Fargo VA Loans

FARGO, ND-MN

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.