Fergus Falls FHA Loan Rates, Closing Costs & Stats

Fergus Falls, 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.

Fergus Falls's 32 lenders originated 87 FHA loans during 2022. The total origination value was $15,565,000, with an average FHA loan value of $178,908.

Fergus Falls FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Fergus Falls averaged 6.39% for the week of 2024-03-01, compared to the national average (all FHA variants) of 6.688% for the same period.

Fergus Falls's average FHA mortgage closing costs are $6,386.

The average rate for the prior week (2024-02-23) was 6.28% and one month ago for the week of 2024-01-26, the average rate was 6.07%.

The average rate one year ago was 6.1%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.94%.

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

Fergus Falls 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 Fergus Falls level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 14 4.90% $6,772
QUICKEN LOANS, LLC 10 4.17% $7,434
PRIMARY RESIDENTIAL MORTGAGE, INC. 6 6.67% $10,108
Bell Bank 5 4.80% $5,774
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 5.44% $8,773
CALIBER HOME LOANS, INC. 4 5.25% $5,488
LOANDEPOT.COM, LLC 3 4.92% $7,459
Plains Commerce Bank 3 4.38% $6,090
Waterstone Mortgage Corporation 2 5.69% $12,525
CARDINAL FINANCIAL 2 4.75% $11,874
HOMEOWNERS FINANCIAL GROUP USA, LLC 2 5.94% $8,758
Paramount Residential Mortgage Group, Inc. 2 4.94% $11,485
Servion, Inc. 2 5.94% $7,965
AMERISAVE MORTGAGE CORPORATION 2 5.13% $10,241
HOME POINT FINANCIAL CORPORATION 1 5.13% $12,006
LAKEVIEW LOAN SERVICING, LLC 1 5.25% $6,149
First International Bank & Trust 1 7.13% $5,947
Mortgage Research Center, LLC 1 6.50% $1,836
MOVEMENT MORTGAGE, LLC 1 4.25% $6,353
Mr. Cooper ( Nationstar Mortgage ) 1 3.75% $2,911
NP, Inc. 1 2.75% $8,638
Tradition Mortgage, LLC 1 3.13% $3,202
First Dakota National Bank 1 3.00% $5,101
PLAZA HOME MORTGAGE, INC. 1 4.49% $11,953
EVERETT FINANCIAL, INC. 1 3.88% $3,419
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $5,826
ENVOY MORTGAGE, LTD 1 4.38% $14,349
Royal Credit Union 1 5.88% $10,162
First Western Bank & Trust 1 3.63% $14,996
FREEDOM MORTGAGE CORPORATION 1 5.75% $10,587
GSF Mortgage Corporation 1 6.00% $13,697
BROKER SOLUTIONS, INC. 1 6.13% $10,894

The top Fergus Falls FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 14 FHA loans originated. Their average total fees are $6,772, which is $663 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Fergus Falls FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($6,772), QUICKEN LOANS, LLC ($7,434), .

The lowest rate Fergus Falls FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.17%), UNITED WHOLESALE MORTGAGE, LLC (4.90%), .

Fergus Falls FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
FERGUS FALLS, MN OTTER TAIL 2022 $420,680 $538,650 $651,050 $809,150
FERGUS FALLS, MN OTTER TAIL 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Fergus Falls (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 $217,367 (8.7%) $343,043 (19.2%) 0.00 261
2018-02-01 $219,450 (11.3%) $351,429 (23.6%) 0.00 268
2018-03-01 $231,950 (5.8%) $365,402 (22.2%) 0.00 288
2018-04-01 $244,900 (2.1%) $362,485 (13.5%) 0.00 357
2018-05-01 $246,875 (0.2%) $352,374 (9.2%) 0.00 422
2018-06-01 $259,000 (7.9%) $349,950 (9.9%) 0.00 477
2018-07-01 $259,450 (12.8%) $337,082 (8.0%) 0.00 473
2018-08-01 $263,750 (17.3%) $335,496 (8.2%) 0.00 461
2018-09-01 $249,950 (11.1%) $323,556 (4.2%) 0.00 467
2018-10-01 $249,900 (14.1%) $316,869 (2.2%) 0.00 433
2018-11-01 $249,675 (14.8%) $316,477 (-1.9%) 0.00 353
2018-12-01 $242,200 (11.4%) $309,160 (-6.8%) 0.00 293
2019-01-01 $229,900 (5.8%) $281,370 (-18.0%) 0.00 221
2019-02-01 $239,900 (9.3%) $303,604 (-13.6%) 0.00 216
2019-03-01 $254,707 (9.8%) $321,792 (-11.9%) 0.00 243
2019-04-01 $271,257 (10.8%) $340,541 (-6.1%) 0.00 276
2019-05-01 $263,700 (6.8%) $343,469 (-2.5%) 0.00 357
2019-06-01 $249,900 (-3.5%) $333,677 (-4.7%) 0.00 397
2019-07-01 $261,825 (0.9%) $338,677 (0.5%) 0.00 387
2019-08-01 $261,427 (-0.9%) $331,796 (-1.1%) 0.00 373
2019-09-01 $254,943 (2.0%) $322,133 (-0.4%) 0.00 359
2019-10-01 $249,900 (0.0%) $317,804 (0.3%) 0.00 337
2019-11-01 $244,900 (-1.9%) $313,463 (-1.0%) 0.00 275
2019-12-01 $241,150 (-0.4%) $297,205 (-3.9%) 0.00 213
2020-01-01 $228,500 (-0.6%) $280,268 (-0.4%) 0.00 172
2020-02-01 $228,500 (-4.8%) $277,428 (-8.6%) 0.00 183
2020-03-01 $237,425 (-6.8%) $300,844 (-6.5%) 0.00 235
2020-04-01 $237,675 (-12.4%) $300,310 (-11.8%) 0.00 255
2020-05-01 $269,900 (2.4%) $336,324 (-2.1%) 0.00 278
2020-06-01 $269,900 (8.0%) $336,310 (0.8%) 0.00 273
2020-07-01 $269,925 (3.1%) $349,155 (3.1%) 0.00 268
2020-08-01 $269,900 (3.2%) $342,075 (3.1%) 0.00 250
2020-09-01 $271,175 (6.4%) $355,209 (10.3%) 0.00 233
2020-10-01 $259,900 (4.0%) $343,779 (8.2%) 0.00 198
2020-11-01 $234,500 (-4.3%) $322,123 (2.8%) 0.00 185
2020-12-01 $249,000 (3.3%) $337,712 (13.6%) 0.00 150
2021-01-01 $247,000 (8.1%) $352,492 (25.8%) 0.00 107
2021-02-01 $236,975 (3.7%) $368,031 (32.7%) 0.00 89
2021-03-01 $247,975 (4.4%) $386,663 (28.5%) 0.00 99
2021-04-01 $271,175 (14.1%) $424,809 (41.5%) 0.00 107
2021-05-01 $269,900 (0.0%) $404,886 (20.4%) 0.00 100
2021-06-01 $256,750 (-4.9%) $385,879 (14.7%) 0.00 114
2021-07-01 $299,900 (11.1%) $416,560 (19.3%) 0.00 133
2021-08-01 $271,850 (0.7%) $381,708 (11.6%) 0.00 164
2021-09-01 $277,700 (2.4%) $375,837 (5.8%) 0.00 164
2021-10-01 $287,450 (10.6%) $408,257 (18.8%) 0.00 150
2021-11-01 $264,975 (13.0%) $415,181 (28.9%) 0.00 107
2021-12-01 $249,900 (0.4%) $377,940 (11.9%) 0.00 86
2022-01-01 $259,000 (4.9%) $399,755 (13.4%) 0.00 68
2022-02-01 $322,450 (36.1%) $431,871 (17.4%) 0.00 72
2022-03-01 $333,725 (34.6%) $421,828 (9.1%) 0.00 70
2022-04-01 $339,950 (25.4%) $431,912 (1.7%) 0.00 90
2022-05-01 $327,500 (21.3%) $430,649 (6.4%) 0.00 126
2022-06-01 $314,250 (22.4%) $435,358 (12.8%) 0.00 175
2022-07-01 $332,450 (10.9%) $444,910 (6.8%) 0.00 189
2022-08-01 $349,900 (28.7%) $448,065 (17.4%) 0.00 180
2022-09-01 $349,900 (26.0%) $434,274 (15.6%) 0.00 174
2022-10-01 $335,000 (16.5%) $415,098 (1.7%) 0.00 166
2022-11-01 $347,400 (31.1%) $429,753 (3.5%) 0.00 137
2022-12-01 $359,450 (43.8%) $443,454 (17.3%) 0.00 112
2023-01-01 $356,725 (37.7%) $424,236 (6.1%) 0.00 84
2023-02-01 $338,000 (4.8%) $428,483 (-0.8%) 0.00 75
2023-03-01 $372,450 (11.6%) $465,515 (10.4%) 0.00 89
2023-04-01 $399,000 (17.4%) $529,621 (22.6%) 0.00 109
2023-05-01 $399,350 (21.9%) $531,323 (23.4%) 0.00 152
2023-06-01 $399,125 (27.0%) $521,525 (19.8%) 0.00 167
2023-07-01 $399,750 (20.2%) $500,951 (12.6%) 0.00 204
2023-08-01 $409,500 (17.0%) $498,603 (11.3%) 0.00 225
2023-09-01 $398,500 (13.9%) $474,538 (9.3%) 0.00 234
2023-10-01 $382,850 (14.3%) $468,184 (12.8%) 0.00 225
2023-11-01 $367,000 (5.6%) $453,466 (5.5%) 0.00 206
2023-12-01 $354,950 (-1.3%) $450,374 (1.6%) 0.00 185
2024-01-01 $342,375 (-4.0%) $443,588 (4.6%) 0.00 145
Fergus Falls's median listing price for 2024-01-01 was $342,375, a difference of $-14,350 (-4.0%) versus the prior year and $-12,575 versus the prior month.

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

Fergus Falls's average listing price for 2024-01-01 was $443,588, a difference of $19,352 (4.6%) versus the prior year and $-6,786 versus the prior month.

For the 2024-01-01 period, Fergus Falls had 145 MLS listings, a difference of -40 listings (-22%) versus the prior month and 61 listings (73%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Fergus Falls (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,742 sqft
2018-02-01 0 days 1,737 sqft
2018-03-01 0 days 1,819 sqft
2018-04-01 0 days 1,868 sqft
2018-05-01 0 days 1,865 sqft
2018-06-01 0 days 1,911 sqft
2018-07-01 0 days 1,932 sqft
2018-08-01 0 days 2,000 sqft
2018-09-01 0 days 2,000 sqft
2018-10-01 0 days 2,018 sqft
2018-11-01 0 days 2,058 sqft
2018-12-01 0 days 2,005 sqft
2019-01-01 0 days 1,990 sqft
2019-02-01 0 days 2,112 sqft
2019-03-01 0 days 2,098 sqft
2019-04-01 0 days 2,063 sqft
2019-05-01 0 days 1,927 sqft
2019-06-01 0 days 1,871 sqft
2019-07-01 0 days 1,915 sqft
2019-08-01 0 days 1,896 sqft
2019-09-01 0 days 1,884 sqft
2019-10-01 0 days 1,876 sqft
2019-11-01 0 days 1,872 sqft
2019-12-01 0 days 1,857 sqft
2020-01-01 0 days 1,757 sqft
2020-02-01 0 days 1,804 sqft
2020-03-01 0 days 1,790 sqft
2020-04-01 0 days 1,776 sqft
2020-05-01 0 days 1,894 sqft
2020-06-01 0 days 1,915 sqft
2020-07-01 0 days 2,000 sqft
2020-08-01 0 days 1,904 sqft
2020-09-01 0 days 1,920 sqft
2020-10-01 0 days 1,776 sqft
2020-11-01 0 days 1,773 sqft
2020-12-01 0 days 1,776 sqft
2021-01-01 0 days 1,644 sqft
2021-02-01 0 days 1,794 sqft
2021-03-01 0 days 1,934 sqft
2021-04-01 0 days 1,897 sqft
2021-05-01 0 days 1,929 sqft
2021-06-01 0 days 1,769 sqft
2021-07-01 0 days 1,936 sqft
2021-08-01 0 days 1,999 sqft
2021-09-01 0 days 1,944 sqft
2021-10-01 0 days 2,014 sqft
2021-11-01 0 days 2,089 sqft
2021-12-01 0 days 2,013 sqft
2022-01-01 0 days 1,980 sqft
2022-02-01 0 days 2,101 sqft
2022-03-01 0 days 2,172 sqft
2022-04-01 0 days 1,973 sqft
2022-05-01 0 days 1,914 sqft
2022-06-01 0 days 2,042 sqft
2022-07-01 0 days 1,900 sqft
2022-08-01 0 days 1,883 sqft
2022-09-01 0 days 1,716 sqft
2022-10-01 0 days 1,768 sqft
2022-11-01 0 days 1,806 sqft
2022-12-01 0 days 1,872 sqft
2023-01-01 0 days 1,875 sqft
2023-02-01 0 days 1,877 sqft
2023-03-01 0 days 1,894 sqft
2023-04-01 0 days 1,920 sqft
2023-05-01 0 days 1,962 sqft
2023-06-01 0 days 2,005 sqft
2023-07-01 0 days 1,898 sqft
2023-08-01 0 days 1,971 sqft
2023-09-01 0 days 1,984 sqft
2023-10-01 0 days 1,986 sqft
2023-11-01 0 days 1,951 sqft
2023-12-01 0 days 1,908 sqft
2024-01-01 0 days 1,909 sqft
Fergus Falls's median listing age (time on market) for 2024-01-01 was 0 days.

Fergus Falls's median square footage for active listings during the 2024-01-01 period was 1,909 sqft. One year prior, the average listing was 1,875 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).