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%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
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 MORTGAGE 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
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
M&T Bank 1 2.88% $7,254
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
MEGASTAR FINANCIAL CORP. 1 2.50% $6,030

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 $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 for 2022-12-01 was $475,000, a difference of $26,276 (5.9%) versus the prior year and $8,750 versus the prior month.

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. Louis
Date 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 listing age (time on market) for 2022-12-01 was 72 days. This is 29% longer than the same period one year ago.

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.

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).