Colorado Springs FHA Loan Rates, Closing Costs & Stats

COLORADO SPRINGS, 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.

    Colorado Springs's 134 lenders originated 1,959 FHA loans during 2023. The total origination value was $704,985,000, with an average FHA loan value of $359,870.

    Colorado Springs FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Colorado Springs averaged 6.44% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Colorado Springs's average FHA mortgage closing costs are $9,584.

    The average rate for the prior week (2024-04-12) was 6.53% and one month ago for the week of 2024-03-15, the average rate was 6.2%.

    The average rate one year ago was 6.22%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.71%.

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

    Colorado Springs 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 Colorado Springs level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 312 6.02% $15,822
    QUICKEN LOANS, LLC 104 6.06% $13,716
    Ent Credit Union 72 5.99% $9,138
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 62 6.78% $14,856
    NFM, INC. 46 6.65% $14,391
    UNIVERSAL LENDING CORPORATION 40 6.64% $12,851
    BROKER SOLUTIONS, INC. 40 6.61% $13,404
    Loan Simple, Inc. 37 6.78% $13,692
    MORTGAGE SOLUTIONS OF COLORADO, LLC 37 6.09% $15,262
    GUILD MORTGAGE COMPANY 33 5.99% $11,035
    PRIMARY RESIDENTIAL MORTGAGE, INC. 32 6.80% $13,169
    GUARANTEED RATE, INC. 31 6.38% $16,068
    Paramount Residential Mortgage Group, Inc. 31 6.71% $13,297
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 30 6.67% $13,188
    NBH Bank 28 6.30% $10,222
    BAY EQUITY LLC 27 6.64% $14,064
    HOMEAMERICAN MORTGAGE CORPORATION 27 5.35% $9,822
    V.I.P. MORTGAGE, INC. 24 6.76% $14,051
    CARDINAL FINANCIAL 21 6.32% $16,833
    LOANDEPOT.COM, LLC 20 6.64% $13,850
    CHERRY CREEK MORTGAGE, LLC 20 6.10% $6,545
    FREEDOM MORTGAGE CORPORATION 19 6.63% $16,366
    SECURITYNATIONAL MORTGAGE COMPANY 19 6.61% $15,852
    NEWREZ LLC 19 6.59% $15,156
    The Central Trust Bank 18 6.50% $10,583
    INSPIRE HOME LOANS INC. 18 5.25% $11,636
    Northpointe Bank 18 6.44% $14,097
    CALIBER HOME LOANS, INC. 18 6.46% $15,526
    INTEGRITY MORTGAGE & FINANCIAL INCORPORATED 17 6.63% $16,449
    PENNYMAC LOAN SERVICES, LLC 16 6.07% $14,307
    S1L, Inc. 16 6.49% $15,326
    CORNERSTONE HOME LENDING, INC. 15 4.53% $14,797
    AMERICAN FINANCING CORPORATION 15 6.48% $12,838
    Ixonia Bank 15 6.89% $12,782
    AMERICAN FINANCIAL NETWORK, INC. 13 6.72% $14,453
    Equity Prime Mortgage LLC 11 6.53% $19,571
    NEST HOME LENDING, LLC 11 5.91% $14,739
    Mr. Cooper ( Nationstar Mortgage ) 10 6.11% $22,237
    ACADEMY MORTGAGE CORPORATION 9 5.90% $12,560
    CROSSCOUNTRY MORTGAGE, LLC 9 6.63% $14,593
    DHI MORTGAGE COMPANY, LTD. 9 5.36% $17,581
    INTERCAP LENDING INC. 9 6.18% $18,351
    EVERETT FINANCIAL, INC. 9 6.69% $17,298
    AMERICAN PACIFIC MORTGAGE CORPORATION 9 6.11% $18,725
    MOVEMENT MORTGAGE, LLC 8 6.48% $14,268
    AMERISAVE MORTGAGE CORPORATION 8 6.19% $13,534
    LEADERONE FINANCIAL CORPORATION 8 6.91% $13,668
    MID AMERICA MORTGAGE, INC. 8 6.11% $5,375
    TOWNE MORTGAGE COMPANY 8 6.31% $14,897
    PLANET HOME LENDING, LLC 8 5.92% $12,682
    Flagstar Bank, FSB 7 6.43% $14,378
    GROUP MORTGAGE, LLC 7 6.20% $13,816
    DRAPER AND KRAMER MORTGAGE CORP. 6 6.69% $11,064
    The Huntington National Bank 6 6.17% $10,886
    MUTUAL OF OMAHA MORTGAGE, INC. 6 6.00% $16,411
    GENEVA FINANCIAL, LLC 6 6.42% $16,751
    RESIDENTIAL WHOLESALE MORTGAGE, INC. 6 6.63% $13,091
    HOMESIDE FINANCIAL, LLC 6 7.33% $14,107
    HUNT MORTGAGE CORPORATION 6 6.13% $14,863
    Plains Commerce Bank 6 6.06% $15,789
    CMG MORTGAGE, INC. 5 6.95% $15,050
    HOMEBRIDGE FINANCIAL SERVICES, INC. 5 6.78% $16,548
    PRIMELENDING, A PLAINSCAPITAL COMPANY 5 7.03% $16,372
    Century Mortgage Company DBA Century Lending Company 4 5.59% $20,636
    SUN WEST MORTGAGE COMPANY, INC. 4 6.71% $9,420
    T2 FINANCIAL LLC 4 7.16% $14,726
    VILLAGE CAPITAL MORTGAGE 4 5.72% $11,831
    LAKEVIEW LOAN SERVICING, LLC 4 5.56% $14,815
    NATIONS RELIABLE LENDING, LLC 4 6.47% $9,535
    FLAT BRANCH MORTGAGE, INC. 4 6.03% $15,641
    LOANPAL, LLC 4 6.00% $18,691
    Nations Lending Corporation 3 7.04% $14,659
    Prosperity Home Mortgage, LLC 3 6.91% $13,473
    JPMorgan Chase Bank 3 6.08% $11,780
    PLAZA HOME MORTGAGE, INC. 3 6.54% $14,912
    Sierra Pacific Mortgage Company, Inc. 3 5.67% $11,421
    NOVA FINANCIAL & INVESTMENT CORPORATION 3 6.08% $10,567
    MASON MCDUFFIE MORTGAGE CORPORATION 3 6.71% $15,825
    MICHIGAN MUTUAL, INC. 3 6.33% $14,367
    AMERICAN FINANCIAL RESOURCES, INC. 3 5.67% $15,562
    OCMBC, INC. 3 7.75% $15,324
    Mortgage Research Center, LLC 3 6.13% $6,590
    AmeriHome Mortgage Company, LLC 3 6.54% $13,059
    ZILLOW HOME LOANS, LLC 2 6.25% $11,095
    Bank of Colorado 2 6.81% $13,003
    CALCON MUTUAL MORTGAGE LLC 2 6.75% $26,028
    CHURCHILL MORTGAGE CORPORATION 2 6.88% $13,756
    CITYWIDE HOME LOANS, LLC 2 6.63% $11,527
    GMFS LLC 2 7.19% $12,739
    GUARANTEED RATE AFFINITY, LLC 2 6.63% $14,859
    MOUNTAIN WEST FINANCIAL, INC. 2 7.25% $8,697
    NATIONS DIRECT MORTGAGE, LLC 2 5.81% $18,364
    The Federal Savings Bank 2 5.75% $17,729
    THE MORTGAGE COMPANY 2 6.50% $15,986
    ON Q FINANCIAL, INC. 1 5.25% $8,644
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 7.38% $17,641
    MLB RESIDENTIAL LENDING, LLC 1 6.50% $12,451
    MEGASTAR FINANCIAL CORP. 1 6.63% $13,330
    MANN FINANCIAL INC. 1 6.75% $12,807
    M2 Lending Solutions, LLC 1 5.63% $16,289
    Lakeview Community Capital, LLC 1 6.13% $16,324
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 6.63% $10,651
    LADERA LENDING, INC. 1 7.50% $13,725
    JMAC LENDING, INC. 1 7.63% $21,166
    PRIORITY HOME MORTGAGE, L.P. 1 6.00% $7,833
    IDEAL HOME LOANS LLC 1 5.63% $16,261
    HOMESTAR FINANCIAL CORPORATION 1 6.75% $10,155
    RELIANCE FIRST CAPITAL, LLC 1 6.88% $20,158
    RESIDENTIAL BANCORP 1 6.25% $10,665
    GREENSTATE CREDIT UNION 1 6.25% $10,215
    Gateway First Bank 1 6.25% $12,553
    FBC MORTGAGE, LLC 1 6.49% $12,246
    SFMC, LP 1 5.50% $7,356
    EMM LOANS LLC 1 5.75% $18,661
    STOCKTON MORTGAGE CORPORATION 1 8.13% $12,345
    Summit Mortgage Corporation 1 6.63% $16,039
    Elevations Credit Union 1 6.75% $13,503
    DIRECT MORTGAGE, CORP. 1 6.50% $12,133
    DAS Acquisition Company, LLC 1 6.25% $15,892
    American Mortgage & Equity Consultants, Inc. 1 6.63% $16,712
    CONTOUR MORTGAGE CORPORATION 1 7.25% $10,976
    The Loan Store, Inc. 1 6.75% $14,825
    ALLIED MORTGAGE GROUP, INC. 1 6.13% $10,485
    THRIVE MORTGAGE, LLC 1 6.75% $18,556
    Towne Bank 1 6.75% $17,892
    Carrington Mortgage Services, LLC 1 6.13% $13,164
    BECKAM FUNDING CORP. 1 6.25% $20,091
    AXIA FINANCIAL, LLC 1 7.00% $23,659
    U.S. Bank 1 6.13% $18,688
    VAN DYK MORTGAGE CORPORATION 1 7.25% $13,342
    VERITAS FUNDING, LLC 1 5.75% $26,838
    Armed Forces Bank 1 6.25% $9,382
    M&T Bank 1 6.25% $7,064
    Mortgage Assurance Inc. 1 5.75% $13,060

    The top Colorado Springs FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 312 FHA loans originated. Their average total fees are $15,822, which is $2,106 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Colorado Springs FHA lenders (with over 10 loans originated) are CHERRY CREEK MORTGAGE, LLC ($6,545), Ent Credit Union ($9,138), HOMEAMERICAN MORTGAGE CORPORATION ($9,822), NBH Bank ($10,222) and The Central Trust Bank ($10,583).

    The lowest rate Colorado Springs FHA lenders (with over 10 loans originated) are CORNERSTONE HOME LENDING, INC. (4.53%), INSPIRE HOME LOANS INC. (5.25%), HOMEAMERICAN MORTGAGE CORPORATION (5.35%), NEST HOME LENDING, LLC (5.91%) and GUILD MORTGAGE COMPANY (5.99%).

    Colorado Springs FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    COLORADO SPRINGS, CO EL PASO 2022 $460,000 $588,850 $711,800 $884,600
    COLORADO SPRINGS, CO TELLER 2022 $460,000 $588,850 $711,800 $884,600
    COLORADO SPRINGS, CO EL PASO 2023 $517,500 $662,500 $800,800 $995,200
    COLORADO SPRINGS, CO TELLER 2023 $517,500 $662,500 $800,800 $995,200

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Colorado Springs (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 $388,291 (12.0%) $486,184 (6.5%) 1.44 1,310
    2018-02-01 $397,500 (11.7%) $501,114 (6.4%) 1.44 1,236
    2018-03-01 $411,925 (11.0%) $516,447 (8.9%) 1.45 1,314
    2018-04-01 $400,397 (8.2%) $504,946 (6.3%) 1.36 1,505
    2018-05-01 $390,280 (3.7%) $495,938 (5.2%) 1.30 1,678
    2018-06-01 $385,000 (4.5%) $522,888 (13.3%) 1.28 2,056
    2018-07-01 $374,292 (2.6%) $490,846 (6.8%) 1.25 2,330
    2018-08-01 $365,363 (2.2%) $462,568 (1.0%) 1.22 2,467
    2018-09-01 $364,900 (0.0%) $459,296 (-0.6%) 1.23 2,448
    2018-10-01 $367,748 (0.3%) $464,228 (-0.8%) 1.25 2,413
    2018-11-01 $368,871 (-0.3%) $466,477 (-3.3%) 1.25 2,334
    2018-12-01 $375,000 (-1.2%) $474,860 (-2.0%) 1.29 1,924
    2019-01-01 $382,450 (-1.5%) $478,022 (-1.7%) 1.32 1,639
    2019-02-01 $389,946 (-1.9%) $484,661 (-3.3%) 1.32 1,560
    2019-03-01 $397,100 (-3.6%) $496,048 (-4.0%) 1.30 1,525
    2019-04-01 $399,900 (-0.1%) $501,607 (-0.7%) 1.27 1,575
    2019-05-01 $417,413 (7.0%) $519,425 (4.7%) 1.30 1,678
    2019-06-01 $419,000 (8.8%) $518,975 (-0.8%) 1.31 1,948
    2019-07-01 $416,500 (11.3%) $516,244 (5.2%) 1.30 2,158
    2019-08-01 $412,682 (13.0%) $513,767 (11.1%) 1.31 2,127
    2019-09-01 $409,205 (12.1%) $513,370 (11.8%) 1.31 2,062
    2019-10-01 $411,136 (11.8%) $513,729 (10.7%) 1.33 2,010
    2019-11-01 $420,000 (13.9%) $524,080 (12.4%) 1.38 1,738
    2019-12-01 $424,830 (13.3%) $531,509 (11.9%) 1.42 1,449
    2020-01-01 $425,000 (11.1%) $534,515 (11.8%) 1.42 1,222
    2020-02-01 $445,000 (14.1%) $559,799 (15.5%) 1.46 1,059
    2020-03-01 $445,520 (12.2%) $558,616 (12.6%) 1.40 1,164
    2020-04-01 $449,558 (12.4%) $556,576 (11.0%) 1.41 1,275
    2020-05-01 $457,400 (9.6%) $557,583 (7.4%) 1.39 1,488
    2020-06-01 $461,038 (10.0%) $562,367 (8.4%) 1.36 1,473
    2020-07-01 $457,500 (9.8%) $572,922 (11.0%) 1.33 1,395
    2020-08-01 $450,000 (9.0%) $582,547 (13.4%) 1.29 1,307
    2020-09-01 $435,000 (6.3%) $571,837 (11.4%) 1.25 1,171
    2020-10-01 $439,900 (7.0%) $578,294 (12.6%) 1.26 1,016
    2020-11-01 $453,550 (8.0%) $607,460 (15.9%) 1.33 780
    2020-12-01 $451,628 (6.3%) $626,964 (18.0%) 1.34 618
    2021-01-01 $450,785 (6.1%) $630,450 (18.0%) 1.35 491
    2021-02-01 $444,970 (0.0%) $611,649 (9.3%) 1.30 496
    2021-03-01 $435,000 (-2.4%) $597,934 (7.0%) 1.23 544
    2021-04-01 $454,950 (1.2%) $618,256 (11.1%) 1.23 612
    2021-05-01 $473,000 (3.4%) $634,905 (13.9%) 1.26 685
    2021-06-01 $476,588 (3.4%) $661,929 (17.7%) 1.25 817
    2021-07-01 $478,900 (4.7%) $640,259 (11.8%) 1.26 972
    2021-08-01 $477,450 (6.1%) $638,585 (9.6%) 1.27 1,046
    2021-09-01 $477,382 (9.7%) $635,388 (11.1%) 1.27 1,079
    2021-10-01 $485,000 (10.3%) $649,980 (12.4%) 1.29 1,113
    2021-11-01 $484,324 (6.8%) $660,355 (8.7%) 1.29 935
    2021-12-01 $484,948 (7.4%) $674,878 (7.6%) 1.31 739
    2022-01-01 $490,763 (8.9%) $678,863 (7.7%) 1.33 602
    2022-02-01 $482,765 (8.5%) $679,167 (11.0%) 1.26 593
    2022-03-01 $487,654 (12.1%) $658,027 (10.1%) 1.22 635
    2022-04-01 $515,000 (13.2%) $671,515 (8.6%) 1.23 775
    2022-05-01 $537,709 (13.7%) $677,996 (6.8%) 1.23 1,202
    2022-06-01 $537,500 (12.8%) $671,934 (1.5%) 1.20 1,706
    2022-07-01 $521,740 (9.0%) $643,884 (0.6%) 1.18 2,352
    2022-08-01 $517,700 (8.4%) $634,944 (-0.6%) 1.20 2,536
    2022-09-01 $505,000 (5.8%) $627,401 (-1.3%) 1.18 2,419
    2022-10-01 $499,999 (3.1%) $618,953 (-4.8%) 1.18 2,462
    2022-11-01 $499,700 (3.2%) $612,436 (-7.3%) 1.20 2,319
    2022-12-01 $499,000 (2.9%) $614,710 (-8.9%) 1.23 1,938
    2023-01-01 $498,779 (1.6%) $623,697 (-8.1%) 1.24 1,562
    2023-02-01 $499,000 (3.4%) $629,654 (-7.3%) 1.20 1,375
    2023-03-01 $527,500 (8.2%) $654,647 (-0.5%) 1.24 1,270
    2023-04-01 $535,000 (3.9%) $672,648 (0.2%) 1.24 1,328
    2023-05-01 $550,000 (2.3%) $693,071 (2.2%) 1.25 1,469
    2023-06-01 $549,950 (2.3%) $685,762 (2.1%) 1.24 1,657
    2023-07-01 $545,000 (4.5%) $694,480 (7.9%) 1.24 1,917
    2023-08-01 $534,236 (3.2%) $685,321 (7.9%) 1.23 2,049
    2023-09-01 $525,000 (4.0%) $678,648 (8.2%) 1.22 2,178
    2023-10-01 $514,087 (2.8%) $676,028 (9.2%) 1.21 2,196
    2023-11-01 $499,187 (-0.1%) $660,080 (7.8%) 1.19 2,155
    2023-12-01 $490,000 (-1.8%) $653,202 (6.3%) 1.20 1,813
    2024-01-01 $487,875 (-2.2%) $652,404 (4.6%) 1.19 1,529
    2024-02-01 $489,601 (-1.9%) $651,529 (3.5%) 1.18 1,485
    2024-03-01 $495,000 (-6.2%) $638,631 (-2.5%) 1.17 1,523
    Colorado Springs's median listing price for 2024-03-01 was $495,000, a difference of $-32,500 (-6.2%) versus the prior year and $5,399 versus the prior month.

    Colorado Springs's median listing price comes in at 117% of the national average.

    Colorado Springs's average listing price for 2024-03-01 was $638,631, a difference of $-16,016 (-2.5%) versus the prior year and $-12,898 versus the prior month.

    For the 2024-03-01 period, Colorado Springs had 1,523 MLS listings, a difference of 38 listings (3%) versus the prior month and 253 listings (20%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Colorado Springs (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 54 days 3,060 sqft
    2018-02-01 43 days 3,087 sqft
    2018-03-01 32 days 3,111 sqft
    2018-04-01 26 days 3,092 sqft
    2018-05-01 28 days 3,007 sqft
    2018-06-01 26 days 2,929 sqft
    2018-07-01 31 days 2,826 sqft
    2018-08-01 37 days 2,770 sqft
    2018-09-01 39 days 2,774 sqft
    2018-10-01 45 days 2,819 sqft
    2018-11-01 47 days 2,839 sqft
    2018-12-01 61 days 2,837 sqft
    2019-01-01 61 days 2,856 sqft
    2019-02-01 42 days 2,880 sqft
    2019-03-01 37 days 2,885 sqft
    2019-04-01 29 days 2,876 sqft
    2019-05-01 25 days 2,947 sqft
    2019-06-01 26 days 2,983 sqft
    2019-07-01 30 days 2,997 sqft
    2019-08-01 36 days 2,923 sqft
    2019-09-01 41 days 2,863 sqft
    2019-10-01 44 days 2,832 sqft
    2019-11-01 47 days 2,866 sqft
    2019-12-01 58 days 2,896 sqft
    2020-01-01 58 days 2,842 sqft
    2020-02-01 35 days 2,959 sqft
    2020-03-01 23 days 2,964 sqft
    2020-04-01 31 days 3,009 sqft
    2020-05-01 31 days 3,065 sqft
    2020-06-01 30 days 3,073 sqft
    2020-07-01 31 days 3,034 sqft
    2020-08-01 31 days 2,971 sqft
    2020-09-01 30 days 2,777 sqft
    2020-10-01 29 days 2,700 sqft
    2020-11-01 29 days 2,707 sqft
    2020-12-01 35 days 2,669 sqft
    2021-01-01 26 days 2,640 sqft
    2021-02-01 13 days 2,482 sqft
    2021-03-01 9 days 2,393 sqft
    2021-04-01 9 days 2,547 sqft
    2021-05-01 8 days 2,613 sqft
    2021-06-01 9 days 2,592 sqft
    2021-07-01 14 days 2,499 sqft
    2021-08-01 15 days 2,535 sqft
    2021-09-01 18 days 2,378 sqft
    2021-10-01 19 days 2,444 sqft
    2021-11-01 27 days 2,348 sqft
    2021-12-01 32 days 2,327 sqft
    2022-01-01 26 days 2,327 sqft
    2022-02-01 15 days 2,284 sqft
    2022-03-01 9 days 2,237 sqft
    2022-04-01 9 days 2,452 sqft
    2022-05-01 12 days 2,527 sqft
    2022-06-01 18 days 2,535 sqft
    2022-07-01 25 days 2,448 sqft
    2022-08-01 33 days 2,414 sqft
    2022-09-01 40 days 2,344 sqft
    2022-10-01 46 days 2,375 sqft
    2022-11-01 51 days 2,393 sqft
    2022-12-01 63 days 2,360 sqft
    2023-01-01 66 days 2,285 sqft
    2023-02-01 48 days 2,331 sqft
    2023-03-01 37 days 2,466 sqft
    2023-04-01 28 days 2,578 sqft
    2023-05-01 26 days 2,629 sqft
    2023-06-01 30 days 2,647 sqft
    2023-07-01 32 days 2,620 sqft
    2023-08-01 37 days 2,510 sqft
    2023-09-01 42 days 2,450 sqft
    2023-10-01 44 days 2,387 sqft
    2023-11-01 49 days 2,359 sqft
    2023-12-01 59 days 2,302 sqft
    2024-01-01 63 days 2,213 sqft
    2024-02-01 41 days 2,166 sqft
    2024-03-01 36 days 2,164 sqft
    Colorado Springs's median listing age (time on market) for 2024-03-01 was 36 days. This is -1% shorter than the same period one year ago.

    Colorado Springs's median square footage for active listings during the 2024-03-01 period was 2,164 sqft. One year prior, the average listing was 2,466 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).