Durango FHA Loan Rates, Closing Costs & Stats

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 14 lenders originated 40 FHA loans during 2023. The total origination value was $16,120,000, with an average FHA loan value of $403,000.

Durango FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Durango averaged 6.93% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

Durango's average FHA mortgage closing costs are $9,829.

The average rate for the prior week (2024-04-05) was 6.95% and one month ago for the week of 2024-03-08, the average rate was 6.69%.

The average rate one year ago was 6.22%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.74%.

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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Durango level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 7 6.30% $17,020
The Central Trust Bank 5 6.47% $13,346
QUICKEN LOANS, LLC 5 6.35% $15,886
DRAPER AND KRAMER MORTGAGE CORP. 3 6.00% $18,691
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.75% $11,061
BROKER SOLUTIONS, INC. 2 5.88% $16,032
NEWREZ LLC 2 6.44% $10,463
Alpine Bank 1 6.75% $10,457
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $36,682
AMCAP MORTGAGE, LTD. 1 6.63% $12,270
PENNYMAC LOAN SERVICES, LLC 1 5.75% $14,803
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 7.50% $14,544
GUILD MORTGAGE COMPANY 1 6.63% $13,024
LOANDEPOT.COM, LLC 1 5.99% $7,464

The top Durango FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 7 FHA loans originated. Their average total fees are $17,020, which is $3,674 higher than the next largest lender, The Central Trust Bank.

The lowest fee Durango FHA lenders (with over 10 loans originated) are .

The lowest rate Durango FHA lenders (with over 10 loans originated) are .

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
DURANGO, CO LA PLATA 2023 $596,850 $764,050 $923,600 $1,147,800

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 $525,750 (9.9%) $765,556 (5.8%) 0.00 474
2018-02-01 $547,750 (17.9%) $773,418 (8.7%) 0.00 461
2018-03-01 $549,000 (18.7%) $811,301 (15.9%) 0.00 496
2018-04-01 $554,500 (16.7%) $867,279 (10.0%) 0.00 538
2018-05-01 $549,000 (8.3%) $846,563 (4.5%) 0.00 589
2018-06-01 $549,900 (8.6%) $825,208 (4.2%) 0.00 658
2018-07-01 $549,000 (8.2%) $792,534 (0.6%) 0.00 695
2018-08-01 $515,250 (0.3%) $786,210 (0.2%) 0.00 718
2018-09-01 $522,900 (4.7%) $798,870 (2.3%) 0.00 705
2018-10-01 $524,725 (-4.5%) $786,638 (-4.4%) 0.00 651
2018-11-01 $520,000 (-6.3%) $793,756 (-4.6%) 0.00 618
2018-12-01 $524,400 (-4.6%) $817,748 (-1.7%) 0.00 546
2019-01-01 $522,450 (-0.6%) $765,775 (0.0%) 0.00 476
2019-02-01 $519,925 (-5.1%) $694,573 (-10.2%) 0.00 465
2019-03-01 $522,043 (-4.9%) $732,005 (-9.8%) 0.00 475
2019-04-01 $524,950 (-5.3%) $778,795 (-10.2%) 0.00 496
2019-05-01 $542,450 (-1.2%) $803,565 (-5.1%) 0.00 626
2019-06-01 $550,000 (0.0%) $812,983 (-1.5%) 0.00 690
2019-07-01 $549,000 (0.0%) $809,662 (2.2%) 0.00 734
2019-08-01 $553,636 (7.5%) $814,948 (3.7%) 0.00 735
2019-09-01 $560,591 (7.2%) $834,436 (4.5%) 0.00 724
2019-10-01 $559,477 (6.6%) $845,885 (7.5%) 0.00 709
2019-11-01 $550,000 (5.8%) $848,269 (6.9%) 0.00 631
2019-12-01 $549,663 (4.8%) $858,521 (5.0%) 0.00 585
2020-01-01 $538,000 (3.0%) $817,002 (6.7%) 0.00 512
2020-02-01 $535,000 (2.9%) $804,904 (15.9%) 0.00 497
2020-03-01 $549,000 (5.2%) $824,449 (12.6%) 0.00 499
2020-04-01 $559,000 (6.5%) $851,361 (9.3%) 0.00 452
2020-05-01 $549,900 (1.4%) $849,630 (5.7%) 0.00 496
2020-06-01 $580,500 (5.6%) $882,649 (8.6%) 0.00 520
2020-07-01 $591,250 (7.7%) $868,309 (7.2%) 0.00 489
2020-08-01 $599,875 (8.4%) $870,700 (6.8%) 0.00 430
2020-09-01 $643,000 (14.7%) $946,867 (13.5%) 0.00 335
2020-10-01 $659,900 (18.0%) $1,054,980 (24.7%) 0.00 291
2020-11-01 $678,663 (23.4%) $1,153,846 (36.0%) 0.00 246
2020-12-01 $657,475 (19.6%) $1,158,170 (34.9%) 0.00 204
2021-01-01 $689,450 (28.2%) $1,242,280 (52.1%) 0.00 163
2021-02-01 $730,000 (36.5%) $1,372,113 (70.5%) 0.00 138
2021-03-01 $777,000 (41.5%) $1,592,000 (93.1%) 0.00 136
2021-04-01 $838,000 (49.9%) $1,722,341 (102.3%) 0.00 133
2021-05-01 $899,000 (63.5%) $1,733,980 (104.1%) 0.00 147
2021-06-01 $972,000 (67.4%) $1,763,022 (99.7%) 0.00 159
2021-07-01 $875,000 (48.0%) $1,647,970 (89.8%) 0.00 185
2021-08-01 $838,750 (39.8%) $1,641,197 (88.5%) 0.00 190
2021-09-01 $866,250 (34.7%) $1,642,790 (73.5%) 0.00 181
2021-10-01 $925,000 (40.2%) $1,826,920 (73.2%) 0.00 150
2021-11-01 $925,000 (36.3%) $1,825,436 (58.2%) 0.00 135
2021-12-01 $943,250 (43.5%) $1,973,489 (70.4%) 0.00 117
2022-01-01 $896,500 (30.0%) $1,964,623 (58.2%) 0.00 101
2022-02-01 $844,500 (15.7%) $1,825,985 (33.1%) 0.00 104
2022-03-01 $787,500 (1.4%) $1,845,443 (15.9%) 0.00 102
2022-04-01 $762,500 (-9.0%) $1,827,547 (6.1%) 0.00 115
2022-05-01 $776,000 (-13.7%) $1,751,263 (1.0%) 0.00 169
2022-06-01 $895,000 (-7.9%) $1,755,726 (-0.4%) 0.00 219
2022-07-01 $875,000 (0.0%) $1,588,381 (-3.6%) 0.00 262
2022-08-01 $874,000 (4.2%) $1,551,404 (-5.5%) 0.00 268
2022-09-01 $874,500 (1.0%) $1,596,801 (-2.8%) 0.00 262
2022-10-01 $890,000 (-3.8%) $1,668,017 (-8.7%) 0.00 259
2022-11-01 $849,500 (-8.2%) $1,609,945 (-11.8%) 0.00 236
2022-12-01 $799,000 (-15.3%) $1,510,946 (-23.4%) 0.00 208
2023-01-01 $834,725 (-6.9%) $1,649,974 (-16.0%) 0.00 177
2023-02-01 $849,250 (0.6%) $1,757,734 (-3.7%) 0.00 160
2023-03-01 $867,000 (10.1%) $1,806,928 (-2.1%) 0.00 146
2023-04-01 $889,453 (16.7%) $1,809,456 (-1.0%) 0.00 151
2023-05-01 $890,453 (14.8%) $1,686,845 (-3.7%) 0.00 188
2023-06-01 $893,226 (-0.2%) $1,710,006 (-2.6%) 0.00 233
2023-07-01 $899,999 (2.9%) $1,678,473 (5.7%) 0.00 269
2023-08-01 $886,976 (1.5%) $1,619,361 (4.4%) 0.00 283
2023-09-01 $893,905 (2.2%) $1,677,772 (5.1%) 0.00 274
2023-10-01 $896,453 (0.7%) $1,691,184 (1.4%) 0.00 278
2023-11-01 $884,476 (4.1%) $1,654,176 (2.8%) 0.00 264
2023-12-01 $869,000 (8.8%) $1,672,912 (10.7%) 0.00 225
2024-01-01 $854,500 (2.4%) $1,739,148 (5.4%) 0.00 199
2024-02-01 $819,450 (-3.5%) $1,722,984 (-2.0%) 0.00 194
2024-03-01 $839,000 (-3.2%) $1,666,901 (-7.8%) 0.00 198
Durango's median listing price for 2024-03-01 was $839,000, a difference of $-28,000 (-3.2%) versus the prior year and $19,550 versus the prior month.

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

Durango's average listing price for 2024-03-01 was $1,666,901, a difference of $-140,027 (-7.8%) versus the prior year and $-56,083 versus the prior month.

For the 2024-03-01 period, Durango had 198 MLS listings, a difference of 4 listings (2%) versus the prior month and 52 listings (36%) 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 2,126 sqft
2018-02-01 0 days 2,110 sqft
2018-03-01 0 days 2,110 sqft
2018-04-01 0 days 2,218 sqft
2018-05-01 0 days 2,226 sqft
2018-06-01 0 days 2,224 sqft
2018-07-01 0 days 2,188 sqft
2018-08-01 0 days 2,101 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 2,101 sqft
2019-01-01 0 days 2,028 sqft
2019-02-01 0 days 1,996 sqft
2019-03-01 0 days 2,005 sqft
2019-04-01 0 days 2,043 sqft
2019-05-01 0 days 2,112 sqft
2019-06-01 0 days 2,178 sqft
2019-07-01 0 days 2,146 sqft
2019-08-01 0 days 2,156 sqft
2019-09-01 0 days 2,167 sqft
2019-10-01 0 days 2,170 sqft
2019-11-01 0 days 2,159 sqft
2019-12-01 0 days 2,061 sqft
2020-01-01 0 days 2,006 sqft
2020-02-01 0 days 2,004 sqft
2020-03-01 0 days 2,019 sqft
2020-04-01 0 days 2,067 sqft
2020-05-01 0 days 2,034 sqft
2020-06-01 0 days 2,136 sqft
2020-07-01 0 days 2,157 sqft
2020-08-01 0 days 2,175 sqft
2020-09-01 0 days 2,217 sqft
2020-10-01 0 days 2,262 sqft
2020-11-01 0 days 2,316 sqft
2020-12-01 0 days 2,237 sqft
2021-01-01 0 days 2,262 sqft
2021-02-01 0 days 2,306 sqft
2021-03-01 0 days 2,423 sqft
2021-04-01 0 days 2,599 sqft
2021-05-01 0 days 2,708 sqft
2021-06-01 0 days 2,703 sqft
2021-07-01 0 days 2,589 sqft
2021-08-01 0 days 2,570 sqft
2021-09-01 0 days 2,642 sqft
2021-10-01 0 days 2,803 sqft
2021-11-01 0 days 2,583 sqft
2021-12-01 0 days 2,798 sqft
2022-01-01 0 days 2,483 sqft
2022-02-01 0 days 2,194 sqft
2022-03-01 0 days 2,174 sqft
2022-04-01 0 days 2,236 sqft
2022-05-01 0 days 2,180 sqft
2022-06-01 0 days 2,375 sqft
2022-07-01 0 days 2,318 sqft
2022-08-01 0 days 2,255 sqft
2022-09-01 0 days 2,267 sqft
2022-10-01 0 days 2,347 sqft
2022-11-01 0 days 2,325 sqft
2022-12-01 0 days 2,178 sqft
2023-01-01 0 days 2,093 sqft
2023-02-01 0 days 2,129 sqft
2023-03-01 0 days 2,268 sqft
2023-04-01 0 days 2,220 sqft
2023-05-01 0 days 2,191 sqft
2023-06-01 0 days 2,154 sqft
2023-07-01 0 days 2,207 sqft
2023-08-01 0 days 2,193 sqft
2023-09-01 0 days 2,181 sqft
2023-10-01 0 days 2,196 sqft
2023-11-01 0 days 2,076 sqft
2023-12-01 0 days 2,048 sqft
2024-01-01 0 days 1,988 sqft
2024-02-01 0 days 1,950 sqft
2024-03-01 0 days 1,977 sqft
Durango's median listing age (time on market) for 2024-03-01 was 0 days.

Durango's median square footage for active listings during the 2024-03-01 period was 1,977 sqft. One year prior, the average listing was 2,268 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).