Fargo VA Loans

FARGO, ND-MN

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    • A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.

    The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.

    For additional benefits of VA loans, click here.

    Fargo's 58 lenders originated 795 VA loans during 2021. The total origination value was $211,635,000, with an average VA loan value of $266,208.

    Fargo VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Fargo averaged 5.2% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

    The average rate for the prior week (2022-05-06) was 5.43% and one month ago for the week of 2022-04-08, the average rate was 4.86%.

    The average rate one year ago was 2.87%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.28%.

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

    Fargo VA Loan Lenders by Rates & Fees

    The below table looks at the average fees and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Fargo level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    Mortgage Research Center, LLC 81 2.84% $4,699
    CALIBER HOME LOANS, INC. 55 2.52% $5,084
    FREEDOM MORTGAGE CORPORATION 54 2.55% $2,892
    UNITED WHOLESALE MORTGAGE, LLC 46 2.51% $5,757
    Gate City Bank 39 2.55% $6,255
    QUICKEN LOANS, LLC 34 2.42% $3,068
    VALLEY MORTGAGE, INC. 33 2.47% $5,738
    First International Bank & Trust 33 2.44% $6,039
    PENNYMAC LOAN SERVICES, LLC 30 2.39% $5,495
    USAA Federal Savings Bank 27 2.86% $5,277
    Bell Bank 27 2.58% $5,475
    TOWN AND COUNTRY Credit Union 27 2.38% $3,453
    Wells Fargo Bank 18 2.42% $4,564
    First Western Bank & Trust 18 2.49% $4,741
    U.S. Bank 14 2.55% $6,485
    LOANDEPOT.COM, LLC 13 2.48% $4,251
    The Federal Savings Bank 11 2.47% $6,199
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 11 3.04% $6,899
    Western State Bank 10 2.69% $5,624
    CAPITAL CREDIT UNION 9 2.21% $5,248
    Alerus Financial 9 2.50% $3,913
    Barrington Bank & Trust Company, N.A. 8 2.70% $3,741
    NAVY FEDERAL CREDIT UNION 8 2.45% $5,252
    HOME POINT FINANCIAL CORPORATION 6 2.29% $2,985
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 6 2.90% $5,020
    GUARANTEED RATE, INC. 6 2.54% $6,835
    Flagstar Bank, FSB 5 2.55% $10,552
    LAKEVIEW LOAN SERVICING, LLC 5 2.38% $3,257
    Magnolia Bank 4 2.47% $4,961
    Low VA Rates, LLC 3 2.42% $4,830
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 3.16% $9,821
    Mr. Cooper ( Nationstar Mortgage ) 3 3.13% $2,403
    NEW DAY FINANCIAL, LLC 3 2.58% $5,436
    Paramount Residential Mortgage Group, Inc. 3 2.58% $13,684
    Bremer Bank 2 2.68% $2,125
    North American Savings Bank, F.S.B. 2 2.50% $2,280
    Bank of England 2 2.75% $5,187
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 2.63% $4,376
    Carrington Mortgage Services, LLC 2 2.50% $3,353
    VILLAGE CAPITAL & INVESTMENT LLC 2 2.25% $1,563
    NBKC BANK 2 2.63% $837
    PENTAGON FEDERAL CREDIT UNION 1 2.25% $1,137
    PLAZA HOME MORTGAGE, INC. 1 4.00% $3,293
    First Midwest Bank 1 2.25% $1,818
    SUN WEST MORTGAGE COMPANY, INC. 1 2.25% $2,540
    The Huntington National Bank 1 3.00% $8,116
    BROKER SOLUTIONS, INC. 1 2.25% $7,950
    Tradition Mortgage, LLC 1 2.25% $1,629
    BNC National Bank 1 2.75% $1,881
    AMERISAVE MORTGAGE CORPORATION 1 2.25% $7,606
    KS StateBank 1 2.25% $1,356
    JPMorgan Chase Bank 1 2.50% $7,590
    AMERICAN FINANCIAL NETWORK, INC. 1 2.75% $4,684
    NEWREZ LLC 1 2.25% $3,848
    NP, Inc. 1 2.25% $6,193
    OCEANSIDE MORTGAGE COMPANY 1 2.88% $512
    ON Q FINANCIAL, INC. 1 2.88% $2,297
    American Bank Center 1 3.00% $15,747

    The top Fargo VA lender as defined by loan originations is Mortgage Research Center, LLC, with 81 VA loans originated. Their average total fees are $4,699, which is $385 lower than the next largest lender, CALIBER HOME LOANS, INC..

    The lowest fee Fargo VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,892), QUICKEN LOANS, LLC ($3,068), TOWN AND COUNTRY Credit Union ($3,453), LOANDEPOT.COM, LLC ($4,251) and Wells Fargo Bank ($4,564).

    The lowest rate Fargo VA lenders (with over 10 loans originated) are TOWN AND COUNTRY Credit Union (2.38%), PENNYMAC LOAN SERVICES, LLC (2.39%), QUICKEN LOANS, LLC (2.42%), Wells Fargo Bank (2.42%) and First International Bank & Trust (2.44%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Fargo (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 $258,950 (2.0%) $302,644 (-1.2%) 0.95 869
    2018-02-01 $254,900 (-1.9%) $300,847 (-8.0%) 0.92 898
    2018-03-01 $257,539 (-2.8%) $300,877 (-8.8%) 0.89 907
    2018-04-01 $261,484 (-3.1%) $307,367 (-7.2%) 0.88 958
    2018-05-01 $261,650 (-3.8%) $308,048 (-5.2%) 0.87 1,087
    2018-06-01 $263,000 (-2.6%) $305,395 (-5.7%) 0.88 1,179
    2018-07-01 $260,332 (-2.9%) $302,429 (-6.0%) 0.87 1,199
    2018-08-01 $259,900 (2.3%) $303,026 (0.4%) 0.87 1,229
    2018-09-01 $255,000 (2.0%) $304,109 (1.3%) 0.85 1,257
    2018-10-01 $250,000 (0.0%) $300,551 (1.0%) 0.84 1,246
    2018-11-01 $249,900 (-1.0%) $302,556 (2.2%) 0.84 1,179
    2018-12-01 $249,900 (-2.0%) $301,161 (1.9%) 0.86 1,037
    2019-01-01 $249,950 (-3.5%) $301,974 (-0.2%) 0.86 911
    2019-02-01 $257,450 (1.0%) $306,055 (1.7%) 0.86 930
    2019-03-01 $260,900 (1.3%) $310,212 (3.1%) 0.85 999
    2019-04-01 $264,296 (1.1%) $314,616 (2.4%) 0.83 1,088
    2019-05-01 $263,000 (0.5%) $310,529 (0.8%) 0.81 1,248
    2019-06-01 $259,900 (-1.2%) $307,808 (0.8%) 0.80 1,316
    2019-07-01 $259,639 (-0.3%) $306,437 (1.3%) 0.81 1,326
    2019-08-01 $252,814 (-2.7%) $300,070 (-1.0%) 0.80 1,349
    2019-09-01 $249,900 (-2.0%) $294,711 (-3.1%) 0.79 1,363
    2019-10-01 $249,000 (-0.4%) $290,600 (-3.3%) 0.79 1,409
    2019-11-01 $247,000 (-1.2%) $288,114 (-4.8%) 0.80 1,321
    2019-12-01 $243,700 (-2.5%) $288,268 (-4.3%) 0.81 1,138
    2020-01-01 $239,945 (-4.0%) $290,633 (-3.8%) 0.80 975
    2020-02-01 $245,000 (-4.8%) $293,703 (-4.0%) 0.79 917
    2020-03-01 $250,113 (-4.1%) $294,615 (-5.0%) 0.78 945
    2020-04-01 $259,000 (-2.0%) $298,760 (-5.0%) 0.81 966
    2020-05-01 $263,720 (0.3%) $305,026 (-1.8%) 0.80 953
    2020-06-01 $269,950 (3.9%) $315,075 (2.4%) 0.79 954
    2020-07-01 $269,900 (4.0%) $316,484 (3.3%) 0.77 900
    2020-08-01 $269,900 (6.8%) $323,789 (7.9%) 0.77 905
    2020-09-01 $267,967 (7.2%) $316,071 (7.3%) 0.77 879
    2020-10-01 $268,000 (7.6%) $311,580 (7.2%) 0.77 847
    2020-11-01 $265,628 (7.5%) $307,664 (6.8%) 0.76 772
    2020-12-01 $271,229 (11.3%) $308,115 (6.9%) 0.80 683
    2021-01-01 $279,000 (16.3%) $321,226 (10.5%) 0.82 556
    2021-02-01 $294,900 (20.4%) $340,909 (16.1%) 0.85 464
    2021-03-01 $295,750 (18.3%) $337,693 (14.6%) 0.83 450
    2021-04-01 $301,600 (16.5%) $345,804 (15.8%) 0.81 464
    2021-05-01 $314,299 (19.2%) $358,419 (17.5%) 0.83 458
    2021-06-01 $317,150 (17.5%) $356,998 (13.3%) 0.82 509
    2021-07-01 $314,951 (16.7%) $354,382 (12.0%) 0.82 540
    2021-08-01 $317,200 (17.5%) $357,955 (10.6%) 0.83 580
    2021-09-01 $318,473 (18.9%) $350,271 (10.8%) 0.84 581
    2021-10-01 $326,775 (21.9%) $350,023 (12.3%) 0.86 555
    2021-11-01 $328,160 (23.5%) $352,670 (14.6%) 0.86 511
    2021-12-01 $337,900 (24.6%) $363,637 (18.0%) 0.90 427
    2022-01-01 $343,500 (23.1%) $361,309 (12.5%) 0.92 371
    2022-02-01 $349,450 (18.5%) $387,311 (13.6%) 0.89 360
    2022-03-01 $359,900 (21.7%) $428,510 (26.9%) 0.89 350
    2022-04-01 $364,510 (20.9%) $423,842 (22.6%) 0.86 385
    Fargo's median listing price for 2022-04-01 was $364,510, a difference of $62,910 (20.9%) versus the prior year and $4,610 versus the prior month.

    Fargo's median listing price comes in at 86% of the national average.

    Fargo's average listing price for 2022-04-01 was $423,842, a difference of $78,038 (22.6%) versus the prior year and $-4,668 versus the prior month.

    For the 2022-04-01 period, Fargo had 385 MLS listings, a difference of 35 listings (10%) versus the prior month and -79 listings (-17%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Fargo (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 92 days 2,325 sqft
    2018-02-01 51 days 2,298 sqft
    2018-03-01 53 days 2,304 sqft
    2018-04-01 50 days 2,347 sqft
    2018-05-01 44 days 2,377 sqft
    2018-06-01 43 days 2,390 sqft
    2018-07-01 50 days 2,351 sqft
    2018-08-01 57 days 2,352 sqft
    2018-09-01 58 days 2,340 sqft
    2018-10-01 67 days 2,312 sqft
    2018-11-01 75 days 2,265 sqft
    2018-12-01 85 days 2,238 sqft
    2019-01-01 87 days 2,212 sqft
    2019-02-01 83 days 2,224 sqft
    2019-03-01 65 days 2,238 sqft
    2019-04-01 48 days 2,255 sqft
    2019-05-01 42 days 2,249 sqft
    2019-06-01 46 days 2,276 sqft
    2019-07-01 58 days 2,302 sqft
    2019-08-01 60 days 2,274 sqft
    2019-09-01 62 days 2,248 sqft
    2019-10-01 64 days 2,236 sqft
    2019-11-01 70 days 2,234 sqft
    2019-12-01 89 days 2,201 sqft
    2020-01-01 99 days 2,201 sqft
    2020-02-01 99 days 2,201 sqft
    2020-03-01 69 days 2,214 sqft
    2020-04-01 62 days 2,234 sqft
    2020-05-01 60 days 2,274 sqft
    2020-06-01 50 days 2,337 sqft
    2020-07-01 47 days 2,340 sqft
    2020-08-01 52 days 2,340 sqft
    2020-09-01 52 days 2,290 sqft
    2020-10-01 58 days 2,236 sqft
    2020-11-01 71 days 2,204 sqft
    2020-12-01 86 days 2,208 sqft
    2021-01-01 73 days 2,232 sqft
    2021-02-01 52 days 2,339 sqft
    2021-03-01 52 days 2,348 sqft
    2021-04-01 39 days 2,315 sqft
    2021-05-01 36 days 2,341 sqft
    2021-06-01 34 days 2,350 sqft
    2021-07-01 40 days 2,343 sqft
    2021-08-01 41 days 2,388 sqft
    2021-09-01 55 days 2,382 sqft
    2021-10-01 66 days 2,368 sqft
    2021-11-01 68 days 2,368 sqft
    2021-12-01 82 days 2,422 sqft
    2022-01-01 80 days 2,400 sqft
    2022-02-01 64 days 2,400 sqft
    2022-03-01 59 days 2,358 sqft
    2022-04-01 39 days 2,343 sqft
    Fargo's median listing age (time on market) for 2022-04-01 was 39 days. This is 1% longer than the same period one year ago.

    Fargo's median square footage for active listings during the 2022-04-01 period was 2,343 sqft. One year prior, the average listing was 2,315 sqft.

    VA Loan Features

  • No down payment required
  • Negotiable and competitive interest rate.
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent and exemption for veterans receiving VA compensation).
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs are comparable with other financing types (and may be lower).
  • Closing costs may be paid by the seller.
  • No private mortgage insurance premiums are required.
  • An assumable mortgage.
  • Right to prepay your mortgage without penalty.
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.