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 23 lenders originated 51 VA loans during 2022. The total origination value was $14,565,000, with an average VA loan value of $285,588.

    Fergus Falls VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Fergus Falls averaged 6.43% for the week of 2023-05-26, compared to the national average (all VA variants) of 6.408% for the same period.

    Fergus Falls's average VA mortgage closing costs are $4,919.

    The average rate for the prior week (2023-05-19) was 6.16% and one month ago for the week of 2023-04-21, the average rate was 5.88%.

    The average rate one year ago was 5.05%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.68%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 9 5.41% $4,660
    UNITED WHOLESALE MORTGAGE, LLC 7 5.18% $5,370
    Gate City Bank 4 4.53% $4,107
    QUICKEN LOANS, LLC 4 4.65% $11,227
    CALIBER HOME LOANS, INC. 3 5.23% $22,251
    Wells Fargo Bank 2 4.56% $4,552
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 7.00% $3,188
    Barrington Bank & Trust Company, N.A. 2 4.94% $11,040
    NEW DAY FINANCIAL, LLC 1 5.49% $8,168
    Paramount Residential Mortgage Group, Inc. 1 3.50% $27,715
    PENNYMAC LOAN SERVICES, LLC 1 2.63% $2,333
    Plains Commerce Bank 1 4.63% $2,280
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.25% $4,294
    Servion, Inc. 1 3.38% $3,896
    USAA Federal Savings Bank 1 5.13% $3,154
    MUTUAL OF OMAHA MORTGAGE, INC. 1 4.38% $7,413
    Bell Bank 1 4.00% $8,065
    CRESCENT MORTGAGE COMPANY 1 3.25% $9,654
    Flagstar Bank, FSB 1 2.75% $10,292
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.13% $6,983
    Low VA Rates, LLC 1 4.75% $54,721
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $8,641
    Bank of England 1 4.13% $5,311

    The top Fergus Falls VA lender as defined by loan originations is Mortgage Research Center, LLC, with 9 VA loans originated. Their average total fees are $4,660, which is $709 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Fergus Falls VA lenders (with over 10 loans originated) are .

    The lowest rate Fergus Falls VA lenders (with over 10 loans originated) are .

    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 $217,033 (8.6%) $342,322 (19.0%) 0.00 262
    2018-02-01 $219,175 (11.1%) $350,708 (23.3%) 0.00 269
    2018-03-01 $229,900 (4.9%) $364,674 (21.9%) 0.00 289
    2018-04-01 $244,675 (2.0%) $361,881 (12.9%) 0.00 358
    2018-05-01 $245,750 (-0.7%) $351,871 (8.7%) 0.00 423
    2018-06-01 $259,000 (7.6%) $349,493 (9.4%) 0.00 478
    2018-07-01 $259,450 (12.8%) $336,653 (7.6%) 0.00 474
    2018-08-01 $262,750 (16.7%) $335,066 (7.7%) 0.00 462
    2018-09-01 $249,900 (11.1%) $323,163 (3.8%) 0.00 468
    2018-10-01 $249,900 (14.1%) $316,459 (2.0%) 0.00 434
    2018-11-01 $249,450 (15.2%) $316,032 (-1.9%) 0.00 353
    2018-12-01 $242,200 (11.7%) $309,160 (-6.6%) 0.00 293
    2019-01-01 $229,900 (5.9%) $281,050 (-17.9%) 0.00 222
    2019-02-01 $239,900 (9.5%) $303,541 (-13.5%) 0.00 217
    2019-03-01 $249,900 (8.7%) $337,473 (-7.5%) 0.00 215
    2019-04-01 $273,613 (11.8%) $343,650 (-5.0%) 0.00 276
    2019-05-01 $263,700 (7.3%) $343,469 (-2.4%) 0.00 357
    2019-06-01 $249,900 (-3.5%) $333,677 (-4.5%) 0.00 397
    2019-07-01 $261,200 (0.7%) $338,323 (0.5%) 0.00 388
    2019-08-01 $259,450 (-1.3%) $332,466 (-0.8%) 0.00 377
    2019-09-01 $259,450 (3.8%) $331,132 (2.5%) 0.00 353
    2019-10-01 $249,900 (0.0%) $318,396 (0.6%) 0.00 337
    2019-11-01 $244,900 (-1.8%) $315,480 (-0.2%) 0.00 276
    2019-12-01 $241,150 (-0.4%) $297,205 (-3.9%) 0.00 213
    2020-01-01 $228,500 (-0.6%) $280,268 (-0.3%) 0.00 172
    2020-02-01 $228,500 (-4.8%) $277,428 (-8.6%) 0.00 183
    2020-03-01 $237,425 (-5.0%) $300,844 (-10.9%) 0.00 235
    2020-04-01 $237,450 (-13.2%) $300,285 (-12.6%) 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 (3.3%) $349,155 (3.2%) 0.00 268
    2020-08-01 $269,900 (4.0%) $342,075 (2.9%) 0.00 250
    2020-09-01 $271,175 (4.5%) $355,209 (7.3%) 0.00 233
    2020-10-01 $259,900 (4.0%) $343,779 (8.0%) 0.00 198
    2020-11-01 $234,500 (-4.3%) $322,123 (2.1%) 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 (14.2%) $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%) $416,731 (19.4%) 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%) $448,592 (17.5%) 0.00 181
    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
    Fergus Falls's median listing price for 2023-04-01 was $399,000, a difference of $59,050 (17.4%) versus the prior year and $26,550 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 2023-04-01 was $529,621, a difference of $97,709 (22.6%) versus the prior year and $64,106 versus the prior month.

    For the 2023-04-01 period, Fergus Falls had 109 MLS listings, a difference of 20 listings (22%) versus the prior month and 19 listings (21%) 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 1,810 sqft
    2018-04-01 0 days 1,866 sqft
    2018-05-01 0 days 1,859 sqft
    2018-06-01 0 days 1,900 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 2,015 sqft
    2018-11-01 0 days 2,057 sqft
    2018-12-01 0 days 2,005 sqft
    2019-01-01 0 days 1,980 sqft
    2019-02-01 0 days 2,112 sqft
    2019-03-01 0 days 2,118 sqft
    2019-04-01 0 days 2,062 sqft
    2019-05-01 0 days 1,927 sqft
    2019-06-01 0 days 1,871 sqft
    2019-07-01 0 days 1,909 sqft
    2019-08-01 0 days 1,863 sqft
    2019-09-01 0 days 1,868 sqft
    2019-10-01 0 days 1,874 sqft
    2019-11-01 0 days 1,872 sqft
    2019-12-01 0 days 1,859 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 1,628 sqft
    2021-02-01 0 days 1,782 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 1,934 sqft
    2021-08-01 0 days 1,996 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 1,902 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
    Fergus Falls's median listing age (time on market) for 2023-04-01 was 0 days.

    Fergus Falls's median square footage for active listings during the 2023-04-01 period was 1,920 sqft. One year prior, the average listing was 1,973 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.