Wahpeton FHA Loan Rates, Closing Costs & Stats

Wahpeton, ND-MN

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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.

    Wahpeton's 19 lenders originated 42 FHA loans during 2023. The total origination value was $7,510,000, with an average FHA loan value of $178,810.

    Wahpeton FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Wahpeton averaged -0.14% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Wahpeton's average FHA mortgage closing costs are $6,525.

    The average rate for the prior week (2024-11-08) was 6.27% and one month ago for the week of 2024-10-11, the average rate was 5.77%.

    The average rate one year ago was 6.91%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.2%.

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

    Wahpeton 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 Wahpeton level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 7 7.21% $8,515
    Gate City Bank 5 6.63% $8,187
    QUICKEN LOANS, LLC 5 6.43% $11,525
    Bremer Bank 5 6.47% $5,480
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.88% $8,071
    FREEDOM MORTGAGE CORPORATION 1 6.25% $13,237
    LOANDEPOT.COM, LLC 1 5.75% $14,293
    Mortgage Research Center, LLC 1 8.13% $9,867
    NEWREZ LLC 1 7.25% $6,345
    PENNYMAC LOAN SERVICES, LLC 1 6.25% $8,252
    Plains Commerce Bank 1 6.25% $6,948
    PLAZA HOME MORTGAGE, INC. 1 6.38% $6,685
    TOP FLITE FINANCIAL, INC. 1 6.63% $11,829
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $15,466
    U.S. Bank 1 6.25% $6,054
    BMO Harris Bank 1 6.63% $5,351
    CAPITAL CREDIT UNION 1 5.75% $6,916
    Century Mortgage Company DBA Century Lending Company 1 7.25% $8,001
    First International Bank & Trust 1 5.75% $2,322

    The top Wahpeton FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 7 FHA loans originated. Their average total fees are $8,515, which is $328 higher than the next largest lender, Gate City Bank.

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

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

    Wahpeton FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Wahpeton (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 $145,900 (32.8%) $159,725 (-13.6%) 0.00 56
    2018-02-01 $149,450 (14.3%) $172,631 (-22.0%) 0.00 56
    2018-03-01 $141,400 (0.2%) $161,419 (-29.3%) 0.00 56
    2018-04-01 $159,650 (12.5%) $189,131 (-11.8%) 0.00 53
    2018-05-01 $175,400 (18.3%) $194,413 (-6.5%) 0.00 59
    2018-06-01 $172,400 (15.0%) $199,316 (-3.4%) 0.00 74
    2018-07-01 $169,900 (13.3%) $201,289 (-0.8%) 0.00 70
    2018-08-01 $161,900 (13.3%) $195,798 (1.5%) 0.00 72
    2018-09-01 $159,900 (6.7%) $187,980 (-5.4%) 0.00 75
    2018-10-01 $164,900 (10.5%) $192,863 (-3.1%) 0.00 72
    2018-11-01 $163,675 (13.1%) $188,324 (-3.9%) 0.00 70
    2018-12-01 $155,900 (8.3%) $185,117 (17.0%) 0.00 70
    2019-01-01 $155,400 (6.5%) $174,371 (9.2%) 0.00 72
    2019-02-01 $155,650 (4.2%) $178,611 (3.5%) 0.00 64
    2019-03-01 $157,186 (11.2%) $179,657 (11.3%) 0.00 58
    2019-04-01 $160,186 (0.3%) $180,022 (-4.8%) 0.00 50
    2019-05-01 $168,900 (-3.7%) $183,552 (-5.6%) 0.00 52
    2019-06-01 $179,450 (4.1%) $194,070 (-2.6%) 0.00 69
    2019-07-01 $172,450 (1.5%) $195,388 (-2.9%) 0.00 73
    2019-08-01 $183,573 (13.4%) $203,901 (4.1%) 0.00 74
    2019-09-01 $192,757 (20.6%) $210,630 (12.1%) 0.00 72
    2019-10-01 $202,450 (22.8%) $215,716 (11.9%) 0.00 69
    2019-11-01 $176,950 (8.1%) $199,696 (6.0%) 0.00 54
    2019-12-01 $177,400 (13.8%) $197,619 (6.8%) 0.00 45
    2020-01-01 $161,175 (3.7%) $188,925 (8.4%) 0.00 36
    2020-02-01 $162,400 (4.3%) $190,717 (6.8%) 0.00 29
    2020-03-01 $179,175 (14.0%) $198,581 (10.5%) 0.00 34
    2020-04-01 $185,450 (15.8%) $213,218 (18.4%) 0.00 35
    2020-05-01 $154,900 (-8.3%) $189,952 (3.5%) 0.00 42
    2020-06-01 $154,400 (-14.0%) $184,595 (-4.9%) 0.00 43
    2020-07-01 $175,150 (1.6%) $198,343 (1.5%) 0.00 41
    2020-08-01 $189,000 (3.0%) $221,649 (8.7%) 0.00 48
    2020-09-01 $187,975 (-2.5%) $220,710 (4.8%) 0.00 46
    2020-10-01 $223,450 (10.4%) $232,671 (7.9%) 0.00 40
    2020-11-01 $203,175 (14.8%) $231,679 (16.0%) 0.00 39
    2020-12-01 $149,900 (-15.5%) $219,653 (11.2%) 0.00 38
    2021-01-01 $125,000 (-22.4%) $212,592 (12.5%) 0.00 33
    2021-02-01 $149,925 (-7.7%) $197,904 (3.8%) 0.00 30
    2021-03-01 $172,900 (-3.5%) $202,040 (1.7%) 0.00 24
    2021-04-01 $202,400 (9.1%) $217,372 (2.0%) 0.00 23
    2021-05-01 $233,750 (50.9%) $227,066 (19.5%) 0.00 26
    2021-06-01 $231,200 (49.7%) $223,152 (20.9%) 0.00 35
    2021-07-01 $251,700 (43.7%) $251,441 (26.8%) 0.00 34
    2021-08-01 $257,275 (36.1%) $260,758 (17.6%) 0.00 31
    2021-09-01 $247,400 (31.6%) $253,791 (15.0%) 0.00 34
    2021-10-01 $239,150 (7.0%) $228,838 (-1.7%) 0.00 40
    2021-11-01 $238,050 (17.2%) $221,875 (-4.2%) 0.00 37
    2021-12-01 $222,825 (48.7%) $210,468 (-4.2%) 0.00 38
    2022-01-01 $229,950 (84.0%) $212,382 (-0.1%) 0.00 34
    2022-02-01 $254,925 (70.0%) $262,063 (32.4%) 0.00 35
    2022-03-01 $259,950 (50.4%) $258,963 (28.2%) 0.00 36
    2022-04-01 $251,000 (24.0%) $269,483 (24.0%) 0.00 33
    2022-05-01 $286,975 (22.8%) $276,048 (21.6%) 0.00 36
    2022-06-01 $270,500 (17.0%) $248,788 (11.5%) 0.00 48
    2022-07-01 $270,500 (7.5%) $254,409 (1.2%) 0.00 48
    2022-08-01 $256,750 (-0.2%) $266,815 (2.3%) 0.00 50
    2022-09-01 $256,750 (3.8%) $253,750 (0.0%) 0.00 49
    2022-10-01 $254,900 (6.6%) $257,189 (12.4%) 0.00 50
    2022-11-01 $238,175 (0.1%) $254,988 (14.9%) 0.00 49
    2022-12-01 $266,000 (19.4%) $268,772 (27.7%) 0.00 46
    2023-01-01 $271,244 (18.0%) $263,694 (24.2%) 0.00 44
    2023-02-01 $286,519 (12.4%) $280,520 (7.0%) 0.00 41
    2023-03-01 $288,944 (11.2%) $287,301 (10.9%) 0.00 42
    2023-04-01 $299,500 (19.3%) $313,716 (16.4%) 0.00 39
    2023-05-01 $297,606 (3.7%) $295,336 (7.0%) 0.00 45
    2023-06-01 $319,900 (18.3%) $324,267 (30.3%) 0.00 50
    2023-07-01 $324,900 (20.1%) $336,114 (32.1%) 0.00 51
    2023-08-01 $297,350 (15.8%) $308,164 (15.5%) 0.00 64
    2023-09-01 $339,900 (32.4%) $342,195 (34.9%) 0.00 64
    2023-10-01 $357,400 (40.2%) $351,016 (36.5%) 0.00 64
    2023-11-01 $429,900 (80.5%) $362,207 (42.1%) 0.00 63
    2023-12-01 $399,900 (50.3%) $349,913 (30.2%) 0.00 55
    2024-01-01 $369,950 (36.4%) $351,888 (33.5%) 0.00 62
    2024-02-01 $349,225 (21.9%) $340,576 (21.4%) 0.00 69
    2024-03-01 $409,900 (41.9%) $357,222 (24.3%) 0.00 66
    2024-04-01 $364,275 (21.6%) $342,618 (9.2%) 0.00 68
    2024-05-01 $325,500 (9.4%) $325,330 (10.2%) 0.00 72
    2024-06-01 $313,550 (-2.0%) $323,528 (-0.2%) 0.00 69
    2024-07-01 $314,225 (-3.3%) $336,333 (0.1%) 0.00 76
    2024-08-01 $319,900 (7.6%) $345,675 (12.2%) 0.00 88
    2024-09-01 $295,000 (-13.2%) $325,697 (-4.8%) 0.00 98
    2024-10-01 $297,475 (-16.8%) $330,339 (-5.9%) 0.00 94
    Wahpeton's median listing price for 2024-10-01 was $297,475, a difference of $-59,925 (-16.8%) versus the prior year and $2,475 versus the prior month.

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

    Wahpeton's average listing price for 2024-10-01 was $330,339, a difference of $-20,677 (-5.9%) versus the prior year and $4,642 versus the prior month.

    For the 2024-10-01 period, Wahpeton had 94 MLS listings, a difference of -4 listings (-4%) versus the prior month and 30 listings (47%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Wahpeton (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,600 sqft
    2018-02-01 0 days 1,595 sqft
    2018-03-01 0 days 1,660 sqft
    2018-04-01 0 days 1,936 sqft
    2018-05-01 0 days 2,020 sqft
    2018-06-01 0 days 2,023 sqft
    2018-07-01 0 days 2,030 sqft
    2018-08-01 0 days 1,861 sqft
    2018-09-01 0 days 1,861 sqft
    2018-10-01 0 days 1,872 sqft
    2018-11-01 0 days 1,962 sqft
    2018-12-01 0 days 2,235 sqft
    2019-01-01 0 days 2,096 sqft
    2019-02-01 0 days 2,122 sqft
    2019-03-01 0 days 2,115 sqft
    2019-04-01 0 days 2,140 sqft
    2019-05-01 0 days 2,336 sqft
    2019-06-01 0 days 2,392 sqft
    2019-07-01 0 days 2,370 sqft
    2019-08-01 0 days 2,470 sqft
    2019-09-01 0 days 2,475 sqft
    2019-10-01 0 days 2,498 sqft
    2019-11-01 0 days 2,450 sqft
    2019-12-01 0 days 2,443 sqft
    2020-01-01 0 days 2,450 sqft
    2020-02-01 0 days 2,516 sqft
    2020-03-01 0 days 2,497 sqft
    2020-04-01 0 days 2,600 sqft
    2020-05-01 0 days 2,256 sqft
    2020-06-01 0 days 2,303 sqft
    2020-07-01 0 days 2,316 sqft
    2020-08-01 0 days 2,370 sqft
    2020-09-01 0 days 2,457 sqft
    2020-10-01 0 days 2,468 sqft
    2020-11-01 0 days 2,343 sqft
    2020-12-01 0 days 2,168 sqft
    2021-01-01 0 days 2,115 sqft
    2021-02-01 0 days 2,148 sqft
    2021-03-01 0 days 2,156 sqft
    2021-04-01 0 days 2,469 sqft
    2021-05-01 0 days 2,428 sqft
    2021-06-01 0 days 2,202 sqft
    2021-07-01 0 days 2,202 sqft
    2021-08-01 0 days 2,202 sqft
    2021-09-01 0 days 2,108 sqft
    2021-10-01 0 days 2,070 sqft
    2021-11-01 0 days 2,162 sqft
    2021-12-01 0 days 2,075 sqft
    2022-01-01 0 days 2,086 sqft
    2022-02-01 0 days 2,366 sqft
    2022-03-01 0 days 2,334 sqft
    2022-04-01 0 days 2,182 sqft
    2022-05-01 0 days 2,253 sqft
    2022-06-01 0 days 2,258 sqft
    2022-07-01 0 days 2,358 sqft
    2022-08-01 0 days 2,350 sqft
    2022-09-01 0 days 2,316 sqft
    2022-10-01 0 days 2,310 sqft
    2022-11-01 0 days 2,319 sqft
    2022-12-01 0 days 2,292 sqft
    2023-01-01 0 days 2,310 sqft
    2023-02-01 0 days 2,360 sqft
    2023-03-01 0 days 2,360 sqft
    2023-04-01 0 days 2,360 sqft
    2023-05-01 0 days 2,365 sqft
    2023-06-01 0 days 2,433 sqft
    2023-07-01 0 days 2,432 sqft
    2023-08-01 0 days 2,376 sqft
    2023-09-01 0 days 2,366 sqft
    2023-10-01 0 days 2,386 sqft
    2023-11-01 0 days 2,360 sqft
    2023-12-01 0 days 2,194 sqft
    2024-01-01 0 days 2,184 sqft
    2024-02-01 0 days 2,084 sqft
    2024-03-01 0 days 1,990 sqft
    2024-04-01 0 days 1,961 sqft
    2024-05-01 0 days 1,909 sqft
    2024-06-01 0 days 1,964 sqft
    2024-07-01 0 days 1,964 sqft
    2024-08-01 0 days 2,168 sqft
    2024-09-01 0 days 2,144 sqft
    2024-10-01 0 days 2,129 sqft
    Wahpeton's median listing age (time on market) for 2024-10-01 was 0 days.

    Wahpeton's median square footage for active listings during the 2024-10-01 period was 2,129 sqft. One year prior, the average listing was 2,386 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).