Grand Forks FHA Loans

GRAND FORKS, 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.

Grand Forks's 39 lenders originated 274 FHA loans during 2021. The total origination value was $67,860,000, with an average FHA loan value of $247,664.

Grand Forks FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Grand Forks averaged 5.31% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.34% and one month ago for the week of 2022-04-08, the average rate was 4.71%.

The average rate one year ago was 3.02%.

For refis of the same type during the week of 2022-05-13, the average rate was 4.78%.

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

Grand Forks FHA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Grand Forks level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
UNITED WHOLESALE MORTGAGE, LLC 49 2.77% $6,169
QUICKEN LOANS, LLC 25 2.69% $5,980
Barrington Bank & Trust Company, N.A. 17 2.97% $7,197
Florida Capital Bank 16 2.77% $5,451
Gate City Bank 16 3.07% $5,884
The Huntington National Bank 13 3.03% $7,702
TCF National Bank 10 3.13% $5,706
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 10 3.10% $7,117
FREEDOM MORTGAGE CORPORATION 7 2.91% $4,054
FIRST COMMUNITY CREDIT UNION 7 2.86% $6,347
CALIBER HOME LOANS, INC. 6 3.08% $5,720
Bremer Bank 6 2.96% $7,252
LAKEVIEW LOAN SERVICING, LLC 5 3.15% $4,557
Mr. Cooper ( Nationstar Mortgage ) 5 3.28% $4,114
GUARANTEED RATE, INC. 5 3.06% $6,416
ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 3.44% $6,256
PENNYMAC LOAN SERVICES, LLC 4 3.15% $3,300
Alerus Financial 3 3.21% $4,719
First International Bank & Trust 2 3.19% $6,317
MID AMERICA MORTGAGE, INC. 2 2.88% $3,458
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 3.31% $5,417
Western State Bank 1 3.50% $5,905
AMERISAVE MORTGAGE CORPORATION 1 3.25% $3,823
BNC National Bank 1 2.75% $6,283
BROKER SOLUTIONS, INC. 1 2.63% $6,936
CHERRY CREEK MORTGAGE, LLC 1 2.75% $5,112
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.13% $5,077
FINANCE OF AMERICA MORTGAGE LLC 1 3.75% $4,631
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 3.25% $3,102
HOMESIDE FINANCIAL, LLC 1 2.50% $8,527
Lend Smart Mortgage, LLC 1 3.00% $8,313
Loan Simple, Inc. 1 2.50% $7,026
NEWREZ LLC 1 3.13% $4,806
North American Savings Bank, F.S.B. 1 2.88% $6,079
PLANET HOME LENDING, LLC 1 2.75% $5,480
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.13% $4,487
U.S. Bank 1 3.25% $4,939
VALLEY MORTGAGE, INC. 1 2.50% $1,968
Wells Fargo Bank 1 2.50% $7,290

The top Grand Forks FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 49 FHA loans originated. Their average total fees are $6,169, which is $189 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Grand Forks FHA lenders (with over 10 loans originated) are Florida Capital Bank ($5,451), TCF National Bank ($5,706), Gate City Bank ($5,884), QUICKEN LOANS, LLC ($5,980) and UNITED WHOLESALE MORTGAGE, LLC ($6,169).

The lowest rate Grand Forks FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.69%), Florida Capital Bank (2.77%), UNITED WHOLESALE MORTGAGE, LLC (2.77%), Barrington Bank & Trust Company, N.A. (2.97%) and The Huntington National Bank (3.03%).

Grand Forks FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
GRAND FORKS, ND-MN POLK 2022 $420,680 $538,650 $651,050 $809,150
GRAND FORKS, ND-MN GRAND FORKS 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Grand Forks (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 $234,091 (4.7%) $272,042 (5.3%) 0.00 386
2018-02-01 $229,900 (2.8%) $268,479 (3.8%) 0.00 389
2018-03-01 $244,000 (8.5%) $271,622 (3.2%) 0.00 417
2018-04-01 $244,450 (6.3%) $276,342 (4.5%) 0.00 433
2018-05-01 $249,500 (4.0%) $280,727 (3.8%) 0.00 459
2018-06-01 $247,900 (4.4%) $275,120 (0.3%) 0.00 526
2018-07-01 $237,999 (3.5%) $270,281 (-0.3%) 0.00 545
2018-08-01 $233,200 (2.5%) $264,980 (0.2%) 0.00 557
2018-09-01 $220,000 (-5.2%) $256,965 (-4.9%) 0.00 561
2018-10-01 $214,900 (-5.6%) $252,448 (-6.4%) 0.00 537
2018-11-01 $214,900 (-6.5%) $250,516 (-7.2%) 0.00 517
2018-12-01 $212,000 (-8.8%) $246,715 (-9.1%) 0.00 500
2019-01-01 $200,450 (-14.4%) $237,433 (-12.7%) 0.00 445
2019-02-01 $199,900 (-13.1%) $235,181 (-12.4%) 0.00 451
2019-03-01 $209,714 (-14.1%) $239,974 (-11.7%) 0.00 473
2019-04-01 $210,714 (-13.8%) $244,270 (-11.6%) 0.00 491
2019-05-01 $210,450 (-15.7%) $244,523 (-12.9%) 0.00 519
2019-06-01 $218,000 (-12.1%) $246,411 (-10.4%) 0.00 547
2019-07-01 $207,450 (-12.8%) $238,182 (-11.9%) 0.00 533
2019-08-01 $206,714 (-11.4%) $240,118 (-9.4%) 0.00 535
2019-09-01 $208,714 (-5.1%) $243,131 (-5.4%) 0.00 542
2019-10-01 $209,000 (-2.8%) $242,632 (-3.9%) 0.00 525
2019-11-01 $199,900 (-7.0%) $237,139 (-5.3%) 0.00 508
2019-12-01 $209,000 (-1.4%) $239,880 (-2.8%) 0.00 465
2020-01-01 $209,000 (4.3%) $240,326 (1.2%) 0.00 422
2020-02-01 $209,000 (4.6%) $242,757 (3.2%) 0.00 413
2020-03-01 $212,000 (1.1%) $244,866 (2.0%) 0.00 399
2020-04-01 $226,200 (7.4%) $250,989 (2.8%) 0.00 398
2020-05-01 $229,900 (9.2%) $252,033 (3.1%) 0.00 390
2020-06-01 $231,400 (6.2%) $255,854 (3.8%) 0.00 403
2020-07-01 $229,450 (10.6%) $255,955 (7.5%) 0.00 414
2020-08-01 $229,900 (11.2%) $254,602 (6.0%) 0.00 393
2020-09-01 $229,500 (10.0%) $252,152 (3.7%) 0.00 382
2020-10-01 $214,900 (2.8%) $247,336 (1.9%) 0.00 373
2020-11-01 $199,900 (0.0%) $236,390 (-0.3%) 0.00 356
2020-12-01 $199,250 (-4.7%) $236,996 (-1.2%) 0.00 329
2021-01-01 $189,900 (-9.1%) $232,957 (-3.1%) 0.00 289
2021-02-01 $199,500 (-4.6%) $251,910 (3.8%) 0.00 269
2021-03-01 $209,000 (-1.4%) $251,236 (2.6%) 0.00 271
2021-04-01 $223,500 (-1.2%) $264,066 (5.2%) 0.00 254
2021-05-01 $229,900 (0.0%) $269,303 (6.9%) 0.00 222
2021-06-01 $249,900 (8.0%) $292,780 (14.4%) 0.00 236
2021-07-01 $237,450 (3.5%) $288,914 (12.9%) 0.00 243
2021-08-01 $242,450 (5.5%) $281,758 (10.7%) 0.00 260
2021-09-01 $264,608 (15.3%) $295,052 (17.0%) 0.00 283
2021-10-01 $249,900 (16.3%) $287,244 (16.1%) 0.00 270
2021-11-01 $264,685 (32.4%) $294,799 (24.7%) 0.00 258
2021-12-01 $278,450 (39.8%) $307,138 (29.6%) 0.00 207
2022-01-01 $269,900 (42.1%) $299,411 (28.5%) 0.00 189
2022-02-01 $295,570 (48.2%) $302,379 (20.0%) 0.00 163
2022-03-01 $314,900 (50.7%) $311,565 (24.0%) 0.00 159
2022-04-01 $309,900 (38.7%) $310,732 (17.7%) 0.00 162
Grand Forks's median listing price for 2022-04-01 was $309,900, a difference of $86,400 (38.7%) versus the prior year and $-5,000 versus the prior month.

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

Grand Forks's average listing price for 2022-04-01 was $310,732, a difference of $46,666 (17.7%) versus the prior year and $-833 versus the prior month.

For the 2022-04-01 period, Grand Forks had 162 MLS listings, a difference of 3 listings (2%) versus the prior month and -92 listings (-36%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Grand Forks (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,208 sqft
2018-02-01 0 days 2,209 sqft
2018-03-01 0 days 2,276 sqft
2018-04-01 0 days 2,304 sqft
2018-05-01 0 days 2,330 sqft
2018-06-01 0 days 2,320 sqft
2018-07-01 0 days 2,307 sqft
2018-08-01 0 days 2,295 sqft
2018-09-01 0 days 2,260 sqft
2018-10-01 0 days 2,258 sqft
2018-11-01 0 days 2,226 sqft
2018-12-01 0 days 2,172 sqft
2019-01-01 0 days 2,139 sqft
2019-02-01 0 days 2,108 sqft
2019-03-01 0 days 2,098 sqft
2019-04-01 0 days 2,094 sqft
2019-05-01 0 days 2,097 sqft
2019-06-01 0 days 2,112 sqft
2019-07-01 0 days 2,089 sqft
2019-08-01 0 days 2,089 sqft
2019-09-01 0 days 2,092 sqft
2019-10-01 0 days 2,110 sqft
2019-11-01 0 days 2,075 sqft
2019-12-01 0 days 2,052 sqft
2020-01-01 0 days 2,044 sqft
2020-02-01 0 days 2,010 sqft
2020-03-01 0 days 2,031 sqft
2020-04-01 0 days 2,106 sqft
2020-05-01 0 days 2,040 sqft
2020-06-01 0 days 2,088 sqft
2020-07-01 0 days 2,154 sqft
2020-08-01 0 days 2,160 sqft
2020-09-01 0 days 2,184 sqft
2020-10-01 0 days 2,206 sqft
2020-11-01 0 days 2,183 sqft
2020-12-01 0 days 2,180 sqft
2021-01-01 0 days 2,121 sqft
2021-02-01 0 days 2,105 sqft
2021-03-01 0 days 2,183 sqft
2021-04-01 0 days 2,170 sqft
2021-05-01 0 days 2,183 sqft
2021-06-01 0 days 2,183 sqft
2021-07-01 0 days 2,099 sqft
2021-08-01 0 days 2,123 sqft
2021-09-01 0 days 2,136 sqft
2021-10-01 0 days 2,042 sqft
2021-11-01 0 days 2,042 sqft
2021-12-01 0 days 2,042 sqft
2022-01-01 0 days 2,042 sqft
2022-02-01 0 days 2,042 sqft
2022-03-01 0 days 2,042 sqft
2022-04-01 0 days 2,042 sqft
Grand Forks's median listing age (time on market) for 2022-04-01 was 0 days.

Grand Forks's median square footage for active listings during the 2022-04-01 period was 2,042 sqft. One year prior, the average listing was 2,170 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).