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 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 6.85% for the week of 2024-07-05, compared to the national average (all FHA variants) of 6.724% for the same period.

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

The average rate for the prior week (2024-06-28) was 6.81% and one month ago for the week of 2024-05-31, the average rate was 7%.

The average rate one year ago was 6.77%.

For refis of the same type during the week of 2024-07-05, the average rate was 6.78%.

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
Grand Junction's median listing price for 2024-06-01 was $499,900, a difference of $-19,525 (-3.8%) versus the prior year and $-17,550 versus the prior month.

Grand Junction's median listing price comes in at 112% of the national average.

Grand Junction's average listing price for 2024-06-01 was $652,233, a difference of $-18,133 (-2.7%) versus the prior year and $-4,042 versus the prior month.

For the 2024-06-01 period, Grand Junction had 471 MLS listings, a difference of 37 listings (9%) versus the prior month and 60 listings (15%) 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
Grand Junction's median listing age (time on market) for 2024-06-01 was 46 days. This is 5% longer than the same period one year ago.

Grand Junction's median square footage for active listings during the 2024-06-01 period was 1,866 sqft. One year prior, the average listing was 1,977 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).