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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.