Boulder FHA Loan Rates, Closing Costs & Stats

BOULDER, 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.

    Boulder's 54 lenders originated 313 FHA loans during 2022. The total origination value was $120,115,000, with an average FHA loan value of $383,754.

    Boulder FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Boulder averaged 5.93% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    Boulder's average FHA mortgage closing costs are $10,808.

    The average rate for the prior week (2023-05-19) was 5.7% and one month ago for the week of 2023-04-21, the average rate was 5.74%.

    The average rate one year ago was 4.96%.

    For refis of the same type during the week of 2023-05-26, the average rate was 4.8%.

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

    Boulder 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 Boulder level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 16 5.18% $15,109
    QUICKEN LOANS, LLC 14 5.05% $18,132
    AMERICAN FINANCING CORPORATION 14 3.85% $14,089
    CHERRY CREEK MORTGAGE, LLC 6 4.35% $5,019
    NOVA FINANCIAL & INVESTMENT CORPORATION 4 4.81% $6,091
    Elevations Credit Union 4 5.56% $16,044
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 5.53% $16,330
    CROSSCOUNTRY MORTGAGE, LLC 3 6.54% $16,488
    HOME POINT FINANCIAL CORPORATION 3 4.38% $15,025
    CALIBER HOME LOANS, INC. 3 4.79% $12,254
    KBHS HOME LOANS, LLC 3 4.78% $19,237
    MOVEMENT MORTGAGE, LLC 3 6.58% $16,705
    BROKER SOLUTIONS, INC. 3 6.17% $13,020
    PLANET HOME LENDING, LLC 3 5.41% $11,768
    LAKEVIEW LOAN SERVICING, LLC 2 3.69% $10,747
    Bank of England 2 6.50% $13,679
    NFM, INC. 2 5.50% $17,724
    FREEDOM MORTGAGE CORPORATION 2 4.44% $16,415
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 5.38% $15,633
    HOME MORTGAGE ALLIANCE, LLC 2 3.38% $16,782
    TOWNE MORTGAGE COMPANY 2 4.63% $13,955
    CARDINAL FINANCIAL 2 5.75% $15,944
    OCMBC, INC. 1 4.50% $16,679
    Paramount Residential Mortgage Group, Inc. 1 5.88% $19,730
    PENNYMAC LOAN SERVICES, LLC 1 3.25% $11,635
    Plains Commerce Bank 1 3.25% $14,388
    SECURITYNATIONAL MORTGAGE COMPANY 1 4.25% $30,176
    Sunflower Bank 1 3.88% $6,211
    T2 FINANCIAL LLC 1 5.38% $14,561
    THE MORTGAGE COMPANY 1 6.63% $20,086
    TOP FLITE FINANCIAL, INC. 1 6.75% $27,930
    Adams Bank & Trust 1 5.75% $10,642
    U.S. Bank 1 5.75% $9,653
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.63% $21,549
    Amerifirst Financial, Inc. 1 3.50% $11,893
    AmRes Corporation 1 4.50% $13,996
    Bank of Colorado 1 5.25% $13,430
    CALCON MUTUAL MORTGAGE LLC 1 5.25% $23,452
    CHURCHILL MORTGAGE CORPORATION 1 5.63% $17,569
    EMM LOANS LLC 1 2.88% $20,767
    Ent Credit Union 1 4.75% $11,386
    Equity Prime Mortgage LLC 1 5.50% $11,301
    EVERETT FINANCIAL, INC. 1 4.38% $10,930
    Financial Funding Solutions, Inc. 1 4.99% $14,606
    FIRST CENTENNIAL MORTGAGE CORPORATION 1 5.25% $21,740
    First National Bank of Omaha 1 3.25% $14,252
    Gateway First Bank 1 3.63% $9,283
    GUILD MORTGAGE COMPANY 1 4.25% $22,225
    INTEGRITY MORTGAGE & FINANCIAL INCORPORATED 1 5.75% $26,717
    JPMorgan Chase Bank 1 2.99% $11,029
    LOANPAL, LLC 1 3.38% $21,763
    MANN FINANCIAL INC. 1 5.88% $11,673
    Mr. Cooper ( Nationstar Mortgage ) 1 5.63% $16,024
    NEWREZ LLC 1 4.75% $13,207

    The top Boulder FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 16 FHA loans originated. Their average total fees are $15,109, which is $3,023 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Boulder FHA lenders (with over 10 loans originated) are AMERICAN FINANCING CORPORATION ($14,089), UNITED WHOLESALE MORTGAGE, LLC ($15,109), QUICKEN LOANS, LLC ($18,132), .

    The lowest rate Boulder FHA lenders (with over 10 loans originated) are AMERICAN FINANCING CORPORATION (3.85%), QUICKEN LOANS, LLC (5.05%), UNITED WHOLESALE MORTGAGE, LLC (5.18%), .

    Boulder FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    BOULDER, CO BOULDER 2022 $747,500 $956,950 $1,156,700 $1,437,500
    BOULDER, CO BOULDER 2023 $856,750 $1,096,800 $1,325,800 $1,647,650

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Boulder (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 $665,233 (-3.6%) $1,120,714 (-8.8%) 2.47 476
    2018-02-01 $734,450 (4.9%) $1,224,549 (-3.0%) 2.67 476
    2018-03-01 $770,425 (10.5%) $1,198,263 (-0.4%) 2.70 530
    2018-04-01 $749,138 (7.1%) $1,181,812 (0.9%) 2.54 658
    2018-05-01 $742,475 (6.3%) $1,156,739 (3.9%) 2.48 741
    2018-06-01 $710,000 (3.6%) $1,073,770 (2.5%) 2.37 849
    2018-07-01 $700,750 (5.4%) $1,055,352 (1.8%) 2.34 881
    2018-08-01 $651,738 (1.0%) $997,000 (-1.1%) 2.18 936
    2018-09-01 $634,990 (0.0%) $975,101 (-2.5%) 2.13 945
    2018-10-01 $634,027 (-2.5%) $993,709 (-4.3%) 2.15 921
    2018-11-01 $637,493 (-2.6%) $1,015,503 (-5.9%) 2.16 809
    2018-12-01 $658,450 (-0.2%) $1,028,360 (-8.7%) 2.27 670
    2019-01-01 $624,900 (-6.1%) $999,804 (-10.8%) 2.16 612
    2019-02-01 $642,500 (-12.5%) $1,011,130 (-17.4%) 2.17 663
    2019-03-01 $649,900 (-15.6%) $1,037,739 (-13.4%) 2.17 763
    2019-04-01 $659,375 (-12.0%) $1,030,991 (-12.8%) 2.09 866
    2019-05-01 $660,698 (-11.0%) $1,037,347 (-10.3%) 2.07 1,000
    2019-06-01 $669,000 (-5.8%) $1,040,863 (-3.1%) 2.09 1,093
    2019-07-01 $679,250 (-3.1%) $1,021,320 (-3.2%) 2.13 1,176
    2019-08-01 $665,000 (2.0%) $1,008,250 (1.1%) 2.08 1,160
    2019-09-01 $680,350 (7.1%) $1,066,719 (9.4%) 2.15 1,025
    2019-10-01 $667,875 (5.3%) $1,014,809 (2.1%) 2.16 1,136
    2019-11-01 $665,000 (4.3%) $1,027,044 (1.1%) 2.18 975
    2019-12-01 $665,425 (1.1%) $1,066,485 (3.7%) 2.22 755
    2020-01-01 $650,000 (4.0%) $1,058,931 (5.9%) 2.17 615
    2020-02-01 $691,500 (7.6%) $1,106,309 (9.4%) 2.26 595
    2020-03-01 $720,198 (10.8%) $1,107,385 (6.7%) 2.26 633
    2020-04-01 $712,802 (8.1%) $1,059,426 (2.8%) 2.23 700
    2020-05-01 $742,455 (12.4%) $1,063,371 (2.5%) 2.26 855
    2020-06-01 $746,228 (11.5%) $1,078,146 (3.6%) 2.20 955
    2020-07-01 $749,725 (10.4%) $1,089,943 (6.7%) 2.17 888
    2020-08-01 $759,450 (14.2%) $1,122,531 (11.3%) 2.18 803
    2020-09-01 $714,850 (5.1%) $1,110,131 (4.1%) 2.05 798
    2020-10-01 $742,655 (11.2%) $1,171,475 (15.4%) 2.13 774
    2020-11-01 $760,738 (14.4%) $1,219,427 (18.7%) 2.22 598
    2020-12-01 $797,400 (19.8%) $1,297,832 (21.7%) 2.37 475
    2021-01-01 $856,653 (31.8%) $1,355,997 (28.1%) 2.56 362
    2021-02-01 $886,000 (28.1%) $1,346,694 (21.7%) 2.58 308
    2021-03-01 $844,000 (17.2%) $1,362,872 (23.1%) 2.39 287
    2021-04-01 $809,500 (13.6%) $1,368,154 (29.1%) 2.19 326
    2021-05-01 $800,000 (7.8%) $1,347,354 (26.7%) 2.12 330
    2021-06-01 $805,000 (7.9%) $1,296,053 (20.2%) 2.12 433
    2021-07-01 $786,250 (4.9%) $1,258,810 (15.5%) 2.07 445
    2021-08-01 $758,500 (-0.1%) $1,198,094 (6.7%) 2.02 473
    2021-09-01 $750,000 (4.9%) $1,154,775 (4.0%) 2.00 464
    2021-10-01 $796,000 (7.2%) $1,214,778 (3.7%) 2.12 395
    2021-11-01 $811,975 (6.7%) $1,333,273 (9.3%) 2.17 299
    2021-12-01 $804,950 (1.0%) $1,344,914 (3.6%) 2.18 416
    2022-01-01 $825,000 (-3.7%) $1,522,455 (12.3%) 2.23 151
    2022-02-01 $876,225 (-1.1%) $1,632,809 (21.3%) 2.28 168
    2022-03-01 $825,000 (-2.3%) $1,473,471 (8.1%) 2.07 210
    2022-04-01 $874,950 (8.1%) $1,489,471 (8.9%) 2.09 256
    2022-05-01 $870,000 (8.8%) $1,423,140 (5.6%) 1.99 472
    2022-06-01 $887,500 (10.3%) $1,415,625 (9.2%) 1.98 635
    2022-07-01 $864,500 (10.0%) $1,355,758 (7.7%) 1.95 760
    2022-08-01 $828,000 (9.2%) $1,312,519 (9.6%) 1.91 811
    2022-09-01 $834,500 (11.3%) $1,342,114 (16.2%) 1.95 793
    2022-10-01 $824,950 (3.6%) $1,352,223 (11.3%) 1.94 799
    2022-11-01 $835,500 (2.9%) $1,405,351 (5.4%) 2.01 693
    2022-12-01 $839,999 (4.4%) $1,428,332 (6.2%) 2.07 503
    2023-01-01 $846,000 (2.6%) $1,490,739 (-2.1%) 2.09 438
    2023-02-01 $875,000 (-0.1%) $1,519,179 (-7.0%) 2.11 482
    2023-03-01 $962,000 (16.6%) $1,587,138 (7.7%) 2.27 532
    2023-04-01 $982,550 (12.3%) $1,610,440 (8.1%) 2.29 618
    Boulder's median listing price for 2023-04-01 was $982,550, a difference of $107,600 (12.3%) versus the prior year and $20,550 versus the prior month.

    Boulder's median listing price comes in at 229% of the national average.

    Boulder's average listing price for 2023-04-01 was $1,610,440, a difference of $120,969 (8.1%) versus the prior year and $23,302 versus the prior month.

    For the 2023-04-01 period, Boulder had 618 MLS listings, a difference of 86 listings (16%) versus the prior month and 362 listings (141%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Boulder (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 64 days 3,008 sqft
    2018-02-01 41 days 3,136 sqft
    2018-03-01 37 days 3,096 sqft
    2018-04-01 31 days 3,072 sqft
    2018-05-01 32 days 2,975 sqft
    2018-06-01 33 days 2,936 sqft
    2018-07-01 38 days 2,747 sqft
    2018-08-01 45 days 2,586 sqft
    2018-09-01 49 days 2,584 sqft
    2018-10-01 48 days 2,618 sqft
    2018-11-01 54 days 2,592 sqft
    2018-12-01 71 days 2,587 sqft
    2019-01-01 73 days 2,463 sqft
    2019-02-01 42 days 2,425 sqft
    2019-03-01 36 days 2,521 sqft
    2019-04-01 35 days 2,678 sqft
    2019-05-01 32 days 2,677 sqft
    2019-06-01 38 days 2,635 sqft
    2019-07-01 41 days 2,601 sqft
    2019-08-01 53 days 2,536 sqft
    2019-09-01 59 days 2,624 sqft
    2019-10-01 52 days 2,512 sqft
    2019-11-01 58 days 2,524 sqft
    2019-12-01 81 days 2,585 sqft
    2020-01-01 80 days 2,544 sqft
    2020-02-01 42 days 2,558 sqft
    2020-03-01 43 days 2,566 sqft
    2020-04-01 45 days 2,496 sqft
    2020-05-01 44 days 2,517 sqft
    2020-06-01 40 days 2,496 sqft
    2020-07-01 47 days 2,447 sqft
    2020-08-01 50 days 2,381 sqft
    2020-09-01 45 days 2,297 sqft
    2020-10-01 45 days 2,296 sqft
    2020-11-01 62 days 2,315 sqft
    2020-12-01 79 days 2,325 sqft
    2021-01-01 96 days 2,192 sqft
    2021-02-01 84 days 2,266 sqft
    2021-03-01 49 days 2,257 sqft
    2021-04-01 36 days 2,219 sqft
    2021-05-01 34 days 2,300 sqft
    2021-06-01 19 days 2,355 sqft
    2021-07-01 31 days 2,354 sqft
    2021-08-01 31 days 2,295 sqft
    2021-09-01 31 days 2,277 sqft
    2021-10-01 35 days 2,228 sqft
    2021-11-01 38 days 2,355 sqft
    2021-12-01 46 days 2,296 sqft
    2022-01-01 36 days 2,476 sqft
    2022-02-01 20 days 2,471 sqft
    2022-03-01 17 days 2,366 sqft
    2022-04-01 16 days 2,481 sqft
    2022-05-01 16 days 2,519 sqft
    2022-06-01 22 days 2,539 sqft
    2022-07-01 30 days 2,500 sqft
    2022-08-01 36 days 2,360 sqft
    2022-09-01 42 days 2,398 sqft
    2022-10-01 43 days 2,423 sqft
    2022-11-01 51 days 2,480 sqft
    2022-12-01 70 days 2,426 sqft
    2023-01-01 80 days 2,487 sqft
    2023-02-01 49 days 2,516 sqft
    2023-03-01 36 days 2,638 sqft
    2023-04-01 37 days 2,712 sqft
    Boulder's median listing age (time on market) for 2023-04-01 was 37 days. This is 139% longer than the same period one year ago.

    Boulder's median square footage for active listings during the 2023-04-01 period was 2,712 sqft. One year prior, the average listing was 2,481 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).