Grants Pass FHA Loan Rates, Closing Costs & Stats

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 42 lenders originated 192 FHA loans during 2023. The total origination value was $67,770,000, with an average FHA loan value of $352,969.

    Grants Pass FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Grants Pass averaged 6.76% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Grants Pass's average FHA mortgage closing costs are $10,315.

    The average rate for the prior week (2024-04-12) was 6.95% and one month ago for the week of 2024-03-15, the average rate was 6.52%.

    The average rate one year ago was 6.24%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

    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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Grants Pass level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Nations Lending Corporation 16 6.41% $10,661
    GUILD MORTGAGE COMPANY 14 6.58% $15,907
    CROSSCOUNTRY MORTGAGE, LLC 13 6.94% $14,912
    S1L, Inc. 13 6.49% $17,355
    MOUNTAIN WEST FINANCIAL, INC. 13 6.25% $17,228
    LOANDEPOT.COM, LLC 13 6.21% $14,206
    NATIONS DIRECT MORTGAGE, LLC 11 5.97% $14,268
    UNITED WHOLESALE MORTGAGE, LLC 9 5.91% $17,664
    Willamette Valley Bank 6 6.17% $16,531
    QUICKEN LOANS, LLC 6 5.92% $16,445
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.66% $16,582
    AMERISAVE MORTGAGE CORPORATION 4 5.84% $15,504
    MOVEMENT MORTGAGE, LLC 3 6.63% $12,943
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.94% $12,582
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.25% $13,041
    EVERETT FINANCIAL, INC. 2 6.88% $14,143
    Century Mortgage Company DBA Century Lending Company 2 5.88% $14,620
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 2 6.44% $15,853
    MORTGAGE EXPRESS, LLC 2 6.69% $11,085
    V.I.P. MORTGAGE, INC. 2 5.38% $17,532
    PREMIER MORTGAGE RESOURCES, L.L.C. 2 6.63% $16,825
    Mr. Cooper ( Nationstar Mortgage ) 2 6.06% $23,850
    Plains Commerce Bank 1 6.50% $15,273
    PLANET HOME LENDING, LLC 1 5.88% $11,077
    Prosperity Home Mortgage, LLC 1 5.63% $11,259
    RANLIFE, INC. 1 5.75% $16,492
    Sierra Pacific Mortgage Company, Inc. 1 6.00% $18,529
    The Federal Savings Bank 1 6.25% $19,177
    AmeriHome Mortgage Company, LLC 1 5.63% $15,814
    EMM LOANS LLC 1 5.63% $27,741
    CMG MORTGAGE, INC. 1 6.75% $12,660
    Flagstar Bank, FSB 1 5.72% $10,333
    FREEDOM MORTGAGE CORPORATION 1 7.25% $17,684
    CHURCHILL MORTGAGE CORPORATION 1 7.00% $14,841
    HOMESIDE FINANCIAL, LLC 1 5.63% $10,332
    Loan Simple, Inc. 1 6.99% $21,161
    CALCON MUTUAL MORTGAGE LLC 1 7.63% $26,295
    Banner Bank 1 6.75% $17,695
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 4.75% $11,381
    NEWREZ LLC 1 6.75% $10,630
    North American Savings Bank, F.S.B. 1 6.13% $13,699
    PENNYMAC LOAN SERVICES, LLC 1 7.00% $17,883

    The top Grants Pass FHA lender as defined by loan originations is Nations Lending Corporation, with 16 FHA loans originated. Their average total fees are $10,661, which is $5,245 lower than the next largest lender, GUILD MORTGAGE COMPANY.

    The lowest fee Grants Pass FHA lenders (with over 10 loans originated) are Nations Lending Corporation ($10,661), LOANDEPOT.COM, LLC ($14,206), NATIONS DIRECT MORTGAGE, LLC ($14,268), CROSSCOUNTRY MORTGAGE, LLC ($14,912) and GUILD MORTGAGE COMPANY ($15,907).

    The lowest rate Grants Pass FHA lenders (with over 10 loans originated) are NATIONS DIRECT MORTGAGE, LLC (5.97%), LOANDEPOT.COM, LLC (6.21%), MOUNTAIN WEST FINANCIAL, INC. (6.25%), Nations Lending Corporation (6.41%) and S1L, Inc. (6.49%).

    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
    GRANTS PASS, OR JOSEPHINE 2023 $472,030 $604,400 $730,525 $907,900

    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 $356,200 (8.9%) $509,135 (15.2%) 0.00 361
    2018-02-01 $369,350 (14.6%) $515,501 (17.8%) 0.00 360
    2018-03-01 $374,900 (14.7%) $506,968 (16.8%) 0.00 401
    2018-04-01 $367,000 (2.2%) $493,521 (6.9%) 0.00 452
    2018-05-01 $368,225 (-2.3%) $488,217 (1.8%) 0.00 481
    2018-06-01 $353,500 (-4.2%) $478,096 (1.2%) 0.00 536
    2018-07-01 $355,250 (-0.6%) $473,366 (-2.5%) 0.00 554
    2018-08-01 $356,500 (-1.0%) $475,075 (-3.3%) 0.00 532
    2018-09-01 $350,000 (-1.4%) $486,044 (0.1%) 0.00 552
    2018-10-01 $349,750 (0.1%) $490,094 (1.2%) 0.00 509
    2018-11-01 $347,625 (-0.7%) $486,597 (-3.1%) 0.00 484
    2018-12-01 $349,000 (-5.6%) $491,466 (-5.5%) 0.00 450
    2019-01-01 $334,500 (-6.1%) $489,219 (-3.9%) 0.00 416
    2019-02-01 $333,875 (-9.6%) $492,943 (-4.4%) 0.00 410
    2019-03-01 $351,550 (-6.2%) $499,354 (-1.5%) 0.00 392
    2019-04-01 $354,525 (-3.4%) $495,427 (0.4%) 0.00 391
    2019-05-01 $355,000 (-3.6%) $489,444 (0.3%) 0.00 450
    2019-06-01 $374,000 (5.8%) $496,983 (4.0%) 0.00 435
    2019-07-01 $371,325 (4.5%) $497,659 (5.1%) 0.00 442
    2019-08-01 $372,245 (4.4%) $492,667 (3.7%) 0.00 427
    2019-09-01 $375,764 (7.4%) $490,737 (1.0%) 0.00 402
    2019-10-01 $378,109 (8.1%) $491,423 (0.3%) 0.00 385
    2019-11-01 $386,000 (11.0%) $499,962 (2.8%) 0.00 335
    2019-12-01 $399,000 (14.3%) $520,900 (6.0%) 0.00 292
    2020-01-01 $386,975 (15.7%) $519,363 (6.2%) 0.00 252
    2020-02-01 $376,999 (12.9%) $507,257 (2.9%) 0.00 252
    2020-03-01 $376,999 (7.2%) $473,128 (-5.3%) 0.00 261
    2020-04-01 $371,950 (4.9%) $455,216 (-8.1%) 0.00 284
    2020-05-01 $395,000 (11.3%) $501,782 (2.5%) 0.00 251
    2020-06-01 $420,000 (12.3%) $513,974 (3.4%) 0.00 214
    2020-07-01 $435,475 (17.3%) $530,850 (6.7%) 0.00 183
    2020-08-01 $432,450 (16.2%) $549,474 (11.5%) 0.00 157
    2020-09-01 $414,225 (10.2%) $511,650 (4.3%) 0.00 154
    2020-10-01 $399,000 (5.5%) $503,335 (2.4%) 0.00 132
    2020-11-01 $406,413 (5.3%) $515,738 (3.2%) 0.00 125
    2020-12-01 $399,975 (0.2%) $503,071 (-3.4%) 0.00 107
    2021-01-01 $377,000 (-2.6%) $513,673 (-1.1%) 0.00 85
    2021-02-01 $376,200 (-0.2%) $483,891 (-4.6%) 0.00 85
    2021-03-01 $389,675 (3.4%) $495,453 (4.7%) 0.00 98
    2021-04-01 $434,950 (16.9%) $565,838 (24.3%) 0.00 108
    2021-05-01 $499,900 (26.6%) $612,463 (22.1%) 0.00 127
    2021-06-01 $569,475 (35.6%) $658,807 (28.2%) 0.00 155
    2021-07-01 $525,000 (20.6%) $621,668 (17.1%) 0.00 186
    2021-08-01 $519,750 (20.2%) $615,875 (12.1%) 0.00 225
    2021-09-01 $502,225 (21.2%) $623,783 (21.9%) 0.00 235
    2021-10-01 $500,000 (25.3%) $625,149 (24.2%) 0.00 246
    2021-11-01 $493,500 (21.4%) $600,788 (16.5%) 0.00 236
    2021-12-01 $495,725 (23.9%) $593,735 (18.0%) 0.00 207
    2022-01-01 $482,500 (28.0%) $575,006 (11.9%) 0.00 175
    2022-02-01 $475,000 (26.3%) $595,740 (23.1%) 0.00 177
    2022-03-01 $487,000 (25.0%) $603,260 (21.8%) 0.00 202
    2022-04-01 $499,000 (14.7%) $608,650 (7.6%) 0.00 243
    2022-05-01 $499,450 (-0.1%) $600,522 (-2.0%) 0.00 278
    2022-06-01 $510,000 (-10.4%) $610,312 (-7.4%) 0.00 304
    2022-07-01 $500,000 (-4.8%) $608,129 (-2.2%) 0.00 341
    2022-08-01 $490,725 (-5.6%) $604,901 (-1.8%) 0.00 364
    2022-09-01 $492,475 (-1.9%) $611,445 (-2.0%) 0.00 362
    2022-10-01 $485,525 (-2.9%) $594,120 (-5.0%) 0.00 356
    2022-11-01 $476,438 (-3.5%) $601,229 (0.1%) 0.00 338
    2022-12-01 $472,500 (-4.7%) $609,968 (2.7%) 0.00 300
    2023-01-01 $457,500 (-5.2%) $606,556 (5.5%) 0.00 255
    2023-02-01 $467,000 (-1.7%) $632,854 (6.2%) 0.00 234
    2023-03-01 $485,750 (-0.3%) $651,118 (7.9%) 0.00 217
    2023-04-01 $499,999 (0.2%) $666,695 (9.5%) 0.00 218
    2023-05-01 $526,000 (5.3%) $674,526 (12.3%) 0.00 260
    2023-06-01 $510,950 (0.2%) $664,615 (8.9%) 0.00 294
    2023-07-01 $532,000 (6.4%) $663,418 (9.1%) 0.00 309
    2023-08-01 $504,975 (2.9%) $654,320 (8.2%) 0.00 315
    2023-09-01 $489,950 (-0.5%) $633,942 (3.7%) 0.00 326
    2023-10-01 $477,500 (-1.7%) $613,614 (3.3%) 0.00 320
    2023-11-01 $472,250 (-0.9%) $617,110 (2.6%) 0.00 314
    2023-12-01 $479,900 (1.6%) $625,007 (2.5%) 0.00 276
    2024-01-01 $472,000 (3.2%) $612,571 (1.0%) 0.00 249
    2024-02-01 $495,750 (6.2%) $639,620 (1.1%) 0.00 242
    2024-03-01 $515,000 (6.0%) $639,901 (-1.7%) 0.00 252
    Grants Pass's median listing price for 2024-03-01 was $515,000, a difference of $29,250 (6.0%) versus the prior year and $19,250 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 2024-03-01 was $639,901, a difference of $-11,217 (-1.7%) versus the prior year and $281 versus the prior month.

    For the 2024-03-01 period, Grants Pass had 252 MLS listings, a difference of 10 listings (4%) versus the prior month and 35 listings (16%) 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 1,822 sqft
    2018-02-01 0 days 1,886 sqft
    2018-03-01 0 days 1,830 sqft
    2018-04-01 0 days 1,805 sqft
    2018-05-01 0 days 1,826 sqft
    2018-06-01 0 days 1,833 sqft
    2018-07-01 0 days 1,821 sqft
    2018-08-01 0 days 1,811 sqft
    2018-09-01 0 days 1,792 sqft
    2018-10-01 0 days 1,792 sqft
    2018-11-01 0 days 1,792 sqft
    2018-12-01 0 days 1,796 sqft
    2019-01-01 0 days 1,782 sqft
    2019-02-01 0 days 1,772 sqft
    2019-03-01 0 days 1,796 sqft
    2019-04-01 0 days 1,796 sqft
    2019-05-01 0 days 1,842 sqft
    2019-06-01 0 days 1,901 sqft
    2019-07-01 0 days 1,890 sqft
    2019-08-01 0 days 1,883 sqft
    2019-09-01 0 days 1,880 sqft
    2019-10-01 0 days 1,888 sqft
    2019-11-01 0 days 1,915 sqft
    2019-12-01 0 days 1,943 sqft
    2020-01-01 0 days 1,947 sqft
    2020-02-01 0 days 1,900 sqft
    2020-03-01 0 days 1,846 sqft
    2020-04-01 0 days 1,830 sqft
    2020-05-01 0 days 1,994 sqft
    2020-06-01 0 days 2,033 sqft
    2020-07-01 0 days 2,141 sqft
    2020-08-01 0 days 2,044 sqft
    2020-09-01 0 days 1,953 sqft
    2020-10-01 0 days 1,848 sqft
    2020-11-01 0 days 1,858 sqft
    2020-12-01 0 days 1,832 sqft
    2021-01-01 0 days 1,758 sqft
    2021-02-01 0 days 1,658 sqft
    2021-03-01 0 days 1,717 sqft
    2021-04-01 0 days 1,810 sqft
    2021-05-01 0 days 1,862 sqft
    2021-06-01 0 days 1,931 sqft
    2021-07-01 0 days 1,841 sqft
    2021-08-01 0 days 1,848 sqft
    2021-09-01 0 days 1,842 sqft
    2021-10-01 0 days 1,861 sqft
    2021-11-01 0 days 1,794 sqft
    2021-12-01 0 days 1,820 sqft
    2022-01-01 0 days 1,763 sqft
    2022-02-01 0 days 1,767 sqft
    2022-03-01 0 days 1,735 sqft
    2022-04-01 0 days 1,700 sqft
    2022-05-01 0 days 1,763 sqft
    2022-06-01 0 days 1,819 sqft
    2022-07-01 0 days 1,834 sqft
    2022-08-01 0 days 1,801 sqft
    2022-09-01 0 days 1,818 sqft
    2022-10-01 0 days 1,805 sqft
    2022-11-01 0 days 1,790 sqft
    2022-12-01 0 days 1,754 sqft
    2023-01-01 0 days 1,758 sqft
    2023-02-01 0 days 1,802 sqft
    2023-03-01 0 days 1,824 sqft
    2023-04-01 0 days 1,893 sqft
    2023-05-01 0 days 1,867 sqft
    2023-06-01 0 days 1,910 sqft
    2023-07-01 0 days 1,961 sqft
    2023-08-01 0 days 1,892 sqft
    2023-09-01 0 days 1,870 sqft
    2023-10-01 0 days 1,830 sqft
    2023-11-01 0 days 1,796 sqft
    2023-12-01 0 days 1,763 sqft
    2024-01-01 0 days 1,754 sqft
    2024-02-01 0 days 1,854 sqft
    2024-03-01 0 days 1,806 sqft
    Grants Pass's median listing age (time on market) for 2024-03-01 was 0 days.

    Grants Pass's median square footage for active listings during the 2024-03-01 period was 1,806 sqft. One year prior, the average listing was 1,824 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).