Grants FHA Loan Rates, Closing Costs & Stats

Grants, NM

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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.

    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 6.18% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.15% and one month ago for the week of 2024-11-08, the average rate was 6.41%.

    The average rate one year ago was 6.82%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.18%.

    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
    2024-03-01 $220,000 (6.7%) $289,739 (-0.5%) 0.00 30
    2024-04-01 $224,975 (7.1%) $288,740 (15.9%) 0.00 33
    2024-05-01 $230,000 (47.2%) $279,136 (34.7%) 0.00 36
    2024-06-01 $220,000 (37.0%) $259,995 (22.3%) 0.00 40
    2024-07-01 $219,250 (29.7%) $280,474 (22.6%) 0.00 43
    2024-08-01 $200,000 (13.2%) $275,767 (20.8%) 0.00 46
    2024-09-01 $203,625 (35.8%) $278,659 (54.7%) 0.00 50
    2024-10-01 $198,125 (2.7%) $279,236 (43.8%) 0.00 50
    2024-11-01 $189,900 (-7.3%) $263,383 (35.7%) 0.00 54
    Grants's median listing price for 2024-11-01 was $189,900, a difference of $-14,850 (-7.3%) versus the prior year and $-8,225 versus the prior month.

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

    Grants's average listing price for 2024-11-01 was $263,383, a difference of $69,323 (35.7%) versus the prior year and $-15,853 versus the prior month.

    For the 2024-11-01 period, Grants had 54 MLS listings, a difference of 4 listings (8%) versus the prior month and 24 listings (80%) 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
    2024-03-01 0 days 1,825 sqft
    2024-04-01 0 days 1,813 sqft
    2024-05-01 0 days 1,813 sqft
    2024-06-01 0 days 1,800 sqft
    2024-07-01 0 days 1,767 sqft
    2024-08-01 0 days 1,735 sqft
    2024-09-01 0 days 1,565 sqft
    2024-10-01 0 days 1,660 sqft
    2024-11-01 0 days 1,515 sqft
    Grants's median listing age (time on market) for 2024-11-01 was 0 days.

    Grants's median square footage for active listings during the 2024-11-01 period was 1,515 sqft. One year prior, the average listing was 1,784 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).