Fergus Falls VA Loan Rates, Closing Costs & Stats

Fergus Falls, 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.

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 6.38% for the week of 2024-02-16, compared to the national average (all VA variants) of 6.462% for the same period.

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

The average rate for the prior week (2024-02-09) was 6.04% and one month ago for the week of 2024-01-12, the average rate was 6.1%.

The average rate one year ago was 5.77%.

For refis of the same type during the week of 2024-02-16, the average rate was 5.54%.

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 (8.7%) $343,017 (19.5%) 0.00 260
2018-02-01 $219,175 (11.5%) $351,614 (24.2%) 0.00 267
2018-03-01 $229,000 (4.6%) $365,694 (23.1%) 0.00 286
2018-04-01 $243,000 (1.3%) $362,180 (14.0%) 0.00 354
2018-05-01 $245,750 (0.3%) $352,417 (9.5%) 0.00 420
2018-06-01 $256,950 (7.1%) $348,763 (9.6%) 0.00 475
2018-07-01 $259,450 (12.9%) $335,846 (7.6%) 0.00 471
2018-08-01 $262,750 (16.8%) $335,518 (8.2%) 0.00 460
2018-09-01 $249,900 (11.1%) $323,632 (4.2%) 0.00 466
2018-10-01 $249,900 (14.1%) $316,961 (2.3%) 0.00 432
2018-11-01 $249,225 (15.1%) $316,576 (-1.9%) 0.00 352
2018-12-01 $241,900 (11.6%) $309,270 (-6.7%) 0.00 292
2019-01-01 $229,900 (5.9%) $281,370 (-18.0%) 0.00 221
2019-02-01 $239,900 (9.5%) $303,604 (-13.7%) 0.00 216
2019-03-01 $254,707 (11.2%) $321,792 (-12.0%) 0.00 243
2019-04-01 $271,257 (11.6%) $340,541 (-6.0%) 0.00 276
2019-05-01 $263,700 (7.3%) $343,469 (-2.5%) 0.00 357
2019-06-01 $249,900 (-2.7%) $333,637 (-4.3%) 0.00 395
2019-07-01 $260,100 (0.3%) $338,624 (0.8%) 0.00 385
2019-08-01 $258,155 (-1.8%) $331,780 (-1.1%) 0.00 371
2019-09-01 $253,511 (1.5%) $322,139 (-0.5%) 0.00 358
2019-10-01 $249,900 (0.0%) $317,830 (0.3%) 0.00 336
2019-11-01 $242,400 (-2.7%) $313,488 (-1.0%) 0.00 274
2019-12-01 $241,288 (-0.3%) $297,418 (-3.8%) 0.00 212
2020-01-01 $228,625 (-0.6%) $280,719 (-0.2%) 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 (2.8%) 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
Fergus Falls's median listing price for 2023-12-01 was $349,950, a difference of $-9,500 (-2.6%) versus the prior year and $-8,500 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 2023-12-01 was $437,221, a difference of $-6,233 (-1.4%) versus the prior year and $-5,255 versus the prior month.

For the 2023-12-01 period, Fergus Falls had 181 MLS listings, a difference of -21 listings (-10%) versus the prior month and 69 listings (62%) 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 1,737 sqft
2018-03-01 0 days 1,810 sqft
2018-04-01 0 days 1,865 sqft
2018-05-01 0 days 1,859 sqft
2018-06-01 0 days 1,922 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 2,027 sqft
2018-11-01 0 days 2,060 sqft
2018-12-01 0 days 2,008 sqft
2019-01-01 0 days 1,992 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 1,862 sqft
2020-01-01 0 days 1,764 sqft
2020-02-01 0 days 1,812 sqft
2020-03-01 0 days 1,792 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 1,769 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 2,037 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 2,013 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 1,974 sqft
2023-11-01 0 days 1,927 sqft
2023-12-01 0 days 1,905 sqft
Fergus Falls's median listing age (time on market) for 2023-12-01 was 0 days.

Fergus Falls's median square footage for active listings during the 2023-12-01 period was 1,905 sqft. One year prior, the average listing was 1,872 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.