Cañon City FHA Loan Rates, Closing Costs & Stats

Cañon City, 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.

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 6.05% for the week of 2024-10-04, compared to the national average (all FHA variants) of 5.885% for the same period.

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

The average rate for the prior week (2024-09-27) was 5.64% and one month ago for the week of 2024-08-30, the average rate was 6%.

The average rate one year ago was 7.34%.

For refis of the same type during the week of 2024-10-04, the average rate was 5.79%.

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Cañon City (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 $279,975 (13.8%) $388,350 (11.5%) 0.00 168
2018-02-01 $291,250 (20.1%) $399,052 (14.0%) 0.00 163
2018-03-01 $302,500 (5.6%) $369,987 (0.7%) 0.00 163
2018-04-01 $324,190 (11.8%) $389,474 (0.7%) 0.00 178
2018-05-01 $320,979 (-0.5%) $422,219 (6.4%) 0.00 203
2018-06-01 $328,257 (9.6%) $428,161 (12.5%) 0.00 229
2018-07-01 $317,500 (8.7%) $421,987 (14.9%) 0.00 229
2018-08-01 $313,700 (6.4%) $410,276 (9.6%) 0.00 239
2018-09-01 $300,000 (4.0%) $399,491 (5.4%) 0.00 251
2018-10-01 $299,900 (-6.6%) $390,066 (-3.0%) 0.00 262
2018-11-01 $314,150 (7.7%) $396,164 (2.2%) 0.00 244
2018-12-01 $299,900 (9.0%) $399,824 (4.9%) 0.00 216
2019-01-01 $299,900 (7.1%) $401,195 (3.3%) 0.00 204
2019-02-01 $311,575 (7.0%) $405,333 (1.6%) 0.00 187
2019-03-01 $326,400 (7.9%) $418,127 (13.0%) 0.00 195
2019-04-01 $329,000 (1.5%) $430,669 (10.6%) 0.00 205
2019-05-01 $321,990 (0.3%) $412,634 (-2.3%) 0.00 216
2019-06-01 $326,850 (-0.4%) $421,043 (-1.7%) 0.00 234
2019-07-01 $325,463 (2.5%) $423,108 (0.3%) 0.00 253
2019-08-01 $322,259 (2.7%) $422,832 (3.1%) 0.00 255
2019-09-01 $318,148 (6.1%) $416,653 (4.3%) 0.00 256
2019-10-01 $315,432 (5.2%) $412,765 (5.8%) 0.00 257
2019-11-01 $312,000 (-0.7%) $405,411 (2.3%) 0.00 234
2019-12-01 $298,700 (-0.4%) $402,320 (0.6%) 0.00 232
2020-01-01 $285,000 (-5.0%) $403,671 (0.6%) 0.00 218
2020-02-01 $310,000 (-0.5%) $426,383 (5.2%) 0.00 200
2020-03-01 $325,000 (-0.4%) $447,176 (7.0%) 0.00 202
2020-04-01 $328,450 (-0.2%) $449,283 (4.3%) 0.00 192
2020-05-01 $350,950 (9.0%) $448,460 (8.7%) 0.00 190
2020-06-01 $350,000 (7.1%) $459,290 (9.1%) 0.00 193
2020-07-01 $358,000 (10.0%) $462,989 (9.4%) 0.00 181
2020-08-01 $356,500 (10.6%) $483,476 (14.3%) 0.00 172
2020-09-01 $345,125 (8.5%) $470,786 (13.0%) 0.00 158
2020-10-01 $354,000 (12.2%) $468,134 (13.4%) 0.00 139
2020-11-01 $359,925 (15.4%) $474,472 (17.0%) 0.00 123
2020-12-01 $349,365 (17.0%) $453,356 (12.7%) 0.00 123
2021-01-01 $349,758 (22.7%) $446,043 (10.5%) 0.00 100
2021-02-01 $329,400 (6.3%) $429,230 (0.7%) 0.00 87
2021-03-01 $364,250 (12.1%) $441,684 (-1.2%) 0.00 74
2021-04-01 $385,794 (17.5%) $466,430 (3.8%) 0.00 70
2021-05-01 $428,500 (22.1%) $533,418 (18.9%) 0.00 67
2021-06-01 $408,250 (16.6%) $584,357 (27.2%) 0.00 91
2021-07-01 $410,000 (14.5%) $604,915 (30.7%) 0.00 100
2021-08-01 $399,750 (12.1%) $575,440 (19.0%) 0.00 118
2021-09-01 $393,817 (14.1%) $521,250 (10.7%) 0.00 151
2021-10-01 $359,000 (1.4%) $486,815 (4.0%) 0.00 144
2021-11-01 $371,200 (3.1%) $544,493 (14.8%) 0.00 125
2021-12-01 $381,225 (9.1%) $614,033 (35.4%) 0.00 106
2022-01-01 $400,000 (14.4%) $686,219 (53.9%) 0.00 98
2022-02-01 $415,000 (26.0%) $730,167 (70.1%) 0.00 85
2022-03-01 $442,999 (21.6%) $754,172 (70.8%) 0.00 77
2022-04-01 $437,500 (13.4%) $703,478 (50.8%) 0.00 99
2022-05-01 $431,975 (0.8%) $642,517 (20.5%) 0.00 136
2022-06-01 $416,750 (2.1%) $595,475 (1.9%) 0.00 161
2022-07-01 $404,950 (-1.2%) $575,843 (-4.8%) 0.00 205
2022-08-01 $420,875 (5.3%) $594,880 (3.4%) 0.00 224
2022-09-01 $398,250 (1.1%) $584,667 (12.2%) 0.00 236
2022-10-01 $375,000 (4.5%) $564,798 (16.0%) 0.00 237
2022-11-01 $371,450 (0.1%) $513,841 (-5.6%) 0.00 226
2022-12-01 $369,000 (-3.2%) $502,094 (-18.2%) 0.00 205
2023-01-01 $364,125 (-9.0%) $501,468 (-26.9%) 0.00 179
2023-02-01 $363,938 (-12.3%) $524,111 (-28.2%) 0.00 149
2023-03-01 $394,500 (-11.0%) $537,509 (-28.7%) 0.00 147
2023-04-01 $437,900 (0.1%) $566,451 (-19.5%) 0.00 149
2023-05-01 $455,000 (5.3%) $610,856 (-4.9%) 0.00 140
2023-06-01 $463,700 (11.3%) $624,827 (4.9%) 0.00 153
2023-07-01 $475,000 (17.3%) $631,032 (9.6%) 0.00 171
2023-08-01 $475,000 (12.9%) $606,734 (2.0%) 0.00 180
2023-09-01 $455,000 (14.3%) $599,160 (2.5%) 0.00 196
2023-10-01 $429,250 (14.5%) $559,827 (-0.9%) 0.00 205
2023-11-01 $420,000 (13.1%) $544,059 (5.9%) 0.00 211
2023-12-01 $425,000 (15.2%) $530,246 (5.6%) 0.00 189
2024-01-01 $424,975 (16.7%) $517,484 (3.2%) 0.00 177
2024-02-01 $422,000 (16.0%) $535,309 (2.1%) 0.00 164
2024-03-01 $437,500 (10.9%) $522,672 (-2.8%) 0.00 153
2024-04-01 $452,500 (3.3%) $514,243 (-9.2%) 0.00 172
2024-05-01 $454,750 (-0.1%) $535,612 (-12.3%) 0.00 200
2024-06-01 $455,000 (-1.9%) $560,771 (-10.3%) 0.00 222
2024-07-01 $459,000 (-3.4%) $579,962 (-8.1%) 0.00 236
2024-08-01 $459,900 (-3.2%) $590,465 (-2.7%) 0.00 253
2024-09-01 $454,975 (0.0%) $586,060 (-2.2%) 0.00 269
Cañon City's median listing price for 2024-09-01 was $454,975, a difference of $-25 (0.0%) versus the prior year and $-4,925 versus the prior month.

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

Cañon City's average listing price for 2024-09-01 was $586,060, a difference of $-13,100 (-2.2%) versus the prior year and $-4,405 versus the prior month.

For the 2024-09-01 period, Cañon City had 269 MLS listings, a difference of 16 listings (6%) versus the prior month and 73 listings (37%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Cañon City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,075 sqft
2018-02-01 0 days 2,117 sqft
2018-03-01 0 days 2,208 sqft
2018-04-01 0 days 2,342 sqft
2018-05-01 0 days 2,191 sqft
2018-06-01 0 days 2,179 sqft
2018-07-01 0 days 2,140 sqft
2018-08-01 0 days 2,082 sqft
2018-09-01 0 days 1,945 sqft
2018-10-01 0 days 1,997 sqft
2018-11-01 0 days 1,942 sqft
2018-12-01 0 days 1,885 sqft
2019-01-01 0 days 1,843 sqft
2019-02-01 0 days 2,002 sqft
2019-03-01 0 days 2,055 sqft
2019-04-01 0 days 2,054 sqft
2019-05-01 0 days 1,948 sqft
2019-06-01 0 days 2,052 sqft
2019-07-01 0 days 2,074 sqft
2019-08-01 0 days 2,087 sqft
2019-09-01 0 days 1,984 sqft
2019-10-01 0 days 1,904 sqft
2019-11-01 0 days 1,849 sqft
2019-12-01 0 days 1,833 sqft
2020-01-01 0 days 1,772 sqft
2020-02-01 0 days 1,782 sqft
2020-03-01 0 days 1,850 sqft
2020-04-01 0 days 1,938 sqft
2020-05-01 0 days 2,000 sqft
2020-06-01 0 days 2,016 sqft
2020-07-01 0 days 2,089 sqft
2020-08-01 0 days 2,016 sqft
2020-09-01 0 days 1,883 sqft
2020-10-01 0 days 1,824 sqft
2020-11-01 0 days 2,031 sqft
2020-12-01 0 days 1,834 sqft
2021-01-01 0 days 1,712 sqft
2021-02-01 0 days 1,634 sqft
2021-03-01 0 days 1,751 sqft
2021-04-01 0 days 1,598 sqft
2021-05-01 0 days 1,920 sqft
2021-06-01 0 days 2,003 sqft
2021-07-01 0 days 1,969 sqft
2021-08-01 0 days 1,890 sqft
2021-09-01 0 days 1,856 sqft
2021-10-01 0 days 1,826 sqft
2021-11-01 0 days 1,802 sqft
2021-12-01 0 days 1,781 sqft
2022-01-01 0 days 1,863 sqft
2022-02-01 0 days 1,881 sqft
2022-03-01 0 days 1,865 sqft
2022-04-01 0 days 1,870 sqft
2022-05-01 0 days 1,806 sqft
2022-06-01 0 days 1,703 sqft
2022-07-01 0 days 1,693 sqft
2022-08-01 0 days 1,701 sqft
2022-09-01 0 days 1,693 sqft
2022-10-01 0 days 1,667 sqft
2022-11-01 0 days 1,636 sqft
2022-12-01 0 days 1,683 sqft
2023-01-01 0 days 1,644 sqft
2023-02-01 0 days 1,732 sqft
2023-03-01 0 days 1,890 sqft
2023-04-01 0 days 1,981 sqft
2023-05-01 0 days 2,048 sqft
2023-06-01 0 days 1,887 sqft
2023-07-01 0 days 2,085 sqft
2023-08-01 0 days 2,117 sqft
2023-09-01 0 days 1,999 sqft
2023-10-01 0 days 1,858 sqft
2023-11-01 0 days 1,792 sqft
2023-12-01 0 days 1,849 sqft
2024-01-01 0 days 1,782 sqft
2024-02-01 0 days 1,781 sqft
2024-03-01 0 days 1,756 sqft
2024-04-01 0 days 1,845 sqft
2024-05-01 0 days 1,862 sqft
2024-06-01 0 days 1,804 sqft
2024-07-01 0 days 1,805 sqft
2024-08-01 0 days 1,908 sqft
2024-09-01 0 days 1,882 sqft
Cañon City's median listing age (time on market) for 2024-09-01 was 0 days.

Cañon City's median square footage for active listings during the 2024-09-01 period was 1,882 sqft. One year prior, the average listing was 1,999 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).