Grants FHA Loan Rates, Closing Costs & Stats

Grants, NM

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.

Grants's 10 lenders originated 27 FHA loans during 2023. The total origination value was $3,895,000, with an average FHA loan value of $144,259.

Grants FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Grants averaged 6.5% for the week of 2024-03-22, compared to the national average (all FHA variants) of 6.696% for the same period.

Grants's average FHA mortgage closing costs are $6,298.

The average rate for the prior week (2024-03-15) was 6.71% and one month ago for the week of 2024-02-16, the average rate was 6.54%.

The average rate one year ago was 6.53%.

For refis of the same type during the week of 2024-03-22, the average rate was 6.9%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Grants 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 Grants level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
CMG MORTGAGE, INC. 6 6.96% $8,289
QUICKEN LOANS, LLC 3 6.87% $6,219
VAN DYK MORTGAGE CORPORATION 2 6.88% $7,278
MASON MCDUFFIE MORTGAGE CORPORATION 1 6.99% $7,609
AMERISAVE MORTGAGE CORPORATION 1 6.25% $7,667
PENTAGON FEDERAL CREDIT UNION 1 5.50% $7,725
UNITED WHOLESALE MORTGAGE, LLC 1 7.50% $7,433
Mortgage Research Center, LLC 1 6.75% $5,502
CALCON MUTUAL MORTGAGE LLC 1 7.13% $6,783
GUILD MORTGAGE COMPANY 1 5.75% $7,613

The top Grants FHA lender as defined by loan originations is CMG MORTGAGE, INC., with 6 FHA loans originated. Their average total fees are $8,289, which is $2,070 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Grants FHA lenders (with over 10 loans originated) are .

The lowest rate Grants FHA lenders (with over 10 loans originated) are .

Grants FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
GRANTS, NM CIBOLA 2022 $420,680 $538,650 $651,050 $809,150
GRANTS, NM CIBOLA 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Grants (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 $114,900 (-8.1%) $143,654 (-2.9%) 0.00 72
2018-02-01 $119,975 (0.1%) $150,309 (3.9%) 0.00 66
2018-03-01 $119,900 (-4.1%) $146,324 (0.7%) 0.00 68
2018-04-01 $117,450 (-6.0%) $142,862 (-0.9%) 0.00 73
2018-05-01 $118,675 (-4.0%) $142,518 (1.0%) 0.00 68
2018-06-01 $110,000 (-12.0%) $140,663 (-1.7%) 0.00 62
2018-07-01 $103,475 (-17.2%) $129,504 (-11.2%) 0.00 65
2018-08-01 $104,750 (-13.6%) $134,520 (-8.5%) 0.00 66
2018-09-01 $101,450 (-15.5%) $142,511 (-4.4%) 0.00 61
2018-10-01 $104,750 (-10.8%) $144,798 (-2.7%) 0.00 59
2018-11-01 $100,675 (-7.4%) $155,641 (11.8%) 0.00 65
2018-12-01 $99,000 (-13.9%) $157,656 (8.9%) 0.00 60
2019-01-01 $98,500 (-14.3%) $157,681 (9.8%) 0.00 57
2019-02-01 $102,247 (-14.8%) $162,029 (7.8%) 0.00 56
2019-03-01 $104,693 (-12.7%) $160,699 (9.8%) 0.00 57
2019-04-01 $99,668 (-15.1%) $159,104 (11.4%) 0.00 58
2019-05-01 $128,875 (8.6%) $1,069,867 (650.7%) 0.00 58
2019-06-01 $139,500 (26.8%) $197,393 (40.3%) 0.00 64
2019-07-01 $149,925 (44.9%) $196,114 (51.4%) 0.00 66
2019-08-01 $146,736 (40.1%) $191,798 (42.6%) 0.00 67
2019-09-01 $142,666 (40.6%) $185,498 (30.2%) 0.00 65
2019-10-01 $137,250 (31.0%) $183,435 (26.7%) 0.00 61
2019-11-01 $139,700 (38.8%) $193,278 (24.2%) 0.00 56
2019-12-01 $139,600 (41.0%) $195,508 (24.0%) 0.00 55
2020-01-01 $142,200 (44.4%) $201,356 (27.7%) 0.00 56
2020-02-01 $136,250 (33.3%) $201,150 (24.1%) 0.00 53
2020-03-01 $139,750 (33.5%) $202,100 (25.8%) 0.00 54
2020-04-01 $144,900 (45.4%) $201,411 (26.6%) 0.00 52
2020-05-01 $150,000 (16.4%) $203,770 (-81.0%) 0.00 49
2020-06-01 $148,950 (6.8%) $198,270 (0.4%) 0.00 35
2020-07-01 $170,250 (13.6%) $222,814 (13.6%) 0.00 36
2020-08-01 $159,450 (8.7%) $207,485 (8.2%) 0.00 36
2020-09-01 $165,000 (15.7%) $197,504 (6.5%) 0.00 43
2020-10-01 $162,450 (18.4%) $186,960 (1.9%) 0.00 43
2020-11-01 $167,475 (19.9%) $208,907 (8.1%) 0.00 45
2020-12-01 $146,750 (5.1%) $204,538 (4.6%) 0.00 42
2021-01-01 $149,500 (5.1%) $209,962 (4.3%) 0.00 37
2021-02-01 $135,800 (-0.3%) $204,986 (1.9%) 0.00 31
2021-03-01 $146,250 (4.7%) $213,824 (5.8%) 0.00 28
2021-04-01 $152,500 (5.2%) $231,522 (15.0%) 0.00 23
2021-05-01 $140,000 (-6.7%) $271,918 (33.4%) 0.00 23
2021-06-01 $133,550 (-10.3%) $261,387 (31.8%) 0.00 27
2021-07-01 $123,950 (-27.2%) $263,474 (18.3%) 0.00 22
2021-08-01 $129,925 (-18.5%) $259,471 (25.1%) 0.00 23
2021-09-01 $137,500 (-16.7%) $216,243 (9.5%) 0.00 21
2021-10-01 $144,000 (-11.4%) $218,876 (17.1%) 0.00 29
2021-11-01 $142,500 (-14.9%) $248,560 (19.0%) 0.00 31
2021-12-01 $142,000 (-3.2%) $264,071 (29.1%) 0.00 27
2022-01-01 $142,000 (-5.0%) $253,849 (20.9%) 0.00 31
2022-02-01 $155,000 (14.1%) $274,137 (33.7%) 0.00 29
2022-03-01 $133,875 (-8.5%) $265,220 (24.0%) 0.00 28
2022-04-01 $134,000 (-12.1%) $263,596 (13.9%) 0.00 24
2022-05-01 $154,750 (10.5%) $286,245 (5.3%) 0.00 27
2022-06-01 $168,725 (26.3%) $307,739 (17.7%) 0.00 29
2022-07-01 $175,000 (41.2%) $303,954 (15.4%) 0.00 33
2022-08-01 $212,500 (63.6%) $294,359 (13.5%) 0.00 38
2022-09-01 $168,250 (22.4%) $282,689 (30.7%) 0.00 35
2022-10-01 $165,000 (14.6%) $277,177 (26.6%) 0.00 38
2022-11-01 $165,000 (15.8%) $253,042 (1.8%) 0.00 34
2022-12-01 $200,000 (40.9%) $255,993 (-3.1%) 0.00 29
2023-01-01 $195,000 (37.3%) $257,459 (1.4%) 0.00 28
2023-02-01 $195,000 (25.8%) $265,864 (-3.0%) 0.00 24
2023-03-01 $206,250 (54.1%) $291,191 (9.8%) 0.00 22
2023-04-01 $210,000 (56.7%) $249,112 (-5.5%) 0.00 21
2023-05-01 $156,250 (1.0%) $207,207 (-27.6%) 0.00 18
2023-06-01 $160,625 (-4.8%) $212,517 (-30.9%) 0.00 19
2023-07-01 $169,000 (-3.4%) $228,728 (-24.8%) 0.00 22
2023-08-01 $176,750 (-16.8%) $228,306 (-22.4%) 0.00 24
2023-09-01 $149,900 (-10.9%) $180,171 (-36.3%) 0.00 27
2023-10-01 $193,000 (17.0%) $194,125 (-30.0%) 0.00 30
2023-11-01 $204,750 (24.1%) $194,060 (-23.3%) 0.00 30
2023-12-01 $220,000 (10.0%) $204,022 (-20.3%) 0.00 32
2024-01-01 $220,000 (12.8%) $269,647 (4.7%) 0.00 30
2024-02-01 $220,000 (12.8%) $294,777 (10.9%) 0.00 26
Grants's median listing price for 2024-02-01 was $220,000, a difference of $25,000 (12.8%) versus the prior year and $0 versus the prior month.

Grants's median listing price comes in at 0% of the national average.

Grants's average listing price for 2024-02-01 was $294,777, a difference of $28,913 (10.9%) versus the prior year and $25,130 versus the prior month.

For the 2024-02-01 period, Grants had 26 MLS listings, a difference of -4 listings (-13%) versus the prior month and 2 listings (8%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Grants (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,664 sqft
2018-02-01 0 days 1,724 sqft
2018-03-01 0 days 1,682 sqft
2018-04-01 0 days 1,635 sqft
2018-05-01 0 days 1,544 sqft
2018-06-01 0 days 1,585 sqft
2018-07-01 0 days 1,452 sqft
2018-08-01 0 days 1,469 sqft
2018-09-01 0 days 1,488 sqft
2018-10-01 0 days 1,486 sqft
2018-11-01 0 days 1,490 sqft
2018-12-01 0 days 1,488 sqft
2019-01-01 0 days 1,500 sqft
2019-02-01 0 days 1,622 sqft
2019-03-01 0 days 1,580 sqft
2019-04-01 0 days 1,500 sqft
2019-05-01 0 days 1,638 sqft
2019-06-01 0 days 1,638 sqft
2019-07-01 0 days 1,645 sqft
2019-08-01 0 days 1,623 sqft
2019-09-01 0 days 1,571 sqft
2019-10-01 0 days 1,531 sqft
2019-11-01 0 days 1,657 sqft
2019-12-01 0 days 1,706 sqft
2020-01-01 0 days 1,802 sqft
2020-02-01 0 days 1,716 sqft
2020-03-01 0 days 1,815 sqft
2020-04-01 0 days 1,824 sqft
2020-05-01 0 days 1,833 sqft
2020-06-01 0 days 1,823 sqft
2020-07-01 0 days 1,921 sqft
2020-08-01 0 days 1,829 sqft
2020-09-01 0 days 1,805 sqft
2020-10-01 0 days 1,850 sqft
2020-11-01 0 days 1,794 sqft
2020-12-01 0 days 1,769 sqft
2021-01-01 0 days 1,766 sqft
2021-02-01 0 days 1,683 sqft
2021-03-01 0 days 1,785 sqft
2021-04-01 0 days 2,019 sqft
2021-05-01 0 days 1,921 sqft
2021-06-01 0 days 1,878 sqft
2021-07-01 0 days 1,849 sqft
2021-08-01 0 days 1,810 sqft
2021-09-01 0 days 1,600 sqft
2021-10-01 0 days 1,492 sqft
2021-11-01 0 days 1,536 sqft
2021-12-01 0 days 1,599 sqft
2022-01-01 0 days 1,486 sqft
2022-02-01 0 days 1,652 sqft
2022-03-01 0 days 1,356 sqft
2022-04-01 0 days 1,366 sqft
2022-05-01 0 days 1,407 sqft
2022-06-01 0 days 1,535 sqft
2022-07-01 0 days 1,685 sqft
2022-08-01 0 days 1,700 sqft
2022-09-01 0 days 1,690 sqft
2022-10-01 0 days 1,700 sqft
2022-11-01 0 days 1,803 sqft
2022-12-01 0 days 1,760 sqft
2023-01-01 0 days 1,794 sqft
2023-02-01 0 days 1,726 sqft
2023-03-01 0 days 1,726 sqft
2023-04-01 0 days 1,690 sqft
2023-05-01 0 days 1,350 sqft
2023-06-01 0 days 1,408 sqft
2023-07-01 0 days 1,655 sqft
2023-08-01 0 days 1,528 sqft
2023-09-01 0 days 1,556 sqft
2023-10-01 0 days 1,767 sqft
2023-11-01 0 days 1,784 sqft
2023-12-01 0 days 1,863 sqft
2024-01-01 0 days 1,857 sqft
2024-02-01 0 days 1,868 sqft
Grants's median listing age (time on market) for 2024-02-01 was 0 days.

Grants's median square footage for active listings during the 2024-02-01 period was 1,868 sqft. One year prior, the average listing was 1,726 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).