Colorado Springs FHA Loan Rates, Closing Costs & Stats
COLORADO SPRINGS, 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.
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
-0.22%
for the week of 2024-11-29, compared to the national average (all FHA variants) of
0% for the same period.
Colorado Springs's average FHA mortgage closing costs are $9,584.
The average rate for the prior week (2024-11-22) was
6.17% and
one month ago for the week of 2024-10-25, the
average rate was 6.05%.
The average rate one year ago was 6.64%.
For refis of the same type during the week of 2024-11-29, the average rate
was -0.35%.
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.
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. LouisDate | 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 |
2024-04-01 | $505,028 (-5.6%) | $653,376 (-2.9%) | 1.17 | 1,822 |
2024-05-01 | $517,500 (-5.9%) | $669,818 (-3.4%) | 1.17 | 2,187 |
2024-06-01 | $525,000 (-4.5%) | $700,767 (2.2%) | 1.18 | 2,549 |
2024-07-01 | $515,000 (-5.5%) | $673,398 (-3.0%) | 1.18 | 2,854 |
2024-08-01 | $509,900 (-4.6%) | $665,191 (-2.9%) | 1.19 | 2,996 |
2024-09-01 | $504,175 (-4.0%) | $657,146 (-3.2%) | 1.19 | 3,101 |
2024-10-01 | $494,749 (-3.8%) | $646,656 (-4.3%) | 1.16 | 3,113 |
Colorado Springs's median listing price comes in at 116% of the national average.
Colorado Springs's average listing price for 2024-10-01 was $646,656, a difference of $-29,372 (-4.3%) versus the prior year and $-10,490 versus the prior month.
For the 2024-10-01 period, Colorado Springs had 3,113 MLS listings, a difference of 12 listings (0%) versus the prior month and 917 listings (42%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Colorado Springs (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 |
2024-04-01 | 31 days | 2,306 sqft |
2024-05-01 | 30 days | 2,328 sqft |
2024-06-01 | 34 days | 2,362 sqft |
2024-07-01 | 41 days | 2,339 sqft |
2024-08-01 | 47 days | 2,307 sqft |
2024-09-01 | 53 days | 2,298 sqft |
2024-10-01 | 56 days | 2,249 sqft |
Colorado Springs's median square footage for active listings during the 2024-10-01 period was 2,249 sqft. One year prior, the average listing was 2,387 sqft.