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 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 -0.41% for the week of 2024-02-23, compared to the national average (all FHA variants) of 0% for the same period.

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

The average rate for the prior week (2024-02-16) was 6.23% and one month ago for the week of 2024-01-19, the average rate was 5.88%.

The average rate one year ago was 5.84%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.9%.

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 $388,291 (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
Colorado Springs's median listing price for 2023-12-01 was $490,000, a difference of $-9,000 (-1.8%) versus the prior year and $-9,187 versus the prior month.

Colorado Springs's median listing price comes in at 120% of the national average.

Colorado Springs's average listing price for 2023-12-01 was $653,202, a difference of $38,492 (6.3%) versus the prior year and $-6,878 versus the prior month.

For the 2023-12-01 period, Colorado Springs had 1,813 MLS listings, a difference of -342 listings (-16%) versus the prior month and -125 listings (-6%) 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
Colorado Springs's median listing age (time on market) for 2023-12-01 was 59 days. This is -6% shorter than the same period one year ago.

Colorado Springs's median square footage for active listings during the 2023-12-01 period was 2,302 sqft. One year prior, the average listing was 2,360 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).