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 6.74% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

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

    The average rate for the prior week (2025-02-07) was 6.66% and one month ago for the week of 2025-01-10, the average rate was 6.72%.

    The average rate one year ago was 6.45%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.32%.

    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 $348,444 (16.2%) $499,835 (21.0%) 0.00 220
    2018-02-01 $365,000 (21.7%) $516,025 (26.9%) 0.00 214
    2018-03-01 $378,500 (21.7%) $518,227 (26.6%) 0.00 218
    2018-04-01 $364,250 (21.5%) $473,008 (19.6%) 0.00 245
    2018-05-01 $374,950 (15.0%) $466,434 (10.3%) 0.00 265
    2018-06-01 $384,900 (17.5%) $475,672 (10.1%) 0.00 274
    2018-07-01 $361,117 (9.8%) $470,467 (7.5%) 0.00 289
    2018-08-01 $354,550 (0.0%) $478,289 (6.2%) 0.00 302
    2018-09-01 $329,000 (-12.3%) $460,605 (-2.6%) 0.00 302
    2018-10-01 $329,000 (-12.4%) $467,828 (-2.1%) 0.00 286
    2018-11-01 $329,950 (-11.6%) $479,036 (0.5%) 0.00 282
    2018-12-01 $339,000 (-2.7%) $486,101 (0.5%) 0.00 267
    2019-01-01 $330,425 (-5.2%) $471,988 (-5.6%) 0.00 247
    2019-02-01 $324,450 (-11.1%) $458,323 (-11.2%) 0.00 237
    2019-03-01 $345,286 (-8.8%) $463,565 (-10.6%) 0.00 248
    2019-04-01 $377,000 (3.5%) $484,234 (2.4%) 0.00 254
    2019-05-01 $377,475 (0.7%) $493,266 (5.8%) 0.00 270
    2019-06-01 $384,000 (-0.2%) $488,917 (2.8%) 0.00 298
    2019-07-01 $378,538 (4.8%) $509,156 (8.2%) 0.00 306
    2019-08-01 $370,727 (4.6%) $514,153 (7.5%) 0.00 304
    2019-09-01 $368,068 (11.9%) $528,432 (14.7%) 0.00 296
    2019-10-01 $362,625 (10.2%) $529,376 (13.2%) 0.00 291
    2019-11-01 $359,000 (8.8%) $533,084 (11.3%) 0.00 263
    2019-12-01 $370,475 (9.3%) $554,837 (14.1%) 0.00 237
    2020-01-01 $375,225 (13.6%) $560,069 (18.7%) 0.00 224
    2020-02-01 $366,000 (12.8%) $547,117 (19.4%) 0.00 206
    2020-03-01 $389,965 (12.9%) $570,367 (23.0%) 0.00 204
    2020-04-01 $395,000 (4.8%) $583,538 (20.5%) 0.00 206
    2020-05-01 $389,965 (3.3%) $545,066 (10.5%) 0.00 222
    2020-06-01 $393,741 (2.5%) $533,691 (9.2%) 0.00 231
    2020-07-01 $395,000 (4.4%) $557,745 (9.5%) 0.00 223
    2020-08-01 $415,500 (12.1%) $618,927 (20.4%) 0.00 192
    2020-09-01 $444,745 (20.8%) $633,066 (19.8%) 0.00 172
    2020-10-01 $458,950 (26.6%) $610,138 (15.3%) 0.00 152
    2020-11-01 $467,250 (30.2%) $611,417 (14.7%) 0.00 131
    2020-12-01 $481,500 (30.0%) $701,906 (26.5%) 0.00 108
    2021-01-01 $484,000 (29.0%) $704,004 (25.7%) 0.00 105
    2021-02-01 $483,500 (32.1%) $703,820 (28.6%) 0.00 102
    2021-03-01 $497,450 (27.6%) $721,358 (26.5%) 0.00 100
    2021-04-01 $554,450 (40.4%) $745,464 (27.8%) 0.00 91
    2021-05-01 $569,000 (45.9%) $787,676 (44.5%) 0.00 84
    2021-06-01 $555,748 (41.2%) $805,185 (50.9%) 0.00 101
    2021-07-01 $547,450 (38.6%) $780,456 (39.9%) 0.00 123
    2021-08-01 $574,325 (38.2%) $789,087 (27.5%) 0.00 137
    2021-09-01 $540,725 (21.6%) $775,371 (22.5%) 0.00 148
    2021-10-01 $525,000 (14.4%) $759,632 (24.5%) 0.00 145
    2021-11-01 $520,305 (11.4%) $867,297 (41.9%) 0.00 125
    2021-12-01 $526,450 (9.3%) $895,781 (27.6%) 0.00 115
    2022-01-01 $549,000 (13.4%) $895,506 (27.2%) 0.00 88
    2022-02-01 $580,000 (20.0%) $924,650 (31.4%) 0.00 76
    2022-03-01 $599,175 (20.5%) $902,950 (25.2%) 0.00 84
    2022-04-01 $532,450 (-4.0%) $881,500 (18.3%) 0.00 98
    2022-05-01 $525,000 (-7.7%) $823,326 (4.5%) 0.00 106
    2022-06-01 $503,950 (-9.3%) $820,827 (1.9%) 0.00 128
    2022-07-01 $525,000 (-4.1%) $798,648 (2.3%) 0.00 175
    2022-08-01 $559,000 (-2.7%) $847,454 (7.4%) 0.00 192
    2022-09-01 $583,000 (7.8%) $865,930 (11.7%) 0.00 193
    2022-10-01 $574,999 (9.5%) $859,445 (13.1%) 0.00 186
    2022-11-01 $575,000 (10.5%) $777,618 (-10.3%) 0.00 181
    2022-12-01 $569,450 (8.2%) $745,257 (-16.8%) 0.00 150
    2023-01-01 $576,425 (5.0%) $779,330 (-13.0%) 0.00 126
    2023-02-01 $589,750 (1.7%) $790,731 (-14.5%) 0.00 116
    2023-03-01 $592,000 (-1.2%) $790,334 (-12.5%) 0.00 120
    2023-04-01 $559,450 (5.1%) $743,850 (-15.6%) 0.00 149
    2023-05-01 $556,630 (6.0%) $739,827 (-10.1%) 0.00 173
    2023-06-01 $569,950 (13.1%) $746,867 (-9.0%) 0.00 182
    2023-07-01 $555,840 (5.9%) $757,061 (-5.2%) 0.00 200
    2023-08-01 $537,700 (-3.8%) $724,319 (-14.5%) 0.00 223
    2023-09-01 $550,000 (-5.7%) $765,860 (-11.6%) 0.00 217
    2023-10-01 $549,975 (-4.4%) $737,850 (-14.2%) 0.00 206
    2023-11-01 $549,950 (-4.4%) $755,776 (-2.8%) 0.00 197
    2023-12-01 $558,000 (-2.0%) $788,142 (5.8%) 0.00 189
    2024-01-01 $575,000 (-0.3%) $845,892 (8.5%) 0.00 175
    2024-02-01 $629,225 (6.7%) $855,751 (8.2%) 0.00 170
    2024-03-01 $630,000 (6.4%) $854,515 (8.1%) 0.00 170
    2024-04-01 $603,675 (7.9%) $847,150 (13.9%) 0.00 196
    2024-05-01 $607,450 (9.1%) $810,243 (9.5%) 0.00 201
    2024-06-01 $599,900 (5.3%) $812,848 (8.8%) 0.00 229
    2024-07-01 $579,900 (4.3%) $787,957 (4.1%) 0.00 258
    2024-08-01 $575,000 (6.9%) $751,202 (3.7%) 0.00 253
    2024-09-01 $551,825 (0.3%) $739,148 (-3.5%) 0.00 252
    2024-10-01 $567,000 (3.1%) $738,070 (0.0%) 0.00 244
    2024-11-01 $569,900 (3.6%) $763,827 (1.1%) 0.00 230
    2024-12-01 $563,425 (1.0%) $794,433 (0.8%) 0.00 213
    2025-01-01 $540,950 (-5.9%) $777,153 (-8.1%) 0.00 186
    Montrose's median listing price for 2025-01-01 was $540,950, a difference of $-34,050 (-5.9%) versus the prior year and $-22,475 versus the prior month.

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

    Montrose's average listing price for 2025-01-01 was $777,153, a difference of $-68,739 (-8.1%) versus the prior year and $-17,280 versus the prior month.

    For the 2025-01-01 period, Montrose had 186 MLS listings, a difference of -27 listings (-13%) versus the prior month and 11 listings (6%) 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 2,092 sqft
    2018-02-01 0 days 2,091 sqft
    2018-03-01 0 days 2,102 sqft
    2018-04-01 0 days 2,035 sqft
    2018-05-01 0 days 2,001 sqft
    2018-06-01 0 days 1,946 sqft
    2018-07-01 0 days 1,950 sqft
    2018-08-01 0 days 1,911 sqft
    2018-09-01 0 days 1,901 sqft
    2018-10-01 0 days 1,909 sqft
    2018-11-01 0 days 1,919 sqft
    2018-12-01 0 days 1,913 sqft
    2019-01-01 0 days 1,912 sqft
    2019-02-01 0 days 1,968 sqft
    2019-03-01 0 days 1,984 sqft
    2019-04-01 0 days 2,059 sqft
    2019-05-01 0 days 2,045 sqft
    2019-06-01 0 days 2,061 sqft
    2019-07-01 0 days 2,037 sqft
    2019-08-01 0 days 2,035 sqft
    2019-09-01 0 days 2,038 sqft
    2019-10-01 0 days 2,026 sqft
    2019-11-01 0 days 1,975 sqft
    2019-12-01 0 days 1,938 sqft
    2020-01-01 0 days 1,923 sqft
    2020-02-01 0 days 1,865 sqft
    2020-03-01 0 days 1,894 sqft
    2020-04-01 0 days 1,991 sqft
    2020-05-01 0 days 1,965 sqft
    2020-06-01 0 days 1,969 sqft
    2020-07-01 0 days 1,949 sqft
    2020-08-01 0 days 2,080 sqft
    2020-09-01 0 days 2,121 sqft
    2020-10-01 0 days 2,125 sqft
    2020-11-01 0 days 2,133 sqft
    2020-12-01 0 days 2,161 sqft
    2021-01-01 0 days 2,138 sqft
    2021-02-01 0 days 2,167 sqft
    2021-03-01 0 days 2,208 sqft
    2021-04-01 0 days 2,203 sqft
    2021-05-01 0 days 2,226 sqft
    2021-06-01 0 days 2,190 sqft
    2021-07-01 0 days 2,122 sqft
    2021-08-01 0 days 2,157 sqft
    2021-09-01 0 days 2,094 sqft
    2021-10-01 0 days 2,088 sqft
    2021-11-01 0 days 2,035 sqft
    2021-12-01 0 days 1,995 sqft
    2022-01-01 0 days 1,985 sqft
    2022-02-01 0 days 2,014 sqft
    2022-03-01 0 days 2,013 sqft
    2022-04-01 0 days 1,944 sqft
    2022-05-01 0 days 1,911 sqft
    2022-06-01 0 days 1,894 sqft
    2022-07-01 0 days 1,878 sqft
    2022-08-01 0 days 1,943 sqft
    2022-09-01 0 days 1,972 sqft
    2022-10-01 0 days 1,992 sqft
    2022-11-01 0 days 2,006 sqft
    2022-12-01 0 days 2,006 sqft
    2023-01-01 0 days 2,106 sqft
    2023-02-01 0 days 2,085 sqft
    2023-03-01 0 days 1,964 sqft
    2023-04-01 0 days 1,890 sqft
    2023-05-01 0 days 1,907 sqft
    2023-06-01 0 days 1,998 sqft
    2023-07-01 0 days 1,976 sqft
    2023-08-01 0 days 1,945 sqft
    2023-09-01 0 days 1,994 sqft
    2023-10-01 0 days 1,937 sqft
    2023-11-01 0 days 1,946 sqft
    2023-12-01 0 days 1,953 sqft
    2024-01-01 0 days 1,932 sqft
    2024-02-01 0 days 1,983 sqft
    2024-03-01 0 days 1,994 sqft
    2024-04-01 0 days 1,993 sqft
    2024-05-01 0 days 1,992 sqft
    2024-06-01 0 days 1,963 sqft
    2024-07-01 0 days 1,929 sqft
    2024-08-01 0 days 1,926 sqft
    2024-09-01 0 days 1,903 sqft
    2024-10-01 0 days 1,905 sqft
    2024-11-01 0 days 1,911 sqft
    2024-12-01 0 days 1,905 sqft
    2025-01-01 0 days 1,864 sqft
    Montrose's median listing age (time on market) for 2025-01-01 was 0 days.

    Montrose's median square footage for active listings during the 2025-01-01 period was 1,864 sqft. One year prior, the average listing was 1,932 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).