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 21 lenders originated 47 VA loans during 2023. The total origination value was $12,905,000, with an average VA loan value of $274,574.

    Fergus Falls VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Fergus Falls averaged 0.4% for the week of 2024-11-15, compared to the national average (all VA variants) of 0% for the same period.

    Fergus Falls's average VA mortgage closing costs are $5,345.

    The average rate for the prior week (2024-11-08) was 6.61% and one month ago for the week of 2024-10-11, the average rate was 5.97%.

    The average rate one year ago was 7.66%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.1%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 11 7.10% $3,947
    UNITED WHOLESALE MORTGAGE, LLC 8 6.81% $11,715
    QUICKEN LOANS, LLC 3 5.87% $14,109
    PENNYMAC LOAN SERVICES, LLC 2 6.75% $7,287
    USAA Federal Savings Bank 2 5.88% $5,460
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 7.19% $5,613
    BROKER SOLUTIONS, INC. 2 7.31% $9,916
    LOANDEPOT.COM, LLC 1 5.00% $17,876
    NBKC BANK 1 6.88% $2,188
    Prosperity Home Mortgage, LLC 1 6.38% $4,549
    The Federal Savings Bank 1 5.75% $23,409
    Tradition Mortgage, LLC 1 6.13% $16,803
    VALLEY MORTGAGE, INC. 1 5.75% $11,633
    Bell Bank 1 7.13% $5,978
    VILLAGE CAPITAL MORTGAGE 1 6.75% $62,486
    Equity Prime Mortgage LLC 1 6.88% $12,511
    Firstar Bank 1 6.75% $2,752
    First International Bank & Trust 1 6.00% $4,969
    Gate City Bank 1 6.38% $11,249
    GUARANTEED RATE AFFINITY, LLC 1 6.15% $18,020
    GUARANTEED RATE, INC. 1 7.50% $3,613

    The top Fergus Falls VA lender as defined by loan originations is Mortgage Research Center, LLC, with 11 VA loans originated. Their average total fees are $3,947, which is $7,768 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 ($3,947), .

    The lowest rate Fergus Falls VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (7.10%), .

    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 $217,367 (8.7%) $343,043 (19.2%) 0.00 261
    2018-02-01 $219,450 (11.3%) $351,429 (23.6%) 0.00 268
    2018-03-01 $231,950 (5.8%) $365,402 (22.2%) 0.00 288
    2018-04-01 $244,900 (2.1%) $362,485 (13.5%) 0.00 357
    2018-05-01 $246,875 (0.2%) $352,374 (9.2%) 0.00 422
    2018-06-01 $259,000 (7.9%) $349,950 (9.9%) 0.00 477
    2018-07-01 $259,450 (12.8%) $337,082 (8.0%) 0.00 473
    2018-08-01 $263,750 (17.3%) $335,496 (8.2%) 0.00 461
    2018-09-01 $249,950 (11.1%) $323,556 (4.2%) 0.00 467
    2018-10-01 $249,900 (14.1%) $316,869 (2.2%) 0.00 433
    2018-11-01 $249,675 (14.8%) $316,477 (-1.9%) 0.00 353
    2018-12-01 $242,200 (11.4%) $309,160 (-6.8%) 0.00 293
    2019-01-01 $229,900 (5.8%) $281,370 (-18.0%) 0.00 221
    2019-02-01 $239,900 (9.3%) $303,604 (-13.6%) 0.00 216
    2019-03-01 $254,707 (9.8%) $321,792 (-11.9%) 0.00 243
    2019-04-01 $271,257 (10.8%) $340,541 (-6.1%) 0.00 276
    2019-05-01 $263,700 (6.8%) $343,469 (-2.5%) 0.00 357
    2019-06-01 $249,900 (-3.5%) $333,677 (-4.7%) 0.00 397
    2019-07-01 $261,825 (0.9%) $338,677 (0.5%) 0.00 387
    2019-08-01 $261,427 (-0.9%) $331,796 (-1.1%) 0.00 373
    2019-09-01 $254,943 (2.0%) $322,133 (-0.4%) 0.00 359
    2019-10-01 $249,900 (0.0%) $317,804 (0.3%) 0.00 337
    2019-11-01 $244,900 (-1.9%) $313,463 (-1.0%) 0.00 275
    2019-12-01 $241,150 (-0.4%) $297,205 (-3.9%) 0.00 213
    2020-01-01 $228,500 (-0.6%) $280,268 (-0.4%) 0.00 172
    2020-02-01 $228,500 (-4.8%) $277,428 (-8.6%) 0.00 183
    2020-03-01 $237,425 (-6.8%) $300,844 (-6.5%) 0.00 235
    2020-04-01 $237,675 (-12.4%) $300,310 (-11.8%) 0.00 255
    2020-05-01 $269,900 (2.4%) $336,324 (-2.1%) 0.00 278
    2020-06-01 $269,900 (8.0%) $336,310 (0.8%) 0.00 273
    2020-07-01 $269,925 (3.1%) $349,155 (3.1%) 0.00 268
    2020-08-01 $269,900 (3.2%) $342,075 (3.1%) 0.00 250
    2020-09-01 $271,175 (6.4%) $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 (-4.3%) $322,123 (2.8%) 0.00 185
    2020-12-01 $249,000 (3.3%) $337,712 (13.6%) 0.00 150
    2021-01-01 $247,000 (8.1%) $352,492 (25.8%) 0.00 107
    2021-02-01 $236,975 (3.7%) $368,031 (32.7%) 0.00 89
    2021-03-01 $247,975 (4.4%) $386,663 (28.5%) 0.00 99
    2021-04-01 $271,175 (14.1%) $424,809 (41.5%) 0.00 107
    2021-05-01 $269,900 (0.0%) $404,886 (20.4%) 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 (11.6%) 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 (25.4%) $431,912 (1.7%) 0.00 90
    2022-05-01 $327,500 (21.3%) $430,649 (6.4%) 0.00 126
    2022-06-01 $314,250 (22.4%) $435,358 (12.8%) 0.00 175
    2022-07-01 $332,450 (10.9%) $444,910 (6.8%) 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 (27.0%) $521,525 (19.8%) 0.00 167
    2023-07-01 $399,750 (20.2%) $500,951 (12.6%) 0.00 204
    2023-08-01 $409,500 (17.0%) $498,603 (11.3%) 0.00 225
    2023-09-01 $398,500 (13.9%) $474,538 (9.3%) 0.00 234
    2023-10-01 $382,850 (14.3%) $468,184 (12.8%) 0.00 225
    2023-11-01 $367,000 (5.6%) $453,466 (5.5%) 0.00 206
    2023-12-01 $354,950 (-1.3%) $450,374 (1.6%) 0.00 185
    2024-01-01 $342,375 (-4.0%) $443,588 (4.6%) 0.00 145
    2024-02-01 $347,225 (2.7%) $457,947 (6.9%) 0.00 125
    2024-03-01 $389,000 (4.4%) $482,290 (3.6%) 0.00 159
    2024-04-01 $399,900 (0.2%) $491,447 (-7.2%) 0.00 181
    2024-05-01 $402,425 (0.8%) $484,110 (-8.9%) 0.00 230
    2024-06-01 $425,000 (6.5%) $538,712 (3.3%) 0.00 247
    2024-07-01 $422,500 (5.7%) $579,197 (15.6%) 0.00 241
    2024-08-01 $399,900 (-2.3%) $554,307 (11.2%) 0.00 250
    2024-09-01 $389,900 (-2.2%) $554,205 (16.8%) 0.00 262
    2024-10-01 $372,100 (-2.8%) $540,594 (15.5%) 0.00 247
    Fergus Falls's median listing price for 2024-10-01 was $372,100, a difference of $-10,750 (-2.8%) versus the prior year and $-17,800 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 2024-10-01 was $540,594, a difference of $72,410 (15.5%) versus the prior year and $-13,611 versus the prior month.

    For the 2024-10-01 period, Fergus Falls had 247 MLS listings, a difference of -15 listings (-6%) versus the prior month and 22 listings (10%) 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 1,742 sqft
    2018-02-01 0 days 1,737 sqft
    2018-03-01 0 days 1,819 sqft
    2018-04-01 0 days 1,868 sqft
    2018-05-01 0 days 1,865 sqft
    2018-06-01 0 days 1,911 sqft
    2018-07-01 0 days 1,932 sqft
    2018-08-01 0 days 2,000 sqft
    2018-09-01 0 days 2,000 sqft
    2018-10-01 0 days 2,018 sqft
    2018-11-01 0 days 2,058 sqft
    2018-12-01 0 days 2,005 sqft
    2019-01-01 0 days 1,990 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 1,871 sqft
    2019-07-01 0 days 1,915 sqft
    2019-08-01 0 days 1,896 sqft
    2019-09-01 0 days 1,884 sqft
    2019-10-01 0 days 1,876 sqft
    2019-11-01 0 days 1,872 sqft
    2019-12-01 0 days 1,857 sqft
    2020-01-01 0 days 1,757 sqft
    2020-02-01 0 days 1,804 sqft
    2020-03-01 0 days 1,790 sqft
    2020-04-01 0 days 1,776 sqft
    2020-05-01 0 days 1,894 sqft
    2020-06-01 0 days 1,915 sqft
    2020-07-01 0 days 2,000 sqft
    2020-08-01 0 days 1,904 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 1,897 sqft
    2021-05-01 0 days 1,929 sqft
    2021-06-01 0 days 1,769 sqft
    2021-07-01 0 days 1,936 sqft
    2021-08-01 0 days 1,999 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 2,042 sqft
    2022-07-01 0 days 1,900 sqft
    2022-08-01 0 days 1,883 sqft
    2022-09-01 0 days 1,716 sqft
    2022-10-01 0 days 1,768 sqft
    2022-11-01 0 days 1,806 sqft
    2022-12-01 0 days 1,872 sqft
    2023-01-01 0 days 1,875 sqft
    2023-02-01 0 days 1,877 sqft
    2023-03-01 0 days 1,894 sqft
    2023-04-01 0 days 1,920 sqft
    2023-05-01 0 days 1,962 sqft
    2023-06-01 0 days 2,005 sqft
    2023-07-01 0 days 1,898 sqft
    2023-08-01 0 days 1,971 sqft
    2023-09-01 0 days 1,984 sqft
    2023-10-01 0 days 1,986 sqft
    2023-11-01 0 days 1,951 sqft
    2023-12-01 0 days 1,908 sqft
    2024-01-01 0 days 1,909 sqft
    2024-02-01 0 days 1,947 sqft
    2024-03-01 0 days 1,872 sqft
    2024-04-01 0 days 1,847 sqft
    2024-05-01 0 days 1,904 sqft
    2024-06-01 0 days 1,902 sqft
    2024-07-01 0 days 1,875 sqft
    2024-08-01 0 days 1,902 sqft
    2024-09-01 0 days 1,832 sqft
    2024-10-01 0 days 1,842 sqft
    Fergus Falls's median listing age (time on market) for 2024-10-01 was 0 days.

    Fergus Falls's median square footage for active listings during the 2024-10-01 period was 1,842 sqft. One year prior, the average listing was 1,986 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.