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 169 lenders originated 3,607 FHA loans during 2021. The total origination value was $1,038,975,000, with an average FHA loan value of $288,044.
Colorado Springs FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Colorado Springs
averaged
-0.01%
for the week of 2023-01-20, compared to the national average (all FHA variants) of
0% for the same period.
Colorado Springs's average FHA mortgage closing costs are $8,568.
The average rate for the prior week (2023-01-13) was
5.82% and
one month ago for the week of 2022-12-16, the
average rate was 6.21%.
The average rate one year ago was 3.6%.
For refis of the same type during the week of 2023-01-20, the average rate
was -0.69%.
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 QUICKEN LOANS, LLC, with
213 FHA loans originated. Their average total fees are
$7,721, which is $1,245
lower than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee Colorado Springs FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL MORTGAGE ($3,304), AmeriHome Mortgage Company, LLC ($5,478), Mr. Cooper ( Nationstar Mortgage ) ($5,515), LAKEVIEW LOAN SERVICING, LLC ($5,716) and CHERRY CREEK MORTGAGE, LLC ($5,718).
The lowest rate Colorado Springs FHA lenders (with over 10 loans originated) are
Farmers & Stockmens Bank (2.39%), HOME POINT FINANCIAL CORPORATION (2.62%), Ent Credit Union (2.62%), QUICKEN LOANS, LLC (2.67%) and UNITED WHOLESALE MORTGAGE, LLC (2.70%).
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 |
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 | $387,810 (11.8%) | $486,439 (6.4%) | 1.44 | 1,309 |
| 2018-02-01 | $397,500 (11.8%) | $502,005 (6.6%) | 1.44 | 1,235 |
| 2018-03-01 | $411,850 (10.7%) | $516,772 (9.4%) | 1.45 | 1,313 |
| 2018-04-01 | $399,852 (8.1%) | $504,914 (6.2%) | 1.36 | 1,504 |
| 2018-05-01 | $390,005 (3.5%) | $495,580 (5.0%) | 1.30 | 1,677 |
| 2018-06-01 | $384,975 (4.5%) | $522,407 (13.1%) | 1.28 | 2,055 |
| 2018-07-01 | $374,500 (2.6%) | $490,649 (6.6%) | 1.25 | 2,329 |
| 2018-08-01 | $365,000 (2.1%) | $462,263 (0.8%) | 1.22 | 2,465 |
| 2018-09-01 | $364,500 (-0.1%) | $459,054 (-0.6%) | 1.22 | 2,448 |
| 2018-10-01 | $367,469 (0.2%) | $464,048 (-1.0%) | 1.24 | 2,413 |
| 2018-11-01 | $368,688 (-0.6%) | $466,538 (-3.3%) | 1.25 | 2,334 |
| 2018-12-01 | $375,000 (-1.3%) | $474,813 (-2.2%) | 1.29 | 1,923 |
| 2019-01-01 | $382,475 (-1.4%) | $477,392 (-1.9%) | 1.32 | 1,638 |
| 2019-02-01 | $389,921 (-1.9%) | $484,821 (-3.4%) | 1.32 | 1,558 |
| 2019-03-01 | $397,031 (-3.6%) | $496,187 (-4.0%) | 1.30 | 1,524 |
| 2019-04-01 | $399,869 (0.0%) | $502,714 (-0.4%) | 1.27 | 1,577 |
| 2019-05-01 | $417,075 (6.9%) | $519,046 (4.7%) | 1.30 | 1,688 |
| 2019-06-01 | $418,000 (8.6%) | $518,306 (-0.8%) | 1.31 | 1,959 |
| 2019-07-01 | $415,000 (10.8%) | $515,427 (5.1%) | 1.30 | 2,168 |
| 2019-08-01 | $412,236 (12.9%) | $512,937 (11.0%) | 1.30 | 2,137 |
| 2019-09-01 | $408,166 (12.0%) | $512,477 (11.6%) | 1.31 | 2,072 |
| 2019-10-01 | $410,427 (11.7%) | $512,777 (10.5%) | 1.32 | 2,021 |
| 2019-11-01 | $420,000 (13.9%) | $522,960 (12.1%) | 1.38 | 1,750 |
| 2019-12-01 | $422,000 (12.5%) | $529,938 (11.6%) | 1.41 | 1,461 |
| 2020-01-01 | $425,000 (11.1%) | $532,584 (11.6%) | 1.42 | 1,234 |
| 2020-02-01 | $443,652 (13.8%) | $557,415 (15.0%) | 1.45 | 1,071 |
| 2020-03-01 | $442,500 (11.5%) | $556,528 (12.2%) | 1.39 | 1,175 |
| 2020-04-01 | $448,447 (12.2%) | $554,511 (10.3%) | 1.40 | 1,287 |
| 2020-05-01 | $453,245 (8.7%) | $555,940 (7.1%) | 1.38 | 1,500 |
| 2020-06-01 | $457,764 (9.5%) | $560,735 (8.2%) | 1.35 | 1,485 |
| 2020-07-01 | $455,688 (9.8%) | $571,165 (10.8%) | 1.32 | 1,407 |
| 2020-08-01 | $449,900 (9.1%) | $580,443 (13.2%) | 1.29 | 1,319 |
| 2020-09-01 | $433,700 (6.3%) | $569,628 (11.2%) | 1.24 | 1,182 |
| 2020-10-01 | $438,992 (7.0%) | $575,731 (12.3%) | 1.26 | 1,028 |
| 2020-11-01 | $450,328 (7.2%) | $603,900 (15.5%) | 1.32 | 792 |
| 2020-12-01 | $448,285 (6.2%) | $622,575 (17.5%) | 1.33 | 630 |
| 2021-01-01 | $448,450 (5.5%) | $624,847 (17.3%) | 1.34 | 503 |
| 2021-02-01 | $437,225 (-1.5%) | $606,319 (8.8%) | 1.27 | 508 |
| 2021-03-01 | $429,900 (-2.9%) | $593,333 (6.6%) | 1.22 | 556 |
| 2021-04-01 | $447,500 (-0.2%) | $612,582 (10.5%) | 1.21 | 621 |
| 2021-05-01 | $469,900 (3.7%) | $629,181 (13.2%) | 1.24 | 694 |
| 2021-06-01 | $475,000 (3.8%) | $656,914 (17.2%) | 1.25 | 827 |
| 2021-07-01 | $475,000 (4.2%) | $632,486 (10.7%) | 1.25 | 979 |
| 2021-08-01 | $476,253 (5.9%) | $631,819 (8.9%) | 1.27 | 1,053 |
| 2021-09-01 | $476,524 (9.9%) | $629,458 (10.5%) | 1.27 | 1,086 |
| 2021-10-01 | $481,093 (9.6%) | $645,127 (12.1%) | 1.28 | 1,121 |
| 2021-11-01 | $480,000 (6.6%) | $654,696 (8.4%) | 1.28 | 943 |
| 2021-12-01 | $483,400 (7.8%) | $667,942 (7.3%) | 1.31 | 748 |
| 2022-01-01 | $488,944 (9.0%) | $670,504 (7.3%) | 1.32 | 610 |
| 2022-02-01 | $478,751 (9.5%) | $671,205 (10.7%) | 1.25 | 600 |
| 2022-03-01 | $484,152 (12.6%) | $651,741 (9.8%) | 1.21 | 643 |
| 2022-04-01 | $510,000 (14.0%) | $665,844 (8.7%) | 1.22 | 783 |
| 2022-05-01 | $529,995 (12.8%) | $674,627 (7.2%) | 1.21 | 1,212 |
| 2022-06-01 | $534,343 (12.5%) | $669,225 (1.9%) | 1.19 | 1,715 |
| 2022-07-01 | $520,000 (9.5%) | $642,030 (1.5%) | 1.18 | 2,362 |
| 2022-08-01 | $516,344 (8.4%) | $633,655 (0.3%) | 1.19 | 2,546 |
| 2022-09-01 | $504,475 (5.9%) | $626,019 (-0.6%) | 1.18 | 2,431 |
| 2022-10-01 | $499,900 (3.9%) | $615,010 (-4.7%) | 1.18 | 2,473 |
| 2022-11-01 | $499,000 (4.0%) | $608,310 (-7.1%) | 1.20 | 2,330 |
| 2022-12-01 | $495,000 (2.4%) | $606,402 (-9.2%) | 1.24 | 1,985 |
Colorado Springs's median listing price comes in at 124% of the national average.
Colorado Springs's average listing price for 2022-12-01 was $606,402, a difference of $-61,540 (-9.2%) versus the prior year and $-1,908 versus the prior month.
For the 2022-12-01 period, Colorado Springs had 1,985 MLS listings, a difference of -345 listings (-15%) versus the prior month and 1,237 listings (165%) 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 | 58 days | 3,062 sqft |
| 2018-02-01 | 48 days | 3,089 sqft |
| 2018-03-01 | 35 days | 3,120 sqft |
| 2018-04-01 | 29 days | 3,094 sqft |
| 2018-05-01 | 29 days | 3,005 sqft |
| 2018-06-01 | 28 days | 2,929 sqft |
| 2018-07-01 | 32 days | 2,828 sqft |
| 2018-08-01 | 37 days | 2,767 sqft |
| 2018-09-01 | 40 days | 2,768 sqft |
| 2018-10-01 | 46 days | 2,817 sqft |
| 2018-11-01 | 50 days | 2,836 sqft |
| 2018-12-01 | 62 days | 2,835 sqft |
| 2019-01-01 | 62 days | 2,857 sqft |
| 2019-02-01 | 44 days | 2,882 sqft |
| 2019-03-01 | 38 days | 2,884 sqft |
| 2019-04-01 | 29 days | 2,874 sqft |
| 2019-05-01 | 25 days | 2,942 sqft |
| 2019-06-01 | 28 days | 2,976 sqft |
| 2019-07-01 | 31 days | 2,986 sqft |
| 2019-08-01 | 38 days | 2,920 sqft |
| 2019-09-01 | 42 days | 2,859 sqft |
| 2019-10-01 | 45 days | 2,821 sqft |
| 2019-11-01 | 50 days | 2,854 sqft |
| 2019-12-01 | 60 days | 2,879 sqft |
| 2020-01-01 | 62 days | 2,826 sqft |
| 2020-02-01 | 37 days | 2,911 sqft |
| 2020-03-01 | 23 days | 2,953 sqft |
| 2020-04-01 | 32 days | 2,986 sqft |
| 2020-05-01 | 33 days | 3,054 sqft |
| 2020-06-01 | 31 days | 3,062 sqft |
| 2020-07-01 | 32 days | 3,022 sqft |
| 2020-08-01 | 32 days | 2,942 sqft |
| 2020-09-01 | 31 days | 2,761 sqft |
| 2020-10-01 | 30 days | 2,691 sqft |
| 2020-11-01 | 31 days | 2,698 sqft |
| 2020-12-01 | 37 days | 2,645 sqft |
| 2021-01-01 | 28 days | 2,609 sqft |
| 2021-02-01 | 15 days | 2,446 sqft |
| 2021-03-01 | 10 days | 2,375 sqft |
| 2021-04-01 | 10 days | 2,518 sqft |
| 2021-05-01 | 9 days | 2,586 sqft |
| 2021-06-01 | 9 days | 2,576 sqft |
| 2021-07-01 | 14 days | 2,484 sqft |
| 2021-08-01 | 15 days | 2,517 sqft |
| 2021-09-01 | 19 days | 2,359 sqft |
| 2021-10-01 | 21 days | 2,424 sqft |
| 2021-11-01 | 28 days | 2,339 sqft |
| 2021-12-01 | 33 days | 2,313 sqft |
| 2022-01-01 | 30 days | 2,305 sqft |
| 2022-02-01 | 16 days | 2,266 sqft |
| 2022-03-01 | 10 days | 2,227 sqft |
| 2022-04-01 | 9 days | 2,435 sqft |
| 2022-05-01 | 12 days | 2,508 sqft |
| 2022-06-01 | 18 days | 2,511 sqft |
| 2022-07-01 | 25 days | 2,444 sqft |
| 2022-08-01 | 34 days | 2,408 sqft |
| 2022-09-01 | 40 days | 2,334 sqft |
| 2022-10-01 | 47 days | 2,371 sqft |
| 2022-11-01 | 52 days | 2,387 sqft |
| 2022-12-01 | 65 days | 2,341 sqft |
Colorado Springs's median square footage for active listings during the 2022-12-01 period was 2,341 sqft. One year prior, the average listing was 2,313 sqft.