Grand Junction FHA Loans

GRAND JUNCTION, 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.

    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).