Fargo VA Loan Rates, Closing Costs & Stats

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 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 43 lenders originated 365 VA loans during 2022. The total origination value was $106,575,000, with an average VA loan value of $291,986.

Fargo VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Fargo averaged 6.05% for the week of 2024-03-01, compared to the national average (all VA variants) of 6.517% for the same period.

Fargo's average VA mortgage closing costs are $5,509.

The average rate for the prior week (2024-02-23) was 6.08% and one month ago for the week of 2024-01-26, the average rate was 5.61%.

The average rate one year ago was 5.75%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.18%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Mortgage Research Center, LLC 57 5.01% $7,451
UNITED WHOLESALE MORTGAGE, LLC 54 4.54% $7,458
NEWREZ LLC 29 3.96% $6,880
Gate City Bank 25 4.30% $6,993
USAA Federal Savings Bank 14 5.11% $4,988
TOWN AND COUNTRY Credit Union 14 3.84% $6,807
Bell Bank 11 4.75% $5,271
First International Bank & Trust 10 5.00% $6,786
Wells Fargo Bank 9 4.86% $6,821
PENNYMAC LOAN SERVICES, LLC 9 3.33% $5,215
FREEDOM MORTGAGE CORPORATION 9 5.07% $14,726
First Western Bank & Trust 8 4.00% $3,865
NAVY FEDERAL CREDIT UNION 8 4.52% $2,483
GUARANTEED RATE, INC. 8 4.53% $10,165
U.S. Bank 7 4.89% $8,563
The Federal Savings Bank 6 5.13% $16,419
FIRST COMMUNITY CREDIT UNION 6 4.63% $7,302
CARDINAL FINANCIAL 6 4.56% $10,276
LOANDEPOT.COM, LLC 6 5.37% $6,710
Western State Bank 5 5.19% $7,550
CALIBER HOME LOANS, INC. 5 4.62% $9,711
FINANCE OF AMERICA MORTGAGE LLC 5 5.00% $8,206
QUICKEN LOANS, LLC 5 4.72% $11,482
ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 5.03% $9,655
CAPITAL CREDIT UNION 4 4.09% $10,161
Bremer Bank 3 4.38% $9,349
Barrington Bank & Trust Company, N.A. 3 5.75% $7,158
AMERISAVE MORTGAGE CORPORATION 2 3.88% $15,671
Armed Forces Bank 2 4.88% $6,042
VALLEY MORTGAGE, INC. 2 5.93% $7,492
BROKER SOLUTIONS, INC. 1 5.63% $7,074
PLAZA HOME MORTGAGE, INC. 1 5.13% $6,733
ALAMEDA MORTGAGE CORPORATION 1 5.88% $13,687
Texana Bank 1 5.13% $6,966
AMERICAN FINANCING CORPORATION 1 7.00% $4,203
Magnolia Bank 1 2.75% $5,770
Lend Smart Mortgage, LLC 1 4.00% $9,780
JPMorgan Chase Bank 1 2.75% $7,652
Mr. Cooper ( Nationstar Mortgage ) 1 2.75% $1,899
First Federal Bank 1 8.00% $5,582
NFM, INC. 1 5.75% $1,726
North American Savings Bank, F.S.B. 1 2.75% $9,559
OPEN MORTGAGE, LLC 1 4.00% $5,046

The top Fargo VA lender as defined by loan originations is Mortgage Research Center, LLC, with 57 VA loans originated. Their average total fees are $7,451, which is $7 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Fargo VA lenders (with over 10 loans originated) are USAA Federal Savings Bank ($4,988), Bell Bank ($5,271), First International Bank & Trust ($6,786), TOWN AND COUNTRY Credit Union ($6,807) and NEWREZ LLC ($6,880).

The lowest rate Fargo VA lenders (with over 10 loans originated) are TOWN AND COUNTRY Credit Union (3.84%), NEWREZ LLC (3.96%), Gate City Bank (4.30%), UNITED WHOLESALE MORTGAGE, LLC (4.54%) and Bell Bank (4.75%).


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 $259,875 (2.4%) $302,763 (-1.4%) 0.96 848
2018-02-01 $254,923 (-1.9%) $302,147 (-8.2%) 0.93 870
2018-03-01 $256,731 (-4.3%) $302,402 (-9.0%) 0.90 873
2018-04-01 $260,031 (-3.7%) $308,176 (-7.5%) 0.88 930
2018-05-01 $260,772 (-4.9%) $309,626 (-5.2%) 0.87 1,051
2018-06-01 $262,950 (-2.8%) $306,589 (-5.6%) 0.88 1,132
2018-07-01 $260,028 (-2.3%) $302,992 (-6.0%) 0.87 1,167
2018-08-01 $259,900 (2.0%) $302,860 (-0.4%) 0.87 1,206
2018-09-01 $254,990 (1.3%) $302,135 (0.2%) 0.86 1,233
2018-10-01 $250,672 (-0.1%) $299,192 (-0.6%) 0.85 1,217
2018-11-01 $249,900 (-1.7%) $300,693 (1.1%) 0.85 1,154
2018-12-01 $249,900 (-2.4%) $300,615 (1.0%) 0.86 1,014
2019-01-01 $249,900 (-3.8%) $302,671 (0.0%) 0.86 893
2019-02-01 $258,120 (1.3%) $307,307 (1.7%) 0.87 914
2019-03-01 $259,734 (1.2%) $310,018 (2.5%) 0.85 984
2019-04-01 $261,197 (0.5%) $312,610 (1.4%) 0.83 1,074
2019-05-01 $263,125 (0.9%) $310,015 (0.1%) 0.82 1,229
2019-06-01 $259,900 (-1.2%) $306,864 (0.1%) 0.81 1,296
2019-07-01 $259,409 (-0.2%) $305,120 (0.7%) 0.81 1,307
2019-08-01 $252,793 (-2.7%) $299,375 (-1.2%) 0.80 1,341
2019-09-01 $249,634 (-2.1%) $294,773 (-2.4%) 0.80 1,366
2019-10-01 $247,029 (-1.5%) $290,375 (-3.0%) 0.80 1,383
2019-11-01 $245,000 (-2.0%) $287,972 (-4.2%) 0.80 1,292
2019-12-01 $240,813 (-3.6%) $288,241 (-4.1%) 0.80 1,113
2020-01-01 $239,945 (-4.0%) $290,503 (-4.0%) 0.80 954
2020-02-01 $245,000 (-5.1%) $294,462 (-4.2%) 0.80 896
2020-03-01 $249,950 (-3.8%) $295,028 (-4.8%) 0.78 925
2020-04-01 $259,700 (-0.6%) $300,764 (-3.8%) 0.81 947
2020-05-01 $264,900 (0.7%) $306,507 (-1.1%) 0.81 933
2020-06-01 $269,925 (3.9%) $316,753 (3.2%) 0.80 932
2020-07-01 $269,900 (4.0%) $317,613 (4.1%) 0.78 872
2020-08-01 $269,900 (6.8%) $324,959 (8.6%) 0.77 875
2020-09-01 $269,881 (8.1%) $319,652 (8.4%) 0.77 848
2020-10-01 $269,778 (9.2%) $315,867 (8.8%) 0.77 812
2020-11-01 $269,545 (10.0%) $310,647 (7.9%) 0.79 749
2020-12-01 $271,912 (12.9%) $310,338 (7.7%) 0.81 662
2021-01-01 $278,943 (16.3%) $323,634 (11.4%) 0.83 537
2021-02-01 $295,236 (20.5%) $343,026 (16.5%) 0.86 454
2021-03-01 $296,554 (18.7%) $338,955 (14.9%) 0.84 438
2021-04-01 $302,000 (16.3%) $347,715 (15.6%) 0.82 455
2021-05-01 $315,000 (18.9%) $358,070 (16.8%) 0.84 451
2021-06-01 $318,700 (18.1%) $359,532 (13.5%) 0.84 506
2021-07-01 $319,950 (18.5%) $357,813 (12.7%) 0.84 532
2021-08-01 $317,400 (17.6%) $358,237 (10.2%) 0.85 560
2021-09-01 $318,633 (18.1%) $348,420 (9.0%) 0.85 561
2021-10-01 $327,055 (21.2%) $350,217 (10.9%) 0.87 544
2021-11-01 $328,495 (21.9%) $351,257 (13.1%) 0.88 506
2021-12-01 $338,995 (24.7%) $361,565 (16.5%) 0.92 416
2022-01-01 $345,000 (23.7%) $360,013 (11.2%) 0.93 364
2022-02-01 $349,950 (18.5%) $385,380 (12.4%) 0.91 351
2022-03-01 $366,835 (23.7%) $429,715 (26.8%) 0.92 338
2022-04-01 $370,000 (22.5%) $426,661 (22.7%) 0.88 378
2022-05-01 $371,366 (17.9%) $418,168 (16.8%) 0.85 476
2022-06-01 $362,752 (13.8%) $409,167 (13.8%) 0.81 540
2022-07-01 $369,350 (15.4%) $419,740 (17.3%) 0.83 553
2022-08-01 $364,325 (14.8%) $419,626 (17.1%) 0.84 571
2022-09-01 $359,910 (13.0%) $409,412 (17.5%) 0.84 636
2022-10-01 $354,911 (8.5%) $403,402 (15.2%) 0.84 670
2022-11-01 $353,955 (7.8%) $404,681 (15.2%) 0.85 711
2022-12-01 $354,900 (4.7%) $398,181 (10.1%) 0.88 680
2023-01-01 $364,978 (5.8%) $412,112 (14.5%) 0.90 596
2023-02-01 $377,225 (7.8%) $425,879 (10.5%) 0.91 542
2023-03-01 $380,893 (3.8%) $434,033 (1.0%) 0.90 546
2023-04-01 $382,465 (3.4%) $441,858 (3.6%) 0.89 551
2023-05-01 $389,900 (5.0%) $449,183 (7.4%) 0.88 621
2023-06-01 $389,900 (7.5%) $449,646 (9.9%) 0.88 659
2023-07-01 $385,000 (4.2%) $441,257 (5.1%) 0.88 672
2023-08-01 $372,546 (2.3%) $433,623 (3.3%) 0.86 735
2023-09-01 $364,900 (1.4%) $409,719 (0.1%) 0.85 868
2023-10-01 $357,843 (0.8%) $403,301 (0.0%) 0.84 858
2023-11-01 $354,975 (0.3%) $403,984 (-0.2%) 0.85 861
2023-12-01 $360,350 (1.5%) $410,772 (3.2%) 0.88 734
2024-01-01 $359,900 (-1.4%) $413,610 (0.4%) 0.88 642
Fargo's median listing price for 2024-01-01 was $359,900, a difference of $-5,078 (-1.4%) versus the prior year and $-450 versus the prior month.

Fargo's median listing price comes in at 88% of the national average.

Fargo's average listing price for 2024-01-01 was $413,610, a difference of $1,498 (0.4%) versus the prior year and $2,838 versus the prior month.

For the 2024-01-01 period, Fargo had 642 MLS listings, a difference of -92 listings (-13%) versus the prior month and 46 listings (8%) 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 88 days 2,339 sqft
2018-02-01 48 days 2,298 sqft
2018-03-01 53 days 2,314 sqft
2018-04-01 46 days 2,347 sqft
2018-05-01 39 days 2,390 sqft
2018-06-01 40 days 2,399 sqft
2018-07-01 49 days 2,365 sqft
2018-08-01 55 days 2,352 sqft
2018-09-01 58 days 2,340 sqft
2018-10-01 65 days 2,317 sqft
2018-11-01 73 days 2,268 sqft
2018-12-01 85 days 2,240 sqft
2019-01-01 86 days 2,217 sqft
2019-02-01 78 days 2,230 sqft
2019-03-01 60 days 2,242 sqft
2019-04-01 46 days 2,255 sqft
2019-05-01 39 days 2,256 sqft
2019-06-01 46 days 2,274 sqft
2019-07-01 57 days 2,296 sqft
2019-08-01 58 days 2,274 sqft
2019-09-01 60 days 2,255 sqft
2019-10-01 61 days 2,234 sqft
2019-11-01 69 days 2,230 sqft
2019-12-01 87 days 2,201 sqft
2020-01-01 95 days 2,201 sqft
2020-02-01 91 days 2,201 sqft
2020-03-01 65 days 2,213 sqft
2020-04-01 59 days 2,237 sqft
2020-05-01 57 days 2,274 sqft
2020-06-01 45 days 2,340 sqft
2020-07-01 46 days 2,340 sqft
2020-08-01 51 days 2,345 sqft
2020-09-01 50 days 2,340 sqft
2020-10-01 57 days 2,296 sqft
2020-11-01 67 days 2,225 sqft
2020-12-01 83 days 2,214 sqft
2021-01-01 71 days 2,239 sqft
2021-02-01 47 days 2,355 sqft
2021-03-01 47 days 2,360 sqft
2021-04-01 36 days 2,324 sqft
2021-05-01 33 days 2,341 sqft
2021-06-01 32 days 2,349 sqft
2021-07-01 38 days 2,343 sqft
2021-08-01 44 days 2,401 sqft
2021-09-01 53 days 2,383 sqft
2021-10-01 60 days 2,396 sqft
2021-11-01 62 days 2,389 sqft
2021-12-01 80 days 2,438 sqft
2022-01-01 75 days 2,417 sqft
2022-02-01 58 days 2,410 sqft
2022-03-01 56 days 2,372 sqft
2022-04-01 38 days 2,332 sqft
2022-05-01 30 days 2,359 sqft
2022-06-01 34 days 2,318 sqft
2022-07-01 44 days 2,326 sqft
2022-08-01 46 days 2,318 sqft
2022-09-01 43 days 2,258 sqft
2022-10-01 51 days 2,250 sqft
2022-11-01 58 days 2,212 sqft
2022-12-01 71 days 2,183 sqft
2023-01-01 86 days 2,185 sqft
2023-02-01 86 days 2,190 sqft
2023-03-01 62 days 2,183 sqft
2023-04-01 57 days 2,190 sqft
2023-05-01 53 days 2,241 sqft
2023-06-01 51 days 2,341 sqft
2023-07-01 53 days 2,341 sqft
2023-08-01 57 days 2,267 sqft
2023-09-01 57 days 2,266 sqft
2023-10-01 61 days 2,251 sqft
2023-11-01 60 days 2,250 sqft
2023-12-01 72 days 2,242 sqft
2024-01-01 76 days 2,200 sqft
Fargo's median listing age (time on market) for 2024-01-01 was 76 days. This is -12% shorter than the same period one year ago.

Fargo's median square footage for active listings during the 2024-01-01 period was 2,200 sqft. One year prior, the average listing was 2,185 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.