Fergus Falls VA Loan Rates, Closing Costs & Stats

Fergus Falls, 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.

    Fergus Falls's 30 lenders originated 70 VA loans during 2024. The total origination value was $20,300,000, with an average VA loan value of $290,000.

    Fergus Falls VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Fergus Falls averaged 7.08% for the week of 2025-05-23, compared to the national average (all VA variants) of 6.52% for the same period.

    Fergus Falls's average VA mortgage closing costs are $5,576.

    The average rate for the prior week (2025-05-16) was 6.86% and one month ago for the week of 2025-04-18, the average rate was 6.93%.

    The average rate one year ago was 6.75%.

    For refis of the same type during the week of 2025-05-23, the average rate was 6.89%.

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

    Fergus Falls 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 Fergus Falls level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Mortgage Research Center, LLC 14 6.27% $4,774
    UNITED WHOLESALE MORTGAGE, LLC 12 5.85% $7,549
    QUICKEN LOANS, LLC 5 6.00% $11,048
    PENNYMAC LOAN SERVICES, LLC 4 5.56% $4,465
    Gate City Bank 2 6.13% $8,717
    VILLAGE CAPITAL MORTGAGE 2 5.13% $7,627
    NAVY FEDERAL CREDIT UNION 2 5.50% $5,184
    GUARANTEED RATE, INC. 2 6.37% $3,649
    Barrington Bank & Trust Company, N.A. 2 6.25% $3,829
    MOVEMENT MORTGAGE, LLC 1 6.75% $11,094
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $6,455
    Bank of Colorado 1 5.63% $4,736
    NEW DAY FINANCIAL, LLC 1 7.99% $14,891
    NEWREZ LLC 1 5.25% $3,098
    Plains Commerce Bank 1 6.50% $2,933
    PLANET HOME LENDING, LLC 1 5.50% $5,184
    Texana Bank 1 6.75% $20,995
    The Federal Savings Bank 1 6.63% $30,946
    Tradition Mortgage, LLC 1 6.13% $2,807
    USAA Federal Savings Bank 1 6.50% $3,208
    VALLEY MORTGAGE, INC. 1 6.25% $10,260
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.13% $6,073
    Bell Bank 1 6.38% $6,209
    Bremer Bank 1 6.63% $3,252
    BROKER SOLUTIONS, INC. 1 6.75% $2,563
    First Bank & Trust 1 6.00% $10,363
    Flagstar Bank, FSB 1 6.25% $13,787
    FREEDOM MORTGAGE CORPORATION 1 5.75% $10,523
    LOANPAL, LLC 1 6.13% $13,291
    Magnolia Bank 1 6.75% $14,801

    The top Fergus Falls VA lender as defined by loan originations is Mortgage Research Center, LLC, with 14 VA loans originated. Their average total fees are $4,774, which is $2,776 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Fergus Falls VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,774), UNITED WHOLESALE MORTGAGE, LLC ($7,549), .

    The lowest rate Fergus Falls VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (5.85%), Mortgage Research Center, LLC (6.27%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Fergus Falls (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 $216,642 (8.4%) $342,295 (19.1%) 0.00 261
    2018-02-01 $218,900 (11.0%) $350,889 (23.8%) 0.00 268
    2018-03-01 $227,000 (3.7%) $364,960 (22.8%) 0.00 287
    2018-04-01 $241,000 (0.5%) $361,572 (13.4%) 0.00 355
    2018-05-01 $243,625 (-0.7%) $351,913 (9.0%) 0.00 421
    2018-06-01 $254,950 (6.3%) $348,306 (9.1%) 0.00 476
    2018-07-01 $259,225 (12.7%) $335,418 (7.2%) 0.00 472
    2018-08-01 $261,750 (16.4%) $335,087 (7.9%) 0.00 461
    2018-09-01 $249,900 (11.1%) $323,237 (3.9%) 0.00 467
    2018-10-01 $249,450 (14.2%) $316,549 (2.6%) 0.00 433
    2018-11-01 $248,225 (15.3%) $316,130 (-1.3%) 0.00 352
    2018-12-01 $241,900 (11.9%) $309,270 (-6.6%) 0.00 292
    2019-01-01 $229,900 (6.1%) $281,050 (-17.9%) 0.00 222
    2019-02-01 $239,900 (9.6%) $303,604 (-13.5%) 0.00 216
    2019-03-01 $254,707 (12.2%) $321,792 (-11.8%) 0.00 243
    2019-04-01 $271,257 (12.6%) $340,541 (-5.8%) 0.00 276
    2019-05-01 $263,700 (8.2%) $343,469 (-2.4%) 0.00 357
    2019-06-01 $249,900 (-2.0%) $333,637 (-4.2%) 0.00 395
    2019-07-01 $260,100 (0.3%) $338,624 (1.0%) 0.00 385
    2019-08-01 $258,155 (-1.4%) $331,780 (-1.0%) 0.00 371
    2019-09-01 $253,511 (1.5%) $322,139 (-0.3%) 0.00 358
    2019-10-01 $249,900 (0.2%) $317,830 (0.4%) 0.00 336
    2019-11-01 $242,400 (-2.4%) $315,512 (-0.2%) 0.00 275
    2019-12-01 $241,288 (-0.3%) $297,418 (-3.8%) 0.00 212
    2020-01-01 $228,625 (-0.6%) $280,719 (-0.1%) 0.00 171
    2020-02-01 $228,500 (-4.8%) $277,844 (-8.5%) 0.00 182
    2020-03-01 $237,450 (-6.8%) $301,270 (-6.4%) 0.00 233
    2020-04-01 $238,675 (-12.0%) $300,698 (-11.7%) 0.00 254
    2020-05-01 $269,900 (2.4%) $336,799 (-1.9%) 0.00 277
    2020-06-01 $269,900 (8.0%) $336,549 (0.9%) 0.00 273
    2020-07-01 $269,925 (3.8%) $349,155 (3.1%) 0.00 267
    2020-08-01 $269,900 (4.6%) $342,442 (3.2%) 0.00 249
    2020-09-01 $271,175 (7.0%) $355,209 (10.3%) 0.00 233
    2020-10-01 $259,900 (4.0%) $343,779 (8.2%) 0.00 198
    2020-11-01 $234,500 (-3.3%) $322,123 (2.1%) 0.00 185
    2020-12-01 $249,000 (3.2%) $337,712 (13.6%) 0.00 150
    2021-01-01 $247,000 (8.0%) $352,492 (25.6%) 0.00 107
    2021-02-01 $236,975 (3.7%) $368,031 (32.5%) 0.00 89
    2021-03-01 $247,975 (4.4%) $386,663 (28.3%) 0.00 99
    2021-04-01 $272,400 (14.1%) $424,428 (41.2%) 0.00 105
    2021-05-01 $269,900 (0.0%) $404,107 (20.0%) 0.00 100
    2021-06-01 $256,750 (-4.9%) $385,879 (14.7%) 0.00 114
    2021-07-01 $299,900 (11.1%) $416,560 (19.3%) 0.00 133
    2021-08-01 $271,850 (0.7%) $381,708 (11.5%) 0.00 164
    2021-09-01 $277,700 (2.4%) $375,837 (5.8%) 0.00 164
    2021-10-01 $287,450 (10.6%) $408,257 (18.8%) 0.00 150
    2021-11-01 $264,975 (13.0%) $415,181 (28.9%) 0.00 107
    2021-12-01 $249,900 (0.4%) $377,940 (11.9%) 0.00 86
    2022-01-01 $259,000 (4.9%) $399,755 (13.4%) 0.00 68
    2022-02-01 $322,450 (36.1%) $431,871 (17.4%) 0.00 72
    2022-03-01 $333,725 (34.6%) $421,828 (9.1%) 0.00 70
    2022-04-01 $339,950 (24.8%) $431,912 (1.8%) 0.00 90
    2022-05-01 $327,500 (21.3%) $430,649 (6.6%) 0.00 126
    2022-06-01 $313,500 (22.1%) $433,506 (12.3%) 0.00 174
    2022-07-01 $329,900 (10.0%) $443,519 (6.5%) 0.00 189
    2022-08-01 $349,900 (28.7%) $448,065 (17.4%) 0.00 180
    2022-09-01 $349,900 (26.0%) $434,274 (15.6%) 0.00 174
    2022-10-01 $335,000 (16.5%) $415,098 (1.7%) 0.00 166
    2022-11-01 $347,400 (31.1%) $429,753 (3.5%) 0.00 137
    2022-12-01 $359,450 (43.8%) $443,454 (17.3%) 0.00 112
    2023-01-01 $356,725 (37.7%) $424,236 (6.1%) 0.00 84
    2023-02-01 $338,000 (4.8%) $428,483 (-0.8%) 0.00 75
    2023-03-01 $372,450 (11.6%) $465,515 (10.4%) 0.00 89
    2023-04-01 $399,000 (17.4%) $529,621 (22.6%) 0.00 109
    2023-05-01 $399,350 (21.9%) $531,323 (23.4%) 0.00 152
    2023-06-01 $399,125 (27.3%) $520,197 (20.0%) 0.00 166
    2023-07-01 $399,500 (21.1%) $498,061 (12.3%) 0.00 203
    2023-08-01 $400,000 (14.3%) $490,006 (9.4%) 0.00 223
    2023-09-01 $389,900 (11.4%) $465,102 (7.1%) 0.00 229
    2023-10-01 $373,350 (11.5%) $458,529 (10.5%) 0.00 220
    2023-11-01 $358,450 (3.2%) $442,476 (3.0%) 0.00 202
    2023-12-01 $349,950 (-2.6%) $437,221 (-1.4%) 0.00 181
    2024-01-01 $340,000 (-4.7%) $428,940 (1.1%) 0.00 143
    2024-02-01 $343,875 (1.7%) $442,405 (3.3%) 0.00 123
    2024-03-01 $389,000 (4.4%) $472,225 (1.4%) 0.00 157
    2024-04-01 $399,900 (0.2%) $482,055 (-9.0%) 0.00 178
    2024-05-01 $399,900 (0.1%) $475,481 (-10.5%) 0.00 228
    2024-06-01 $419,900 (5.2%) $515,842 (-0.8%) 0.00 244
    2024-07-01 $419,975 (5.1%) $572,527 (15.0%) 0.00 239
    2024-08-01 $399,900 (0.0%) $550,356 (12.3%) 0.00 248
    2024-09-01 $387,950 (-0.5%) $550,229 (18.3%) 0.00 260
    2024-10-01 $371,950 (-0.4%) $536,900 (17.1%) 0.00 246
    2024-11-01 $360,000 (0.4%) $521,636 (17.9%) 0.00 220
    2024-12-01 $359,725 (2.8%) $535,050 (22.4%) 0.00 175
    2025-01-01 $358,225 (5.4%) $552,547 (28.8%) 0.00 152
    2025-02-01 $364,750 (6.1%) $582,627 (31.7%) 0.00 150
    2025-03-01 $385,000 (-1.0%) $585,477 (24.0%) 0.00 167
    2025-04-01 $409,000 (2.3%) $609,324 (26.4%) 0.00 221
    Fergus Falls's median listing price for 2025-04-01 was $409,000, a difference of $9,100 (2.3%) versus the prior year and $24,000 versus the prior month.

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

    Fergus Falls's average listing price for 2025-04-01 was $609,324, a difference of $127,269 (26.4%) versus the prior year and $23,847 versus the prior month.

    For the 2025-04-01 period, Fergus Falls had 221 MLS listings, a difference of 54 listings (32%) versus the prior month and 43 listings (24%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Fergus Falls (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,741 sqft
    2018-02-01 0 days 1,736 sqft
    2018-03-01 0 days 1,805 sqft
    2018-04-01 0 days 1,860 sqft
    2018-05-01 0 days 1,857 sqft
    2018-06-01 0 days 1,911 sqft
    2018-07-01 0 days 1,930 sqft
    2018-08-01 0 days 1,997 sqft
    2018-09-01 0 days 2,000 sqft
    2018-10-01 0 days 2,018 sqft
    2018-11-01 0 days 2,060 sqft
    2018-12-01 0 days 2,008 sqft
    2019-01-01 0 days 1,982 sqft
    2019-02-01 0 days 2,112 sqft
    2019-03-01 0 days 2,098 sqft
    2019-04-01 0 days 2,063 sqft
    2019-05-01 0 days 1,927 sqft
    2019-06-01 0 days 1,872 sqft
    2019-07-01 0 days 1,926 sqft
    2019-08-01 0 days 1,906 sqft
    2019-09-01 0 days 1,890 sqft
    2019-10-01 0 days 1,880 sqft
    2019-11-01 0 days 1,872 sqft
    2019-12-01 0 days 1,859 sqft
    2020-01-01 0 days 1,764 sqft
    2020-02-01 0 days 1,812 sqft
    2020-03-01 0 days 1,791 sqft
    2020-04-01 0 days 1,776 sqft
    2020-05-01 0 days 1,900 sqft
    2020-06-01 0 days 1,917 sqft
    2020-07-01 0 days 2,000 sqft
    2020-08-01 0 days 1,919 sqft
    2020-09-01 0 days 1,920 sqft
    2020-10-01 0 days 1,776 sqft
    2020-11-01 0 days 1,773 sqft
    2020-12-01 0 days 1,776 sqft
    2021-01-01 0 days 1,644 sqft
    2021-02-01 0 days 1,794 sqft
    2021-03-01 0 days 1,934 sqft
    2021-04-01 0 days 1,889 sqft
    2021-05-01 0 days 1,924 sqft
    2021-06-01 0 days 1,767 sqft
    2021-07-01 0 days 1,934 sqft
    2021-08-01 0 days 1,986 sqft
    2021-09-01 0 days 1,944 sqft
    2021-10-01 0 days 2,014 sqft
    2021-11-01 0 days 2,089 sqft
    2021-12-01 0 days 2,013 sqft
    2022-01-01 0 days 1,980 sqft
    2022-02-01 0 days 2,101 sqft
    2022-03-01 0 days 2,172 sqft
    2022-04-01 0 days 1,973 sqft
    2022-05-01 0 days 1,914 sqft
    2022-06-01 0 days 2,037 sqft
    2022-07-01 0 days 1,900 sqft
    2022-08-01 0 days 1,883 sqft
    2022-09-01 0 days 1,717 sqft
    2022-10-01 0 days 1,770 sqft
    2022-11-01 0 days 1,818 sqft
    2022-12-01 0 days 1,877 sqft
    2023-01-01 0 days 1,875 sqft
    2023-02-01 0 days 1,882 sqft
    2023-03-01 0 days 1,901 sqft
    2023-04-01 0 days 1,936 sqft
    2023-05-01 0 days 1,964 sqft
    2023-06-01 0 days 2,016 sqft
    2023-07-01 0 days 1,902 sqft
    2023-08-01 0 days 1,976 sqft
    2023-09-01 0 days 1,984 sqft
    2023-10-01 0 days 1,980 sqft
    2023-11-01 0 days 1,937 sqft
    2023-12-01 0 days 1,908 sqft
    2024-01-01 0 days 1,905 sqft
    2024-02-01 0 days 1,924 sqft
    2024-03-01 0 days 1,832 sqft
    2024-04-01 0 days 1,831 sqft
    2024-05-01 0 days 1,875 sqft
    2024-06-01 0 days 1,872 sqft
    2024-07-01 0 days 1,854 sqft
    2024-08-01 0 days 1,894 sqft
    2024-09-01 0 days 1,815 sqft
    2024-10-01 0 days 1,836 sqft
    2024-11-01 0 days 1,892 sqft
    2024-12-01 0 days 1,944 sqft
    2025-01-01 0 days 1,971 sqft
    2025-02-01 0 days 1,975 sqft
    2025-03-01 0 days 1,936 sqft
    2025-04-01 0 days 1,909 sqft
    Fergus Falls's median listing age (time on market) for 2025-04-01 was 0 days.

    Fergus Falls's median square footage for active listings during the 2025-04-01 period was 1,909 sqft. One year prior, the average listing was 1,831 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.