Cañon City FHA Loan Rates, Closing Costs & Stats

Cañon City, 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.

    Cañon City's 50 lenders originated 175 FHA loans during 2023. The total origination value was $45,125,000, with an average FHA loan value of $257,857.

    Cañon City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Cañon City averaged 6.19% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Cañon City's average FHA mortgage closing costs are $8,719.

    The average rate for the prior week (2024-11-01) was 6.26% and one month ago for the week of 2024-10-04, the average rate was 5.88%.

    The average rate one year ago was 7.33%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.43%.

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

    Cañon City 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 Cañon City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 29 6.13% $12,644
    The Central Trust Bank 14 6.57% $9,783
    QUICKEN LOANS, LLC 13 5.87% $10,566
    THE MORTGAGE COMPANY 11 6.56% $11,272
    MORTGAGE SOLUTIONS OF COLORADO, LLC 7 7.50% $10,274
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 6.58% $12,720
    UNIVERSAL LENDING CORPORATION 5 6.33% $9,848
    Loan Simple, Inc. 4 6.81% $10,858
    Paramount Residential Mortgage Group, Inc. 3 7.25% $14,406
    Waterstone Mortgage Corporation 3 6.46% $11,499
    V.I.P. MORTGAGE, INC. 3 6.71% $12,736
    AMERISAVE MORTGAGE CORPORATION 3 5.79% $13,774
    CARDINAL FINANCIAL 3 6.88% $14,474
    CORNERSTONE HOME LENDING, INC. 2 6.38% $10,352
    Plains Commerce Bank 2 6.44% $12,371
    FIRST MORTGAGE COMPANY, INC. 2 7.00% $8,099
    MID AMERICA MORTGAGE, INC. 2 6.50% $3,834
    EVERETT FINANCIAL, INC. 2 6.63% $12,990
    THRIVE MORTGAGE, LLC 2 6.19% $11,013
    Ent Credit Union 2 6.56% $4,543
    U.S. Bank 2 6.25% $7,975
    GUILD MORTGAGE COMPANY 2 7.25% $8,848
    SUN WEST MORTGAGE COMPANY, INC. 1 7.25% $5,127
    The Huntington National Bank 1 6.38% $8,905
    The Loan Store, Inc. 1 6.88% $13,500
    UNION HOME MORTGAGE CORP. 1 6.75% $11,053
    VERITAS FUNDING, LLC 1 7.25% $17,545
    ZILLOW HOME LOANS, LLC 1 7.25% $11,215
    PLAZA HOME MORTGAGE, INC. 1 6.25% $12,976
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.75% $11,816
    Carrington Mortgage Services, LLC 1 6.13% $18,099
    Century Mortgage Company DBA Century Lending Company 1 5.88% $13,058
    FIRST CENTENNIAL MORTGAGE CORPORATION 1 5.63% $13,311
    FREEDOM MORTGAGE CORPORATION 1 7.75% $20,819
    GENEVA FINANCIAL, LLC 1 6.88% $10,674
    GROUP MORTGAGE, LLC 1 6.00% $22,780
    Ixonia Bank 1 6.75% $13,861
    LAKEVIEW LOAN SERVICING, LLC 1 6.75% $10,468
    LEADERONE FINANCIAL CORPORATION 1 6.63% $5,750
    LOANDEPOT.COM, LLC 1 7.13% $8,775
    MASON MCDUFFIE MORTGAGE CORPORATION 1 6.75% $12,307
    NETWORK CAPITAL FUNDING CORPORATION 1 5.50% $8,262
    Northpointe Bank 1 6.75% $18,523
    OCEANSIDE MORTGAGE COMPANY 1 5.88% $5,764
    PENNYMAC LOAN SERVICES, LLC 1 7.63% $13,324
    PLANET HOME LENDING, LLC 1 5.38% $6,393
    AMERICAN FINANCIAL NETWORK, INC. 1 6.75% $11,226
    PREMIER MORTGAGE SERVICES, INC. 1 6.13% $9,868
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.75% $4,938
    RESIDENTIAL WHOLESALE MORTGAGE, INC. 1 6.25% $6,303

    The top Cañon City FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 29 FHA loans originated. Their average total fees are $12,644, which is $2,860 higher than the next largest lender, The Central Trust Bank.

    The lowest fee Cañon City FHA lenders (with over 10 loans originated) are The Central Trust Bank ($9,783), QUICKEN LOANS, LLC ($10,566), THE MORTGAGE COMPANY ($11,272), UNITED WHOLESALE MORTGAGE, LLC ($12,644) and .

    The lowest rate Cañon City FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (5.87%), UNITED WHOLESALE MORTGAGE, LLC (6.13%), THE MORTGAGE COMPANY (6.56%), The Central Trust Bank (6.57%) and .

    Cañon City FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    CANON CITY, CO FREMONT 2022 $420,680 $538,650 $651,050 $809,150
    CANON CITY, CO FREMONT 2023 $472,030 $604,400 $730,525 $907,900

    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).