Fargo VA Loan Rates, Closing Costs & Stats

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 not 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 41 lenders originated 238 VA loans during 2023. The total origination value was $71,840,000, with an average VA loan value of $301,849.

    Fargo VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Fargo averaged 6.48% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Fargo's average VA mortgage closing costs are $5,681.

    The average rate for the prior week (2024-07-12) was 6.22% and one month ago for the week of 2024-06-14, the average rate was 6.28%.

    The average rate one year ago was 6.66%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.36%.

    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/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Fargo level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 38 6.79% $6,595
    UNITED WHOLESALE MORTGAGE, LLC 32 5.96% $6,794
    Gate City Bank 19 6.24% $6,340
    VALLEY MORTGAGE, INC. 12 6.30% $8,652
    First International Bank & Trust 12 6.17% $5,830
    TOWN AND COUNTRY Credit Union 10 5.70% $8,621
    FREEDOM MORTGAGE CORPORATION 7 6.66% $13,077
    NAVY FEDERAL CREDIT UNION 6 5.69% $8,539
    PENNYMAC LOAN SERVICES, LLC 6 5.58% $4,441
    QUICKEN LOANS, LLC 5 6.52% $9,902
    USAA Federal Savings Bank 5 6.88% $7,274
    Wells Fargo Bank 5 5.88% $5,831
    FIRST COMMUNITY CREDIT UNION 5 5.97% $5,721
    LOANDEPOT.COM, LLC 5 5.89% $8,788
    Mr. Cooper ( Nationstar Mortgage ) 5 6.05% $10,495
    CAPITAL CREDIT UNION 4 5.75% $11,533
    Bell Bank 3 6.50% $4,008
    NEWREZ LLC 3 6.88% $14,161
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 5.79% $11,680
    Western State Bank 3 6.88% $2,212
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.25% $12,143
    TOWNE MORTGAGE COMPANY 2 7.06% $12,762
    BAY EQUITY LLC 2 6.63% $7,993
    The Federal Savings Bank 2 6.06% $15,295
    First Western Bank & Trust 2 5.94% $4,550
    Flagstar Bank, FSB 2 6.25% $9,053
    U.S. Bank 2 7.06% $3,950
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.25% $16,939
    Barrington Bank & Trust Company, N.A. 2 5.25% $3,403
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.56% $11,400
    NEW DAY FINANCIAL, LLC 1 7.75% $18,145
    Bremer Bank 1 6.75% $5,655
    BROKER SOLUTIONS, INC. 1 6.75% $7,478
    CRESCENT MORTGAGE COMPANY 1 5.75% $10,136
    CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $7,337
    GUARANTEED RATE, INC. 1 7.50% $575
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.50% $15,368
    Nations Lending Corporation 1 4.75% $19,014
    Alerus Financial 1 6.75% $4,214
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 6.75% $4,141
    Unify Home Lending Inc. 1 6.75% $6,066

    The top Fargo VA lender as defined by loan originations is Mortgage Research Center, LLC, with 38 VA loans originated. Their average total fees are $6,595, which is $199 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Fargo VA lenders (with over 10 loans originated) are First International Bank & Trust ($5,830), Gate City Bank ($6,340), Mortgage Research Center, LLC ($6,595), UNITED WHOLESALE MORTGAGE, LLC ($6,794) and TOWN AND COUNTRY Credit Union ($8,621).

    The lowest rate Fargo VA lenders (with over 10 loans originated) are TOWN AND COUNTRY Credit Union (5.70%), UNITED WHOLESALE MORTGAGE, LLC (5.96%), First International Bank & Trust (6.17%), Gate City Bank (6.24%) and VALLEY MORTGAGE, INC. (6.30%).

    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.