Grants Pass FHA Loans

GRANTS PASS, OR

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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 Pass's 56 lenders originated 365 FHA loans during 2021. The total origination value was $96,395,000, with an average FHA loan value of $264,096.

    Grants Pass FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Grants Pass averaged 5.37% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

    The average rate for the prior week (2022-05-06) was 5.3% and one month ago for the week of 2022-04-08, the average rate was 5.07%.

    The average rate one year ago was 2.87%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.06%.

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

    Grants Pass FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Grants Pass level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    CALIBER HOME LOANS, INC. 62 2.85% $8,535
    GUILD MORTGAGE COMPANY 36 2.86% $12,415
    QUICKEN LOANS, LLC 28 2.54% $8,036
    Willamette Valley Bank 16 3.05% $9,819
    LOANDEPOT.COM, LLC 12 2.91% $9,773
    MOUNTAIN WEST FINANCIAL, INC. 10 3.04% $10,420
    LAKEVIEW LOAN SERVICING, LLC 10 2.83% $5,890
    Mr. Cooper ( Nationstar Mortgage ) 9 3.47% $4,600
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 2.84% $13,168
    CHERRY CREEK MORTGAGE, LLC 8 2.63% $11,560
    CROSSCOUNTRY MORTGAGE, LLC 7 3.32% $13,714
    S1L, Inc. 6 3.27% $11,325
    Nations Lending Corporation 5 3.10% $8,577
    HOMEBRIDGE FINANCIAL SERVICES, INC. 5 2.50% $6,454
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 5 3.40% $12,896
    PENNYMAC LOAN SERVICES, LLC 3 2.75% $8,547
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 3.21% $10,486
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 3 2.92% $8,761
    CMG MORTGAGE, INC. 3 3.04% $8,690
    FREEDOM MORTGAGE CORPORATION 3 2.71% $5,950
    PREMIER MORTGAGE RESOURCES, L.L.C. 3 3.42% $10,638
    Umpqua Bank 3 3.17% $8,255
    NATIONS DIRECT MORTGAGE, LLC 2 3.25% $11,584
    DIRECTORS MORTGAGE, INC. 2 3.50% $14,967
    NEWREZ LLC 2 3.00% $7,688
    OCEANSIDE MORTGAGE COMPANY 2 2.68% $3,100
    AMERICAN FINANCIAL RESOURCES, INC. 2 2.75% $13,057
    MOVEMENT MORTGAGE, LLC 2 3.50% $5,384
    AMERISAVE MORTGAGE CORPORATION 2 3.13% $9,952
    PLANET HOME LENDING, LLC 2 2.75% $8,114
    FINANCE OF AMERICA MORTGAGE LLC 2 3.75% $9,245
    MID AMERICA MORTGAGE, INC. 2 3.25% $5,666
    MUTUAL OF OMAHA MORTGAGE, INC. 1 2.25% $23,818
    Carrington Mortgage Services, LLC 1 3.25% $7,943
    People's Bank of Commerce 1 2.25% $8,398
    PLAZA HOME MORTGAGE, INC. 1 3.38% $10,230
    VILLAGE CAPITAL & INVESTMENT LLC 1 2.88% $2,713
    Barrington Bank & Trust Company, N.A. 1 3.63% $8,579
    RANLIFE, INC. 1 2.75% $6,995
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 3.38% $6,955
    Banner Bank 1 2.38% $7,956
    Sierra Pacific Mortgage Company, Inc. 1 2.88% $8,334
    SUMMIT FUNDING, INC. 1 3.25% $13,925
    UNITED WHOLESALE MORTGAGE, LLC 1 2.50% $8,305
    Gateway First Bank 1 4.00% $6,663
    First Guaranty Mortgage Corporation 1 2.63% $7,429
    GSF Mortgage Corporation 1 3.25% $10,034
    HOME POINT FINANCIAL CORPORATION 1 2.99% $9,426
    HOMESIDE FINANCIAL, LLC 1 2.63% $17,387
    KeyBank 1 2.88% $7,974
    EVERETT FINANCIAL, INC. 1 4.00% $8,270
    Loan Simple, Inc. 1 3.75% $14,445
    LPMC, LLC 1 2.88% $9,695
    MANN FINANCIAL INC. 1 2.88% $11,257
    DIRECT MORTGAGE, CORP. 1 2.88% $14,100
    CELEBRITY HOME LOANS, LLC 1 2.75% $13,095

    The top Grants Pass FHA lender as defined by loan originations is CALIBER HOME LOANS, INC., with 62 FHA loans originated. Their average total fees are $8,535, which is $3,880 lower than the next largest lender, GUILD MORTGAGE COMPANY.

    The lowest fee Grants Pass FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($5,890), QUICKEN LOANS, LLC ($8,036), CALIBER HOME LOANS, INC. ($8,535), LOANDEPOT.COM, LLC ($9,773) and Willamette Valley Bank ($9,819).

    The lowest rate Grants Pass FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.54%), LAKEVIEW LOAN SERVICING, LLC (2.83%), CALIBER HOME LOANS, INC. (2.85%), GUILD MORTGAGE COMPANY (2.86%) and LOANDEPOT.COM, LLC (2.91%).

    Grants Pass FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    GRANTS PASS, OR JOSEPHINE 2022 $420,680 $538,650 $651,050 $809,150

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Grants Pass (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 $359,900 (7.4%) $557,935 (11.4%) 0.00 401
    2018-02-01 $370,750 (10.8%) $560,148 (12.4%) 0.00 406
    2018-03-01 $372,000 (11.2%) $534,248 (8.1%) 0.00 445
    2018-04-01 $367,000 (-0.5%) $524,116 (-1.4%) 0.00 497
    2018-05-01 $367,000 (-3.3%) $520,462 (-4.0%) 0.00 528
    2018-06-01 $359,900 (-4.0%) $510,375 (-4.1%) 0.00 581
    2018-07-01 $359,000 (-2.7%) $500,320 (-6.4%) 0.00 596
    2018-08-01 $359,000 (-1.5%) $501,548 (-7.4%) 0.00 577
    2018-09-01 $350,000 (-2.5%) $510,633 (-5.0%) 0.00 596
    2018-10-01 $350,000 (0.1%) $524,143 (-2.5%) 0.00 557
    2018-11-01 $349,950 (-0.7%) $527,594 (-3.7%) 0.00 536
    2018-12-01 $350,000 (-5.2%) $532,681 (-6.1%) 0.00 501
    2019-01-01 $342,000 (-5.0%) $533,806 (-4.3%) 0.00 458
    2019-02-01 $344,500 (-7.1%) $539,152 (-3.8%) 0.00 445
    2019-03-01 $362,857 (-2.5%) $551,294 (3.2%) 0.00 428
    2019-04-01 $369,057 (0.6%) $541,091 (3.2%) 0.00 433
    2019-05-01 $369,450 (0.7%) $530,910 (2.0%) 0.00 495
    2019-06-01 $385,000 (7.0%) $537,304 (5.3%) 0.00 481
    2019-07-01 $378,250 (5.4%) $534,476 (6.8%) 0.00 478
    2019-08-01 $378,000 (5.3%) $529,417 (5.6%) 0.00 455
    2019-09-01 $378,500 (8.1%) $530,084 (3.8%) 0.00 423
    2019-10-01 $378,500 (8.1%) $524,691 (0.1%) 0.00 414
    2019-11-01 $399,500 (14.2%) $566,836 (7.4%) 0.00 363
    2019-12-01 $405,000 (15.7%) $592,970 (11.3%) 0.00 319
    2020-01-01 $418,000 (22.2%) $607,611 (13.8%) 0.00 286
    2020-02-01 $399,500 (16.0%) $586,099 (8.7%) 0.00 283
    2020-03-01 $392,000 (8.0%) $532,946 (-3.3%) 0.00 295
    2020-04-01 $379,000 (2.7%) $504,969 (-6.7%) 0.00 321
    2020-05-01 $421,000 (14.0%) $565,982 (6.6%) 0.00 286
    2020-06-01 $439,000 (14.0%) $554,913 (3.3%) 0.00 237
    2020-07-01 $459,700 (21.5%) $561,705 (5.1%) 0.00 204
    2020-08-01 $475,000 (25.7%) $593,639 (12.1%) 0.00 174
    2020-09-01 $433,500 (14.5%) $549,000 (3.6%) 0.00 168
    2020-10-01 $408,000 (7.8%) $544,575 (3.8%) 0.00 143
    2020-11-01 $439,000 (9.9%) $552,916 (-2.5%) 0.00 131
    2020-12-01 $415,000 (2.5%) $522,493 (-11.9%) 0.00 116
    2021-01-01 $399,000 (-4.6%) $524,157 (-13.7%) 0.00 90
    2021-02-01 $380,950 (-4.6%) $489,634 (-16.5%) 0.00 87
    2021-03-01 $392,475 (0.1%) $502,168 (-5.8%) 0.00 103
    2021-04-01 $444,950 (17.4%) $569,307 (12.7%) 0.00 109
    2021-05-01 $499,900 (18.7%) $611,450 (8.0%) 0.00 131
    2021-06-01 $559,450 (27.4%) $651,091 (17.3%) 0.00 160
    2021-07-01 $525,000 (14.2%) $616,489 (9.8%) 0.00 188
    2021-08-01 $522,000 (9.9%) $614,002 (3.4%) 0.00 240
    2021-09-01 $509,500 (17.5%) $625,523 (13.9%) 0.00 249
    2021-10-01 $510,000 (25.0%) $628,370 (15.4%) 0.00 261
    2021-11-01 $499,000 (13.7%) $611,020 (10.5%) 0.00 246
    2021-12-01 $499,450 (20.4%) $603,156 (15.4%) 0.00 226
    2022-01-01 $489,900 (22.8%) $589,562 (12.5%) 0.00 191
    2022-02-01 $487,450 (28.0%) $608,382 (24.3%) 0.00 191
    2022-03-01 $499,500 (27.3%) $615,756 (22.6%) 0.00 226
    2022-04-01 $499,000 (12.2%) $617,947 (8.5%) 0.00 268
    Grants Pass's median listing price for 2022-04-01 was $499,000, a difference of $54,050 (12.2%) versus the prior year and $-500 versus the prior month.

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

    Grants Pass's average listing price for 2022-04-01 was $617,947, a difference of $48,640 (8.5%) versus the prior year and $2,191 versus the prior month.

    For the 2022-04-01 period, Grants Pass had 268 MLS listings, a difference of 42 listings (19%) versus the prior month and 159 listings (146%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Grants Pass (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,825 sqft
    2018-02-01 0 days 1,900 sqft
    2018-03-01 0 days 1,831 sqft
    2018-04-01 0 days 1,812 sqft
    2018-05-01 0 days 1,836 sqft
    2018-06-01 0 days 1,848 sqft
    2018-07-01 0 days 1,830 sqft
    2018-08-01 0 days 1,811 sqft
    2018-09-01 0 days 1,782 sqft
    2018-10-01 0 days 1,792 sqft
    2018-11-01 0 days 1,798 sqft
    2018-12-01 0 days 1,821 sqft
    2019-01-01 0 days 1,798 sqft
    2019-02-01 0 days 1,782 sqft
    2019-03-01 0 days 1,823 sqft
    2019-04-01 0 days 1,838 sqft
    2019-05-01 0 days 1,866 sqft
    2019-06-01 0 days 1,924 sqft
    2019-07-01 0 days 1,902 sqft
    2019-08-01 0 days 1,912 sqft
    2019-09-01 0 days 1,920 sqft
    2019-10-01 0 days 1,898 sqft
    2019-11-01 0 days 1,926 sqft
    2019-12-01 0 days 1,969 sqft
    2020-01-01 0 days 1,976 sqft
    2020-02-01 0 days 1,919 sqft
    2020-03-01 0 days 1,883 sqft
    2020-04-01 0 days 1,842 sqft
    2020-05-01 0 days 2,040 sqft
    2020-06-01 0 days 2,139 sqft
    2020-07-01 0 days 2,248 sqft
    2020-08-01 0 days 2,127 sqft
    2020-09-01 0 days 1,970 sqft
    2020-10-01 0 days 1,954 sqft
    2020-11-01 0 days 1,923 sqft
    2020-12-01 0 days 1,850 sqft
    2021-01-01 0 days 1,817 sqft
    2021-02-01 0 days 1,695 sqft
    2021-03-01 0 days 1,739 sqft
    2021-04-01 0 days 1,817 sqft
    2021-05-01 0 days 1,844 sqft
    2021-06-01 0 days 1,928 sqft
    2021-07-01 0 days 1,847 sqft
    2021-08-01 0 days 1,851 sqft
    2021-09-01 0 days 1,891 sqft
    2021-10-01 0 days 1,867 sqft
    2021-11-01 0 days 1,818 sqft
    2021-12-01 0 days 1,821 sqft
    2022-01-01 0 days 1,765 sqft
    2022-02-01 0 days 1,788 sqft
    2022-03-01 0 days 1,737 sqft
    2022-04-01 0 days 1,700 sqft
    Grants Pass's median listing age (time on market) for 2022-04-01 was 0 days.

    Grants Pass's median square footage for active listings during the 2022-04-01 period was 1,700 sqft. One year prior, the average listing was 1,817 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).