Montrose FHA Loan Rates, Closing Costs & Stats

Montrose, CO

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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.

    Montrose's 33 lenders originated 157 FHA loans during 2023. The total origination value was $46,635,000, with an average FHA loan value of $297,038.

    Montrose FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Montrose averaged 0.03% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Montrose's average FHA mortgage closing costs are $9,398.

    The average rate for the prior week (2024-11-08) was 6.64% and one month ago for the week of 2024-10-11, the average rate was 6.24%.

    The average rate one year ago was 7.49%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.1%.

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

    Montrose 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 Montrose level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    CORNERSTONE HOME LENDING, INC. 13 6.55% $11,512
    S1L, Inc. 12 6.20% $17,497
    QUICKEN LOANS, LLC 9 6.22% $10,765
    GENEVA FINANCIAL, LLC 9 6.68% $12,981
    UNITED WHOLESALE MORTGAGE, LLC 8 5.90% $12,395
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 7.05% $12,927
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 6 7.13% $9,570
    BROKER SOLUTIONS, INC. 4 6.88% $13,196
    LOANDEPOT.COM, LLC 4 6.25% $16,053
    ACADEMY MORTGAGE CORPORATION 3 6.54% $15,058
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 6.67% $18,571
    Mr. Cooper ( Nationstar Mortgage ) 2 6.19% $20,761
    AMCAP MORTGAGE, LTD. 2 7.38% $15,902
    LOANPAL, LLC 1 5.63% $21,059
    Loan Simple, Inc. 1 7.13% $13,485
    Nations Lending Corporation 1 5.75% $22,156
    NBH Bank 1 5.75% $13,782
    Network Funding, L.P. 1 6.63% $11,978
    THRIVE MORTGAGE, LLC 1 7.00% $11,256
    UNIVERSAL LENDING CORPORATION 1 6.25% $15,262
    U.S. Bank 1 6.75% $12,273
    AMERICAN FINANCIAL NETWORK, INC. 1 8.25% $16,661
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $15,198
    Bank of Colorado 1 6.63% $12,843
    Carrington Mortgage Services, LLC 1 7.63% $9,666
    CMG MORTGAGE, INC. 1 6.25% $9,896
    CROSSCOUNTRY MORTGAGE, LLC 1 7.25% $13,575
    EMM LOANS LLC 1 6.25% $19,150
    FREEDOM MORTGAGE CORPORATION 1 6.25% $9,399
    GUARANTEED RATE AFFINITY, LLC 1 5.73% $10,594
    GUILD MORTGAGE COMPANY 1 5.63% $17,588
    INTEGRITY MORTGAGE & FINANCIAL INCORPORATED 1 6.99% $15,683
    LAND HOME FINANCIAL SERVICES, INC. 1 7.00% $18,941

    The top Montrose FHA lender as defined by loan originations is CORNERSTONE HOME LENDING, INC., with 13 FHA loans originated. Their average total fees are $11,512, which is $5,986 lower than the next largest lender, S1L, Inc..

    The lowest fee Montrose FHA lenders (with over 10 loans originated) are CORNERSTONE HOME LENDING, INC. ($11,512), S1L, Inc. ($17,497), .

    The lowest rate Montrose FHA lenders (with over 10 loans originated) are S1L, Inc. (6.20%), CORNERSTONE HOME LENDING, INC. (6.55%), .

    Montrose FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    MONTROSE, CO MONTROSE 2020 $425,500 $544,700 $658,450 $818,250
    MONTROSE, CO OURAY 2014 $425,500 $544,700 $658,450 $818,250
    MONTROSE, CO MONTROSE 2023 $472,030 $604,400 $730,525 $907,900
    MONTROSE, CO OURAY 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Montrose (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 $423,675 (10.1%) $639,076 (14.6%) 0.00 308
    2018-02-01 $434,475 (14.9%) $655,773 (17.8%) 0.00 298
    2018-03-01 $437,000 (12.2%) $647,936 (16.0%) 0.00 307
    2018-04-01 $424,944 (10.4%) $613,092 (12.7%) 0.00 342
    2018-05-01 $425,125 (9.1%) $614,730 (11.7%) 0.00 372
    2018-06-01 $429,450 (8.1%) $630,138 (12.7%) 0.00 392
    2018-07-01 $423,825 (6.2%) $618,420 (12.2%) 0.00 418
    2018-08-01 $424,925 (6.5%) $618,892 (9.6%) 0.00 441
    2018-09-01 $423,750 (1.1%) $607,932 (4.5%) 0.00 442
    2018-10-01 $400,725 (-5.5%) $623,369 (6.7%) 0.00 413
    2018-11-01 $414,847 (-1.2%) $627,395 (7.5%) 0.00 394
    2018-12-01 $427,500 (3.0%) $614,538 (0.3%) 0.00 369
    2019-01-01 $424,875 (0.3%) $608,627 (-4.8%) 0.00 342
    2019-02-01 $425,375 (-2.1%) $613,504 (-6.5%) 0.00 328
    2019-03-01 $424,071 (-3.0%) $608,408 (-6.1%) 0.00 340
    2019-04-01 $428,821 (0.9%) $613,981 (0.1%) 0.00 350
    2019-05-01 $422,250 (-0.7%) $617,532 (0.5%) 0.00 374
    2019-06-01 $425,000 (-1.0%) $606,164 (-3.8%) 0.00 404
    2019-07-01 $425,000 (0.3%) $623,148 (0.8%) 0.00 419
    2019-08-01 $426,418 (0.4%) $620,061 (0.2%) 0.00 416
    2019-09-01 $428,545 (1.1%) $620,600 (2.1%) 0.00 408
    2019-10-01 $427,364 (6.7%) $617,298 (-1.0%) 0.00 402
    2019-11-01 $441,750 (6.5%) $637,209 (1.6%) 0.00 364
    2019-12-01 $450,000 (5.3%) $669,220 (8.9%) 0.00 325
    2020-01-01 $452,250 (6.4%) $675,585 (11.0%) 0.00 300
    2020-02-01 $450,000 (5.8%) $673,337 (9.8%) 0.00 275
    2020-03-01 $457,450 (7.9%) $689,053 (13.3%) 0.00 276
    2020-04-01 $448,450 (4.6%) $670,619 (9.2%) 0.00 279
    2020-05-01 $449,000 (6.3%) $642,191 (4.0%) 0.00 301
    2020-06-01 $449,250 (5.7%) $629,646 (3.9%) 0.00 326
    2020-07-01 $489,000 (15.1%) $664,546 (6.6%) 0.00 317
    2020-08-01 $524,950 (23.1%) $725,017 (16.9%) 0.00 284
    2020-09-01 $525,000 (22.5%) $780,688 (25.8%) 0.00 246
    2020-10-01 $525,000 (22.9%) $779,029 (26.2%) 0.00 212
    2020-11-01 $499,791 (13.1%) $786,080 (23.4%) 0.00 183
    2020-12-01 $547,000 (21.6%) $876,620 (31.0%) 0.00 158
    2021-01-01 $525,000 (16.1%) $909,525 (34.6%) 0.00 136
    2021-02-01 $523,450 (16.3%) $900,365 (33.7%) 0.00 131
    2021-03-01 $580,000 (26.8%) $910,339 (32.1%) 0.00 129
    2021-04-01 $612,420 (36.6%) $969,039 (44.5%) 0.00 115
    2021-05-01 $620,000 (38.1%) $973,222 (51.6%) 0.00 115
    2021-06-01 $651,750 (45.1%) $883,429 (40.3%) 0.00 147
    2021-07-01 $659,000 (34.8%) $897,339 (35.0%) 0.00 174
    2021-08-01 $659,750 (25.7%) $903,377 (24.6%) 0.00 188
    2021-09-01 $653,725 (24.5%) $916,885 (17.5%) 0.00 204
    2021-10-01 $636,250 (21.2%) $904,484 (16.1%) 0.00 189
    2021-11-01 $594,722 (19.0%) $990,658 (26.0%) 0.00 162
    2021-12-01 $622,450 (13.8%) $1,020,996 (16.5%) 0.00 146
    2022-01-01 $608,350 (15.9%) $1,012,079 (11.3%) 0.00 108
    2022-02-01 $640,450 (22.4%) $1,038,542 (15.4%) 0.00 99
    2022-03-01 $661,500 (14.1%) $1,022,252 (12.3%) 0.00 109
    2022-04-01 $649,000 (6.0%) $973,950 (0.5%) 0.00 123
    2022-05-01 $640,500 (3.3%) $974,583 (0.1%) 0.00 138
    2022-06-01 $654,000 (0.4%) $1,002,828 (13.5%) 0.00 177
    2022-07-01 $679,000 (3.0%) $993,686 (10.7%) 0.00 238
    2022-08-01 $659,000 (-0.1%) $1,003,964 (11.1%) 0.00 248
    2022-09-01 $649,497 (-0.7%) $1,006,702 (9.8%) 0.00 241
    2022-10-01 $649,000 (2.0%) $1,021,378 (12.9%) 0.00 237
    2022-11-01 $641,750 (7.9%) $910,261 (-8.1%) 0.00 228
    2022-12-01 $630,000 (1.2%) $921,405 (-9.8%) 0.00 187
    2023-01-01 $646,500 (6.3%) $952,673 (-5.9%) 0.00 158
    2023-02-01 $656,750 (2.6%) $956,953 (-7.9%) 0.00 151
    2023-03-01 $639,015 (-3.4%) $941,384 (-7.9%) 0.00 151
    2023-04-01 $612,400 (-5.6%) $895,168 (-8.1%) 0.00 184
    2023-05-01 $608,675 (-5.0%) $868,838 (-10.9%) 0.00 217
    2023-06-01 $631,060 (-3.5%) $936,656 (-6.6%) 0.00 239
    2023-07-01 $633,030 (-6.8%) $954,036 (-4.0%) 0.00 263
    2023-08-01 $599,000 (-9.1%) $912,370 (-9.1%) 0.00 285
    2023-09-01 $631,060 (-2.8%) $936,374 (-7.0%) 0.00 273
    2023-10-01 $626,688 (-3.4%) $901,426 (-11.7%) 0.00 262
    2023-11-01 $630,265 (-1.8%) $904,713 (-0.6%) 0.00 247
    2023-12-01 $672,000 (6.7%) $961,013 (4.3%) 0.00 236
    2024-01-01 $672,500 (4.0%) $994,425 (4.4%) 0.00 217
    2024-02-01 $689,900 (5.1%) $976,107 (2.0%) 0.00 212
    2024-03-01 $699,000 (9.4%) $993,808 (5.6%) 0.00 220
    2024-04-01 $699,000 (14.1%) $983,936 (9.9%) 0.00 243
    2024-05-01 $699,500 (14.9%) $987,842 (13.7%) 0.00 246
    2024-06-01 $700,000 (10.9%) $1,024,287 (9.4%) 0.00 310
    2024-07-01 $686,750 (8.5%) $979,586 (2.7%) 0.00 345
    2024-08-01 $649,950 (8.5%) $941,159 (3.2%) 0.00 345
    2024-09-01 $629,700 (-0.2%) $925,560 (-1.2%) 0.00 343
    2024-10-01 $644,300 (2.8%) $928,722 (3.0%) 0.00 335
    Montrose's median listing price for 2024-10-01 was $644,300, a difference of $17,612 (2.8%) versus the prior year and $14,600 versus the prior month.

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

    Montrose's average listing price for 2024-10-01 was $928,722, a difference of $27,296 (3.0%) versus the prior year and $3,162 versus the prior month.

    For the 2024-10-01 period, Montrose had 335 MLS listings, a difference of -8 listings (-2%) versus the prior month and 73 listings (28%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Montrose (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,168 sqft
    2018-02-01 0 days 2,212 sqft
    2018-03-01 0 days 2,168 sqft
    2018-04-01 0 days 2,146 sqft
    2018-05-01 0 days 2,146 sqft
    2018-06-01 0 days 2,144 sqft
    2018-07-01 0 days 2,165 sqft
    2018-08-01 0 days 2,167 sqft
    2018-09-01 0 days 2,148 sqft
    2018-10-01 0 days 2,174 sqft
    2018-11-01 0 days 2,191 sqft
    2018-12-01 0 days 2,245 sqft
    2019-01-01 0 days 2,207 sqft
    2019-02-01 0 days 2,221 sqft
    2019-03-01 0 days 2,197 sqft
    2019-04-01 0 days 2,224 sqft
    2019-05-01 0 days 2,238 sqft
    2019-06-01 0 days 2,194 sqft
    2019-07-01 0 days 2,138 sqft
    2019-08-01 0 days 2,122 sqft
    2019-09-01 0 days 2,112 sqft
    2019-10-01 0 days 2,096 sqft
    2019-11-01 0 days 2,080 sqft
    2019-12-01 0 days 2,094 sqft
    2020-01-01 0 days 2,095 sqft
    2020-02-01 0 days 2,042 sqft
    2020-03-01 0 days 2,107 sqft
    2020-04-01 0 days 2,129 sqft
    2020-05-01 0 days 2,107 sqft
    2020-06-01 0 days 2,170 sqft
    2020-07-01 0 days 2,169 sqft
    2020-08-01 0 days 2,336 sqft
    2020-09-01 0 days 2,309 sqft
    2020-10-01 0 days 2,316 sqft
    2020-11-01 0 days 2,333 sqft
    2020-12-01 0 days 2,403 sqft
    2021-01-01 0 days 2,400 sqft
    2021-02-01 0 days 2,392 sqft
    2021-03-01 0 days 2,333 sqft
    2021-04-01 0 days 2,279 sqft
    2021-05-01 0 days 2,324 sqft
    2021-06-01 0 days 2,171 sqft
    2021-07-01 0 days 2,204 sqft
    2021-08-01 0 days 2,192 sqft
    2021-09-01 0 days 2,176 sqft
    2021-10-01 0 days 2,112 sqft
    2021-11-01 0 days 2,094 sqft
    2021-12-01 0 days 2,038 sqft
    2022-01-01 0 days 2,003 sqft
    2022-02-01 0 days 2,061 sqft
    2022-03-01 0 days 2,081 sqft
    2022-04-01 0 days 1,968 sqft
    2022-05-01 0 days 2,000 sqft
    2022-06-01 0 days 1,974 sqft
    2022-07-01 0 days 1,981 sqft
    2022-08-01 0 days 2,040 sqft
    2022-09-01 0 days 2,052 sqft
    2022-10-01 0 days 2,106 sqft
    2022-11-01 0 days 2,145 sqft
    2022-12-01 0 days 2,144 sqft
    2023-01-01 0 days 2,156 sqft
    2023-02-01 0 days 2,112 sqft
    2023-03-01 0 days 1,986 sqft
    2023-04-01 0 days 1,944 sqft
    2023-05-01 0 days 1,985 sqft
    2023-06-01 0 days 2,035 sqft
    2023-07-01 0 days 2,032 sqft
    2023-08-01 0 days 1,992 sqft
    2023-09-01 0 days 2,017 sqft
    2023-10-01 0 days 2,014 sqft
    2023-11-01 0 days 1,997 sqft
    2023-12-01 0 days 1,998 sqft
    2024-01-01 0 days 1,982 sqft
    2024-02-01 0 days 1,988 sqft
    2024-03-01 0 days 2,001 sqft
    2024-04-01 0 days 2,008 sqft
    2024-05-01 0 days 2,053 sqft
    2024-06-01 0 days 2,001 sqft
    2024-07-01 0 days 1,996 sqft
    2024-08-01 0 days 1,990 sqft
    2024-09-01 0 days 1,959 sqft
    2024-10-01 0 days 1,981 sqft
    Montrose's median listing age (time on market) for 2024-10-01 was 0 days.

    Montrose's median square footage for active listings during the 2024-10-01 period was 1,981 sqft. One year prior, the average listing was 2,014 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).