Grants Pass FHA Loans

GRANTS PASS, OR

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).