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 142 lenders originated 2,110 FHA loans during 2024. The total origination value was $786,700,000, with an average FHA loan value of $372,844.

    Colorado Springs FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Colorado Springs averaged 0.03% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Colorado Springs's average FHA mortgage closing costs are $10,018.

    The average rate for the prior week (2025-06-13) was 6.21% and one month ago for the week of 2025-05-16, the average rate was 6.27%.

    The average rate one year ago was 6.62%.

    For refis of the same type during the week of 2025-06-20, the average rate was -0.46%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 333 5.89% $16,211
    QUICKEN LOANS, LLC 132 6.02% $13,751
    GUILD MORTGAGE COMPANY 87 6.02% $12,775
    Ent Credit Union 79 5.93% $9,196
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 56 6.72% $14,331
    FREEDOM MORTGAGE CORPORATION 54 6.15% $13,585
    NFM, INC. 49 6.40% $13,508
    Paramount Residential Mortgage Group, Inc. 48 6.64% $13,597
    Loan Simple, Inc. 40 6.69% $14,018
    HOMESIDE FINANCIAL, LLC 39 6.34% $13,418
    MORTGAGE SOLUTIONS OF COLORADO, LLC 38 5.15% $11,062
    PENNYMAC LOAN SERVICES, LLC 36 5.85% $13,670
    BROKER SOLUTIONS, INC. 35 6.71% $15,180
    NEST HOME LENDING, LLC 35 5.20% $14,518
    HOMEAMERICAN MORTGAGE CORPORATION 33 4.84% $8,810
    The Central Trust Bank 32 6.44% $12,060
    NEWREZ LLC 32 6.48% $12,924
    NBH Bank 32 6.02% $9,426
    CROSSCOUNTRY MORTGAGE, LLC 30 6.49% $13,257
    BAY EQUITY LLC 29 6.53% $13,862
    FLAT BRANCH MORTGAGE, INC. 28 6.23% $13,613
    V.I.P. MORTGAGE, INC. 27 6.58% $13,575
    GUARANTEED RATE, INC. 25 6.03% $14,735
    AMERICAN FINANCING CORPORATION 23 6.00% $16,812
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 22 6.66% $9,375
    LOANDEPOT.COM, LLC 20 6.09% $14,766
    CORNERSTONE HOME LENDING, INC. 16 4.43% $11,006
    LOANPAL, LLC 15 5.81% $15,144
    INTEGRITY MORTGAGE & FINANCIAL INCORPORATED 15 6.19% $14,404
    Equity Prime Mortgage LLC 14 6.79% $14,469
    MOVEMENT MORTGAGE, LLC 14 6.64% $14,463
    ENVOY MORTGAGE, LTD 13 6.68% $14,221
    PRIMARY RESIDENTIAL MORTGAGE, INC. 13 6.48% $3,448
    INSPIRE HOME LOANS INC. 12 5.20% $11,405
    CMG MORTGAGE, INC. 12 5.96% $12,904
    DHI MORTGAGE COMPANY, LTD. 12 4.90% $13,952
    Ixonia Bank 12 6.48% $14,990
    LAKEVIEW LOAN SERVICING, LLC 12 6.25% $11,345
    SUN WEST MORTGAGE COMPANY, INC. 11 5.82% $14,681
    Northpointe Bank 11 6.16% $12,585
    TOWNE MORTGAGE COMPANY 11 6.05% $16,678
    Century Mortgage Company DBA Century Lending Company 11 6.28% $14,614
    The Loan Store, Inc. 10 6.05% $14,976
    SECURITYNATIONAL MORTGAGE COMPANY 10 6.66% $15,078
    AMERICAN FINANCIAL NETWORK, INC. 10 7.16% $15,988
    CARDINAL FINANCIAL 10 6.05% $19,480
    VILLAGE CAPITAL MORTGAGE 10 6.24% $10,093
    Flagstar Bank, FSB 10 5.89% $13,242
    Mr. Cooper ( Nationstar Mortgage ) 8 6.47% $17,827
    Carrington Mortgage Services, LLC 7 6.23% $17,393
    RESIDENTIAL WHOLESALE MORTGAGE, INC. 6 6.33% $11,854
    Plains Commerce Bank 6 6.25% $14,774
    Cornerstone First Mortgage, Inc 6 6.38% $14,188
    MICHIGAN MUTUAL, INC. 6 6.15% $11,293
    NOVA FINANCIAL & INVESTMENT CORPORATION 6 6.52% $12,171
    HOMEBRIDGE FINANCIAL SERVICES, INC. 5 5.55% $14,518
    Mortgage Research Center, LLC 5 6.05% $10,851
    American Mortgage & Equity Consultants, Inc. 5 6.47% $18,985
    INTERCAP LENDING INC. 5 6.65% $12,813
    AMERISAVE MORTGAGE CORPORATION 4 6.44% $17,756
    HUNT MORTGAGE CORPORATION 4 5.75% $15,677
    UNITED MORTGAGE CORP 4 6.28% $19,862
    EVERETT FINANCIAL, INC. 4 6.66% $12,054
    S1L, Inc. 4 6.38% $14,462
    Keystone Funding, Inc. 4 6.03% $12,768
    The Huntington National Bank 4 6.50% $10,583
    LEADERONE FINANCIAL CORPORATION 4 6.72% $13,968
    UNION HOME MORTGAGE CORP. 4 6.38% $11,758
    MASON MCDUFFIE MORTGAGE CORPORATION 4 6.06% $13,688
    MUTUAL OF OMAHA MORTGAGE, INC. 4 6.75% $17,101
    AmeriHome Mortgage Company, LLC 3 6.42% $5,718
    PREMIA MORTGAGE, LLC 3 5.81% $12,641
    Lakeview Community Capital, LLC 3 6.08% $7,418
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 6.38% $18,132
    FIRST MORTGAGE COMPANY, INC. 3 6.16% $12,846
    MID AMERICA MORTGAGE, INC. 3 6.67% $4,284
    M&T Bank 3 6.79% $11,008
    ON Q FINANCIAL, INC. 3 5.49% $12,163
    Bank of England 3 6.75% $14,960
    AXIA FINANCIAL, LLC 3 6.67% $10,276
    Nations Lending Corporation 2 5.31% $17,195
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.63% $18,305
    CALCON MUTUAL MORTGAGE LLC 2 5.81% $21,106
    CANOPY MORTGAGE, LLC 2 6.88% $25,079
    CITYWIDE HOME LOANS, LLC 2 6.38% $14,387
    Commerce Home Mortgage, Inc. 2 6.38% $17,170
    DAS Acquisition Company, LLC 2 6.50% $12,508
    Elevations Credit Union 2 5.81% $15,246
    GENEVA FINANCIAL, LLC 2 7.06% $16,455
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 6.37% $15,792
    GROUP MORTGAGE, LLC 2 6.06% $16,624
    INTELLILOAN, INC. 2 5.75% $5,994
    MEGASTAR FINANCIAL CORP. 2 6.69% $11,611
    NBKC BANK 2 5.94% $10,640
    OCMBC, INC. 2 6.69% $12,873
    PANORAMA MORTGAGE GROUP, LLC 2 6.00% $13,172
    PLANET HOME LENDING, LLC 2 4.81% $8,185
    PRIORITY HOME MORTGAGE, L.P. 2 5.31% $8,187
    Prosperity Home Mortgage, LLC 2 5.69% $18,464
    SUMMIT FUNDING, INC. 2 6.81% $10,344
    SWBC MORTGAGE CORPORATION 2 6.94% $4,127
    THE MORTGAGE COMPANY 2 6.69% $13,257
    UMB Bank 2 6.13% $11,442
    ZILLOW HOME LOANS, LLC 2 6.19% $13,901
    Zions Bank 2 6.00% $10,912
    PLAZA HOME MORTGAGE, INC. 1 5.13% $24,727
    Golden Empire Mortgage, Inc. 1 5.25% $12,250
    Franklin Loan Corporation 1 6.25% $14,035
    Ameris Bank 1 5.75% $10,134
    American National Bank & Trust 1 6.25% $10,134
    First United Bank and Trust Company 1 7.13% $10,147
    Residential Mortgage Solutions, Inc. 1 6.25% $11,135
    ENDEAVOR CAPITAL, LLC. 1 6.63% $10,691
    EMM LOANS LLC 1 6.13% $15,365
    DIRECT MORTGAGE, CORP. 1 5.50% $17,484
    Servion, Inc. 1 6.25% $8,586
    SOUTHWEST FUNDING, LP 1 7.00% $14,266
    Strong Home Mortgage, LLC 1 6.25% $9,194
    SUCCESS MORTGAGE PARTNERS, INC. 1 5.63% $12,367
    U.S. Bank 1 6.00% $9,041
    Summit Mortgage Corporation 1 6.25% $11,769
    CHURCHILL MORTGAGE CORPORATION 1 6.75% $9,456
    ALLIED MORTGAGE GROUP, INC. 1 7.63% $8,740
    T2 FINANCIAL LLC 1 6.88% $10,305
    Chickasaw Community Bank 1 6.63% $7,305
    The Federal Savings Bank 1 7.75% $12,775
    BOKF 1 6.63% $18,774
    BMO Harris Bank 1 6.25% $15,174
    ALAMEDA MORTGAGE CORPORATION 1 7.13% $9,368
    TOP FLITE FINANCIAL, INC. 1 6.75% $21,358
    Barrington Bank & Trust Company, N.A. 1 6.13% $15,134
    NETWORK CAPITAL FUNDING CORPORATION 1 6.25% $14,797
    Academy Bank 1 5.63% $8,751
    Midwest Mortgage Associates Corporation 1 6.25% $9,121
    Town Square Mortgage & Investments, Inc. 1 6.75% $8,592
    Magnolia Bank 1 6.63% $22,680
    Pacific Lending LLC 1 6.13% $12,884
    Wells Fargo Bank 1 5.75% $9,110
    J. VIRGIL, INC. 1 7.00% $10,460
    Hometown Equity Mortgage, LLC 1 5.50% $25,790
    GUARANTEED RATE AFFINITY, LLC 1 6.25% $13,167
    Armed Forces Bank 1 6.25% $17,963

    The top Colorado Springs FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 333 FHA loans originated. Their average total fees are $16,211, which is $2,460 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Colorado Springs FHA lenders (with over 10 loans originated) are PRIMARY RESIDENTIAL MORTGAGE, INC. ($3,448), HOMEAMERICAN MORTGAGE CORPORATION ($8,810), Ent Credit Union ($9,196), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($9,375) and NBH Bank ($9,426).

    The lowest rate Colorado Springs FHA lenders (with over 10 loans originated) are CORNERSTONE HOME LENDING, INC. (4.43%), HOMEAMERICAN MORTGAGE CORPORATION (4.84%), DHI MORTGAGE COMPANY, LTD. (4.90%), MORTGAGE SOLUTIONS OF COLORADO, LLC (5.15%) and INSPIRE HOME LOANS INC. (5.20%).

    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

    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).