The Best Mortgage Lenders in Fargo, ND
Compare verified mortgage lenders serving Fargo, North Dakota. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Fargo
Featured Mortgage Lenders
Gate City Bank Mortgage Team
Gate City Bank
Gate City Bank is a Fargo-based community bank that has been serving North Dakota for nearly a century, earning exceptional customer satisfaction ratings for their personalized mortgage services. They consistently receive top marks for their local decision-making process, competitive rates, and deep community involvement. As a local institution, they understand the Fargo housing market intimately and offer a comprehensive range of mortgage products with the personal touch of neighborhood banking.
Loan Types:
Bell Bank Mortgage
Bell Bank
Bell Bank Mortgage has built an outstanding reputation in the Fargo area for their exceptional customer service and competitive mortgage solutions. With deep roots in the Upper Midwest, they combine local market expertise with the resources of a substantial regional bank. Customers consistently praise their responsive loan officers, streamlined application process, and commitment to finding the right mortgage product for each borrower's unique situation.
Loan Types:
Alerus Mortgage
Alerus Financial
Alerus Financial brings over a century of banking experience to the Fargo mortgage market, offering comprehensive lending solutions with a strong local presence. They are particularly noted for their expertise in construction lending and first-time homebuyer programs tailored to the North Dakota market. Their mortgage team receives consistent praise for their professionalism, knowledge of local real estate conditions, and ability to close loans efficiently while maintaining personalized service throughout the process.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Fargo, ND
Are there any special first-time homebuyer programs available specifically for Fargo, ND?
Yes, the North Dakota Housing Finance Agency (NDHFA) offers the "FirstHome" program, which provides competitive interest rates and down payment assistance for eligible first-time buyers in Fargo. Additionally, the City of Fargo's Homeownership Program offers deferred, forgivable loans for down payment and closing cost assistance to income-qualified buyers purchasing within city limits, making entry into the local market more accessible.
How do Fargo's property taxes impact my monthly mortgage payment and qualification?
Fargo is located in Cass County, which has relatively moderate property tax rates compared to national averages, but they are a significant component of your monthly escrow payment. Lenders will factor these taxes into your debt-to-income ratio during pre-approval. It's wise to get a precise estimate of taxes for your target home, as rates can vary slightly between neighborhoods and new developments.
What is a typical down payment requirement for a mortgage on a Fargo home given the local market?
While 20% down is ideal to avoid private mortgage insurance (PMI), many Fargo buyers successfully purchase homes with 3-5% down using conventional loans, or 3.5% down with an FHA loan, due to the area's relatively affordable home prices. For the median Fargo home price, this translates to a manageable upfront cash requirement, and local lenders are very familiar with these low-down-payment options.
Does Fargo's climate and risk of flooding affect the mortgage process or required insurance?
Yes, Fargo's location in the Red River Valley makes flood insurance a critical consideration. Lenders will require a flood elevation certificate and mandate flood insurance if the property is in a designated Special Flood Hazard Area (SFHA). This is a common requirement for many homes near the river and can add to your monthly housing cost, so it's a key factor to investigate early.
Are USDA rural development loans a viable option for mortgages in the Fargo area?
Absolutely. While Fargo itself is an urban center, many surrounding communities and even some newer developments on the city's outskirts are eligible for USDA loans, which offer 100% financing (no down payment). This can be an excellent option for buyers willing to live just outside the immediate city core, providing significant savings on upfront costs.
Why Choose a Mortgage Lender in Fargo?
Local Market Knowledge
Lenders who understand Fargo's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in North Dakota.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Fargo and get competitive rates on your home loan.