Montrose FHA Loan Rates, Closing Costs & Stats

Montrose, CO

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 0.23% for the week of 2024-11-29, 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 (2024-11-22) was 6.52% and one month ago for the week of 2024-10-25, the average rate was 6.5%.

The average rate one year ago was 7.29%.

For refis of the same type during the week of 2024-11-29, the average rate was 0%.

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).