Fort Morgan FHA Loan Rates, Closing Costs & Stats

Fort Morgan, 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.

    Fort Morgan's 45 lenders originated 156 FHA loans during 2023. The total origination value was $46,530,000, with an average FHA loan value of $298,269.

    Fort Morgan FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Fort Morgan averaged 0.12% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Fort Morgan's average FHA mortgage closing costs are $9,075.

    The average rate for the prior week (2024-11-08) was 6.32% and one month ago for the week of 2024-10-11, the average rate was 6.23%.

    The average rate one year ago was 7.07%.

    For refis of the same type during the week of 2024-11-15, the average rate was -0.2%.

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

    Fort Morgan 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 Fort Morgan level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Bank of Colorado 18 6.76% $11,798
    QUICKEN LOANS, LLC 13 6.25% $13,451
    UNITED WHOLESALE MORTGAGE, LLC 10 6.24% $14,149
    AMERICAN FINANCING CORPORATION 9 6.69% $13,622
    UNIVERSAL LENDING CORPORATION 9 6.43% $12,021
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 6.50% $12,146
    BROKER SOLUTIONS, INC. 6 6.73% $12,719
    GUILD MORTGAGE COMPANY 5 6.00% $9,392
    Financial Funding Solutions, Inc. 5 6.20% $6,206
    VAN DYK MORTGAGE CORPORATION 4 7.19% $7,916
    LOANDEPOT.COM, LLC 3 6.04% $15,243
    FREEDOM MORTGAGE CORPORATION 3 7.08% $14,504
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 6.79% $11,125
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 6.54% $13,425
    CROSSCOUNTRY MORTGAGE, LLC 3 6.92% $13,577
    CORNERSTONE HOME LENDING, INC. 2 7.00% $11,980
    American Mortgage & Equity Consultants, Inc. 2 6.37% $23,027
    LEADERONE FINANCIAL CORPORATION 2 5.50% $8,545
    MOVEMENT MORTGAGE, LLC 2 6.50% $12,325
    Northpointe Bank 2 6.00% $10,004
    Paramount Residential Mortgage Group, Inc. 2 6.94% $14,826
    HOMESTAR FINANCIAL CORPORATION 1 6.50% $6,868
    CARDINAL FINANCIAL 1 7.00% $14,141
    EMM LOANS LLC 1 5.88% $13,870
    Loan Simple, Inc. 1 6.75% $11,167
    MEGASTAR FINANCIAL CORP. 1 6.13% $16,888
    MOUNTAIN WEST FINANCIAL, INC. 1 6.75% $11,287
    Bank of England 1 6.75% $11,286
    Mr. Cooper ( Nationstar Mortgage ) 1 6.25% $15,617
    NEWREZ LLC 1 6.25% $12,063
    AMERISAVE MORTGAGE CORPORATION 1 5.50% $14,461
    NOVA FINANCIAL & INVESTMENT CORPORATION 1 5.75% $8,422
    VERITAS FUNDING, LLC 1 7.00% $16,903
    PLANET HOME LENDING, LLC 1 6.63% $11,892
    PLAZA HOME MORTGAGE, INC. 1 7.25% $15,258
    AMERICAN FINANCIAL NETWORK, INC. 1 6.75% $14,831
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.50% $14,016
    Carrington Mortgage Services, LLC 1 6.38% $27,277
    S1L, Inc. 1 6.75% $13,997
    The Huntington National Bank 1 6.50% $18,294
    THRIVE MORTGAGE, LLC 1 6.38% $9,747
    EVERETT FINANCIAL, INC. 1 6.63% $17,041
    GUARANTY HOME MORTGAGE CORPORATION 1 7.25% $8,576
    Ent Credit Union 1 6.88% $10,557
    HOMESIDE FINANCIAL, LLC 1 6.75% $11,631

    The top Fort Morgan FHA lender as defined by loan originations is Bank of Colorado, with 18 FHA loans originated. Their average total fees are $11,798, which is $1,653 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Fort Morgan FHA lenders (with over 10 loans originated) are Bank of Colorado ($11,798), QUICKEN LOANS, LLC ($13,451), UNITED WHOLESALE MORTGAGE, LLC ($14,149), .

    The lowest rate Fort Morgan FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.24%), QUICKEN LOANS, LLC (6.25%), Bank of Colorado (6.76%), .

    Fort Morgan FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Fort Morgan (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 $290,000 (16.1%) $283,280 (9.9%) 0.00 103
    2018-02-01 $290,000 (14.7%) $291,054 (11.5%) 0.00 96
    2018-03-01 $290,000 (9.4%) $300,993 (10.9%) 0.00 86
    2018-04-01 $290,000 (5.5%) $309,696 (11.7%) 0.00 80
    2018-05-01 $290,000 (5.5%) $306,124 (9.7%) 0.00 91
    2018-06-01 $290,000 (5.5%) $298,566 (4.8%) 0.00 99
    2018-07-01 $290,000 (5.5%) $300,978 (4.7%) 0.00 93
    2018-08-01 $290,000 (5.5%) $303,680 (4.3%) 0.00 103
    2018-09-01 $290,000 (5.5%) $307,930 (11.4%) 0.00 119
    2018-10-01 $294,625 (7.1%) $300,498 (7.4%) 0.00 113
    2018-11-01 $299,000 (8.7%) $309,788 (10.2%) 0.00 105
    2018-12-01 $299,000 (3.1%) $302,843 (4.2%) 0.00 97
    2019-01-01 $299,000 (3.1%) $302,892 (6.9%) 0.00 91
    2019-02-01 $299,000 (3.1%) $309,704 (6.4%) 0.00 84
    2019-03-01 $299,000 (3.1%) $308,934 (2.6%) 0.00 88
    2019-04-01 $299,000 (3.1%) $308,755 (-0.3%) 0.00 105
    2019-05-01 $299,000 (3.1%) $314,851 (2.9%) 0.00 111
    2019-06-01 $299,000 (3.1%) $319,525 (7.0%) 0.00 119
    2019-07-01 $299,119 (3.1%) $335,406 (11.4%) 0.00 127
    2019-08-01 $300,764 (3.7%) $339,439 (11.8%) 0.00 131
    2019-09-01 $304,553 (5.0%) $336,769 (9.4%) 0.00 130
    2019-10-01 $311,250 (5.6%) $343,405 (14.3%) 0.00 126
    2019-11-01 $304,900 (2.0%) $340,490 (9.9%) 0.00 107
    2019-12-01 $299,900 (0.3%) $334,439 (10.4%) 0.00 98
    2020-01-01 $300,825 (0.6%) $338,199 (11.7%) 0.00 98
    2020-02-01 $308,000 (3.0%) $339,466 (9.6%) 0.00 90
    2020-03-01 $299,675 (0.2%) $347,557 (12.5%) 0.00 91
    2020-04-01 $308,625 (3.2%) $354,382 (14.8%) 0.00 90
    2020-05-01 $307,500 (2.8%) $336,047 (6.7%) 0.00 90
    2020-06-01 $321,225 (7.4%) $348,957 (9.2%) 0.00 78
    2020-07-01 $314,688 (5.2%) $343,714 (2.5%) 0.00 74
    2020-08-01 $298,000 (-0.9%) $335,069 (-1.3%) 0.00 60
    2020-09-01 $295,950 (-2.8%) $336,827 (0.0%) 0.00 55
    2020-10-01 $305,000 (-2.0%) $345,120 (0.5%) 0.00 52
    2020-11-01 $303,625 (-0.4%) $323,407 (-5.0%) 0.00 54
    2020-12-01 $279,838 (-6.7%) $310,649 (-7.1%) 0.00 48
    2021-01-01 $264,400 (-12.1%) $313,476 (-7.3%) 0.00 37
    2021-02-01 $305,000 (-1.0%) $347,836 (2.5%) 0.00 31
    2021-03-01 $293,718 (-2.0%) $318,188 (-8.5%) 0.00 27
    2021-04-01 $316,250 (2.5%) $373,456 (5.4%) 0.00 28
    2021-05-01 $334,500 (8.8%) $412,860 (22.9%) 0.00 27
    2021-06-01 $368,475 (14.7%) $415,581 (19.1%) 0.00 34
    2021-07-01 $376,450 (19.6%) $416,307 (21.1%) 0.00 31
    2021-08-01 $368,500 (23.7%) $408,465 (21.9%) 0.00 35
    2021-09-01 $362,500 (22.5%) $387,141 (14.9%) 0.00 40
    2021-10-01 $325,000 (6.6%) $352,465 (2.1%) 0.00 45
    2021-11-01 $325,000 (7.0%) $356,367 (10.2%) 0.00 44
    2021-12-01 $322,500 (15.3%) $360,107 (15.9%) 0.00 91
    2022-01-01 $314,950 (19.1%) $334,104 (6.6%) 0.00 52
    2022-02-01 $322,475 (5.7%) $360,566 (3.7%) 0.00 40
    2022-03-01 $325,000 (10.7%) $361,986 (13.8%) 0.00 37
    2022-04-01 $385,000 (21.7%) $406,043 (8.7%) 0.00 42
    2022-05-01 $448,250 (34.0%) $461,279 (11.7%) 0.00 57
    2022-06-01 $447,750 (21.5%) $467,005 (12.4%) 0.00 66
    2022-07-01 $453,271 (20.4%) $506,794 (21.7%) 0.00 82
    2022-08-01 $455,000 (23.5%) $512,481 (25.5%) 0.00 96
    2022-09-01 $439,000 (21.1%) $497,361 (28.5%) 0.00 105
    2022-10-01 $425,000 (30.8%) $477,933 (35.6%) 0.00 96
    2022-11-01 $412,750 (27.0%) $499,383 (40.1%) 0.00 97
    2022-12-01 $400,000 (24.0%) $533,308 (48.1%) 0.00 92
    2023-01-01 $368,000 (16.8%) $499,341 (49.5%) 0.00 80
    2023-02-01 $395,750 (22.7%) $499,526 (38.5%) 0.00 75
    2023-03-01 $392,500 (20.8%) $508,613 (40.5%) 0.00 75
    2023-04-01 $375,000 (-2.6%) $515,745 (27.0%) 0.00 77
    2023-05-01 $408,500 (-8.9%) $534,298 (15.8%) 0.00 85
    2023-06-01 $416,250 (-7.0%) $524,831 (12.4%) 0.00 83
    2023-07-01 $440,000 (-2.9%) $528,212 (4.2%) 0.00 82
    2023-08-01 $406,250 (-10.7%) $498,820 (-2.7%) 0.00 93
    2023-09-01 $399,000 (-9.1%) $518,723 (4.3%) 0.00 88
    2023-10-01 $392,500 (-7.7%) $509,707 (6.7%) 0.00 87
    2023-11-01 $387,950 (-6.0%) $463,816 (-7.1%) 0.00 86
    2023-12-01 $375,000 (-6.3%) $441,213 (-17.3%) 0.00 89
    2024-01-01 $368,250 (0.1%) $435,627 (-12.8%) 0.00 77
    2024-02-01 $362,475 (-8.4%) $427,019 (-14.5%) 0.00 71
    2024-03-01 $362,000 (-7.8%) $418,637 (-17.7%) 0.00 71
    2024-04-01 $381,000 (1.6%) $446,032 (-13.5%) 0.00 85
    2024-05-01 $378,000 (-7.5%) $432,289 (-19.1%) 0.00 85
    2024-06-01 $377,500 (-9.3%) $423,659 (-19.3%) 0.00 90
    2024-07-01 $412,500 (-6.3%) $449,865 (-14.8%) 0.00 78
    2024-08-01 $402,500 (-0.9%) $441,517 (-11.5%) 0.00 93
    2024-09-01 $382,450 (-4.2%) $455,220 (-12.2%) 0.00 113
    2024-10-01 $373,475 (-4.9%) $466,959 (-8.4%) 0.00 114
    Fort Morgan's median listing price for 2024-10-01 was $373,475, a difference of $-19,025 (-4.9%) versus the prior year and $-8,975 versus the prior month.

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

    Fort Morgan's average listing price for 2024-10-01 was $466,959, a difference of $-42,748 (-8.4%) versus the prior year and $11,739 versus the prior month.

    For the 2024-10-01 period, Fort Morgan had 114 MLS listings, a difference of 1 listings (1%) versus the prior month and 27 listings (31%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Fort Morgan (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,915 sqft
    2018-02-01 0 days 1,898 sqft
    2018-03-01 0 days 2,012 sqft
    2018-04-01 0 days 2,226 sqft
    2018-05-01 0 days 2,233 sqft
    2018-06-01 0 days 2,080 sqft
    2018-07-01 0 days 2,126 sqft
    2018-08-01 0 days 2,175 sqft
    2018-09-01 0 days 2,184 sqft
    2018-10-01 0 days 2,087 sqft
    2018-11-01 0 days 2,176 sqft
    2018-12-01 0 days 2,275 sqft
    2019-01-01 0 days 2,184 sqft
    2019-02-01 0 days 2,171 sqft
    2019-03-01 0 days 2,191 sqft
    2019-04-01 0 days 2,207 sqft
    2019-05-01 0 days 2,217 sqft
    2019-06-01 0 days 2,311 sqft
    2019-07-01 0 days 2,351 sqft
    2019-08-01 0 days 2,363 sqft
    2019-09-01 0 days 2,369 sqft
    2019-10-01 0 days 2,417 sqft
    2019-11-01 0 days 2,404 sqft
    2019-12-01 0 days 2,422 sqft
    2020-01-01 0 days 2,411 sqft
    2020-02-01 0 days 2,466 sqft
    2020-03-01 0 days 2,480 sqft
    2020-04-01 0 days 2,491 sqft
    2020-05-01 0 days 2,336 sqft
    2020-06-01 0 days 2,480 sqft
    2020-07-01 0 days 2,275 sqft
    2020-08-01 0 days 2,180 sqft
    2020-09-01 0 days 2,210 sqft
    2020-10-01 0 days 2,369 sqft
    2020-11-01 0 days 2,223 sqft
    2020-12-01 0 days 2,110 sqft
    2021-01-01 0 days 2,315 sqft
    2021-02-01 0 days 2,075 sqft
    2021-03-01 0 days 2,112 sqft
    2021-04-01 0 days 2,246 sqft
    2021-05-01 0 days 2,235 sqft
    2021-06-01 0 days 2,181 sqft
    2021-07-01 0 days 2,335 sqft
    2021-08-01 0 days 2,227 sqft
    2021-09-01 0 days 2,127 sqft
    2021-10-01 0 days 1,981 sqft
    2021-11-01 0 days 2,027 sqft
    2021-12-01 0 days 2,030 sqft
    2022-01-01 0 days 2,020 sqft
    2022-02-01 0 days 2,020 sqft
    2022-03-01 0 days 2,099 sqft
    2022-04-01 0 days 2,264 sqft
    2022-05-01 0 days 2,772 sqft
    2022-06-01 0 days 2,795 sqft
    2022-07-01 0 days 2,754 sqft
    2022-08-01 0 days 2,770 sqft
    2022-09-01 0 days 2,491 sqft
    2022-10-01 0 days 2,300 sqft
    2022-11-01 0 days 2,300 sqft
    2022-12-01 0 days 2,280 sqft
    2023-01-01 0 days 2,086 sqft
    2023-02-01 0 days 2,233 sqft
    2023-03-01 0 days 2,176 sqft
    2023-04-01 0 days 2,104 sqft
    2023-05-01 0 days 2,252 sqft
    2023-06-01 0 days 2,449 sqft
    2023-07-01 0 days 2,478 sqft
    2023-08-01 0 days 2,465 sqft
    2023-09-01 0 days 2,375 sqft
    2023-10-01 0 days 2,444 sqft
    2023-11-01 0 days 2,446 sqft
    2023-12-01 0 days 2,402 sqft
    2024-01-01 0 days 2,294 sqft
    2024-02-01 0 days 2,376 sqft
    2024-03-01 0 days 1,936 sqft
    2024-04-01 0 days 2,224 sqft
    2024-05-01 0 days 2,249 sqft
    2024-06-01 0 days 2,352 sqft
    2024-07-01 0 days 2,342 sqft
    2024-08-01 0 days 2,160 sqft
    2024-09-01 0 days 2,089 sqft
    2024-10-01 0 days 2,212 sqft
    Fort Morgan's median listing age (time on market) for 2024-10-01 was 0 days.

    Fort Morgan's median square footage for active listings during the 2024-10-01 period was 2,212 sqft. One year prior, the average listing was 2,444 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).