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 58 lenders originated 803 FHA loans during 2021. The total origination value was $186,245,000, with an average FHA loan value of $231,936.

    Fargo FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Fargo averaged 6.12% for the week of 2023-01-27, compared to the national average (all FHA variants) of 6.186% for the same period.

    Fargo's average FHA mortgage closing costs are $6,445.

    The average rate for the prior week (2023-01-20) was 5.79% and one month ago for the week of 2022-12-23, the average rate was 5.88%.

    The average rate one year ago was 3.77%.

    For refis of the same type during the week of 2023-01-27, the average rate was 5.69%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    VALLEY MORTGAGE, INC. 100 2.92% $6,370
    CALIBER HOME LOANS, INC. 74 2.80% $6,101
    QUICKEN LOANS, LLC 64 2.67% $6,210
    TOWN AND COUNTRY Credit Union 45 2.35% $7,245
    Western State Bank 34 2.90% $6,797
    Gate City Bank 33 2.99% $8,051
    UNITED WHOLESALE MORTGAGE, LLC 31 2.67% $7,087
    First International Bank & Trust 28 2.70% $6,226
    FREEDOM MORTGAGE CORPORATION 23 2.87% $4,466
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 20 3.12% $8,448
    Bell Bank 17 2.87% $6,972
    First Western Bank & Trust 17 3.04% $6,756
    Bremer Bank 14 3.28% $7,798
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 14 3.20% $6,842
    PENNYMAC LOAN SERVICES, LLC 13 2.81% $5,793
    GUARANTEED RATE, INC. 11 2.83% $8,227
    U.S. Bank 10 3.04% $6,787
    LAKEVIEW LOAN SERVICING, LLC 7 2.93% $5,217
    HOMEBRIDGE FINANCIAL SERVICES, INC. 6 2.71% $4,742
    FIRST COMMUNITY CREDIT UNION 6 2.96% $6,808
    HOME POINT FINANCIAL CORPORATION 5 2.38% $5,145
    BROKER SOLUTIONS, INC. 5 2.95% $7,863
    Mr. Cooper ( Nationstar Mortgage ) 5 3.38% $4,506
    Plains Commerce Bank 4 3.13% $6,089
    MID AMERICA MORTGAGE, INC. 4 3.06% $4,028
    CAPITAL CREDIT UNION 4 2.44% $6,585
    Paramount Residential Mortgage Group, Inc. 3 3.46% $7,284
    AMERISAVE MORTGAGE CORPORATION 3 2.92% $10,519
    VILLAGE CAPITAL MORTGAGE 3 2.63% $3,596
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 3.08% $4,432
    FINANCE OF AMERICA MORTGAGE LLC 3 2.88% $6,535
    Mortgage Research Center, LLC 2 3.13% $4,651
    Bank of England 2 3.50% $10,609
    Barrington Bank & Trust Company, N.A. 2 3.13% $8,354
    Flagstar Bank, FSB 2 2.81% $4,484
    HOMESIDE FINANCIAL, LLC 2 3.19% $7,706
    LOANDEPOT.COM, LLC 2 2.93% $6,839
    PLAZA HOME MORTGAGE, INC. 2 3.75% $6,110
    Servion, Inc. 2 3.00% $9,431
    The Huntington National Bank 2 2.88% $8,483
    Wells Fargo Bank 2 3.19% $6,855
    LAND HOME FINANCIAL SERVICES, INC. 1 2.50% $13,266
    Florida Capital Bank 1 2.38% $7,903
    Peoples Bank 1 3.38% $11,353
    First PREMIER Bank 1 2.25% $6,701
    Chickasaw Community Bank 1 3.00% $6,391
    EVERETT FINANCIAL, INC. 1 2.75% $7,397
    RUOFF MORTGAGE COMPANY, INC. 1 3.25% $4,528
    Carrington Mortgage Services, LLC 1 3.50% $8,287
    AmeriHome Mortgage Company, LLC 1 2.99% $4,035
    Equity Prime Mortgage LLC 1 3.75% $10,833
    UNITED SECURITY FINANCIAL CORP 1 2.50% $6,326
    CROSSCOUNTRY MORTGAGE, LLC 1 3.38% $8,347
    Colonial Savings, F.A. 1 3.25% $11,004
    Alerus Financial 1 2.90% $3,315
    MUTUAL OF OMAHA MORTGAGE, INC. 1 3.25% $5,670
    NEWREZ LLC 1 2.75% $2,889
    Northpointe Bank 1 3.25% $9,327

    The top Fargo FHA lender as defined by loan originations is VALLEY MORTGAGE, INC., with 100 FHA loans originated. Their average total fees are $6,370, which is $269 higher than the next largest lender, CALIBER HOME LOANS, INC..

    The lowest fee Fargo FHA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($4,466), PENNYMAC LOAN SERVICES, LLC ($5,793), CALIBER HOME LOANS, INC. ($6,101), QUICKEN LOANS, LLC ($6,210) and First International Bank & Trust ($6,226).

    The lowest rate Fargo FHA lenders (with over 10 loans originated) are TOWN AND COUNTRY Credit Union (2.35%), QUICKEN LOANS, LLC (2.67%), UNITED WHOLESALE MORTGAGE, LLC (2.67%), First International Bank & Trust (2.70%) and CALIBER HOME LOANS, INC. (2.80%).

    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

    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 $260,581 (-4.9%) $309,505 (-5.3%) 0.87 1,051
    2018-06-01 $262,950 (-2.8%) $306,589 (-5.6%) 0.88 1,132
    2018-07-01 $259,775 (-2.4%) $302,795 (-6.0%) 0.87 1,166
    2018-08-01 $259,900 (2.0%) $302,670 (-0.5%) 0.87 1,205
    2018-09-01 $254,945 (1.3%) $301,955 (0.2%) 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%) $300,693 (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 $259,913 (1.2%) $310,042 (2.5%) 0.85 986
    2019-04-01 $261,584 (0.6%) $312,362 (1.4%) 0.83 1,077
    2019-05-01 $262,875 (0.9%) $309,786 (0.1%) 0.82 1,232
    2019-06-01 $259,900 (-1.2%) $306,655 (0.0%) 0.81 1,300
    2019-07-01 $259,400 (-0.1%) $304,925 (0.7%) 0.81 1,310
    2019-08-01 $252,793 (-2.7%) $299,223 (-1.1%) 0.80 1,345
    2019-09-01 $249,634 (-2.1%) $294,674 (-2.4%) 0.80 1,370
    2019-10-01 $247,029 (-1.3%) $290,318 (-2.9%) 0.80 1,386
    2019-11-01 $245,000 (-2.0%) $287,918 (-4.3%) 0.80 1,296
    2019-12-01 $240,813 (-3.6%) $288,178 (-4.1%) 0.80 1,117
    2020-01-01 $239,923 (-4.0%) $290,357 (-4.1%) 0.80 958
    2020-02-01 $245,000 (-5.1%) $294,224 (-4.3%) 0.80 899
    2020-03-01 $249,950 (-3.8%) $294,791 (-4.9%) 0.78 929
    2020-04-01 $259,000 (-1.0%) $300,450 (-3.8%) 0.81 951
    2020-05-01 $264,400 (0.6%) $306,138 (-1.2%) 0.80 938
    2020-06-01 $269,900 (3.9%) $316,406 (3.2%) 0.79 937
    2020-07-01 $269,900 (4.1%) $317,314 (4.1%) 0.78 877
    2020-08-01 $269,900 (6.8%) $324,620 (8.5%) 0.77 880
    2020-09-01 $269,780 (8.1%) $319,332 (8.4%) 0.77 853
    2020-10-01 $269,770 (9.2%) $315,563 (8.7%) 0.77 817
    2020-11-01 $269,420 (10.0%) $310,330 (7.8%) 0.79 754
    2020-12-01 $271,718 (12.8%) $309,993 (7.6%) 0.81 667
    2021-01-01 $278,400 (16.0%) $323,096 (11.3%) 0.83 542
    2021-02-01 $294,950 (20.4%) $342,202 (16.3%) 0.86 459
    2021-03-01 $295,760 (18.3%) $338,172 (14.7%) 0.84 443
    2021-04-01 $300,350 (16.0%) $346,832 (15.4%) 0.81 460
    2021-05-01 $314,593 (19.0%) $357,027 (16.6%) 0.83 456
    2021-06-01 $315,427 (16.9%) $358,574 (13.3%) 0.83 510
    2021-07-01 $315,603 (16.9%) $356,880 (12.5%) 0.83 536
    2021-08-01 $317,394 (17.6%) $357,336 (10.1%) 0.85 564
    2021-09-01 $316,563 (17.3%) $347,605 (8.9%) 0.84 565
    2021-10-01 $325,887 (20.8%) $349,377 (10.7%) 0.87 548
    2021-11-01 $328,116 (21.8%) $350,330 (12.9%) 0.88 510
    2021-12-01 $337,900 (24.4%) $360,256 (16.2%) 0.92 420
    2022-01-01 $343,610 (23.4%) $358,632 (11.0%) 0.93 365
    2022-02-01 $349,290 (18.4%) $383,706 (12.1%) 0.91 355
    2022-03-01 $361,048 (22.1%) $427,637 (26.5%) 0.90 342
    2022-04-01 $368,300 (22.6%) $424,844 (22.5%) 0.88 382
    2022-05-01 $369,120 (17.3%) $416,728 (16.7%) 0.84 480
    2022-06-01 $359,975 (14.1%) $407,967 (13.8%) 0.80 544
    2022-07-01 $365,000 (15.7%) $418,505 (17.3%) 0.83 557
    2022-08-01 $362,570 (14.2%) $418,358 (17.1%) 0.84 575
    2022-09-01 $359,281 (13.5%) $408,311 (17.5%) 0.84 641
    2022-10-01 $354,875 (8.9%) $402,415 (15.2%) 0.84 675
    2022-11-01 $353,458 (7.7%) $403,716 (15.2%) 0.85 716
    2022-12-01 $354,500 (4.9%) $397,183 (10.3%) 0.89 685
    Fargo's median listing price for 2022-12-01 was $354,500, a difference of $16,600 (4.9%) versus the prior year and $1,042 versus the prior month.

    Fargo's median listing price comes in at 89% of the national average.

    Fargo's average listing price for 2022-12-01 was $397,183, a difference of $36,927 (10.3%) versus the prior year and $-6,533 versus the prior month.

    For the 2022-12-01 period, Fargo had 685 MLS listings, a difference of -31 listings (-4%) versus the prior month and 265 listings (63%) 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 91 days 2,339 sqft
    2018-02-01 51 days 2,298 sqft
    2018-03-01 56 days 2,314 sqft
    2018-04-01 49 days 2,347 sqft
    2018-05-01 42 days 2,390 sqft
    2018-06-01 43 days 2,399 sqft
    2018-07-01 51 days 2,362 sqft
    2018-08-01 57 days 2,352 sqft
    2018-09-01 59 days 2,340 sqft
    2018-10-01 66 days 2,315 sqft
    2018-11-01 76 days 2,266 sqft
    2018-12-01 86 days 2,239 sqft
    2019-01-01 88 days 2,217 sqft
    2019-02-01 83 days 2,230 sqft
    2019-03-01 66 days 2,241 sqft
    2019-04-01 47 days 2,252 sqft
    2019-05-01 39 days 2,252 sqft
    2019-06-01 46 days 2,272 sqft
    2019-07-01 58 days 2,294 sqft
    2019-08-01 59 days 2,270 sqft
    2019-09-01 60 days 2,253 sqft
    2019-10-01 63 days 2,234 sqft
    2019-11-01 71 days 2,227 sqft
    2019-12-01 90 days 2,201 sqft
    2020-01-01 99 days 2,201 sqft
    2020-02-01 96 days 2,201 sqft
    2020-03-01 66 days 2,211 sqft
    2020-04-01 62 days 2,236 sqft
    2020-05-01 59 days 2,270 sqft
    2020-06-01 48 days 2,338 sqft
    2020-07-01 48 days 2,340 sqft
    2020-08-01 53 days 2,345 sqft
    2020-09-01 51 days 2,340 sqft
    2020-10-01 58 days 2,296 sqft
    2020-11-01 71 days 2,220 sqft
    2020-12-01 85 days 2,213 sqft
    2021-01-01 72 days 2,236 sqft
    2021-02-01 49 days 2,354 sqft
    2021-03-01 49 days 2,360 sqft
    2021-04-01 37 days 2,321 sqft
    2021-05-01 36 days 2,340 sqft
    2021-06-01 34 days 2,347 sqft
    2021-07-01 39 days 2,343 sqft
    2021-08-01 45 days 2,395 sqft
    2021-09-01 55 days 2,380 sqft
    2021-10-01 62 days 2,392 sqft
    2021-11-01 64 days 2,380 sqft
    2021-12-01 83 days 2,428 sqft
    2022-01-01 80 days 2,417 sqft
    2022-02-01 63 days 2,409 sqft
    2022-03-01 57 days 2,350 sqft
    2022-04-01 40 days 2,326 sqft
    2022-05-01 32 days 2,354 sqft
    2022-06-01 37 days 2,317 sqft
    2022-07-01 45 days 2,318 sqft
    2022-08-01 49 days 2,311 sqft
    2022-09-01 45 days 2,255 sqft
    2022-10-01 52 days 2,248 sqft
    2022-11-01 60 days 2,211 sqft
    2022-12-01 73 days 2,183 sqft
    Fargo's median listing age (time on market) for 2022-12-01 was 73 days. This is -12% shorter than the same period one year ago.

    Fargo's median square footage for active listings during the 2022-12-01 period was 2,183 sqft. One year prior, the average listing was 2,428 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).