Minot FHA Loan Rates, Closing Costs & Stats

Minot, 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.

    Minot's 28 lenders originated 157 FHA loans during 2023. The total origination value was $35,155,000, with an average FHA loan value of $223,917.

    Minot FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Minot averaged 6.18% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

    Minot's average FHA mortgage closing costs are $6,710.

    The average rate for the prior week (2025-02-07) was 6.09% and one month ago for the week of 2025-01-10, the average rate was 6.46%.

    The average rate one year ago was 6.28%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.32%.

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

    Minot 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 Minot level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Gate City Bank 24 6.18% $7,340
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 16 6.61% $4,176
    TOWN AND COUNTRY Credit Union 11 5.80% $9,229
    First Western Bank & Trust 9 6.21% $8,942
    First International Bank & Trust 7 5.95% $6,933
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 6.41% $8,192
    Flagstar Bank, FSB 6 6.58% $10,763
    QUICKEN LOANS, LLC 5 7.00% $8,143
    GUARANTEED RATE, INC. 4 6.68% $8,459
    Dacotah Bank 3 6.89% $7,111
    U.S. Bank 2 6.50% $5,663
    American Bank Center 2 5.83% $6,296
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.50% $10,340
    Unify Home Lending Inc. 2 7.19% $6,579
    EVERETT FINANCIAL, INC. 1 5.88% $9,377
    Equity Prime Mortgage LLC 1 7.75% $13,002
    LOANDEPOT.COM, LLC 1 7.13% $9,638
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $9,102
    PENNYMAC LOAN SERVICES, LLC 1 5.75% $8,838
    UNITED WHOLESALE MORTGAGE, LLC 1 5.30% $7,847
    AMERISAVE MORTGAGE CORPORATION 1 6.13% $7,977
    Servion, Inc. 1 6.63% $6,537
    TOTAL MORTGAGE SERVICES, LLC 1 6.75% $10,063
    AMCAP MORTGAGE, LTD. 1 7.13% $16,521
    TOWNE MORTGAGE COMPANY 1 6.38% $9,759
    Alerus Financial 1 6.63% $3,238
    Flanagan State Bank 1 6.63% $10,781
    FREEDOM MORTGAGE CORPORATION 1 6.38% $18,974

    The top Minot FHA lender as defined by loan originations is Gate City Bank, with 24 FHA loans originated. Their average total fees are $7,340, which is $3,165 higher than the next largest lender, ARK-LA-TEX FINANCIAL SERVICES, LLC..

    The lowest fee Minot FHA lenders (with over 10 loans originated) are ARK-LA-TEX FINANCIAL SERVICES, LLC. ($4,176), Gate City Bank ($7,340), TOWN AND COUNTRY Credit Union ($9,229), .

    The lowest rate Minot FHA lenders (with over 10 loans originated) are TOWN AND COUNTRY Credit Union (5.80%), Gate City Bank (6.18%), ARK-LA-TEX FINANCIAL SERVICES, LLC. (6.61%), .

    Minot FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Minot (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 $208,450 (-4.5%) $230,361 (-2.1%) 0.00 404
    2018-02-01 $210,000 (-1.2%) $236,507 (3.3%) 0.00 396
    2018-03-01 $210,000 (-1.6%) $236,582 (2.6%) 0.00 394
    2018-04-01 $219,900 (4.8%) $240,121 (3.7%) 0.00 404
    2018-05-01 $219,900 (8.8%) $278,740 (21.1%) 0.00 456
    2018-06-01 $219,900 (10.0%) $279,745 (25.1%) 0.00 494
    2018-07-01 $219,900 (9.4%) $280,108 (26.4%) 0.00 514
    2018-08-01 $219,000 (9.6%) $278,707 (25.6%) 0.00 497
    2018-09-01 $214,900 (4.9%) $279,997 (24.1%) 0.00 486
    2018-10-01 $209,925 (2.3%) $277,616 (21.8%) 0.00 482
    2018-11-01 $203,250 (-2.1%) $272,975 (18.5%) 0.00 481
    2018-12-01 $199,900 (-2.5%) $271,581 (17.2%) 0.00 420
    2019-01-01 $199,450 (-4.3%) $273,371 (18.7%) 0.00 374
    2019-02-01 $199,725 (-4.9%) $272,637 (15.3%) 0.00 382
    2019-03-01 $204,243 (-2.7%) $253,142 (7.0%) 0.00 418
    2019-04-01 $209,900 (-4.6%) $225,260 (-6.2%) 0.00 461
    2019-05-01 $209,925 (-4.5%) $226,906 (-18.6%) 0.00 481
    2019-06-01 $214,500 (-2.5%) $225,329 (-19.5%) 0.00 469
    2019-07-01 $211,250 (-3.9%) $225,805 (-19.4%) 0.00 475
    2019-08-01 $207,173 (-5.4%) $224,373 (-19.5%) 0.00 465
    2019-09-01 $203,082 (-5.5%) $223,345 (-20.2%) 0.00 445
    2019-10-01 $199,900 (-4.8%) $221,071 (-20.4%) 0.00 421
    2019-11-01 $195,450 (-3.8%) $215,927 (-20.9%) 0.00 375
    2019-12-01 $189,500 (-5.2%) $212,889 (-21.6%) 0.00 301
    2020-01-01 $186,475 (-6.5%) $211,363 (-22.7%) 0.00 251
    2020-02-01 $187,500 (-6.1%) $209,064 (-23.3%) 0.00 252
    2020-03-01 $195,000 (-4.5%) $219,448 (-13.3%) 0.00 273
    2020-04-01 $199,925 (-4.8%) $220,819 (-2.0%) 0.00 288
    2020-05-01 $209,450 (-0.2%) $235,970 (4.0%) 0.00 297
    2020-06-01 $212,450 (-1.0%) $241,908 (7.4%) 0.00 313
    2020-07-01 $219,450 (3.9%) $248,972 (10.3%) 0.00 298
    2020-08-01 $214,900 (3.7%) $248,462 (10.7%) 0.00 279
    2020-09-01 $203,500 (0.2%) $244,976 (9.7%) 0.00 256
    2020-10-01 $194,900 (-2.5%) $239,403 (8.3%) 0.00 226
    2020-11-01 $194,900 (-0.3%) $233,197 (8.0%) 0.00 207
    2020-12-01 $208,250 (9.9%) $234,126 (10.0%) 0.00 198
    2021-01-01 $198,000 (6.2%) $229,251 (8.5%) 0.00 166
    2021-02-01 $208,750 (11.3%) $232,088 (11.0%) 0.00 166
    2021-03-01 $208,500 (6.9%) $231,471 (5.5%) 0.00 149
    2021-04-01 $205,750 (2.9%) $241,803 (9.5%) 0.00 141
    2021-05-01 $205,000 (-2.1%) $243,633 (3.3%) 0.00 168
    2021-06-01 $209,975 (-1.2%) $251,384 (3.9%) 0.00 185
    2021-07-01 $209,950 (-4.3%) $256,915 (3.2%) 0.00 207
    2021-08-01 $215,225 (0.2%) $244,391 (-1.6%) 0.00 213
    2021-09-01 $219,950 (8.1%) $245,479 (0.2%) 0.00 210
    2021-10-01 $209,900 (7.7%) $245,050 (2.4%) 0.00 176
    2021-11-01 $196,200 (0.7%) $223,339 (-4.2%) 0.00 167
    2021-12-01 $204,925 (-1.6%) $220,787 (-5.7%) 0.00 144
    2022-01-01 $193,700 (-2.2%) $205,717 (-10.3%) 0.00 121
    2022-02-01 $184,975 (-11.4%) $206,641 (-11.0%) 0.00 102
    2022-03-01 $199,975 (-4.1%) $219,690 (-5.1%) 0.00 99
    2022-04-01 $210,000 (2.1%) $227,791 (-5.8%) 0.00 107
    2022-05-01 $226,175 (10.3%) $252,150 (3.5%) 0.00 130
    2022-06-01 $239,900 (14.3%) $269,275 (7.1%) 0.00 170
    2022-07-01 $247,900 (18.1%) $272,055 (5.9%) 0.00 188
    2022-08-01 $249,975 (16.2%) $279,274 (14.3%) 0.00 208
    2022-09-01 $249,100 (13.3%) $280,845 (14.4%) 0.00 213
    2022-10-01 $239,450 (14.1%) $274,037 (11.8%) 0.00 217
    2022-11-01 $230,750 (17.6%) $263,305 (17.9%) 0.00 205
    2022-12-01 $230,000 (12.2%) $260,837 (18.1%) 0.00 187
    2023-01-01 $229,900 (18.7%) $254,741 (23.8%) 0.00 166
    2023-02-01 $224,950 (21.6%) $262,062 (26.8%) 0.00 135
    2023-03-01 $228,700 (14.4%) $282,315 (28.5%) 0.00 125
    2023-04-01 $239,900 (14.2%) $297,455 (30.6%) 0.00 108
    2023-05-01 $241,975 (7.0%) $305,924 (21.3%) 0.00 123
    2023-06-01 $243,550 (1.5%) $304,045 (12.9%) 0.00 131
    2023-07-01 $232,500 (-6.2%) $284,890 (4.7%) 0.00 140
    2023-08-01 $237,450 (-5.0%) $287,877 (3.1%) 0.00 156
    2023-09-01 $235,000 (-5.7%) $281,608 (0.3%) 0.00 180
    2023-10-01 $226,950 (-5.2%) $281,254 (2.6%) 0.00 180
    2023-11-01 $226,725 (-1.7%) $275,064 (4.5%) 0.00 180
    2023-12-01 $227,000 (-1.3%) $275,499 (5.6%) 0.00 164
    2024-01-01 $237,500 (3.3%) $282,279 (10.8%) 0.00 141
    2024-02-01 $249,450 (10.9%) $307,340 (17.3%) 0.00 134
    2024-03-01 $287,450 (25.7%) $315,838 (11.9%) 0.00 126
    2024-04-01 $328,650 (37.0%) $345,762 (16.2%) 0.00 133
    2024-05-01 $317,475 (31.2%) $338,180 (10.5%) 0.00 161
    2024-06-01 $327,500 (34.5%) $348,184 (14.5%) 0.00 154
    2024-07-01 $309,900 (33.3%) $343,721 (20.7%) 0.00 173
    2024-08-01 $312,450 (31.6%) $337,010 (17.1%) 0.00 171
    2024-09-01 $314,450 (33.8%) $349,624 (24.2%) 0.00 183
    2024-10-01 $313,725 (38.2%) $348,265 (23.8%) 0.00 185
    2024-11-01 $299,900 (32.3%) $332,957 (21.1%) 0.00 182
    2024-12-01 $289,000 (27.3%) $323,187 (17.3%) 0.00 180
    2025-01-01 $302,450 (27.4%) $331,977 (17.6%) 0.00 145
    Minot's median listing price for 2025-01-01 was $302,450, a difference of $64,950 (27.4%) versus the prior year and $13,450 versus the prior month.

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

    Minot's average listing price for 2025-01-01 was $331,977, a difference of $49,698 (17.6%) versus the prior year and $8,790 versus the prior month.

    For the 2025-01-01 period, Minot had 145 MLS listings, a difference of -35 listings (-19%) versus the prior month and 4 listings (3%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Minot (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,140 sqft
    2018-02-01 0 days 2,150 sqft
    2018-03-01 0 days 2,162 sqft
    2018-04-01 0 days 2,172 sqft
    2018-05-01 0 days 2,118 sqft
    2018-06-01 0 days 2,181 sqft
    2018-07-01 0 days 2,182 sqft
    2018-08-01 0 days 2,182 sqft
    2018-09-01 0 days 2,196 sqft
    2018-10-01 0 days 2,158 sqft
    2018-11-01 0 days 2,119 sqft
    2018-12-01 0 days 2,080 sqft
    2019-01-01 0 days 2,053 sqft
    2019-02-01 0 days 2,040 sqft
    2019-03-01 0 days 2,025 sqft
    2019-04-01 0 days 2,027 sqft
    2019-05-01 0 days 2,056 sqft
    2019-06-01 0 days 2,080 sqft
    2019-07-01 0 days 2,093 sqft
    2019-08-01 0 days 2,088 sqft
    2019-09-01 0 days 2,086 sqft
    2019-10-01 0 days 2,084 sqft
    2019-11-01 0 days 2,088 sqft
    2019-12-01 0 days 2,046 sqft
    2020-01-01 0 days 2,041 sqft
    2020-02-01 0 days 2,026 sqft
    2020-03-01 0 days 2,072 sqft
    2020-04-01 0 days 2,080 sqft
    2020-05-01 0 days 2,138 sqft
    2020-06-01 0 days 2,150 sqft
    2020-07-01 0 days 2,157 sqft
    2020-08-01 0 days 2,141 sqft
    2020-09-01 0 days 2,101 sqft
    2020-10-01 0 days 2,113 sqft
    2020-11-01 0 days 2,160 sqft
    2020-12-01 0 days 2,194 sqft
    2021-01-01 0 days 2,052 sqft
    2021-02-01 0 days 2,091 sqft
    2021-03-01 0 days 2,121 sqft
    2021-04-01 0 days 2,117 sqft
    2021-05-01 0 days 2,080 sqft
    2021-06-01 0 days 2,129 sqft
    2021-07-01 0 days 2,134 sqft
    2021-08-01 0 days 2,124 sqft
    2021-09-01 0 days 2,114 sqft
    2021-10-01 0 days 2,006 sqft
    2021-11-01 0 days 1,979 sqft
    2021-12-01 0 days 1,979 sqft
    2022-01-01 0 days 1,912 sqft
    2022-02-01 0 days 1,829 sqft
    2022-03-01 0 days 1,951 sqft
    2022-04-01 0 days 1,989 sqft
    2022-05-01 0 days 2,055 sqft
    2022-06-01 0 days 2,026 sqft
    2022-07-01 0 days 2,097 sqft
    2022-08-01 0 days 2,126 sqft
    2022-09-01 0 days 2,148 sqft
    2022-10-01 0 days 2,184 sqft
    2022-11-01 0 days 2,186 sqft
    2022-12-01 0 days 2,180 sqft
    2023-01-01 0 days 2,147 sqft
    2023-02-01 0 days 2,104 sqft
    2023-03-01 0 days 2,057 sqft
    2023-04-01 0 days 2,173 sqft
    2023-05-01 0 days 2,139 sqft
    2023-06-01 0 days 2,197 sqft
    2023-07-01 0 days 2,030 sqft
    2023-08-01 0 days 2,099 sqft
    2023-09-01 0 days 2,156 sqft
    2023-10-01 0 days 2,125 sqft
    2023-11-01 0 days 2,076 sqft
    2023-12-01 0 days 2,035 sqft
    2024-01-01 0 days 2,048 sqft
    2024-02-01 0 days 2,196 sqft
    2024-03-01 0 days 2,245 sqft
    2024-04-01 0 days 2,282 sqft
    2024-05-01 0 days 2,285 sqft
    2024-06-01 0 days 2,323 sqft
    2024-07-01 0 days 2,358 sqft
    2024-08-01 0 days 2,334 sqft
    2024-09-01 0 days 2,316 sqft
    2024-10-01 0 days 2,281 sqft
    2024-11-01 0 days 2,296 sqft
    2024-12-01 0 days 2,210 sqft
    2025-01-01 0 days 2,240 sqft
    Minot's median listing age (time on market) for 2025-01-01 was 0 days.

    Minot's median square footage for active listings during the 2025-01-01 period was 2,240 sqft. One year prior, the average listing was 2,048 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).