Grand Forks FHA Loan Rates, Closing Costs & Stats

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 31 lenders originated 178 FHA loans during 2022. The total origination value was $37,920,000, with an average FHA loan value of $213,034.

Grand Forks FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Grand Forks averaged -0.54% for the week of 2024-02-23, compared to the national average (all FHA variants) of 0% for the same period.

Grand Forks's average FHA mortgage closing costs are $6,294.

The average rate for the prior week (2024-02-16) was 6% and one month ago for the week of 2024-01-19, the average rate was 5.74%.

The average rate one year ago was 5.7%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.16%.

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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Grand Forks level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 50 4.90% $7,428
The Huntington National Bank 16 4.90% $6,534
Barrington Bank & Trust Company, N.A. 16 4.82% $9,363
QUICKEN LOANS, LLC 15 4.81% $9,692
Gate City Bank 11 4.93% $8,267
Bremer Bank 7 5.00% $8,255
Florida Capital Bank 7 4.39% $6,266
ARK-LA-TEX FINANCIAL SERVICES, LLC. 6 5.25% $6,901
BROKER SOLUTIONS, INC. 5 5.25% $10,078
Lend Smart Mortgage, LLC 4 5.09% $9,432
FIRST COMMUNITY CREDIT UNION 3 5.20% $5,332
FREEDOM MORTGAGE CORPORATION 2 4.06% $7,773
AMERISAVE MORTGAGE CORPORATION 2 4.88% $8,180
Bank of England 2 3.75% $6,753
CARDINAL FINANCIAL 2 5.25% $18,940
Alerus Financial 2 5.20% $4,435
Mortgage Research Center, LLC 2 6.19% $6,314
NEWREZ LLC 2 4.75% $7,529
HOMESIDE FINANCIAL, LLC 1 5.63% $6,008
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 4.63% $8,476
LOANDEPOT.COM, LLC 1 3.99% $7,311
MID AMERICA MORTGAGE, INC. 1 6.88% $6,866
Carrington Mortgage Services, LLC 1 4.63% $10,243
Mr. Cooper ( Nationstar Mortgage ) 1 3.25% $14,555
CALIBER HOME LOANS, INC. 1 3.75% $8,675
PENNYMAC LOAN SERVICES, LLC 1 3.25% $2,840
Plains Commerce Bank 1 2.63% $8,996
PREMIA MORTGAGE, LLC 1 5.50% $8,082
EVERETT FINANCIAL, INC. 1 4.50% $5,028
First International Bank & Trust 1 3.25% $5,305
GUARANTEED RATE, INC. 1 4.75% $9,166

The top Grand Forks FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 50 FHA loans originated. Their average total fees are $7,428, which is $894 higher than the next largest lender, The Huntington National Bank.

The lowest fee Grand Forks FHA lenders (with over 10 loans originated) are The Huntington National Bank ($6,534), UNITED WHOLESALE MORTGAGE, LLC ($7,428), Gate City Bank ($8,267), Barrington Bank & Trust Company, N.A. ($9,363) and QUICKEN LOANS, LLC ($9,692).

The lowest rate Grand Forks FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.81%), Barrington Bank & Trust Company, N.A. (4.82%), UNITED WHOLESALE MORTGAGE, LLC (4.90%), The Huntington National Bank (4.90%) and Gate City Bank (4.93%).

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
GRAND FORKS, ND-MN POLK 2023 $472,030 $604,400 $730,525 $907,900
GRAND FORKS, ND-MN GRAND FORKS 2023 $472,030 $604,400 $730,525 $907,900

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 $237,350 (5.5%) $273,776 (5.2%) 0.00 368
2018-02-01 $236,950 (5.4%) $272,224 (4.1%) 0.00 370
2018-03-01 $249,500 (10.5%) $274,911 (3.5%) 0.00 388
2018-04-01 $250,950 (8.0%) $282,320 (5.9%) 0.00 401
2018-05-01 $259,675 (6.8%) $287,426 (5.4%) 0.00 428
2018-06-01 $254,000 (5.3%) $280,172 (1.4%) 0.00 493
2018-07-01 $245,000 (6.6%) $278,141 (2.1%) 0.00 507
2018-08-01 $238,269 (3.8%) $272,520 (1.5%) 0.00 516
2018-09-01 $225,000 (-4.2%) $264,301 (-3.3%) 0.00 517
2018-10-01 $219,900 (-5.4%) $258,438 (-5.0%) 0.00 501
2018-11-01 $219,900 (-6.4%) $257,171 (-5.2%) 0.00 481
2018-12-01 $219,900 (-8.3%) $253,796 (-7.5%) 0.00 460
2019-01-01 $211,500 (-10.9%) $245,148 (-10.5%) 0.00 413
2019-02-01 $208,250 (-12.1%) $242,389 (-11.0%) 0.00 413
2019-03-01 $216,657 (-13.2%) $246,456 (-10.4%) 0.00 439
2019-04-01 $219,000 (-12.7%) $250,298 (-11.3%) 0.00 458
2019-05-01 $217,650 (-16.2%) $251,230 (-12.6%) 0.00 480
2019-06-01 $220,000 (-13.4%) $253,126 (-9.7%) 0.00 498
2019-07-01 $215,450 (-12.1%) $244,430 (-12.1%) 0.00 482
2019-08-01 $212,077 (-11.0%) $245,257 (-10.0%) 0.00 480
2019-09-01 $213,693 (-5.0%) $247,055 (-6.5%) 0.00 484
2019-10-01 $212,270 (-3.5%) $246,206 (-4.7%) 0.00 480
2019-11-01 $206,750 (-6.0%) $240,716 (-6.4%) 0.00 468
2019-12-01 $209,900 (-4.6%) $242,280 (-4.5%) 0.00 429
2020-01-01 $211,900 (0.2%) $242,466 (-1.1%) 0.00 388
2020-02-01 $209,000 (0.4%) $241,432 (-0.4%) 0.00 376
2020-03-01 $219,175 (1.2%) $247,323 (0.4%) 0.00 368
2020-04-01 $228,075 (4.1%) $254,556 (1.7%) 0.00 366
2020-05-01 $234,900 (7.9%) $256,278 (2.0%) 0.00 358
2020-06-01 $236,950 (7.7%) $264,067 (4.3%) 0.00 367
2020-07-01 $231,400 (7.4%) $256,704 (5.0%) 0.00 377
2020-08-01 $229,900 (8.4%) $256,582 (4.6%) 0.00 356
2020-09-01 $229,375 (7.3%) $253,925 (2.8%) 0.00 342
2020-10-01 $216,750 (2.1%) $249,396 (1.3%) 0.00 324
2020-11-01 $199,900 (-3.3%) $239,769 (-0.4%) 0.00 308
2020-12-01 $199,900 (-4.8%) $241,218 (-0.4%) 0.00 285
2021-01-01 $199,500 (-5.9%) $236,943 (-2.3%) 0.00 247
2021-02-01 $209,000 (0.0%) $262,683 (8.8%) 0.00 227
2021-03-01 $224,250 (2.3%) $264,946 (7.1%) 0.00 215
2021-04-01 $237,450 (4.1%) $282,391 (10.9%) 0.00 204
2021-05-01 $249,900 (6.4%) $292,988 (14.3%) 0.00 180
2021-06-01 $267,450 (12.9%) $302,910 (14.7%) 0.00 205
2021-07-01 $249,900 (8.0%) $296,075 (15.3%) 0.00 204
2021-08-01 $264,390 (15.0%) $289,628 (12.9%) 0.00 218
2021-09-01 $276,985 (20.8%) $303,573 (19.6%) 0.00 230
2021-10-01 $274,500 (26.6%) $300,440 (20.5%) 0.00 224
2021-11-01 $285,000 (42.6%) $308,502 (28.7%) 0.00 215
2021-12-01 $294,212 (47.2%) $315,129 (30.6%) 0.00 178
2022-01-01 $297,425 (49.1%) $310,137 (30.9%) 0.00 163
2022-02-01 $301,325 (44.2%) $305,529 (16.3%) 0.00 150
2022-03-01 $320,003 (42.7%) $319,126 (20.5%) 0.00 146
2022-04-01 $320,053 (34.8%) $321,326 (13.8%) 0.00 149
2022-05-01 $309,900 (24.0%) $331,457 (13.1%) 0.00 167
2022-06-01 $282,450 (5.6%) $317,670 (4.9%) 0.00 207
2022-07-01 $269,900 (8.0%) $317,945 (7.4%) 0.00 251
2022-08-01 $252,450 (-4.5%) $311,079 (7.4%) 0.00 249
2022-09-01 $249,675 (-9.9%) $309,141 (1.8%) 0.00 235
2022-10-01 $249,500 (-9.1%) $293,925 (-2.2%) 0.00 233
2022-11-01 $259,900 (-8.8%) $295,066 (-4.4%) 0.00 238
2022-12-01 $259,950 (-11.7%) $298,041 (-5.4%) 0.00 209
2023-01-01 $260,000 (-12.6%) $301,392 (-2.8%) 0.00 198
2023-02-01 $284,450 (-5.6%) $311,668 (2.0%) 0.00 166
2023-03-01 $315,800 (-1.3%) $333,159 (4.4%) 0.00 166
2023-04-01 $299,900 (-6.3%) $330,431 (2.8%) 0.00 166
2023-05-01 $321,008 (3.6%) $368,123 (11.1%) 0.00 176
2023-06-01 $314,925 (11.5%) $353,924 (11.4%) 0.00 207
2023-07-01 $325,000 (20.4%) $361,802 (13.8%) 0.00 233
2023-08-01 $318,675 (26.2%) $357,730 (15.0%) 0.00 238
2023-09-01 $299,900 (20.1%) $351,138 (13.6%) 0.00 257
2023-10-01 $308,125 (23.5%) $343,867 (17.0%) 0.00 264
2023-11-01 $310,000 (19.3%) $343,690 (16.5%) 0.00 252
2023-12-01 $310,000 (19.3%) $343,364 (15.2%) 0.00 236
Grand Forks's median listing price for 2023-12-01 was $310,000, a difference of $50,050 (19.3%) versus the prior year and $0 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 2023-12-01 was $343,364, a difference of $45,323 (15.2%) versus the prior year and $-326 versus the prior month.

For the 2023-12-01 period, Grand Forks had 236 MLS listings, a difference of -16 listings (-6%) versus the prior month and 27 listings (13%) 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 2,214 sqft
2018-02-01 0 days 2,223 sqft
2018-03-01 0 days 2,268 sqft
2018-04-01 0 days 2,320 sqft
2018-05-01 0 days 2,340 sqft
2018-06-01 0 days 2,336 sqft
2018-07-01 0 days 2,314 sqft
2018-08-01 0 days 2,300 sqft
2018-09-01 0 days 2,262 sqft
2018-10-01 0 days 2,258 sqft
2018-11-01 0 days 2,233 sqft
2018-12-01 0 days 2,180 sqft
2019-01-01 0 days 2,173 sqft
2019-02-01 0 days 2,114 sqft
2019-03-01 0 days 2,114 sqft
2019-04-01 0 days 2,114 sqft
2019-05-01 0 days 2,120 sqft
2019-06-01 0 days 2,144 sqft
2019-07-01 0 days 2,102 sqft
2019-08-01 0 days 2,105 sqft
2019-09-01 0 days 2,109 sqft
2019-10-01 0 days 2,112 sqft
2019-11-01 0 days 2,108 sqft
2019-12-01 0 days 2,088 sqft
2020-01-01 0 days 2,075 sqft
2020-02-01 0 days 2,031 sqft
2020-03-01 0 days 2,087 sqft
2020-04-01 0 days 2,119 sqft
2020-05-01 0 days 2,112 sqft
2020-06-01 0 days 2,157 sqft
2020-07-01 0 days 2,158 sqft
2020-08-01 0 days 2,160 sqft
2020-09-01 0 days 2,182 sqft
2020-10-01 0 days 2,184 sqft
2020-11-01 0 days 2,180 sqft
2020-12-01 0 days 2,181 sqft
2021-01-01 0 days 2,120 sqft
2021-02-01 0 days 2,183 sqft
2021-03-01 0 days 2,183 sqft
2021-04-01 0 days 2,183 sqft
2021-05-01 0 days 2,184 sqft
2021-06-01 0 days 2,200 sqft
2021-07-01 0 days 2,160 sqft
2021-08-01 0 days 2,176 sqft
2021-09-01 0 days 2,171 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
2022-05-01 0 days 2,042 sqft
2022-06-01 0 days 2,042 sqft
2022-07-01 0 days 2,042 sqft
2022-08-01 0 days 2,042 sqft
2022-09-01 0 days 2,042 sqft
2022-10-01 0 days 2,042 sqft
2022-11-01 0 days 2,106 sqft
2022-12-01 0 days 2,114 sqft
2023-01-01 0 days 2,074 sqft
2023-02-01 0 days 2,098 sqft
2023-03-01 0 days 2,125 sqft
2023-04-01 0 days 2,168 sqft
2023-05-01 0 days 2,183 sqft
2023-06-01 0 days 2,267 sqft
2023-07-01 0 days 2,311 sqft
2023-08-01 0 days 2,216 sqft
2023-09-01 0 days 2,184 sqft
2023-10-01 0 days 2,135 sqft
2023-11-01 0 days 2,174 sqft
2023-12-01 0 days 2,178 sqft
Grand Forks's median listing age (time on market) for 2023-12-01 was 0 days.

Grand Forks's median square footage for active listings during the 2023-12-01 period was 2,178 sqft. One year prior, the average listing was 2,114 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).