Grand Junction FHA Loan Rates, Closing Costs & Stats

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 67 lenders originated 575 FHA loans during 2023. The total origination value was $168,665,000, with an average FHA loan value of $293,330.

    Grand Junction FHA Loans, 30 Year Fixed Rates

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

    Grand Junction's average FHA mortgage closing costs are $8,438.

    The average rate for the prior week (2024-11-08) was 6.33% and one month ago for the week of 2024-10-11, the average rate was 5.94%.

    The average rate one year ago was 7.38%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.36%.

    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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Grand Junction level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 62 6.91% $8,870
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 50 6.86% $12,277
    AMCAP MORTGAGE, LTD. 36 6.73% $12,455
    UNITED WHOLESALE MORTGAGE, LLC 34 6.10% $12,775
    ACADEMY MORTGAGE CORPORATION 23 6.47% $13,843
    Northpointe Bank 18 6.58% $10,693
    GUILD MORTGAGE COMPANY 17 6.63% $11,046
    MORTGAGE SOLUTIONS OF COLORADO, LLC 17 6.28% $13,117
    QUICKEN LOANS, LLC 17 6.13% $13,009
    CROSSCOUNTRY MORTGAGE, LLC 16 6.80% $13,227
    HOMESTAR FINANCIAL CORPORATION 12 6.21% $8,900
    PRIMARY RESIDENTIAL MORTGAGE, INC. 11 6.49% $14,800
    BROKER SOLUTIONS, INC. 9 6.69% $12,625
    FREEDOM MORTGAGE CORPORATION 8 6.89% $17,690
    UNIVERSAL LENDING CORPORATION 7 6.63% $10,820
    PLAZA HOME MORTGAGE, INC. 6 6.90% $16,005
    Bank of Colorado 6 6.25% $11,564
    GENEVA FINANCIAL, LLC 6 7.06% $13,420
    GROUP MORTGAGE, LLC 5 6.63% $11,351
    Loan Simple, Inc. 5 6.65% $11,758
    MASON MCDUFFIE MORTGAGE CORPORATION 5 6.83% $14,281
    PLANET HOME LENDING, LLC 4 5.69% $11,777
    LOANDEPOT.COM, LLC 4 6.28% $13,546
    LOANPAL, LLC 4 5.63% $16,458
    CORNERSTONE HOME LENDING, INC. 4 6.19% $12,615
    Paramount Residential Mortgage Group, Inc. 4 7.44% $11,149
    BAY EQUITY LLC 4 6.78% $13,064
    CHERRY CREEK MORTGAGE, LLC 4 6.75% $5,471
    Mr. Cooper ( Nationstar Mortgage ) 4 6.28% $15,004
    NEWREZ LLC 3 6.88% $12,422
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.75% $13,239
    NFM, INC. 3 7.13% $14,188
    Alpine Bank 3 6.29% $13,463
    S1L, Inc. 2 6.00% $16,898
    AMERICAN FINANCING CORPORATION 2 6.31% $11,063
    Equity Prime Mortgage LLC 2 7.19% $12,932
    Ixonia Bank 2 6.37% $15,085
    Plains Commerce Bank 2 6.13% $11,088
    CITY FIRST MORTGAGE SERVICES, L.L.C. 2 6.69% $13,926
    OCMBC, INC. 2 7.13% $11,777
    SUN WEST MORTGAGE COMPANY, INC. 2 6.11% $17,799
    VILLAGE CAPITAL MORTGAGE 1 7.25% $17,773
    AMERISAVE MORTGAGE CORPORATION 1 6.00% $15,896
    AXIA FINANCIAL, LLC 1 5.75% $15,613
    CALIBER HOME LOANS, INC. 1 5.75% $12,029
    CARDINAL FINANCIAL 1 5.63% $10,278
    Carrington Mortgage Services, LLC 1 6.13% $16,279
    Citizens Bank 1 5.75% $8,999
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 6.38% $9,393
    Flagstar Bank, FSB 1 7.25% $13,301
    Flanagan State Bank 1 6.63% $9,741
    GERSHMAN INVESTMENT CORP. 1 6.25% $9,555
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.25% $9,406
    HOMESIDE FINANCIAL, LLC 1 5.99% $17,161
    INTERCAP LENDING INC. 1 7.63% $9,530
    JPMorgan Chase Bank 1 6.99% $7,303
    MICHIGAN MUTUAL, INC. 1 5.00% $13,645
    MID AMERICA MORTGAGE, INC. 1 6.00% $12,000
    Mortgage Research Center, LLC 1 5.38% $18,099
    MOVEMENT MORTGAGE, LLC 1 6.75% $19,385
    M&T Bank 1 6.25% $8,401
    Nations Lending Corporation 1 7.25% $9,095
    NETWORK CAPITAL FUNDING CORPORATION 1 6.00% $4,589
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $10,759
    Prosperity Home Mortgage, LLC 1 6.25% $11,668
    RESIDENTIAL BANCORP 1 5.38% $14,562
    The Federal Savings Bank 1 7.25% $19,573

    The top Grand Junction FHA lender as defined by loan originations is ARK-LA-TEX FINANCIAL SERVICES, LLC., with 62 FHA loans originated. Their average total fees are $8,870, which is $3,407 lower than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Grand Junction FHA lenders (with over 10 loans originated) are ARK-LA-TEX FINANCIAL SERVICES, LLC. ($8,870), HOMESTAR FINANCIAL CORPORATION ($8,900), Northpointe Bank ($10,693), GUILD MORTGAGE COMPANY ($11,046) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($12,277).

    The lowest rate Grand Junction FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.10%), QUICKEN LOANS, LLC (6.13%), HOMESTAR FINANCIAL CORPORATION (6.21%), MORTGAGE SOLUTIONS OF COLORADO, LLC (6.28%) and ACADEMY MORTGAGE CORPORATION (6.47%).

    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
    GRAND JUNCTION, CO MESA 2023 $472,030 $604,400 $730,525 $907,900

    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 $277,197 (11.5%) $575,995 (75.0%) 1.03 691
    2018-02-01 $275,000 (10.6%) $586,449 (77.3%) 1.00 685
    2018-03-01 $282,000 (12.9%) $571,703 (71.0%) 0.99 744
    2018-04-01 $284,725 (10.4%) $562,343 (59.4%) 0.97 803
    2018-05-01 $288,075 (8.0%) $551,350 (55.0%) 0.96 843
    2018-06-01 $295,250 (8.4%) $549,688 (7.6%) 0.98 901
    2018-07-01 $291,510 (6.0%) $536,094 (4.6%) 0.97 957
    2018-08-01 $284,950 (6.5%) $524,154 (-6.5%) 0.95 982
    2018-09-01 $295,000 (9.3%) $536,326 (3.8%) 0.99 974
    2018-10-01 $299,950 (10.5%) $540,892 (4.6%) 1.02 974
    2018-11-01 $320,000 (16.4%) $602,435 (14.1%) 1.08 790
    2018-12-01 $324,500 (17.6%) $424,246 (-22.0%) 1.12 727
    2019-01-01 $317,225 (14.4%) $428,311 (-25.6%) 1.10 665
    2019-02-01 $324,950 (18.2%) $431,605 (-26.4%) 1.10 665
    2019-03-01 $336,857 (19.5%) $435,952 (-23.8%) 1.10 651
    2019-04-01 $344,725 (21.1%) $441,566 (-21.5%) 1.09 670
    2019-05-01 $352,450 (22.4%) $632,328 (14.7%) 1.10 725
    2019-06-01 $347,825 (17.8%) $777,399 (41.4%) 1.09 817
    2019-07-01 $350,000 (20.1%) $781,171 (45.7%) 1.10 831
    2019-08-01 $351,909 (23.5%) $778,656 (48.6%) 1.11 827
    2019-09-01 $354,773 (20.3%) $784,184 (46.2%) 1.14 815
    2019-10-01 $357,600 (19.2%) $793,395 (46.7%) 1.15 803
    2019-11-01 $359,900 (12.5%) $816,447 (35.5%) 1.18 751
    2019-12-01 $357,450 (10.2%) $850,698 (100.5%) 1.19 682
    2020-01-01 $364,675 (15.0%) $477,288 (11.4%) 1.22 604
    2020-02-01 $376,500 (15.9%) $803,936 (86.3%) 1.23 563
    2020-03-01 $391,225 (16.1%) $492,585 (13.0%) 1.23 570
    2020-04-01 $389,000 (12.8%) $480,887 (8.9%) 1.22 603
    2020-05-01 $399,514 (13.4%) $488,036 (-22.8%) 1.21 600
    2020-06-01 $414,200 (19.1%) $516,267 (-33.6%) 1.22 545
    2020-07-01 $424,925 (21.4%) $530,705 (-32.1%) 1.23 501
    2020-08-01 $400,000 (13.7%) $530,344 (-31.9%) 1.15 452
    2020-09-01 $391,925 (10.5%) $519,023 (-33.8%) 1.12 420
    2020-10-01 $397,500 (11.2%) $530,928 (-33.1%) 1.14 413
    2020-11-01 $410,975 (14.2%) $559,423 (-31.5%) 1.20 389
    2020-12-01 $396,175 (10.8%) $568,000 (-33.2%) 1.18 360
    2021-01-01 $415,000 (13.8%) $599,172 (25.5%) 1.24 266
    2021-02-01 $459,950 (22.2%) $661,791 (-17.7%) 1.34 230
    2021-03-01 $483,559 (23.6%) $647,809 (31.5%) 1.37 214
    2021-04-01 $467,450 (20.2%) $668,201 (39.0%) 1.27 180
    2021-05-01 $472,564 (18.3%) $659,670 (35.2%) 1.26 217
    2021-06-01 $472,553 (14.1%) $641,255 (24.2%) 1.24 266
    2021-07-01 $449,998 (5.9%) $615,353 (16.0%) 1.19 325
    2021-08-01 $429,950 (7.5%) $582,561 (9.9%) 1.15 385
    2021-09-01 $424,500 (8.3%) $561,139 (8.1%) 1.13 447
    2021-10-01 $427,500 (7.6%) $551,682 (3.9%) 1.14 442
    2021-11-01 $433,125 (5.4%) $564,210 (0.9%) 1.16 366
    2021-12-01 $449,450 (13.5%) $578,327 (1.8%) 1.22 292
    2022-01-01 $485,000 (16.9%) $618,022 (3.2%) 1.31 222
    2022-02-01 $450,176 (-2.1%) $598,409 (-9.6%) 1.17 203
    2022-03-01 $522,500 (8.1%) $642,526 (-0.8%) 1.31 231
    2022-04-01 $498,500 (6.6%) $628,544 (-5.9%) 1.19 256
    2022-05-01 $475,000 (0.5%) $600,768 (-8.9%) 1.09 353
    2022-06-01 $477,250 (1.0%) $609,842 (-4.9%) 1.06 396
    2022-07-01 $468,000 (4.0%) $597,907 (-2.8%) 1.05 488
    2022-08-01 $482,000 (12.1%) $614,249 (5.4%) 1.11 545
    2022-09-01 $480,457 (13.2%) $611,839 (9.0%) 1.12 562
    2022-10-01 $471,250 (10.2%) $596,396 (8.1%) 1.11 597
    2022-11-01 $467,599 (8.0%) $591,843 (4.9%) 1.12 582
    2022-12-01 $475,000 (5.7%) $599,230 (3.6%) 1.17 526
    2023-01-01 $490,000 (1.0%) $602,498 (-2.5%) 1.21 488
    2023-02-01 $486,500 (8.1%) $608,017 (1.6%) 1.17 465
    2023-03-01 $509,107 (-2.6%) $634,457 (-1.3%) 1.20 436
    2023-04-01 $525,000 (5.3%) $658,670 (4.8%) 1.22 403
    2023-05-01 $531,975 (12.0%) $680,948 (13.4%) 1.21 389
    2023-06-01 $519,425 (8.8%) $670,366 (9.9%) 1.17 411
    2023-07-01 $529,000 (13.0%) $661,244 (10.6%) 1.20 427
    2023-08-01 $524,100 (8.7%) $640,276 (4.2%) 1.20 465
    2023-09-01 $539,900 (12.4%) $653,140 (6.8%) 1.26 482
    2023-10-01 $519,975 (10.3%) $639,572 (7.2%) 1.22 513
    2023-11-01 $499,000 (6.7%) $627,104 (6.0%) 1.19 509
    2023-12-01 $494,750 (4.2%) $635,757 (6.1%) 1.21 463
    2024-01-01 $496,450 (1.3%) $642,910 (6.7%) 1.21 436
    2024-02-01 $505,482 (3.9%) $644,364 (6.0%) 1.22 423
    2024-03-01 $518,000 (1.8%) $650,335 (2.5%) 1.22 416
    2024-04-01 $521,875 (-0.6%) $655,897 (-0.4%) 1.21 413
    2024-05-01 $517,450 (-2.7%) $656,275 (-3.6%) 1.17 434
    2024-06-01 $499,900 (-3.8%) $652,233 (-2.7%) 1.12 471
    2024-07-01 $517,450 (-2.2%) $650,747 (-1.6%) 1.18 502
    2024-08-01 $514,950 (-1.8%) $655,419 (2.4%) 1.20 523
    2024-09-01 $499,000 (-7.6%) $637,762 (-2.4%) 1.17 572
    2024-10-01 $497,250 (-4.4%) $636,753 (-0.4%) 1.17 611
    Grand Junction's median listing price for 2024-10-01 was $497,250, a difference of $-22,725 (-4.4%) versus the prior year and $-1,750 versus the prior month.

    Grand Junction's median listing price comes in at 117% of the national average.

    Grand Junction's average listing price for 2024-10-01 was $636,753, a difference of $-2,819 (-0.4%) versus the prior year and $-1,009 versus the prior month.

    For the 2024-10-01 period, Grand Junction had 611 MLS listings, a difference of 39 listings (7%) versus the prior month and 98 listings (19%) 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 73 days 1,762 sqft
    2018-02-01 62 days 1,792 sqft
    2018-03-01 46 days 1,792 sqft
    2018-04-01 40 days 1,793 sqft
    2018-05-01 40 days 1,797 sqft
    2018-06-01 40 days 1,820 sqft
    2018-07-01 43 days 1,811 sqft
    2018-08-01 47 days 1,792 sqft
    2018-09-01 53 days 1,817 sqft
    2018-10-01 57 days 1,819 sqft
    2018-11-01 60 days 1,949 sqft
    2018-12-01 67 days 1,944 sqft
    2019-01-01 75 days 1,887 sqft
    2019-02-01 69 days 1,945 sqft
    2019-03-01 57 days 1,943 sqft
    2019-04-01 46 days 1,939 sqft
    2019-05-01 43 days 1,983 sqft
    2019-06-01 43 days 1,985 sqft
    2019-07-01 52 days 2,001 sqft
    2019-08-01 54 days 1,980 sqft
    2019-09-01 57 days 1,962 sqft
    2019-10-01 59 days 1,947 sqft
    2019-11-01 64 days 1,945 sqft
    2019-12-01 70 days 1,947 sqft
    2020-01-01 75 days 1,962 sqft
    2020-02-01 67 days 1,976 sqft
    2020-03-01 45 days 2,047 sqft
    2020-04-01 48 days 2,020 sqft
    2020-05-01 54 days 2,000 sqft
    2020-06-01 53 days 2,042 sqft
    2020-07-01 51 days 2,106 sqft
    2020-08-01 47 days 2,016 sqft
    2020-09-01 41 days 1,930 sqft
    2020-10-01 37 days 1,940 sqft
    2020-11-01 46 days 1,944 sqft
    2020-12-01 50 days 1,905 sqft
    2021-01-01 61 days 1,929 sqft
    2021-02-01 37 days 1,974 sqft
    2021-03-01 32 days 1,966 sqft
    2021-04-01 27 days 1,908 sqft
    2021-05-01 15 days 1,876 sqft
    2021-06-01 18 days 1,861 sqft
    2021-07-01 23 days 1,822 sqft
    2021-08-01 30 days 1,830 sqft
    2021-09-01 32 days 1,837 sqft
    2021-10-01 35 days 1,848 sqft
    2021-11-01 45 days 1,836 sqft
    2021-12-01 55 days 1,883 sqft
    2022-01-01 58 days 1,950 sqft
    2022-02-01 31 days 1,855 sqft
    2022-03-01 22 days 1,933 sqft
    2022-04-01 24 days 1,891 sqft
    2022-05-01 23 days 1,877 sqft
    2022-06-01 30 days 1,893 sqft
    2022-07-01 30 days 1,847 sqft
    2022-08-01 38 days 1,893 sqft
    2022-09-01 44 days 1,891 sqft
    2022-10-01 51 days 1,866 sqft
    2022-11-01 61 days 1,866 sqft
    2022-12-01 71 days 1,875 sqft
    2023-01-01 73 days 1,896 sqft
    2023-02-01 67 days 1,913 sqft
    2023-03-01 64 days 1,943 sqft
    2023-04-01 54 days 2,000 sqft
    2023-05-01 47 days 2,000 sqft
    2023-06-01 44 days 1,977 sqft
    2023-07-01 46 days 1,939 sqft
    2023-08-01 45 days 1,932 sqft
    2023-09-01 47 days 1,934 sqft
    2023-10-01 51 days 1,937 sqft
    2023-11-01 57 days 1,851 sqft
    2023-12-01 68 days 1,829 sqft
    2024-01-01 74 days 1,830 sqft
    2024-02-01 60 days 1,847 sqft
    2024-03-01 50 days 1,854 sqft
    2024-04-01 48 days 1,829 sqft
    2024-05-01 46 days 1,846 sqft
    2024-06-01 46 days 1,866 sqft
    2024-07-01 51 days 1,820 sqft
    2024-08-01 47 days 1,836 sqft
    2024-09-01 45 days 1,816 sqft
    2024-10-01 46 days 1,788 sqft
    Grand Junction's median listing age (time on market) for 2024-10-01 was 46 days. This is -10% shorter than the same period one year ago.

    Grand Junction's median square footage for active listings during the 2024-10-01 period was 1,788 sqft. One year prior, the average listing was 1,937 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).