-1.1%) $441,786 (-1.7%) 0.88 855
    2024-06-01 $399,000 (2.3%) $456,377 (1.5%) 0.91 800
    2024-07-01 $399,900 (3.9%) $459,872 (4.2%) 0.91 829
    2024-08-01 $396,000 (6.3%) $461,647 (6.5%) 0.92 889
    2024-09-01 $385,000 (5.5%) $455,327 (11.1%) 0.91 935
    2024-10-01 $378,900 (5.9%) $448,117 (11.1%) 0.89 973
    2024-11-01 $374,900 (5.6%) $451,946 (11.9%) 0.90 915
    2024-12-01 $371,933 (3.2%) $453,078 (10.3%) 0.92 817
    2025-01-01 $372,195 (3.4%) $450,310 (8.9%) 0.93 727
    2025-02-01 $376,835 (3.2%) $455,905 (7.8%) 0.91 686
    2025-03-01 $385,999 (0.3%) $466,685 (7.2%) 0.00 677
    Fargo's median listing price for 2025-03-01 was $385,999, a difference of $1,099 (0.3%) versus the prior year and $9,164 versus the prior month.

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

    Fargo's average listing price for 2025-03-01 was $466,685, a difference of $31,374 (7.2%) versus the prior year and $10,780 versus the prior month.

    For the 2025-03-01 period, Fargo had 677 MLS listings, a difference of -9 listings (-1%) versus the prior month and -23 listings (-3%) 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 2,398 sqft
    2018-07-01 49 days 2,364 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 2,266 sqft
    2018-12-01 85 days 2,239 sqft
    2019-01-01 86 days 2,215 sqft
    2019-02-01 77 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 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 2,227 sqft
    2019-12-01 87 days 2,201 sqft
    2020-01-01 96 days 2,201 sqft
    2020-02-01 91 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 2,244 sqft
    2024-01-01 76 days 2,201 sqft
    2024-02-01 46 days 2,226 sqft
    2024-03-01 51 days 2,280 sqft
    2024-04-01 52 days 2,252 sqft
    2024-05-01 42 days 2,246 sqft
    2024-06-01 49 days 2,320 sqft
    2024-07-01 52 days 2,364 sqft
    2024-08-01 50 days 2,285 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
    2024-12-01 81 days 2,160 sqft
    2025-01-01 90 days 2,119 sqft
    2025-02-01 88 days 2,123 sqft
    2025-03-01 0 days 2,160 sqft
    Fargo's median listing age (time on market) for 2025-03-01 was 0 days. This is -100% shorter than the same period one year ago.

    Fargo's median square footage for active listings during the 2025-03-01 period was 2,160 sqft. One year prior, the average listing was 2,280 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).