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 6.14% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.51% and one month ago for the week of 2024-11-08, the average rate was 6.37%.

    The average rate one year ago was 6.58%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.38%.

    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
    2024-10-01 $450,000 (4.8%) $572,999 (2.4%) 0.00 288
    2024-11-01 $450,000 (7.1%) $566,469 (4.1%) 0.00 284
    Cañon City's median listing price for 2024-11-01 was $450,000, a difference of $30,000 (7.1%) versus the prior year and $0 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 2024-11-01 was $566,469, a difference of $22,410 (4.1%) versus the prior year and $-6,530 versus the prior month.

    For the 2024-11-01 period, Cañon City had 284 MLS listings, a difference of -4 listings (-1%) versus the prior month and 73 listings (35%) 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
    2024-10-01 0 days 1,853 sqft
    2024-11-01 0 days 1,892 sqft
    Cañon City's median listing age (time on market) for 2024-11-01 was 0 days.

    Cañon City's median square footage for active listings during the 2024-11-01 period was 1,892 sqft. One year prior, the average listing was 1,792 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).