Craig FHA Loan Rates, Closing Costs & Stats

Craig, CO

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    Craig's 21 lenders originated 70 FHA loans during 2023. The total origination value was $17,690,000, with an average FHA loan value of $252,714.

    Craig FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Craig averaged 7.16% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Craig's average FHA mortgage closing costs are $7,710.

    The average rate for the prior week (2024-04-12) was 6.65% and one month ago for the week of 2024-03-15, the average rate was 6.82%.

    The average rate one year ago was 6.55%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.96%.

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

    Craig FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Craig level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    NFM, INC. 21 6.92% $9,569
    UNITED WHOLESALE MORTGAGE, LLC 8 6.38% $10,820
    BROKER SOLUTIONS, INC. 5 6.40% $10,574
    Bank of Colorado 5 6.40% $11,113
    QUICKEN LOANS, LLC 4 6.12% $13,924
    GUILD MORTGAGE COMPANY 2 6.81% $8,437
    Loan Simple, Inc. 2 7.13% $7,647
    AMCAP MORTGAGE, LTD. 2 7.06% $11,840
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $11,210
    LOANDEPOT.COM, LLC 1 6.13% $10,076
    Mortgage Research Center, LLC 1 7.25% $3,847
    The Federal Savings Bank 1 6.38% $14,162
    Alpine Bank 1 5.75% $9,234
    UNIVERSAL LENDING CORPORATION 1 7.25% $13,927
    AMERICAN FINANCING CORPORATION 1 5.25% $16,744
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.50% $6,521
    BAY EQUITY LLC 1 7.25% $14,056
    CROSSCOUNTRY MORTGAGE, LLC 1 6.63% $12,750
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.63% $9,018
    GROUP MORTGAGE, LLC 1 6.75% $9,371
    Ixonia Bank 1 6.13% $14,964

    The top Craig FHA lender as defined by loan originations is NFM, INC., with 21 FHA loans originated. Their average total fees are $9,569, which is $1,252 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Craig FHA lenders (with over 10 loans originated) are NFM, INC. ($9,569), .

    The lowest rate Craig FHA lenders (with over 10 loans originated) are NFM, INC. (6.92%), .

    Craig FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    CRAIG, CO MOFFAT 2022 $420,680 $538,650 $651,050 $809,150
    CRAIG, CO MOFFAT 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Craig (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 $177,875 (7.9%) $208,768 (7.5%) 0.00 96
    2018-02-01 $169,000 (4.1%) $194,789 (-0.1%) 0.00 95
    2018-03-01 $169,000 (1.2%) $201,163 (-1.6%) 0.00 93
    2018-04-01 $183,500 (8.3%) $212,197 (1.6%) 0.00 90
    2018-05-01 $178,700 (5.2%) $205,786 (-1.3%) 0.00 111
    2018-06-01 $189,000 (8.0%) $208,262 (-0.2%) 0.00 138
    2018-07-01 $186,700 (3.8%) $208,817 (1.0%) 0.00 141
    2018-08-01 $177,450 (0.3%) $211,246 (2.3%) 0.00 148
    2018-09-01 $174,900 (-2.4%) $208,962 (0.5%) 0.00 135
    2018-10-01 $179,675 (0.7%) $215,160 (6.6%) 0.00 121
    2018-11-01 $179,950 (0.1%) $263,780 (30.8%) 0.00 107
    2018-12-01 $169,500 (-5.7%) $258,297 (23.0%) 0.00 95
    2019-01-01 $159,900 (-10.1%) $239,451 (14.7%) 0.00 91
    2019-02-01 $157,925 (-6.6%) $240,781 (23.6%) 0.00 87
    2019-03-01 $174,400 (3.2%) $262,086 (30.3%) 0.00 95
    2019-04-01 $189,500 (3.3%) $283,910 (33.8%) 0.00 103
    2019-05-01 $202,400 (13.3%) $293,331 (42.5%) 0.00 112
    2019-06-01 $195,500 (3.4%) $276,675 (32.9%) 0.00 122
    2019-07-01 $199,900 (7.1%) $274,814 (31.6%) 0.00 136
    2019-08-01 $201,277 (13.4%) $269,696 (27.7%) 0.00 143
    2019-09-01 $203,343 (16.3%) $261,219 (25.0%) 0.00 140
    2019-10-01 $202,195 (12.5%) $256,425 (19.2%) 0.00 135
    2019-11-01 $212,000 (17.8%) $263,282 (-0.2%) 0.00 146
    2019-12-01 $209,900 (23.8%) $268,678 (4.0%) 0.00 130
    2020-01-01 $214,750 (34.3%) $270,997 (13.2%) 0.00 118
    2020-02-01 $222,000 (40.6%) $268,896 (11.7%) 0.00 127
    2020-03-01 $204,900 (17.5%) $252,359 (-3.7%) 0.00 137
    2020-04-01 $209,950 (10.8%) $238,841 (-15.9%) 0.00 132
    2020-05-01 $219,500 (8.5%) $240,907 (-17.9%) 0.00 156
    2020-06-01 $217,000 (11.0%) $252,960 (-8.6%) 0.00 165
    2020-07-01 $219,900 (10.0%) $259,273 (-5.7%) 0.00 174
    2020-08-01 $220,000 (9.3%) $262,649 (-2.6%) 0.00 173
    2020-09-01 $223,700 (10.0%) $272,913 (4.5%) 0.00 173
    2020-10-01 $229,700 (13.6%) $284,350 (10.9%) 0.00 170
    2020-11-01 $237,450 (12.0%) $304,279 (15.6%) 0.00 130
    2020-12-01 $255,300 (21.6%) $322,469 (20.0%) 0.00 107
    2021-01-01 $264,950 (23.4%) $311,355 (14.9%) 0.00 88
    2021-02-01 $255,400 (15.1%) $310,114 (15.3%) 0.00 84
    2021-03-01 $256,450 (25.2%) $319,782 (26.7%) 0.00 88
    2021-04-01 $249,900 (19.0%) $307,879 (28.9%) 0.00 101
    2021-05-01 $244,000 (11.2%) $315,085 (30.8%) 0.00 111
    2021-06-01 $240,000 (10.6%) $314,726 (24.4%) 0.00 102
    2021-07-01 $249,500 (13.5%) $304,493 (17.4%) 0.00 95
    2021-08-01 $262,400 (19.3%) $304,358 (15.9%) 0.00 97
    2021-09-01 $261,200 (16.8%) $429,698 (57.5%) 0.00 96
    2021-10-01 $252,500 (9.9%) $454,195 (59.7%) 0.00 87
    2021-11-01 $249,925 (5.3%) $475,346 (56.2%) 0.00 81
    2021-12-01 $249,125 (-2.4%) $515,618 (59.9%) 0.00 66
    2022-01-01 $239,900 (-9.5%) $536,194 (72.2%) 0.00 58
    2022-02-01 $260,000 (1.8%) $559,059 (80.3%) 0.00 55
    2022-03-01 $276,750 (7.9%) $481,910 (50.7%) 0.00 56
    2022-04-01 $275,000 (10.0%) $378,920 (23.1%) 0.00 64
    2022-05-01 $284,950 (16.8%) $358,908 (13.9%) 0.00 76
    2022-06-01 $306,200 (27.6%) $376,460 (19.6%) 0.00 74
    2022-07-01 $330,950 (32.7%) $419,199 (37.7%) 0.00 70
    2022-08-01 $330,425 (25.9%) $404,801 (33.0%) 0.00 86
    2022-09-01 $329,450 (26.1%) $420,928 (-2.0%) 0.00 81
    2022-10-01 $325,000 (28.7%) $440,551 (-3.0%) 0.00 68
    2022-11-01 $299,900 (20.0%) $425,123 (-10.6%) 0.00 62
    2022-12-01 $295,000 (18.4%) $436,679 (-15.3%) 0.00 54
    2023-01-01 $295,000 (23.0%) $456,844 (-14.8%) 0.00 40
    2023-02-01 $326,000 (25.4%) $494,395 (-11.6%) 0.00 36
    2023-03-01 $296,750 (7.2%) $442,723 (-8.1%) 0.00 45
    2023-04-01 $280,000 (1.8%) $385,552 (1.8%) 0.00 53
    2023-05-01 $331,000 (16.2%) $388,931 (8.4%) 0.00 66
    2023-06-01 $349,225 (14.1%) $489,516 (30.0%) 0.00 80
    2023-07-01 $344,900 (4.2%) $483,358 (15.3%) 0.00 92
    2023-08-01 $351,225 (6.3%) $467,020 (15.4%) 0.00 106
    2023-09-01 $349,900 (6.2%) $551,301 (31.0%) 0.00 90
    2023-10-01 $319,950 (-1.6%) $528,658 (20.0%) 0.00 78
    2023-11-01 $322,400 (7.5%) $520,795 (22.5%) 0.00 68
    2023-12-01 $355,000 (20.3%) $561,136 (28.5%) 0.00 59
    2024-01-01 $325,826 (10.5%) $604,825 (32.4%) 0.00 46
    2024-02-01 $357,000 (9.5%) $647,308 (30.9%) 0.00 42
    2024-03-01 $382,450 (28.9%) $701,705 (58.5%) 0.00 39
    Craig's median listing price for 2024-03-01 was $382,450, a difference of $85,700 (28.9%) versus the prior year and $25,450 versus the prior month.

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

    Craig's average listing price for 2024-03-01 was $701,705, a difference of $258,982 (58.5%) versus the prior year and $54,397 versus the prior month.

    For the 2024-03-01 period, Craig had 39 MLS listings, a difference of -3 listings (-7%) versus the prior month and -6 listings (-13%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Craig (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,650 sqft
    2018-02-01 0 days 1,592 sqft
    2018-03-01 0 days 1,592 sqft
    2018-04-01 0 days 1,645 sqft
    2018-05-01 0 days 1,615 sqft
    2018-06-01 0 days 1,664 sqft
    2018-07-01 0 days 1,660 sqft
    2018-08-01 0 days 1,616 sqft
    2018-09-01 0 days 1,588 sqft
    2018-10-01 0 days 1,602 sqft
    2018-11-01 0 days 1,593 sqft
    2018-12-01 0 days 1,534 sqft
    2019-01-01 0 days 1,620 sqft
    2019-02-01 0 days 1,625 sqft
    2019-03-01 0 days 1,632 sqft
    2019-04-01 0 days 1,651 sqft
    2019-05-01 0 days 1,691 sqft
    2019-06-01 0 days 1,666 sqft
    2019-07-01 0 days 1,692 sqft
    2019-08-01 0 days 1,706 sqft
    2019-09-01 0 days 1,722 sqft
    2019-10-01 0 days 1,737 sqft
    2019-11-01 0 days 1,840 sqft
    2019-12-01 0 days 1,849 sqft
    2020-01-01 0 days 1,925 sqft
    2020-02-01 0 days 1,960 sqft
    2020-03-01 0 days 1,916 sqft
    2020-04-01 0 days 1,926 sqft
    2020-05-01 0 days 1,849 sqft
    2020-06-01 0 days 1,811 sqft
    2020-07-01 0 days 1,849 sqft
    2020-08-01 0 days 1,848 sqft
    2020-09-01 0 days 1,868 sqft
    2020-10-01 0 days 1,872 sqft
    2020-11-01 0 days 1,953 sqft
    2020-12-01 0 days 2,000 sqft
    2021-01-01 0 days 1,975 sqft
    2021-02-01 0 days 1,988 sqft
    2021-03-01 0 days 2,000 sqft
    2021-04-01 0 days 2,000 sqft
    2021-05-01 0 days 1,920 sqft
    2021-06-01 0 days 1,830 sqft
    2021-07-01 0 days 1,840 sqft
    2021-08-01 0 days 1,836 sqft
    2021-09-01 0 days 1,800 sqft
    2021-10-01 0 days 1,732 sqft
    2021-11-01 0 days 1,616 sqft
    2021-12-01 0 days 1,572 sqft
    2022-01-01 0 days 1,473 sqft
    2022-02-01 0 days 1,557 sqft
    2022-03-01 0 days 1,832 sqft
    2022-04-01 0 days 1,632 sqft
    2022-05-01 0 days 1,705 sqft
    2022-06-01 0 days 1,839 sqft
    2022-07-01 0 days 1,920 sqft
    2022-08-01 0 days 1,971 sqft
    2022-09-01 0 days 1,902 sqft
    2022-10-01 0 days 1,848 sqft
    2022-11-01 0 days 1,961 sqft
    2022-12-01 0 days 1,920 sqft
    2023-01-01 0 days 1,706 sqft
    2023-02-01 0 days 1,812 sqft
    2023-03-01 0 days 1,624 sqft
    2023-04-01 0 days 1,394 sqft
    2023-05-01 0 days 1,581 sqft
    2023-06-01 0 days 1,732 sqft
    2023-07-01 0 days 1,705 sqft
    2023-08-01 0 days 1,728 sqft
    2023-09-01 0 days 1,773 sqft
    2023-10-01 0 days 1,575 sqft
    2023-11-01 0 days 1,488 sqft
    2023-12-01 0 days 1,641 sqft
    2024-01-01 0 days 1,630 sqft
    2024-02-01 0 days 1,708 sqft
    2024-03-01 0 days 1,715 sqft
    Craig's median listing age (time on market) for 2024-03-01 was 0 days.

    Craig's median square footage for active listings during the 2024-03-01 period was 1,715 sqft. One year prior, the average listing was 1,624 sqft.

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).