Breckenridge FHA Loan Rates, Closing Costs & Stats

Breckenridge, 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.

    Breckenridge's 10 lenders originated 31 FHA loans during 2021. The total origination value was $11,895,000, with an average FHA loan value of $383,710.

    Breckenridge FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Breckenridge averaged 6.29% for the week of 2023-01-27, compared to the national average (all FHA variants) of 6.186% for the same period.

    Breckenridge's average FHA mortgage closing costs are $10,414.

    The average rate for the prior week (2023-01-20) was 6.26% and one month ago for the week of 2022-12-23, the average rate was 6.45%.

    The average rate one year ago was 3.94%.

    For refis of the same type during the week of 2023-01-27, the average rate was 5.79%.

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

    Breckenridge 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 Breckenridge level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    MEGASTAR FINANCIAL CORP. 6 2.77% $10,722
    FREEDOM MORTGAGE CORPORATION 4 2.59% $8,002
    CROSSCOUNTRY MORTGAGE, LLC 3 3.21% $14,021
    LAKEVIEW LOAN SERVICING, LLC 2 2.93% $6,082
    PENNYMAC LOAN SERVICES, LLC 2 2.81% $8,896
    UNITED WHOLESALE MORTGAGE, LLC 1 2.72% $7,237
    CMG MORTGAGE, INC. 1 4.50% $18,847
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.00% $15,704
    FINANCE OF AMERICA MORTGAGE LLC 1 2.50% $7,863
    Bank of England 1 2.75% $9,970

    The top Breckenridge FHA lender as defined by loan originations is MEGASTAR FINANCIAL CORP., with 6 FHA loans originated. Their average total fees are $10,722, which is $2,720 higher than the next largest lender, FREEDOM MORTGAGE CORPORATION.

    The lowest fee Breckenridge FHA lenders (with over 10 loans originated) are .

    The lowest rate Breckenridge FHA lenders (with over 10 loans originated) are .

    Breckenridge FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    BRECKENRIDGE, CO SUMMIT 2022 $925,750 $1,185,150 $1,432,550 $1,780,300

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Breckenridge (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 $1,094,750 (10.0%) $1,523,271 (11.4%) 0.00 267
    2018-02-01 $1,024,000 (9.7%) $1,499,438 (8.5%) 0.00 273
    2018-03-01 $949,000 (6.5%) $1,445,226 (6.9%) 0.00 300
    2018-04-01 $839,000 (-5.7%) $1,335,104 (3.5%) 0.00 353
    2018-05-01 $814,000 (-2.5%) $1,322,119 (7.2%) 0.00 363
    2018-06-01 $855,000 (0.7%) $1,340,331 (9.8%) 0.00 442
    2018-07-01 $913,500 (4.4%) $1,393,001 (9.8%) 0.00 503
    2018-08-01 $925,750 (8.0%) $1,407,047 (11.0%) 0.00 512
    2018-09-01 $929,000 (0.5%) $1,436,871 (8.4%) 0.00 487
    2018-10-01 $914,000 (-7.5%) $1,458,991 (1.9%) 0.00 449
    2018-11-01 $948,250 (-11.7%) $1,481,345 (-2.4%) 0.00 405
    2018-12-01 $968,750 (-9.3%) $1,547,372 (0.7%) 0.00 366
    2019-01-01 $922,000 (-15.8%) $1,542,808 (1.3%) 0.00 341
    2019-02-01 $816,000 (-20.3%) $1,427,096 (-4.8%) 0.00 360
    2019-03-01 $750,429 (-20.9%) $1,280,574 (-11.4%) 0.00 430
    2019-04-01 $644,250 (-23.2%) $1,096,735 (-17.9%) 0.00 528
    2019-05-01 $639,225 (-21.5%) $1,054,213 (-20.3%) 0.00 595
    2019-06-01 $649,000 (-24.1%) $1,050,754 (-21.6%) 0.00 726
    2019-07-01 $649,000 (-29.0%) $1,063,280 (-23.7%) 0.00 824
    2019-08-01 $644,273 (-30.4%) $1,054,435 (-25.1%) 0.00 837
    2019-09-01 $635,682 (-31.6%) $1,035,914 (-27.9%) 0.00 806
    2019-10-01 $629,955 (-31.1%) $1,029,246 (-29.5%) 0.00 772
    2019-11-01 $692,000 (-27.0%) $1,180,976 (-20.3%) 0.00 718
    2019-12-01 $678,225 (-30.0%) $1,134,738 (-26.7%) 0.00 716
    2020-01-01 $645,000 (-30.0%) $1,035,997 (-32.9%) 0.00 722
    2020-02-01 $689,000 (-15.6%) $1,180,557 (-17.3%) 0.00 619
    2020-03-01 $675,000 (-10.1%) $1,154,753 (-9.8%) 0.00 665
    2020-04-01 $663,750 (3.0%) $1,104,414 (0.7%) 0.00 696
    2020-05-01 $649,900 (1.7%) $1,079,527 (2.4%) 0.00 754
    2020-06-01 $664,975 (2.5%) $1,057,983 (0.7%) 0.00 953
    2020-07-01 $673,750 (3.8%) $1,072,146 (0.8%) 0.00 1,053
    2020-08-01 $689,000 (6.9%) $1,124,630 (6.7%) 0.00 1,018
    2020-09-01 $682,000 (7.3%) $1,148,503 (10.9%) 0.00 935
    2020-10-01 $692,000 (9.9%) $1,183,486 (15.0%) 0.00 800
    2020-11-01 $699,975 (1.2%) $1,236,400 (4.7%) 0.00 623
    2020-12-01 $700,000 (3.2%) $1,252,779 (10.4%) 0.00 551
    2021-01-01 $723,500 (12.2%) $1,260,537 (21.7%) 0.00 526
    2021-02-01 $709,000 (2.9%) $1,188,055 (0.6%) 0.00 563
    2021-03-01 $739,500 (9.6%) $1,271,975 (10.2%) 0.00 552
    2021-04-01 $777,250 (17.1%) $1,350,139 (22.3%) 0.00 555
    2021-05-01 $799,000 (22.9%) $1,335,693 (23.7%) 0.00 587
    2021-06-01 $830,000 (24.8%) $1,353,594 (27.9%) 0.00 613
    2021-07-01 $829,900 (23.2%) $1,341,819 (25.2%) 0.00 673
    2021-08-01 $839,000 (21.8%) $1,454,955 (29.4%) 0.00 697
    2021-09-01 $885,000 (29.8%) $1,476,935 (28.6%) 0.00 708
    2021-10-01 $949,000 (37.1%) $1,527,455 (29.1%) 0.00 626
    2021-11-01 $953,750 (36.3%) $1,612,665 (30.4%) 0.00 513
    2021-12-01 $999,000 (42.7%) $1,751,965 (39.9%) 0.00 464
    2022-01-01 $1,068,677 (47.7%) $1,845,601 (46.4%) 0.00 450
    2022-02-01 $1,017,500 (43.5%) $1,764,990 (48.6%) 0.00 500
    2022-03-01 $1,073,294 (45.1%) $1,799,122 (41.4%) 0.00 524
    2022-04-01 $1,125,000 (44.7%) $1,831,814 (35.7%) 0.00 543
    2022-05-01 $1,131,000 (41.6%) $1,842,401 (37.9%) 0.00 612
    2022-06-01 $1,157,500 (39.5%) $1,846,409 (36.4%) 0.00 700
    2022-07-01 $1,177,500 (41.9%) $1,843,132 (37.4%) 0.00 849
    2022-08-01 $1,192,500 (42.1%) $1,890,162 (29.9%) 0.00 875
    2022-09-01 $1,234,000 (39.4%) $1,878,967 (27.2%) 0.00 871
    2022-10-01 $1,250,000 (31.7%) $1,942,251 (27.2%) 0.00 764
    2022-11-01 $1,200,000 (25.8%) $1,935,067 (20.0%) 0.00 683
    2022-12-01 $1,250,000 (25.1%) $1,994,112 (13.8%) 0.00 631
    Breckenridge's median listing price for 2022-12-01 was $1,250,000, a difference of $251,000 (25.1%) versus the prior year and $50,000 versus the prior month.

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

    Breckenridge's average listing price for 2022-12-01 was $1,994,112, a difference of $242,147 (13.8%) versus the prior year and $59,045 versus the prior month.

    For the 2022-12-01 period, Breckenridge had 631 MLS listings, a difference of -52 listings (-8%) versus the prior month and 167 listings (36%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Breckenridge (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,268 sqft
    2018-02-01 0 days 2,115 sqft
    2018-03-01 0 days 2,035 sqft
    2018-04-01 0 days 1,837 sqft
    2018-05-01 0 days 1,821 sqft
    2018-06-01 0 days 1,852 sqft
    2018-07-01 0 days 1,987 sqft
    2018-08-01 0 days 1,988 sqft
    2018-09-01 0 days 2,056 sqft
    2018-10-01 0 days 2,027 sqft
    2018-11-01 0 days 1,959 sqft
    2018-12-01 0 days 2,006 sqft
    2019-01-01 0 days 1,819 sqft
    2019-02-01 0 days 1,590 sqft
    2019-03-01 0 days 1,420 sqft
    2019-04-01 0 days 1,206 sqft
    2019-05-01 0 days 1,200 sqft
    2019-06-01 0 days 1,202 sqft
    2019-07-01 0 days 1,266 sqft
    2019-08-01 0 days 1,321 sqft
    2019-09-01 0 days 1,312 sqft
    2019-10-01 0 days 1,304 sqft
    2019-11-01 0 days 1,426 sqft
    2019-12-01 0 days 1,328 sqft
    2020-01-01 0 days 1,176 sqft
    2020-02-01 0 days 1,228 sqft
    2020-03-01 0 days 1,214 sqft
    2020-04-01 0 days 1,215 sqft
    2020-05-01 0 days 1,220 sqft
    2020-06-01 0 days 1,255 sqft
    2020-07-01 0 days 1,304 sqft
    2020-08-01 0 days 1,335 sqft
    2020-09-01 0 days 1,249 sqft
    2020-10-01 0 days 1,231 sqft
    2020-11-01 0 days 1,246 sqft
    2020-12-01 0 days 1,232 sqft
    2021-01-01 0 days 1,244 sqft
    2021-02-01 0 days 1,246 sqft
    2021-03-01 0 days 1,246 sqft
    2021-04-01 0 days 1,246 sqft
    2021-05-01 0 days 1,246 sqft
    2021-06-01 0 days 1,320 sqft
    2021-07-01 0 days 1,359 sqft
    2021-08-01 0 days 1,375 sqft
    2021-09-01 0 days 1,381 sqft
    2021-10-01 0 days 1,474 sqft
    2021-11-01 0 days 1,581 sqft
    2021-12-01 0 days 1,581 sqft
    2022-01-01 0 days 1,580 sqft
    2022-02-01 0 days 1,395 sqft
    2022-03-01 0 days 1,385 sqft
    2022-04-01 0 days 1,449 sqft
    2022-05-01 0 days 1,473 sqft
    2022-06-01 0 days 1,482 sqft
    2022-07-01 0 days 1,565 sqft
    2022-08-01 0 days 1,608 sqft
    2022-09-01 0 days 1,580 sqft
    2022-10-01 0 days 1,547 sqft
    2022-11-01 0 days 1,522 sqft
    2022-12-01 0 days 1,604 sqft
    Breckenridge's median listing age (time on market) for 2022-12-01 was 0 days.

    Breckenridge's median square footage for active listings during the 2022-12-01 period was 1,604 sqft. One year prior, the average listing was 1,581 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).