Durango FHA Loans

Durango, CO

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.

Durango's 50 lenders originated 141 FHA loans during 2021. The total origination value was $42,855,000, with an average FHA loan value of $303,936.

Durango FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Durango averaged 4.97% for the week of 2022-08-05, compared to the national average (all FHA variants) of 5.305% for the same period.

The average rate for the prior week (2022-07-29) was 5.21% and one month ago for the week of 2022-07-01, the average rate was 5.6%.

The average rate one year ago was 3.1%.

For refis of the same type during the week of 2022-08-05, the average rate was 5%.

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

Durango FHA Loan Lenders by Rates & Fees

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

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
UNITED WHOLESALE MORTGAGE, LLC 11 2.56% $9,712
QUICKEN LOANS, LLC 11 2.50% $7,932
Glacier Bank 7 3.25% $10,563
LAKEVIEW LOAN SERVICING, LLC 5 2.83% $6,099
Flanagan State Bank 5 3.30% $7,344
FREEDOM MORTGAGE CORPORATION 4 3.03% $6,481
CALIBER HOME LOANS, INC. 3 2.58% $5,499
HOME POINT FINANCIAL CORPORATION 3 2.54% $10,440
MUTUAL OF OMAHA MORTGAGE, INC. 3 2.96% $11,851
Chickasaw Community Bank 2 2.31% $9,060
The Central Trust Bank 2 3.25% $11,569
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 2.94% $14,132
AMERICAN FINANCIAL NETWORK, INC. 2 3.06% $12,802
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 3.75% $12,056
Waterstone Mortgage Corporation 2 3.25% $14,148
Mr. Cooper ( Nationstar Mortgage ) 2 2.81% $6,005
AMCAP MORTGAGE, LTD. 2 3.13% $8,320
NEWREZ LLC 2 2.81% $8,160
Gateway First Bank 2 2.94% $8,491
PENNYMAC LOAN SERVICES, LLC 2 3.25% $4,550
PLAZA HOME MORTGAGE, INC. 2 2.56% $11,656
GUILD MORTGAGE COMPANY 2 3.63% $9,434
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 3.19% $13,504
The Federal Savings Bank 1 2.75% $11,454
UNIVERSAL LENDING CORPORATION 1 3.13% $8,130
VILLAGE CAPITAL & INVESTMENT LLC 1 3.75% $4,127
V.I.P. MORTGAGE, INC. 1 2.75% $10,476
Nations Lending Corporation 1 3.13% $22,765
AMERICAN FINANCIAL RESOURCES, INC. 1 2.75% $8,594
AMERICAN FINANCING CORPORATION 1 2.25% $11,665
Bank of Colorado 1 3.63% $10,132
BAY EQUITY LLC 1 2.63% $8,960
BOKF 1 3.13% $11,803
BROKER SOLUTIONS, INC. 1 2.88% $11,281
CELEBRITY HOME LOANS, LLC 1 2.75% $11,156
CMG MORTGAGE, INC. 1 2.75% $10,246
DIRECTORS MORTGAGE, INC. 1 3.00% $12,193
First Guaranty Mortgage Corporation 1 2.88% $7,320
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.99% $14,161
LOANDEPOT.COM, LLC 1 3.75% $5,269
LOANPAL, LLC 1 2.25% $9,974
MID AMERICA MORTGAGE, INC. 1 3.13% $3,282
NATIONS DIRECT MORTGAGE, LLC 1 2.25% $9,570
NBH Bank 1 3.25% $7,252
Northpointe Bank 1 3.63% $8,280
Paramount Residential Mortgage Group, Inc. 1 2.63% $15,410
Residential Mortgage Solutions, Inc. 1 3.25% $12,270
RUOFF MORTGAGE COMPANY, INC. 1 2.75% $6,393
S1L, Inc. 1 2.38% $12,732
STEARNS LENDING, LLC 1 2.38% $11,123

The top Durango FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 11 FHA loans originated. Their average total fees are $9,712, which is $1,780 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Durango FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($7,932), UNITED WHOLESALE MORTGAGE, LLC ($9,712), .

The lowest rate Durango FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.50%), UNITED WHOLESALE MORTGAGE, LLC (2.56%), .

Durango FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
DURANGO, CO LA PLATA 2022 $494,500 $633,050 $765,200 $950,950

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Durango (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 $527,000 (11.5%) $772,124 (8.8%) 0.00 478
2018-02-01 $549,000 (19.5%) $778,205 (11.3%) 0.00 465
2018-03-01 $549,000 (19.6%) $812,917 (17.8%) 0.00 495
2018-04-01 $554,950 (16.8%) $870,361 (12.5%) 0.00 539
2018-05-01 $549,000 (10.4%) $846,060 (6.2%) 0.00 591
2018-06-01 $549,000 (9.8%) $822,937 (5.4%) 0.00 664
2018-07-01 $549,000 (9.8%) $792,366 (2.0%) 0.00 696
2018-08-01 $520,000 (4.1%) $786,876 (1.4%) 0.00 720
2018-09-01 $522,900 (4.8%) $797,210 (1.6%) 0.00 708
2018-10-01 $522,500 (-4.9%) $799,577 (-3.6%) 0.00 654
2018-11-01 $519,950 (-6.7%) $808,246 (-3.3%) 0.00 619
2018-12-01 $523,900 (-4.7%) $832,642 (-0.2%) 0.00 549
2019-01-01 $521,950 (-1.0%) $770,771 (-0.2%) 0.00 475
2019-02-01 $515,000 (-6.2%) $685,436 (-11.9%) 0.00 465
2019-03-01 $519,243 (-5.4%) $726,202 (-10.7%) 0.00 474
2019-04-01 $524,950 (-5.4%) $774,920 (-11.0%) 0.00 495
2019-05-01 $542,000 (-1.3%) $802,316 (-5.2%) 0.00 627
2019-06-01 $550,000 (0.2%) $811,379 (-1.4%) 0.00 692
2019-07-01 $549,000 (0.0%) $808,092 (2.0%) 0.00 735
2019-08-01 $549,000 (5.6%) $817,222 (3.9%) 0.00 730
2019-09-01 $549,450 (5.1%) $842,216 (5.7%) 0.00 726
2019-10-01 $569,450 (9.0%) $849,121 (6.2%) 0.00 715
2019-11-01 $550,000 (5.8%) $849,355 (5.1%) 0.00 645
2019-12-01 $549,938 (5.0%) $859,218 (3.2%) 0.00 586
2020-01-01 $539,450 (3.4%) $821,085 (6.5%) 0.00 517
2020-02-01 $535,000 (3.9%) $806,459 (17.7%) 0.00 500
2020-03-01 $549,000 (5.7%) $826,879 (13.9%) 0.00 500
2020-04-01 $559,000 (6.5%) $852,485 (10.0%) 0.00 454
2020-05-01 $549,900 (1.5%) $851,685 (6.2%) 0.00 500
2020-06-01 $587,000 (6.7%) $889,934 (9.7%) 0.00 522
2020-07-01 $599,000 (9.1%) $874,558 (8.2%) 0.00 497
2020-08-01 $599,900 (9.3%) $878,077 (7.5%) 0.00 436
2020-09-01 $648,500 (18.0%) $970,593 (15.2%) 0.00 341
2020-10-01 $675,000 (18.5%) $1,049,512 (23.6%) 0.00 296
2020-11-01 $692,000 (25.8%) $1,154,070 (35.9%) 0.00 250
2020-12-01 $672,500 (22.3%) $1,158,399 (34.8%) 0.00 208
2021-01-01 $699,000 (29.6%) $1,247,796 (52.0%) 0.00 166
2021-02-01 $737,500 (37.9%) $1,393,020 (72.7%) 0.00 139
2021-03-01 $777,000 (41.5%) $1,608,636 (94.5%) 0.00 136
2021-04-01 $847,450 (51.6%) $1,732,586 (103.2%) 0.00 131
2021-05-01 $899,000 (63.5%) $1,726,233 (102.7%) 0.00 144
2021-06-01 $975,000 (66.1%) $1,781,920 (100.2%) 0.00 155
2021-07-01 $850,000 (41.9%) $1,675,346 (91.6%) 0.00 181
2021-08-01 $849,500 (41.6%) $1,758,099 (100.2%) 0.00 187
2021-09-01 $890,000 (37.2%) $1,687,142 (73.8%) 0.00 178
2021-10-01 $925,000 (37.0%) $1,864,933 (77.7%) 0.00 151
2021-11-01 $937,000 (35.4%) $1,813,857 (57.2%) 0.00 137
2021-12-01 $949,500 (41.2%) $1,927,564 (66.4%) 0.00 122
2022-01-01 $898,000 (28.5%) $1,934,791 (55.1%) 0.00 105
2022-02-01 $849,950 (15.3%) $1,797,010 (29.0%) 0.00 108
2022-03-01 $799,500 (2.9%) $1,851,973 (15.1%) 0.00 102
2022-04-01 $750,000 (-11.5%) $1,823,400 (5.2%) 0.00 116
2022-05-01 $775,000 (-13.8%) $1,735,156 (0.5%) 0.00 168
2022-06-01 $897,000 (-8.0%) $1,777,036 (-0.3%) 0.00 215
Durango's median listing price for 2022-06-01 was $897,000, a difference of $-78,000 (-8.0%) versus the prior year and $122,000 versus the prior month.

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

Durango's average listing price for 2022-06-01 was $1,777,036, a difference of $-4,884 (-0.3%) versus the prior year and $41,880 versus the prior month.

For the 2022-06-01 period, Durango had 215 MLS listings, a difference of 47 listings (28%) versus the prior month and 60 listings (39%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Durango (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,147 sqft
2018-02-01 0 days 2,121 sqft
2018-03-01 0 days 2,111 sqft
2018-04-01 0 days 2,226 sqft
2018-05-01 0 days 2,235 sqft
2018-06-01 0 days 2,230 sqft
2018-07-01 0 days 2,198 sqft
2018-08-01 0 days 2,108 sqft
2018-09-01 0 days 2,124 sqft
2018-10-01 0 days 2,109 sqft
2018-11-01 0 days 2,108 sqft
2018-12-01 0 days 2,100 sqft
2019-01-01 0 days 2,026 sqft
2019-02-01 0 days 1,995 sqft
2019-03-01 0 days 2,004 sqft
2019-04-01 0 days 2,042 sqft
2019-05-01 0 days 2,113 sqft
2019-06-01 0 days 2,166 sqft
2019-07-01 0 days 2,129 sqft
2019-08-01 0 days 2,134 sqft
2019-09-01 0 days 2,149 sqft
2019-10-01 0 days 2,165 sqft
2019-11-01 0 days 2,169 sqft
2019-12-01 0 days 2,062 sqft
2020-01-01 0 days 2,010 sqft
2020-02-01 0 days 2,008 sqft
2020-03-01 0 days 2,016 sqft
2020-04-01 0 days 2,070 sqft
2020-05-01 0 days 2,050 sqft
2020-06-01 0 days 2,147 sqft
2020-07-01 0 days 2,170 sqft
2020-08-01 0 days 2,179 sqft
2020-09-01 0 days 2,225 sqft
2020-10-01 0 days 2,262 sqft
2020-11-01 0 days 2,304 sqft
2020-12-01 0 days 2,262 sqft
2021-01-01 0 days 2,262 sqft
2021-02-01 0 days 2,308 sqft
2021-03-01 0 days 2,424 sqft
2021-04-01 0 days 2,599 sqft
2021-05-01 0 days 2,708 sqft
2021-06-01 0 days 2,724 sqft
2021-07-01 0 days 2,589 sqft
2021-08-01 0 days 2,624 sqft
2021-09-01 0 days 2,680 sqft
2021-10-01 0 days 2,787 sqft
2021-11-01 0 days 2,605 sqft
2021-12-01 0 days 2,830 sqft
2022-01-01 0 days 2,494 sqft
2022-02-01 0 days 2,269 sqft
2022-03-01 0 days 2,235 sqft
2022-04-01 0 days 2,220 sqft
2022-05-01 0 days 2,195 sqft
2022-06-01 0 days 2,468 sqft
Durango's median listing age (time on market) for 2022-06-01 was 0 days.

Durango's median square footage for active listings during the 2022-06-01 period was 2,468 sqft. One year prior, the average listing was 2,724 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).