Minot FHA Loan Rates, Closing Costs & Stats

Minot, ND

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 6.19% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

The average rate for the prior week (2024-11-01) was 6.26% and one month ago for the week of 2024-10-04, the average rate was 5.68%.

The average rate one year ago was 7.23%.

For refis of the same type during the week of 2024-11-08, the average rate was 6.23%.

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

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).