Durango FHA Loan Rates, Closing Costs & Stats

Durango, 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.

    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 7.04% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.63% and one month ago for the week of 2024-03-15, the average rate was 6.5%.

    The average rate one year ago was 6.53%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

    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).