Grand Junction FHA Loan Rates, Closing Costs & Stats
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
6.23%
for the week of 2023-01-27, compared to the national average (all FHA variants) of
6.186% for the same period.
Grand Junction's average FHA mortgage closing costs are $7,724.
The average rate for the prior week (2023-01-20) was
6.31% and
one month ago for the week of 2022-12-23, the
average rate was 6.5%.
The average rate one year ago was 3.99%.
For refis of the same type during the week of 2023-01-27, the average rate
was 5.68%.
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.
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 | $277,422 (11.6%) | $576,192 (74.9%) | 1.03 | 691 |
2018-02-01 | $275,000 (10.6%) | $586,446 (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%) | $562,667 (59.5%) | 0.97 | 803 |
2018-05-01 | $287,850 (7.9%) | $551,478 (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%) | $536,093 (4.6%) | 0.97 | 957 |
2018-08-01 | $284,950 (6.6%) | $524,069 (-6.5%) | 0.95 | 982 |
2018-09-01 | $297,000 (10.0%) | $536,380 (3.8%) | 1.00 | 974 |
2018-10-01 | $299,925 (10.4%) | $540,495 (4.4%) | 1.01 | 975 |
2018-11-01 | $320,000 (16.4%) | $601,885 (14.0%) | 1.08 | 791 |
2018-12-01 | $324,000 (16.6%) | $424,938 (-21.8%) | 1.12 | 729 |
2019-01-01 | $317,000 (14.3%) | $429,213 (-25.5%) | 1.09 | 667 |
2019-02-01 | $324,950 (18.2%) | $432,340 (-26.3%) | 1.10 | 667 |
2019-03-01 | $336,857 (19.5%) | $436,381 (-23.7%) | 1.10 | 652 |
2019-04-01 | $344,500 (21.0%) | $441,386 (-21.6%) | 1.09 | 671 |
2019-05-01 | $352,550 (22.5%) | $632,542 (14.7%) | 1.10 | 726 |
2019-06-01 | $347,750 (17.8%) | $776,681 (41.3%) | 1.09 | 818 |
2019-07-01 | $349,950 (20.1%) | $780,369 (45.6%) | 1.10 | 832 |
2019-08-01 | $351,836 (23.5%) | $777,474 (48.4%) | 1.11 | 828 |
2019-09-01 | $354,741 (19.4%) | $782,549 (45.9%) | 1.14 | 816 |
2019-10-01 | $357,125 (19.1%) | $791,380 (46.4%) | 1.15 | 805 |
2019-11-01 | $358,950 (12.2%) | $817,235 (35.8%) | 1.18 | 752 |
2019-12-01 | $356,825 (10.1%) | $849,088 (99.8%) | 1.19 | 683 |
2020-01-01 | $364,225 (14.9%) | $476,061 (10.9%) | 1.22 | 605 |
2020-02-01 | $376,000 (15.7%) | $802,070 (85.5%) | 1.23 | 564 |
2020-03-01 | $389,950 (15.8%) | $491,180 (12.6%) | 1.22 | 571 |
2020-04-01 | $388,875 (12.9%) | $479,444 (8.6%) | 1.22 | 605 |
2020-05-01 | $399,064 (13.2%) | $486,350 (-23.1%) | 1.21 | 602 |
2020-06-01 | $412,050 (18.5%) | $514,280 (-33.8%) | 1.21 | 547 |
2020-07-01 | $424,900 (21.4%) | $529,235 (-32.2%) | 1.23 | 504 |
2020-08-01 | $399,950 (13.7%) | $528,723 (-32.0%) | 1.15 | 455 |
2020-09-01 | $390,000 (9.9%) | $517,425 (-33.9%) | 1.12 | 423 |
2020-10-01 | $397,500 (11.3%) | $529,242 (-33.1%) | 1.14 | 416 |
2020-11-01 | $408,475 (13.8%) | $557,340 (-31.8%) | 1.19 | 392 |
2020-12-01 | $395,600 (10.9%) | $565,608 (-33.4%) | 1.18 | 363 |
2021-01-01 | $415,000 (13.9%) | $595,817 (25.2%) | 1.24 | 269 |
2021-02-01 | $456,225 (21.3%) | $657,064 (-18.1%) | 1.33 | 233 |
2021-03-01 | $470,000 (20.5%) | $643,026 (30.9%) | 1.33 | 217 |
2021-04-01 | $462,450 (18.9%) | $661,922 (38.1%) | 1.25 | 183 |
2021-05-01 | $459,950 (15.3%) | $653,858 (34.4%) | 1.22 | 220 |
2021-06-01 | $468,605 (13.7%) | $637,307 (23.9%) | 1.23 | 269 |
2021-07-01 | $449,995 (5.9%) | $612,383 (15.7%) | 1.18 | 328 |
2021-08-01 | $429,225 (7.3%) | $580,325 (9.8%) | 1.14 | 388 |
2021-09-01 | $422,250 (8.3%) | $559,338 (8.1%) | 1.13 | 450 |
2021-10-01 | $426,250 (7.2%) | $549,900 (3.9%) | 1.14 | 445 |
2021-11-01 | $432,250 (5.8%) | $561,987 (0.8%) | 1.15 | 369 |
2021-12-01 | $448,724 (13.4%) | $575,461 (1.7%) | 1.22 | 295 |
2022-01-01 | $480,000 (15.7%) | $613,631 (3.0%) | 1.30 | 225 |
2022-02-01 | $449,176 (-1.6%) | $594,805 (-9.5%) | 1.17 | 206 |
2022-03-01 | $519,757 (10.6%) | $639,712 (-0.5%) | 1.30 | 234 |
2022-04-01 | $497,000 (7.5%) | $624,626 (-5.6%) | 1.19 | 259 |
2022-05-01 | $471,200 (2.5%) | $596,785 (-8.7%) | 1.08 | 354 |
2022-06-01 | $476,200 (1.6%) | $606,211 (-4.9%) | 1.06 | 397 |
2022-07-01 | $465,000 (3.3%) | $595,545 (-2.8%) | 1.05 | 488 |
2022-08-01 | $480,000 (11.8%) | $612,141 (5.5%) | 1.11 | 545 |
2022-09-01 | $479,320 (13.5%) | $610,749 (9.2%) | 1.12 | 564 |
2022-10-01 | $469,900 (10.2%) | $595,419 (8.3%) | 1.11 | 599 |
2022-11-01 | $466,250 (7.9%) | $590,306 (5.0%) | 1.12 | 585 |
2022-12-01 | $475,000 (5.9%) | $599,693 (4.2%) | 1.19 | 530 |
Grand Junction's median listing price comes in at 119% of the national average.
Grand Junction's average listing price for 2022-12-01 was $599,693, a difference of $24,232 (4.2%) versus the prior year and $9,387 versus the prior month.
For the 2022-12-01 period, Grand Junction had 530 MLS listings, a difference of -55 listings (-9%) versus the prior month and 235 listings (80%) 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 | 1,761 sqft |
2018-02-01 | 69 days | 1,792 sqft |
2018-03-01 | 47 days | 1,792 sqft |
2018-04-01 | 43 days | 1,793 sqft |
2018-05-01 | 44 days | 1,797 sqft |
2018-06-01 | 40 days | 1,820 sqft |
2018-07-01 | 45 days | 1,811 sqft |
2018-08-01 | 48 days | 1,792 sqft |
2018-09-01 | 54 days | 1,816 sqft |
2018-10-01 | 60 days | 1,817 sqft |
2018-11-01 | 62 days | 1,949 sqft |
2018-12-01 | 71 days | 1,944 sqft |
2019-01-01 | 79 days | 1,886 sqft |
2019-02-01 | 73 days | 1,945 sqft |
2019-03-01 | 61 days | 1,943 sqft |
2019-04-01 | 47 days | 1,939 sqft |
2019-05-01 | 45 days | 1,984 sqft |
2019-06-01 | 45 days | 1,984 sqft |
2019-07-01 | 54 days | 2,000 sqft |
2019-08-01 | 56 days | 1,979 sqft |
2019-09-01 | 58 days | 1,961 sqft |
2019-10-01 | 62 days | 1,946 sqft |
2019-11-01 | 67 days | 1,945 sqft |
2019-12-01 | 76 days | 1,946 sqft |
2020-01-01 | 79 days | 1,960 sqft |
2020-02-01 | 74 days | 1,972 sqft |
2020-03-01 | 51 days | 2,044 sqft |
2020-04-01 | 52 days | 2,015 sqft |
2020-05-01 | 58 days | 2,000 sqft |
2020-06-01 | 59 days | 2,033 sqft |
2020-07-01 | 58 days | 2,103 sqft |
2020-08-01 | 52 days | 2,011 sqft |
2020-09-01 | 46 days | 1,928 sqft |
2020-10-01 | 43 days | 1,936 sqft |
2020-11-01 | 50 days | 1,942 sqft |
2020-12-01 | 56 days | 1,903 sqft |
2021-01-01 | 67 days | 1,926 sqft |
2021-02-01 | 47 days | 1,974 sqft |
2021-03-01 | 37 days | 1,960 sqft |
2021-04-01 | 32 days | 1,903 sqft |
2021-05-01 | 16 days | 1,860 sqft |
2021-06-01 | 21 days | 1,857 sqft |
2021-07-01 | 23 days | 1,813 sqft |
2021-08-01 | 30 days | 1,828 sqft |
2021-09-01 | 32 days | 1,837 sqft |
2021-10-01 | 36 days | 1,847 sqft |
2021-11-01 | 46 days | 1,836 sqft |
2021-12-01 | 56 days | 1,882 sqft |
2022-01-01 | 61 days | 1,946 sqft |
2022-02-01 | 32 days | 1,854 sqft |
2022-03-01 | 22 days | 1,931 sqft |
2022-04-01 | 24 days | 1,881 sqft |
2022-05-01 | 23 days | 1,868 sqft |
2022-06-01 | 30 days | 1,889 sqft |
2022-07-01 | 30 days | 1,842 sqft |
2022-08-01 | 38 days | 1,885 sqft |
2022-09-01 | 45 days | 1,890 sqft |
2022-10-01 | 51 days | 1,866 sqft |
2022-11-01 | 62 days | 1,866 sqft |
2022-12-01 | 72 days | 1,875 sqft |
Grand Junction's median square footage for active listings during the 2022-12-01 period was 1,875 sqft. One year prior, the average listing was 1,882 sqft.