Grand Junction FHA Loans

GRAND JUNCTION, 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.

Grand Junction's 88 lenders originated 1,413 FHA loans during 2021. The total origination value was $340,005,000, with an average FHA loan value of $240,626.

Grand Junction FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Grand Junction averaged 5.5% for the week of 2022-05-20, compared to the national average (all FHA variants) of 5.352% for the same period.

The average rate for the prior week (2022-05-13) was 5.11% and one month ago for the week of 2022-04-15, the average rate was 5%.

The average rate one year ago was 2.97%.

For refis of the same type during the week of 2022-05-20, the average rate was 4.85%.

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

Grand Junction 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 Grand Junction level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
BAY EQUITY LLC 200 3.10% $9,122
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 129 3.19% $10,150
QUICKEN LOANS, LLC 89 2.67% $7,805
AMCAP MORTGAGE, LTD. 80 3.13% $8,917
ACADEMY MORTGAGE CORPORATION 75 3.05% $8,390
Northpointe Bank 57 3.09% $9,430
GUILD MORTGAGE COMPANY 51 3.07% $9,304
LAKEVIEW LOAN SERVICING, LLC 36 2.88% $5,132
BROKER SOLUTIONS, INC. 35 3.12% $8,954
UNITED WHOLESALE MORTGAGE, LLC 31 2.70% $7,809
PRIMARY RESIDENTIAL MORTGAGE, INC. 31 3.22% $9,848
FREEDOM MORTGAGE CORPORATION 27 2.75% $5,523
PENNYMAC LOAN SERVICES, LLC 21 3.04% $5,236
Mr. Cooper ( Nationstar Mortgage ) 19 3.31% $4,380
PLAZA HOME MORTGAGE, INC. 17 2.77% $8,512
CALIBER HOME LOANS, INC. 15 2.89% $7,269
Carrington Mortgage Services, LLC 15 3.57% $9,410
CHERRY CREEK MORTGAGE, LLC 15 3.12% $5,001
HOME POINT FINANCIAL CORPORATION 14 2.58% $8,084
AMERICAN FINANCING CORPORATION 12 2.95% $9,778
CITY FIRST MORTGAGE SERVICES, L.L.C. 8 2.94% $7,662
PLANET HOME LENDING, LLC 7 2.68% $5,275
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 6 3.33% $9,170
UNIVERSAL LENDING CORPORATION 6 3.23% $9,408
Bank of Colorado 6 3.23% $9,971
NEWREZ LLC 5 2.87% $4,155
AmeriHome Mortgage Company, LLC 5 3.00% $5,480
Flanagan State Bank 5 2.95% $9,040
VILLAGE CAPITAL & INVESTMENT LLC 4 2.78% $2,133
CORNERSTONE HOME LENDING, INC. 4 2.91% $8,385
HOMEBRIDGE FINANCIAL SERVICES, INC. 4 2.47% $5,671
MORTGAGE SOLUTIONS OF COLORADO, LLC 4 2.91% $9,384
SOVEREIGN LENDING GROUP INCORPORATED 3 3.00% $9,541
Lakeview Community Capital, LLC 3 2.67% $5,817
UNITED SECURITY FINANCIAL CORP 3 2.63% $5,112
SUN WEST MORTGAGE COMPANY, INC. 3 2.79% $5,437
GERSHMAN INVESTMENT CORP. 3 2.58% $5,599
AMERISAVE MORTGAGE CORPORATION 3 3.08% $9,990
JLB CORPORATION 2 2.88% $7,910
SOUTHWEST FUNDING, LP 2 3.00% $8,238
LOANDEPOT.COM, LLC 2 3.31% $7,951
InterContinental Capital Group, Inc 2 2.81% $6,992
MUTUAL OF OMAHA MORTGAGE, INC. 2 2.50% $7,518
SWBC MORTGAGE CORPORATION 2 3.19% $8,535
Paramount Residential Mortgage Group, Inc. 2 3.13% $9,743
NATIONS DIRECT MORTGAGE, LLC 2 2.50% $7,476
MEGASTAR FINANCIAL CORP. 1 2.50% $6,030
MID AMERICA MORTGAGE, INC. 1 3.38% $5,621
A&D Mortgage LLC 1 3.00% $7,275
Equity Prime Mortgage LLC 1 3.75% $8,827
Nations Lending Corporation 1 3.25% $11,208
ENCORE BANK 1 2.75% $6,241
CONTOUR MORTGAGE CORPORATION 1 3.63% $7,524
NOVA FINANCIAL & INVESTMENT CORPORATION 1 2.38% $5,681
OCMBC, INC. 1 3.13% $10,862
CLEARPATH LENDING 1 2.75% $6,239
PHH Mortgage Corporation 1 3.75% $4,527
PINNACLE LENDING GROUP, INC. 1 2.63% $7,940
CELEBRITY HOME LOANS, LLC 1 3.25% $13,289
Barrington Bank & Trust Company, N.A. 1 3.25% $8,845
Bank of England 1 2.75% $14,953
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.13% $6,387
RANLIFE, INC. 1 2.63% $7,135
RELIANCE FIRST CAPITAL, LLC 1 3.00% $11,872
S1L, Inc. 1 3.25% $11,817
Sierra Pacific Mortgage Company, Inc. 1 2.75% $9,725
STEARNS LENDING, LLC 1 2.75% $4,055
Strong Home Mortgage, LLC 1 2.50% $6,627
The Federal Savings Bank 1 3.00% $7,897
THRIVE MORTGAGE, LLC 1 3.63% $9,688
TOP FLITE FINANCIAL, INC. 1 3.75% $15,871
TOWNE MORTGAGE COMPANY 1 2.88% $10,118
Amerifirst Financial, Inc. 1 3.25% $12,163
GROUP MORTGAGE, LLC 1 3.25% $10,918
Glacier Bank 1 3.00% $7,796
Florida Capital Bank 1 2.63% $10,000
AMERICAN FINANCIAL RESOURCES, INC. 1 2.75% $9,622
First Guaranty Mortgage Corporation 1 2.50% $8,749
Hometown Equity Mortgage, LLC 1 4.38% $13,125
Hometown Lenders, Inc. 1 3.25% $10,339
INTEGRITY MORTGAGE & FINANCIAL INCORPORATED 1 2.88% $6,682
KELLER MORTGAGE, LLC 1 2.88% $7,836
FINANCE OF AMERICA MORTGAGE LLC 1 3.25% $8,227
LOANPAL, LLC 1 3.00% $8,413
Loan Simple, Inc. 1 2.25% $7,315
Low VA Rates, LLC 1 3.88% $4,245
Magnolia Bank 1 2.75% $4,291
Manufacturers and Traders Trust Company 1 2.88% $7,254

The top Grand Junction FHA lender as defined by loan originations is BAY EQUITY LLC, with 200 FHA loans originated. Their average total fees are $9,122, which is $1,028 lower than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

The lowest fee Grand Junction FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($4,380), CHERRY CREEK MORTGAGE, LLC ($5,001), LAKEVIEW LOAN SERVICING, LLC ($5,132), PENNYMAC LOAN SERVICES, LLC ($5,236) and FREEDOM MORTGAGE CORPORATION ($5,523).

The lowest rate Grand Junction FHA lenders (with over 10 loans originated) are HOME POINT FINANCIAL CORPORATION (2.58%), QUICKEN LOANS, LLC (2.67%), UNITED WHOLESALE MORTGAGE, LLC (2.70%), FREEDOM MORTGAGE CORPORATION (2.75%) and PLAZA HOME MORTGAGE, INC. (2.77%).

Grand Junction FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
GRAND JUNCTION, CO MESA 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Grand Junction (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 $284,900 (14.2%) $558,162 (67.8%) 1.05 766
2018-02-01 $281,000 (11.8%) $572,044 (69.4%) 1.01 748
2018-03-01 $287,500 (15.1%) $558,919 (63.6%) 0.99 808
2018-04-01 $289,900 (13.7%) $552,916 (54.6%) 0.97 858
2018-05-01 $293,500 (8.7%) $545,627 (51.3%) 0.98 903
2018-06-01 $299,000 (8.8%) $544,193 (8.2%) 1.00 956
2018-07-01 $297,500 (8.2%) $528,884 (4.8%) 0.99 1,009
2018-08-01 $292,000 (6.2%) $516,935 (-12.9%) 0.98 1,041
2018-09-01 $299,000 (8.7%) $527,696 (4.0%) 1.00 1,032
2018-10-01 $308,000 (11.4%) $535,086 (5.4%) 1.03 1,031
2018-11-01 $322,900 (16.6%) $592,486 (14.0%) 1.08 840
2018-12-01 $324,900 (16.1%) $431,551 (-18.6%) 1.11 769
2019-01-01 $323,450 (13.5%) $432,915 (-22.4%) 1.12 699
2019-02-01 $329,900 (17.4%) $434,668 (-24.0%) 1.11 695
2019-03-01 $342,614 (19.2%) $440,879 (-21.1%) 1.12 689
2019-04-01 $349,450 (20.5%) $447,929 (-19.0%) 1.10 713
2019-05-01 $356,750 (21.6%) $623,751 (14.3%) 1.10 773
2019-06-01 $345,000 (15.4%) $752,900 (38.4%) 1.06 878
2019-07-01 $349,950 (17.6%) $751,041 (42.0%) 1.09 904
2019-08-01 $349,943 (19.8%) $750,575 (45.2%) 1.10 888
2019-09-01 $352,450 (17.9%) $758,607 (43.8%) 1.12 870
2019-10-01 $356,500 (15.8%) $772,505 (44.4%) 1.14 852
2019-11-01 $355,000 (9.9%) $790,686 (33.5%) 1.15 809
2019-12-01 $357,250 (10.0%) $946,654 (119.4%) 1.19 730
2020-01-01 $368,450 (13.9%) $762,269 (76.1%) 1.23 654
2020-02-01 $380,000 (15.2%) $791,522 (82.1%) 1.23 603
2020-03-01 $399,000 (16.5%) $508,133 (15.3%) 1.25 618
2020-04-01 $395,450 (13.2%) $498,702 (11.3%) 1.23 651
2020-05-01 $399,900 (12.1%) $508,206 (-18.5%) 1.21 646
2020-06-01 $422,450 (22.5%) $533,184 (-29.2%) 1.23 583
2020-07-01 $437,450 (25.0%) $552,378 (-26.5%) 1.25 544
2020-08-01 $425,000 (21.5%) $555,805 (-26.0%) 1.21 484
2020-09-01 $409,750 (16.3%) $546,804 (-27.9%) 1.17 452
2020-10-01 $400,000 (12.2%) $554,481 (-28.2%) 1.14 452
2020-11-01 $441,450 (24.4%) $613,106 (-22.5%) 1.26 429
2020-12-01 $407,460 (14.1%) $612,270 (-35.3%) 1.19 407
2021-01-01 $440,000 (19.4%) $657,451 (-13.8%) 1.29 309
2021-02-01 $512,000 (34.7%) $722,545 (-8.7%) 1.47 257
2021-03-01 $495,000 (24.1%) $695,367 (36.9%) 1.39 239
2021-04-01 $516,950 (30.7%) $707,731 (41.9%) 1.39 200
2021-05-01 $485,000 (21.3%) $682,095 (34.2%) 1.28 243
2021-06-01 $492,000 (16.5%) $668,334 (25.4%) 1.28 288
2021-07-01 $484,000 (10.6%) $642,197 (16.3%) 1.26 356
2021-08-01 $440,500 (3.7%) $609,060 (9.6%) 1.16 423
2021-09-01 $432,564 (5.6%) $581,945 (6.4%) 1.14 483
2021-10-01 $439,900 (10.0%) $572,706 (3.3%) 1.16 490
2021-11-01 $437,500 (-0.9%) $581,458 (-5.2%) 1.15 404
2021-12-01 $454,995 (11.7%) $587,876 (-4.0%) 1.21 307
2022-01-01 $489,900 (11.3%) $631,091 (-4.0%) 1.31 239
2022-02-01 $454,950 (-11.1%) $597,609 (-17.3%) 1.16 219
2022-03-01 $524,564 (6.0%) $641,232 (-7.8%) 1.30 247
2022-04-01 $499,900 (-3.3%) $636,420 (-10.1%) 1.18 274
Grand Junction's median listing price for 2022-04-01 was $499,900, a difference of $-17,050 (-3.3%) versus the prior year and $-24,664 versus the prior month.

Grand Junction's median listing price comes in at 118% of the national average.

Grand Junction's average listing price for 2022-04-01 was $636,420, a difference of $-71,311 (-10.1%) versus the prior year and $-4,812 versus the prior month.

For the 2022-04-01 period, Grand Junction had 274 MLS listings, a difference of 27 listings (11%) versus the prior month and 74 listings (37%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Grand Junction (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 79 days 1,770 sqft
2018-02-01 74 days 1,803 sqft
2018-03-01 53 days 1,789 sqft
2018-04-01 43 days 1,796 sqft
2018-05-01 45 days 1,800 sqft
2018-06-01 44 days 1,816 sqft
2018-07-01 46 days 1,814 sqft
2018-08-01 51 days 1,802 sqft
2018-09-01 57 days 1,820 sqft
2018-10-01 62 days 1,839 sqft
2018-11-01 61 days 1,955 sqft
2018-12-01 71 days 1,953 sqft
2019-01-01 79 days 1,916 sqft
2019-02-01 74 days 1,960 sqft
2019-03-01 53 days 1,976 sqft
2019-04-01 48 days 1,956 sqft
2019-05-01 44 days 1,995 sqft
2019-06-01 48 days 1,984 sqft
2019-07-01 53 days 1,994 sqft
2019-08-01 58 days 1,975 sqft
2019-09-01 63 days 1,953 sqft
2019-10-01 64 days 1,947 sqft
2019-11-01 67 days 1,944 sqft
2019-12-01 75 days 1,947 sqft
2020-01-01 77 days 1,978 sqft
2020-02-01 71 days 2,014 sqft
2020-03-01 52 days 2,058 sqft
2020-04-01 51 days 2,039 sqft
2020-05-01 60 days 2,010 sqft
2020-06-01 64 days 2,085 sqft
2020-07-01 63 days 2,127 sqft
2020-08-01 58 days 2,052 sqft
2020-09-01 54 days 1,970 sqft
2020-10-01 47 days 1,952 sqft
2020-11-01 50 days 1,974 sqft
2020-12-01 52 days 1,930 sqft
2021-01-01 71 days 2,000 sqft
2021-02-01 66 days 2,019 sqft
2021-03-01 42 days 2,052 sqft
2021-04-01 40 days 2,061 sqft
2021-05-01 22 days 1,953 sqft
2021-06-01 23 days 1,923 sqft
2021-07-01 25 days 1,842 sqft
2021-08-01 30 days 1,867 sqft
2021-09-01 33 days 1,859 sqft
2021-10-01 37 days 1,856 sqft
2021-11-01 47 days 1,856 sqft
2021-12-01 55 days 1,890 sqft
2022-01-01 70 days 1,953 sqft
2022-02-01 41 days 1,878 sqft
2022-03-01 23 days 1,951 sqft
2022-04-01 30 days 1,901 sqft
Grand Junction's median listing age (time on market) for 2022-04-01 was 30 days. This is -24% shorter than the same period one year ago.

Grand Junction's median square footage for active listings during the 2022-04-01 period was 1,901 sqft. One year prior, the average listing was 2,061 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).