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 158 lenders originated 2,293 FHA loans during 2022. The total origination value was $770,665,000, with an average FHA loan value of $336,095.

    Colorado Springs FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Colorado Springs averaged 6.33% for the week of 2023-09-22, compared to the national average (all FHA variants) of 7.036% for the same period.

    Colorado Springs's average FHA mortgage closing costs are $9,062.

    The average rate for the prior week (2023-09-15) was 6.28% and one month ago for the week of 2023-08-18, the average rate was 6.59%.

    The average rate one year ago was 5.08%.

    For refis of the same type during the week of 2023-09-22, the average rate was 5.04%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 200 4.61% $12,802
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 111 5.17% $12,838
    QUICKEN LOANS, LLC 94 4.43% $13,213
    Ent Credit Union 81 4.25% $8,309
    NFM, INC. 54 5.33% $13,119
    PRIMARY RESIDENTIAL MORTGAGE, INC. 54 4.94% $13,807
    LOANDEPOT.COM, LLC 48 4.65% $12,114
    CALIBER HOME LOANS, INC. 46 4.73% $12,516
    NBH Bank 45 4.91% $10,169
    BAY EQUITY LLC 43 5.19% $13,294
    UNIVERSAL LENDING CORPORATION 42 5.35% $12,448
    S1L, Inc. 42 5.42% $12,559
    CHERRY CREEK MORTGAGE, LLC 41 4.79% $6,841
    MORTGAGE SOLUTIONS OF COLORADO, LLC 40 4.90% $14,062
    HOME POINT FINANCIAL CORPORATION 36 4.07% $11,362
    FREEDOM MORTGAGE CORPORATION 33 4.87% $12,541
    ACADEMY MORTGAGE CORPORATION 33 5.56% $13,317
    NEST HOME LENDING, LLC 32 4.88% $13,214
    AMERICAN FINANCING CORPORATION 31 4.27% $13,541
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 30 5.54% $12,798
    Northpointe Bank 29 4.86% $13,434
    BROKER SOLUTIONS, INC. 29 5.10% $12,042
    PENNYMAC LOAN SERVICES, LLC 26 4.07% $9,631
    CROSSCOUNTRY MORTGAGE, LLC 25 5.03% $14,782
    V.I.P. MORTGAGE, INC. 20 5.14% $12,939
    Carrington Mortgage Services, LLC 19 4.55% $14,317
    GUARANTEED RATE, INC. 19 4.59% $12,761
    GUILD MORTGAGE COMPANY 17 5.39% $13,380
    INTEGRITY MORTGAGE & FINANCIAL INCORPORATED 17 5.04% $13,510
    SECURITYNATIONAL MORTGAGE COMPANY 16 4.73% $14,482
    PREMIER MORTGAGE RESOURCES, L.L.C. 15 4.55% $11,937
    Mr. Cooper ( Nationstar Mortgage ) 14 4.35% $15,973
    Loan Simple, Inc. 14 4.66% $12,664
    CORNERSTONE HOME LENDING, INC. 14 5.25% $14,688
    DRAPER AND KRAMER MORTGAGE CORP. 14 5.69% $11,891
    LAKEVIEW LOAN SERVICING, LLC 13 3.76% $8,594
    CARDINAL FINANCIAL 13 4.66% $12,371
    Paramount Residential Mortgage Group, Inc. 13 4.80% $13,165
    The Central Trust Bank 12 5.30% $11,178
    INSPIRE HOME LOANS INC. 11 5.24% $12,864
    FINANCE OF AMERICA MORTGAGE LLC 11 5.03% $12,518
    GUARANTEED RATE AFFINITY, LLC 10 4.75% $11,064
    Financial Funding Solutions, Inc. 9 4.12% $10,282
    Amerifirst Financial, Inc. 9 5.28% $11,686
    Equity Prime Mortgage LLC 9 5.07% $13,027
    AMERICAN PACIFIC MORTGAGE CORPORATION 8 5.34% $14,132
    AMERISAVE MORTGAGE CORPORATION 8 4.78% $10,745
    CITYWIDE HOME LOANS, LLC 8 5.52% $14,972
    GENEVA FINANCIAL, LLC 8 5.63% $13,133
    CMG MORTGAGE, INC. 7 4.91% $11,538
    MOVEMENT MORTGAGE, LLC 7 4.68% $12,317
    PLAZA HOME MORTGAGE, INC. 7 4.57% $11,639
    SUN WEST MORTGAGE COMPANY, INC. 7 4.76% $9,717
    NEWREZ LLC 7 4.39% $11,100
    Nations Lending Corporation 7 6.02% $12,102
    PANORAMA MORTGAGE GROUP, LLC 7 5.63% $13,310
    TOWNE MORTGAGE COMPANY 6 4.40% $11,397
    EVERETT FINANCIAL, INC. 6 5.96% $9,049
    NATIONS DIRECT MORTGAGE, LLC 6 4.62% $12,200
    Gateway First Bank 6 5.52% $12,548
    Plains Commerce Bank 5 4.95% $12,003
    FLAT BRANCH MORTGAGE, INC. 5 4.83% $11,768
    VILLAGE CAPITAL MORTGAGE 5 3.70% $7,963
    The Huntington National Bank 5 4.88% $9,777
    Network Funding, L.P. 5 5.13% $15,012
    THRIVE MORTGAGE, LLC 5 5.23% $17,300
    LOANPAL, LLC 5 4.35% $18,029
    MUTUAL OF OMAHA MORTGAGE, INC. 5 5.28% $18,402
    Colten Mortgage, LLC 5 4.73% $13,934
    UNITED MORTGAGE CORP 4 4.91% $15,673
    Flagstar Bank, FSB 4 4.15% $8,408
    CHURCHILL MORTGAGE CORPORATION 4 5.69% $13,810
    Midwest Mortgage Associates Corporation 4 4.63% $7,878
    HOMEAMERICAN MORTGAGE CORPORATION 4 4.31% $8,964
    The Home Loan Expert LLC 3 5.46% $9,894
    Century Mortgage Company DBA Century Lending Company 3 3.33% $8,824
    Farmers & Stockmens Bank 3 4.58% $11,837
    Franklin Loan Corporation 3 5.08% $14,695
    GROUP MORTGAGE, LLC 3 4.96% $11,394
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 4.79% $12,355
    HOMESIDE FINANCIAL, LLC 3 3.04% $13,302
    HUNT MORTGAGE CORPORATION 3 4.04% $9,444
    Lakeview Community Capital, LLC 3 3.88% $8,683
    MID AMERICA MORTGAGE, INC. 3 3.96% $6,443
    NOVA FINANCIAL & INVESTMENT CORPORATION 3 4.54% $3,143
    PLANET HOME LENDING, LLC 3 4.79% $12,458
    Sierra Pacific Mortgage Company, Inc. 3 5.29% $18,275
    SOUTHWEST FUNDING, LP 3 4.25% $13,169
    T2 FINANCIAL LLC 3 6.71% $12,517
    U.S. Bank 3 5.58% $10,577
    HOME MORTGAGE ALLIANCE, LLC 2 4.38% $11,484
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 5.50% $16,682
    TOP FLITE FINANCIAL, INC. 2 6.25% $23,463
    Ixonia Bank 2 5.25% $9,594
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 5.63% $13,803
    UNION HOME MORTGAGE CORP. 2 3.63% $7,613
    BAYSHORE MORTGAGE FUNDING, LLC 2 4.88% $17,939
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 3.88% $13,041
    Hometown Equity Mortgage, LLC 2 3.94% $15,060
    Barrington Bank & Trust Company, N.A. 2 3.97% $9,562
    The Federal Savings Bank 2 4.25% $19,228
    LOANLEADERS OF AMERICA, INC. 2 4.50% $18,211
    CONTOUR MORTGAGE CORPORATION 2 5.50% $14,611
    KeyBank 2 3.06% $15,066
    Independent Bank 2 3.69% $11,598
    FIRST CENTENNIAL MORTGAGE CORPORATION 2 5.06% $11,922
    MICHIGAN MUTUAL, INC. 2 4.44% $17,888
    ON Q FINANCIAL, INC. 1 3.38% $8,456
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 6.75% $10,043
    EMM LOANS LLC 1 3.00% $10,542
    EMBRACE HOME LOANS, INC. 1 5.25% $14,270
    Core Bank 1 3.75% $6,735
    PHH Mortgage Corporation 1 6.13% $16,772
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.38% $10,707
    Commerce Home Mortgage, Inc. 1 3.00% $13,784
    PREMIER LENDING, INC. 1 5.25% $16,434
    Commerce Bank 1 5.13% $6,131
    CERTAINTY HOME LOANS, LLC 1 5.75% $12,796
    CASTLE & COOKE MORTGAGE, LLC 1 5.50% $13,486
    Residential Mortgage Solutions, Inc. 1 5.25% $18,767
    CALCON MUTUAL MORTGAGE LLC 1 6.13% $19,477
    BECKAM FUNDING CORP. 1 5.75% $24,151
    AIR ACADEMY 1 5.25% $9,726
    Wells Fargo Bank 1 4.63% $9,178
    SUMMIT FUNDING, INC. 1 6.25% $15,654
    Summit Mortgage Corporation 1 4.00% $10,335
    ZILLOW HOME LOANS, LLC 1 5.63% $10,319
    1ST SIGNATURE LENDING, LLC 1 5.75% $16,324
    Bank of England 1 4.75% $13,429
    THE MORTGAGE COMPANY 1 3.50% $12,365
    The Union Bank Company 1 4.88% $17,815
    Bank of America 1 5.75% $22,626
    Armed Forces Bank 1 4.63% $16,550
    UMB Bank 1 6.25% $13,282
    ARC HOME LLC 1 4.38% $7,854
    US MORTGAGE CORPORATION 1 5.25% $9,645
    Zions Bank 1 4.38% $10,942
    LIBERTY HOME MORTGAGE CORPORATION 1 7.00% $7,705
    LEADERONE FINANCIAL CORPORATION 1 5.63% $15,685
    M2 Lending Solutions, LLC 1 7.13% $9,371
    Magnolia Bank 1 3.75% $19,632
    American Mortgage & Equity Consultants, Inc. 1 4.63% $20,763
    JPMorgan Chase Bank 1 5.75% $5,819
    MORIA DEVELOPMENT, INC. 1 4.75% $11,867
    Mortgage Research Center, LLC 1 4.25% $6,774
    MOUNTAIN WEST FINANCIAL, INC. 1 5.50% $16,421
    INTERCOASTAL MORTGAGE COMPANY 1 5.75% $7,538
    INTERCAP LENDING INC. 1 6.63% $18,453
    M&T Bank 1 4.38% $12,431
    HOMEXPRESS MORTGAGE CORP. 1 6.13% $15,418
    NATIONWIDE MORTGAGE BANKERS, INC. 1 5.75% $14,737
    NETWORK CAPITAL FUNDING CORPORATION 1 4.75% $16,497
    Goldwater Bank, N.A. 1 5.13% $10,220
    First Guaranty Mortgage Corporation 1 4.75% $21,147
    FirstBank 1 5.00% $11,121
    VERITAS FUNDING, LLC 1 4.63% $18,275
    NP, Inc. 1 6.88% $13,558
    OCMBC, INC. 1 4.38% $15,451

    The top Colorado Springs FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 200 FHA loans originated. Their average total fees are $12,802, which is $36 lower than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Colorado Springs FHA lenders (with over 10 loans originated) are CHERRY CREEK MORTGAGE, LLC ($6,841), Ent Credit Union ($8,309), LAKEVIEW LOAN SERVICING, LLC ($8,594), PENNYMAC LOAN SERVICES, LLC ($9,631) and NBH Bank ($10,169).

    The lowest rate Colorado Springs FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC (3.76%), HOME POINT FINANCIAL CORPORATION (4.07%), PENNYMAC LOAN SERVICES, LLC (4.07%), Ent Credit Union (4.25%) and AMERICAN FINANCING CORPORATION (4.27%).

    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 $388,187 (11.9%) $486,036 (6.5%) 1.44 1,309
    2018-02-01 $397,450 (11.7%) $500,971 (6.4%) 1.44 1,235
    2018-03-01 $411,850 (10.9%) $516,326 (8.9%) 1.45 1,313
    2018-04-01 $400,163 (8.2%) $504,855 (6.2%) 1.36 1,504
    2018-05-01 $390,060 (3.7%) $495,851 (5.1%) 1.30 1,677
    2018-06-01 $384,975 (4.5%) $522,832 (13.2%) 1.28 2,055
    2018-07-01 $374,083 (2.5%) $490,802 (6.7%) 1.25 2,329
    2018-08-01 $365,276 (2.2%) $462,377 (0.9%) 1.22 2,465
    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%) $475,012 (-2.0%) 1.29 1,923
    2019-01-01 $382,475 (-1.5%) $478,212 (-1.6%) 1.32 1,638
    2019-02-01 $389,946 (-1.9%) $484,903 (-3.2%) 1.32 1,558
    2019-03-01 $397,100 (-3.6%) $496,291 (-3.9%) 1.30 1,523
    2019-04-01 $399,900 (-0.1%) $501,819 (-0.6%) 1.27 1,574
    2019-05-01 $417,450 (7.0%) $519,650 (4.8%) 1.30 1,677
    2019-06-01 $419,000 (8.8%) $519,168 (-0.7%) 1.31 1,948
    2019-07-01 $416,750 (11.4%) $516,421 (5.2%) 1.30 2,157
    2019-08-01 $412,682 (13.0%) $513,892 (11.1%) 1.31 2,127
    2019-09-01 $409,205 (12.1%) $513,424 (11.8%) 1.31 2,062
    2019-10-01 $411,136 (11.8%) $513,736 (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 (10.9%) 1.41 1,275
    2020-05-01 $457,400 (9.6%) $557,583 (7.3%) 1.39 1,488
    2020-06-01 $461,038 (10.0%) $562,367 (8.3%) 1.36 1,473
    2020-07-01 $457,500 (9.8%) $572,922 (10.9%) 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 $454,648 (1.1%) $616,939 (10.9%) 1.23 609
    2021-05-01 $471,000 (3.0%) $633,219 (13.6%) 1.25 682
    2021-06-01 $476,500 (3.4%) $660,036 (17.4%) 1.25 814
    2021-07-01 $477,750 (4.4%) $635,838 (11.0%) 1.26 968
    2021-08-01 $477,225 (6.1%) $634,835 (9.0%) 1.27 1,041
    2021-09-01 $477,000 (9.7%) $632,351 (10.6%) 1.27 1,074
    2021-10-01 $484,692 (10.2%) $648,087 (12.1%) 1.29 1,109
    2021-11-01 $483,985 (6.7%) $658,291 (8.4%) 1.29 931
    2021-12-01 $484,781 (7.3%) $672,558 (7.3%) 1.31 736
    2022-01-01 $490,199 (8.7%) $675,949 (7.2%) 1.33 598
    2022-02-01 $482,396 (8.4%) $676,728 (10.6%) 1.25 588
    2022-03-01 $487,450 (12.1%) $656,566 (9.8%) 1.22 631
    2022-04-01 $515,000 (13.3%) $670,542 (8.7%) 1.23 771
    2022-05-01 $536,446 (13.9%) $677,689 (7.0%) 1.23 1,200
    2022-06-01 $537,450 (12.8%) $671,719 (1.8%) 1.20 1,703
    2022-07-01 $520,837 (9.0%) $643,522 (1.2%) 1.17 2,350
    2022-08-01 $517,450 (8.4%) $634,939 (0.0%) 1.20 2,534
    2022-09-01 $505,000 (5.9%) $627,401 (-0.8%) 1.18 2,419
    2022-10-01 $499,999 (3.2%) $616,449 (-4.9%) 1.18 2,461
    2022-11-01 $499,700 (3.3%) $609,693 (-7.4%) 1.20 2,318
    2022-12-01 $499,000 (2.9%) $611,932 (-9.0%) 1.23 1,937
    2023-01-01 $498,750 (1.7%) $622,026 (-8.0%) 1.24 1,562
    2023-02-01 $499,000 (3.4%) $631,977 (-6.6%) 1.21 1,376
    2023-03-01 $527,500 (8.2%) $654,647 (-0.3%) 1.24 1,270
    2023-04-01 $535,000 (3.9%) $672,113 (0.2%) 1.24 1,328
    2023-05-01 $550,000 (2.5%) $692,591 (2.2%) 1.25 1,468
    2023-06-01 $549,950 (2.3%) $685,510 (2.1%) 1.24 1,660
    2023-07-01 $545,000 (4.6%) $694,480 (7.9%) 1.24 1,917
    2023-08-01 $534,236 (3.2%) $685,321 (7.9%) 1.23 2,049
    Colorado Springs's median listing price for 2023-08-01 was $534,236, a difference of $16,786 (3.2%) versus the prior year and $-10,764 versus the prior month.

    Colorado Springs's median listing price comes in at 123% of the national average.

    Colorado Springs's average listing price for 2023-08-01 was $685,321, a difference of $50,382 (7.9%) versus the prior year and $-9,159 versus the prior month.

    For the 2023-08-01 period, Colorado Springs had 2,049 MLS listings, a difference of 132 listings (7%) versus the prior month and -485 listings (-19%) 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 3,063 sqft
    2018-02-01 43 days 3,088 sqft
    2018-03-01 32 days 3,112 sqft
    2018-04-01 26 days 3,099 sqft
    2018-05-01 28 days 3,007 sqft
    2018-06-01 26 days 2,929 sqft
    2018-07-01 31 days 2,827 sqft
    2018-08-01 37 days 2,769 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 62 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 2,946 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 2,612 sqft
    2021-06-01 9 days 2,590 sqft
    2021-07-01 14 days 2,498 sqft
    2021-08-01 15 days 2,530 sqft
    2021-09-01 18 days 2,373 sqft
    2021-10-01 19 days 2,444 sqft
    2021-11-01 27 days 2,346 sqft
    2021-12-01 32 days 2,322 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 2,536 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 2,374 sqft
    2022-11-01 51 days 2,392 sqft
    2022-12-01 63 days 2,357 sqft
    2023-01-01 65 days 2,286 sqft
    2023-02-01 48 days 2,332 sqft
    2023-03-01 37 days 2,466 sqft
    2023-04-01 28 days 2,578 sqft
    2023-05-01 26 days 2,627 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
    Colorado Springs's median listing age (time on market) for 2023-08-01 was 37 days. This is 11% longer than the same period one year ago.

    Colorado Springs's median square footage for active listings during the 2023-08-01 period was 2,510 sqft. One year prior, the average listing was 2,414 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).