Jamestown FHA Loan Rates, Closing Costs & Stats

Jamestown, ND

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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.

    Jamestown's 13 lenders originated 37 FHA loans during 2023. The total origination value was $6,465,000, with an average FHA loan value of $174,730.

    Jamestown FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Jamestown averaged -0.21% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Jamestown's average FHA mortgage closing costs are $6,126.

    The average rate for the prior week (2024-11-08) was 6.2% and one month ago for the week of 2024-10-11, the average rate was 6.3%.

    The average rate one year ago was 7.45%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.1%.

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

    Jamestown 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 Jamestown level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 6.70% $7,480
    QUICKEN LOANS, LLC 6 6.87% $8,500
    FIRST COMMUNITY CREDIT UNION 6 6.21% $6,547
    Gate City Bank 2 7.65% $7,702
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.75% $7,838
    MOVEMENT MORTGAGE, LLC 1 6.75% $7,610
    Nations Lending Corporation 1 6.25% $2,742
    VALLEY MORTGAGE, INC. 1 7.50% $2,435
    Chickasaw Community Bank 1 6.88% $5,289
    V.I.P. MORTGAGE, INC. 1 6.25% $17,297
    CRESCENT MORTGAGE COMPANY 1 7.00% $6,550
    FIRST COMMUNITY MORTGAGE, INC. 1 7.38% $7,777
    Flagstar Bank, FSB 1 6.58% $5,773

    The top Jamestown FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 9 FHA loans originated. Their average total fees are $7,480, which is $1,020 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Jamestown FHA lenders (with over 10 loans originated) are .

    The lowest rate Jamestown FHA lenders (with over 10 loans originated) are .

    Jamestown FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    JAMESTOWN, ND STUTSMAN 2022 $420,680 $538,650 $651,050 $809,150
    JAMESTOWN, ND STUTSMAN 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Jamestown (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 $191,050 (-11.4%) $227,152 (-12.2%) 0.00 82
    2018-02-01 $189,900 (-14.5%) $230,083 (-14.0%) 0.00 87
    2018-03-01 $189,900 (-14.8%) $225,156 (-13.2%) 0.00 92
    2018-04-01 $189,425 (-15.3%) $223,191 (-16.7%) 0.00 103
    2018-05-01 $195,053 (-10.7%) $222,256 (-11.3%) 0.00 105
    2018-06-01 $193,900 (-3.7%) $218,750 (-7.9%) 0.00 112
    2018-07-01 $195,753 (-12.8%) $223,820 (-8.7%) 0.00 120
    2018-08-01 $197,954 (-0.5%) $223,048 (-5.2%) 0.00 121
    2018-09-01 $198,000 (4.3%) $216,770 (-5.5%) 0.00 121
    2018-10-01 $184,450 (-2.9%) $210,115 (-8.4%) 0.00 117
    2018-11-01 $189,225 (-2.7%) $212,992 (-6.7%) 0.00 109
    2018-12-01 $193,500 (1.9%) $214,902 (-2.7%) 0.00 102
    2019-01-01 $184,450 (-3.5%) $213,441 (-6.0%) 0.00 94
    2019-02-01 $179,900 (-5.3%) $213,531 (-7.2%) 0.00 91
    2019-03-01 $189,643 (-0.1%) $222,626 (-1.1%) 0.00 84
    2019-04-01 $194,900 (2.9%) $229,172 (2.7%) 0.00 79
    2019-05-01 $213,950 (9.7%) $244,050 (9.8%) 0.00 89
    2019-06-01 $197,950 (2.1%) $233,293 (6.7%) 0.00 101
    2019-07-01 $196,025 (0.1%) $233,559 (4.4%) 0.00 99
    2019-08-01 $191,005 (-3.5%) $229,250 (2.8%) 0.00 102
    2019-09-01 $184,786 (-6.7%) $218,050 (0.6%) 0.00 100
    2019-10-01 $179,975 (-2.4%) $209,951 (-0.1%) 0.00 98
    2019-11-01 $167,950 (-11.2%) $197,404 (-7.3%) 0.00 93
    2019-12-01 $167,425 (-13.5%) $191,658 (-10.8%) 0.00 85
    2020-01-01 $166,225 (-9.9%) $194,781 (-8.7%) 0.00 77
    2020-02-01 $168,950 (-6.1%) $195,617 (-8.4%) 0.00 79
    2020-03-01 $176,700 (-6.8%) $209,767 (-5.8%) 0.00 81
    2020-04-01 $168,750 (-13.4%) $202,066 (-11.8%) 0.00 76
    2020-05-01 $183,000 (-14.5%) $210,508 (-13.7%) 0.00 82
    2020-06-01 $185,000 (-6.5%) $211,227 (-9.5%) 0.00 81
    2020-07-01 $189,675 (-3.2%) $218,439 (-6.5%) 0.00 70
    2020-08-01 $191,900 (0.5%) $226,320 (-1.3%) 0.00 77
    2020-09-01 $182,400 (-1.3%) $218,764 (0.3%) 0.00 77
    2020-10-01 $185,500 (3.1%) $217,128 (3.4%) 0.00 77
    2020-11-01 $194,725 (15.9%) $227,999 (15.5%) 0.00 67
    2020-12-01 $191,500 (14.4%) $221,252 (15.4%) 0.00 72
    2021-01-01 $186,500 (12.2%) $211,606 (8.6%) 0.00 57
    2021-02-01 $186,500 (10.4%) $209,538 (7.1%) 0.00 52
    2021-03-01 $184,000 (4.1%) $206,302 (-1.7%) 0.00 51
    2021-04-01 $162,000 (-4.0%) $202,739 (0.3%) 0.00 50
    2021-05-01 $163,450 (-10.7%) $211,147 (0.3%) 0.00 39
    2021-06-01 $169,999 (-8.1%) $223,895 (6.0%) 0.00 37
    2021-07-01 $179,000 (-5.6%) $222,515 (1.9%) 0.00 49
    2021-08-01 $193,200 (0.7%) $216,031 (-4.6%) 0.00 48
    2021-09-01 $167,450 (-8.2%) $223,608 (2.2%) 0.00 45
    2021-10-01 $163,000 (-12.1%) $199,155 (-8.3%) 0.00 37
    2021-11-01 $175,000 (-10.1%) $210,047 (-7.9%) 0.00 30
    2021-12-01 $179,900 (-6.1%) $222,198 (0.4%) 0.00 30
    2022-01-01 $179,900 (-3.5%) $241,277 (14.0%) 0.00 29
    2022-02-01 $210,500 (12.9%) $242,202 (15.6%) 0.00 25
    2022-03-01 $200,950 (9.2%) $238,623 (15.7%) 0.00 32
    2022-04-01 $212,000 (30.9%) $246,500 (21.6%) 0.00 28
    2022-05-01 $176,725 (8.1%) $219,717 (4.1%) 0.00 38
    2022-06-01 $169,925 (0.0%) $200,766 (-10.3%) 0.00 40
    2022-07-01 $189,900 (6.1%) $211,826 (-4.8%) 0.00 43
    2022-08-01 $194,950 (0.9%) $248,696 (15.1%) 0.00 55
    2022-09-01 $181,220 (8.2%) $231,548 (3.6%) 0.00 56
    2022-10-01 $174,450 (7.0%) $226,337 (13.7%) 0.00 57
    2022-11-01 $172,900 (-1.2%) $234,143 (11.5%) 0.00 46
    2022-12-01 $170,950 (-5.0%) $215,851 (-2.9%) 0.00 40
    2023-01-01 $164,225 (-8.7%) $209,265 (-13.3%) 0.00 41
    2023-02-01 $164,225 (-22.0%) $212,842 (-12.1%) 0.00 31
    2023-03-01 $168,000 (-16.4%) $235,283 (-1.4%) 0.00 21
    2023-04-01 $179,900 (-15.1%) $263,042 (6.7%) 0.00 23
    2023-05-01 $211,175 (19.5%) $271,814 (23.7%) 0.00 30
    2023-06-01 $248,200 (46.1%) $278,791 (38.9%) 0.00 48
    2023-07-01 $215,950 (13.7%) $267,630 (26.3%) 0.00 50
    2023-08-01 $229,700 (17.8%) $292,556 (17.6%) 0.00 56
    2023-09-01 $234,450 (29.4%) $290,854 (25.6%) 0.00 50
    2023-10-01 $226,175 (29.7%) $248,052 (9.6%) 0.00 52
    2023-11-01 $229,450 (32.7%) $252,614 (7.9%) 0.00 43
    2023-12-01 $244,900 (43.3%) $259,141 (20.1%) 0.00 36
    2024-01-01 $234,450 (42.8%) $242,017 (15.7%) 0.00 36
    2024-02-01 $212,175 (29.2%) $220,954 (3.8%) 0.00 31
    2024-03-01 $174,450 (3.8%) $254,680 (8.2%) 0.00 28
    2024-04-01 $183,475 (2.0%) $278,272 (5.8%) 0.00 26
    2024-05-01 $216,150 (2.4%) $305,905 (12.5%) 0.00 28
    2024-06-01 $229,000 (-7.7%) $333,966 (19.8%) 0.00 29
    2024-07-01 $211,450 (-2.1%) $332,338 (24.2%) 0.00 34
    2024-08-01 $265,000 (15.4%) $353,805 (20.9%) 0.00 34
    2024-09-01 $234,600 (0.1%) $305,591 (5.1%) 0.00 39
    2024-10-01 $204,450 (-9.6%) $286,166 (15.4%) 0.00 35
    Jamestown's median listing price for 2024-10-01 was $204,450, a difference of $-21,725 (-9.6%) versus the prior year and $-30,150 versus the prior month.

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

    Jamestown's average listing price for 2024-10-01 was $286,166, a difference of $38,114 (15.4%) versus the prior year and $-19,425 versus the prior month.

    For the 2024-10-01 period, Jamestown had 35 MLS listings, a difference of -4 listings (-10%) versus the prior month and -17 listings (-33%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Jamestown (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,999 sqft
    2018-02-01 0 days 1,992 sqft
    2018-03-01 0 days 1,959 sqft
    2018-04-01 0 days 1,916 sqft
    2018-05-01 0 days 1,896 sqft
    2018-06-01 0 days 1,904 sqft
    2018-07-01 0 days 1,971 sqft
    2018-08-01 0 days 2,000 sqft
    2018-09-01 0 days 2,008 sqft
    2018-10-01 0 days 1,960 sqft
    2018-11-01 0 days 1,943 sqft
    2018-12-01 0 days 2,000 sqft
    2019-01-01 0 days 1,960 sqft
    2019-02-01 0 days 1,970 sqft
    2019-03-01 0 days 2,034 sqft
    2019-04-01 0 days 2,037 sqft
    2019-05-01 0 days 2,175 sqft
    2019-06-01 0 days 2,036 sqft
    2019-07-01 0 days 2,000 sqft
    2019-08-01 0 days 1,952 sqft
    2019-09-01 0 days 1,880 sqft
    2019-10-01 0 days 1,824 sqft
    2019-11-01 0 days 1,824 sqft
    2019-12-01 0 days 1,816 sqft
    2020-01-01 0 days 1,807 sqft
    2020-02-01 0 days 1,824 sqft
    2020-03-01 0 days 1,920 sqft
    2020-04-01 0 days 1,847 sqft
    2020-05-01 0 days 1,960 sqft
    2020-06-01 0 days 1,991 sqft
    2020-07-01 0 days 1,956 sqft
    2020-08-01 0 days 1,994 sqft
    2020-09-01 0 days 1,988 sqft
    2020-10-01 0 days 1,976 sqft
    2020-11-01 0 days 2,021 sqft
    2020-12-01 0 days 1,994 sqft
    2021-01-01 0 days 1,806 sqft
    2021-02-01 0 days 1,903 sqft
    2021-03-01 0 days 1,784 sqft
    2021-04-01 0 days 1,652 sqft
    2021-05-01 0 days 1,652 sqft
    2021-06-01 0 days 1,639 sqft
    2021-07-01 0 days 1,600 sqft
    2021-08-01 0 days 1,576 sqft
    2021-09-01 0 days 1,627 sqft
    2021-10-01 0 days 1,510 sqft
    2021-11-01 0 days 1,858 sqft
    2021-12-01 0 days 1,989 sqft
    2022-01-01 0 days 1,920 sqft
    2022-02-01 0 days 1,800 sqft
    2022-03-01 0 days 1,850 sqft
    2022-04-01 0 days 2,191 sqft
    2022-05-01 0 days 1,651 sqft
    2022-06-01 0 days 1,569 sqft
    2022-07-01 0 days 1,563 sqft
    2022-08-01 0 days 1,670 sqft
    2022-09-01 0 days 1,615 sqft
    2022-10-01 0 days 1,668 sqft
    2022-11-01 0 days 1,713 sqft
    2022-12-01 0 days 1,698 sqft
    2023-01-01 0 days 1,630 sqft
    2023-02-01 0 days 1,591 sqft
    2023-03-01 0 days 1,582 sqft
    2023-04-01 0 days 1,834 sqft
    2023-05-01 0 days 1,840 sqft
    2023-06-01 0 days 2,195 sqft
    2023-07-01 0 days 2,040 sqft
    2023-08-01 0 days 2,190 sqft
    2023-09-01 0 days 2,068 sqft
    2023-10-01 0 days 1,946 sqft
    2023-11-01 0 days 2,011 sqft
    2023-12-01 0 days 2,026 sqft
    2024-01-01 0 days 2,019 sqft
    2024-02-01 0 days 1,927 sqft
    2024-03-01 0 days 1,952 sqft
    2024-04-01 0 days 2,117 sqft
    2024-05-01 0 days 2,184 sqft
    2024-06-01 0 days 2,158 sqft
    2024-07-01 0 days 2,058 sqft
    2024-08-01 0 days 2,152 sqft
    2024-09-01 0 days 2,029 sqft
    2024-10-01 0 days 1,903 sqft
    Jamestown's median listing age (time on market) for 2024-10-01 was 0 days.

    Jamestown's median square footage for active listings during the 2024-10-01 period was 1,903 sqft. One year prior, the average listing was 1,946 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).