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 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).