Fort Morgan FHA Loan Rates, Closing Costs & Stats

Fort Morgan, 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.

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 6.71% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

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

The average rate for the prior week (2024-07-12) was 6.76% and one month ago for the week of 2024-06-14, the average rate was 6.91%.

The average rate one year ago was 6.9%.

For refis of the same type during the week of 2024-07-19, the average rate was 6.49%.

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%) $429,283 (-18.2%) 0.00 90
Fort Morgan's median listing price for 2024-06-01 was $377,500, a difference of $-38,750 (-9.3%) versus the prior year and $-500 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 2024-06-01 was $429,283, a difference of $-95,548 (-18.2%) versus the prior year and $-3,006 versus the prior month.

For the 2024-06-01 period, Fort Morgan had 90 MLS listings, a difference of 5 listings (6%) versus the prior month and 7 listings (8%) 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 2,375 sqft
Fort Morgan's median listing age (time on market) for 2024-06-01 was 0 days.

Fort Morgan's median square footage for active listings during the 2024-06-01 period was 2,375 sqft. One year prior, the average listing was 2,449 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).