Minot FHA Loan Rates, Closing Costs & Stats

Minot, ND

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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 29 lenders originated 184 FHA loans during 2024. The total origination value was $44,530,000, with an average FHA loan value of $242,011.

    Minot FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Minot averaged -0.56% for the week of 2025-07-04, compared to the national average (all FHA variants) of 0% for the same period.

    Minot's average FHA mortgage closing costs are $7,083.

    The average rate for the prior week (2025-06-27) was 6.12% and one month ago for the week of 2025-05-30, the average rate was 6%.

    The average rate one year ago was 6.42%.

    For refis of the same type during the week of 2025-07-04, the average rate was -0.54%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Gate City Bank 34 5.37% $9,076
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 6.21% $9,130
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 11 5.92% $5,067
    TOWN AND COUNTRY Credit Union 11 5.86% $10,399
    Flagstar Bank, FSB 10 6.18% $8,998
    QUICKEN LOANS, LLC 9 6.26% $10,890
    GUARANTEED RATE, INC. 8 6.28% $12,264
    First International Bank & Trust 7 5.98% $8,664
    First Western Bank & Trust 6 5.58% $7,284
    FREEDOM MORTGAGE CORPORATION 5 6.20% $11,352
    U.S. Bank 3 5.88% $7,018
    Dacotah Bank 3 6.14% $3,796
    UNITED WHOLESALE MORTGAGE, LLC 2 6.00% $14,335
    BROKER SOLUTIONS, INC. 2 6.50% $14,031
    LOANDEPOT.COM, LLC 2 7.13% $9,168
    Century Mortgage Company DBA Century Lending Company 2 7.25% $7,412
    VILLAGE CAPITAL MORTGAGE 1 6.50% $8,332
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.25% $14,987
    AMERISAVE MORTGAGE CORPORATION 1 7.25% $16,203
    BETTER MORTGAGE CORPORATION 1 6.25% $11,958
    Bremer Bank 1 6.15% $3,674
    Citizens Bank 1 6.50% $5,938
    EVERETT FINANCIAL, INC. 1 6.00% $16,929
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.75% $9,382
    JPMorgan Chase Bank 1 6.99% $11,678
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $14,911
    NEWREZ LLC 1 7.25% $10,945
    Servion, Inc. 1 6.50% $8,815
    Alerus Financial 1 6.50% $6,247

    The top Minot FHA lender as defined by loan originations is Gate City Bank, with 34 FHA loans originated. Their average total fees are $9,076, which is $54 lower than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Minot FHA lenders (with over 10 loans originated) are ARK-LA-TEX FINANCIAL SERVICES, LLC. ($5,067), Flagstar Bank, FSB ($8,998), Gate City Bank ($9,076), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($9,130) and TOWN AND COUNTRY Credit Union ($10,399).

    The lowest rate Minot FHA lenders (with over 10 loans originated) are Gate City Bank (5.37%), TOWN AND COUNTRY Credit Union (5.86%), ARK-LA-TEX FINANCIAL SERVICES, LLC. (5.92%), Flagstar Bank, FSB (6.18%) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.21%).

    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

    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).