Edwards FHA Loan Rates, Closing Costs & Stats

Edwards, 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.

    Edwards's 13 lenders originated 29 FHA loans during 2023. The total origination value was $16,175,000, with an average FHA loan value of $557,759.

    Edwards FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Edwards averaged 7.02% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Edwards's average FHA mortgage closing costs are $13,026.

    The average rate for the prior week (2024-04-12) was 6.51% and one month ago for the week of 2024-03-15, the average rate was 6.58%.

    The average rate one year ago was 6.41%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Edwards 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 Edwards level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 5 6.57% $25,167
    Bank of England 3 6.29% $20,994
    LOANDEPOT.COM, LLC 2 4.93% $34,334
    GUARANTEED RATE, INC. 2 6.19% $20,001
    SECURITYNATIONAL MORTGAGE COMPANY 2 6.88% $18,536
    BAY EQUITY LLC 2 6.63% $17,742
    ACADEMY MORTGAGE CORPORATION 1 5.88% $21,304
    UNITED WHOLESALE MORTGAGE, LLC 1 7.39% $16,569
    AMERICAN FINANCING CORPORATION 1 6.63% $40,191
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.25% $17,517
    Ixonia Bank 1 7.50% $16,696
    Loan Simple, Inc. 1 6.50% $22,519
    M&T Bank 1 6.25% $23,488

    The top Edwards FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 5 FHA loans originated. Their average total fees are $25,167, which is $4,173 higher than the next largest lender, Bank of England.

    The lowest fee Edwards FHA lenders (with over 10 loans originated) are .

    The lowest rate Edwards FHA lenders (with over 10 loans originated) are .

    Edwards FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    EDWARDS, CO EAGLE 2022 $862,500 $1,104,150 $1,334,700 $1,658,700
    EDWARDS, CO EAGLE 2023 $1,075,250 $1,376,550 $1,663,900 $2,067,850

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Edwards (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 $849,250 (-0.1%) $1,914,219 (-1.6%) 0.00 906
    2018-02-01 $885,500 (4.6%) $1,966,033 (2.9%) 0.00 872
    2018-03-01 $849,000 (-0.6%) $1,904,156 (-3.3%) 0.00 934
    2018-04-01 $828,250 (-0.5%) $1,856,221 (-3.6%) 0.00 913
    2018-05-01 $795,000 (-6.5%) $1,739,127 (-7.8%) 0.00 924
    2018-06-01 $800,000 (-5.2%) $1,738,966 (-5.8%) 0.00 990
    2018-07-01 $842,000 (-0.9%) $1,868,043 (-2.4%) 0.00 1,091
    2018-08-01 $820,500 (-3.6%) $1,894,569 (-2.8%) 0.00 1,082
    2018-09-01 $799,000 (-9.1%) $1,905,271 (-6.0%) 0.00 1,032
    2018-10-01 $781,500 (-10.3%) $1,898,909 (-7.1%) 0.00 982
    2018-11-01 $772,500 (-9.1%) $1,921,063 (-5.7%) 0.00 961
    2018-12-01 $809,000 (-6.2%) $2,009,458 (2.5%) 0.00 968
    2019-01-01 $832,000 (-2.0%) $1,997,965 (4.4%) 0.00 967
    2019-02-01 $875,000 (-1.2%) $2,016,577 (2.6%) 0.00 966
    2019-03-01 $815,000 (-4.0%) $1,910,808 (0.4%) 0.00 971
    2019-04-01 $749,500 (-9.5%) $1,818,463 (-2.0%) 0.00 976
    2019-05-01 $739,000 (-7.0%) $1,819,004 (4.6%) 0.00 932
    2019-06-01 $799,500 (-0.1%) $1,821,479 (4.7%) 0.00 1,038
    2019-07-01 $856,000 (1.7%) $1,990,456 (6.6%) 0.00 1,115
    2019-08-01 $829,727 (1.1%) $1,994,548 (5.3%) 0.00 1,078
    2019-09-01 $806,818 (1.0%) $2,010,857 (5.5%) 0.00 1,026
    2019-10-01 $784,000 (0.3%) $2,021,730 (6.5%) 0.00 985
    2019-11-01 $765,000 (-1.0%) $2,018,264 (5.1%) 0.00 958
    2019-12-01 $903,250 (11.7%) $2,104,988 (4.8%) 0.00 957
    2020-01-01 $915,000 (10.0%) $2,207,643 (10.5%) 0.00 888
    2020-02-01 $940,000 (7.4%) $2,238,507 (11.0%) 0.00 869
    2020-03-01 $935,000 (14.7%) $2,216,935 (16.0%) 0.00 909
    2020-04-01 $831,500 (10.9%) $2,017,608 (11.0%) 0.00 882
    2020-05-01 $799,000 (8.1%) $1,907,455 (4.9%) 0.00 877
    2020-06-01 $895,000 (11.9%) $1,976,877 (8.5%) 0.00 890
    2020-07-01 $867,450 (1.3%) $2,036,928 (2.3%) 0.00 903
    2020-08-01 $899,000 (8.4%) $2,274,074 (14.0%) 0.00 875
    2020-09-01 $940,000 (16.5%) $2,269,453 (12.9%) 0.00 795
    2020-10-01 $899,000 (14.7%) $2,370,913 (17.3%) 0.00 724
    2020-11-01 $797,000 (4.2%) $2,457,854 (21.8%) 0.00 689
    2020-12-01 $827,000 (-8.4%) $2,558,423 (21.5%) 0.00 648
    2021-01-01 $736,000 (-19.6%) $2,685,006 (21.6%) 0.00 607
    2021-02-01 $679,000 (-27.8%) $2,795,539 (24.9%) 0.00 578
    2021-03-01 $733,000 (-21.6%) $2,754,484 (24.3%) 0.00 561
    2021-04-01 $638,500 (-23.2%) $2,713,611 (34.5%) 0.00 537
    2021-05-01 $625,000 (-21.8%) $2,623,415 (37.5%) 0.00 475
    2021-06-01 $756,250 (-15.5%) $2,660,852 (34.6%) 0.00 498
    2021-07-01 $860,000 (-0.9%) $2,678,953 (31.5%) 0.00 515
    2021-08-01 $990,000 (10.1%) $2,745,860 (20.8%) 0.00 493
    2021-09-01 $896,000 (-4.7%) $2,619,291 (15.4%) 0.00 485
    2021-10-01 $842,500 (-6.3%) $2,357,168 (-0.6%) 0.00 444
    2021-11-01 $446,500 (-44.0%) $2,224,130 (-9.5%) 0.00 400
    2021-12-01 $292,500 (-64.6%) $2,321,772 (-9.3%) 0.00 385
    2022-01-01 $160,000 (-78.3%) $2,273,529 (-15.3%) 0.00 364
    2022-02-01 $524,500 (-22.8%) $2,356,251 (-15.7%) 0.00 372
    2022-03-01 $537,500 (-26.7%) $2,404,470 (-12.7%) 0.00 349
    2022-04-01 $750,000 (17.5%) $2,253,141 (-17.0%) 0.00 354
    2022-05-01 $935,500 (49.7%) $2,440,927 (-7.0%) 0.00 355
    2022-06-01 $1,172,500 (55.0%) $2,406,153 (-9.6%) 0.00 416
    2022-07-01 $1,245,000 (44.8%) $2,530,774 (-5.5%) 0.00 512
    2022-08-01 $1,199,000 (21.1%) $2,488,940 (-9.4%) 0.00 505
    2022-09-01 $1,131,000 (26.2%) $2,371,107 (-9.5%) 0.00 463
    2022-10-01 $1,200,000 (42.4%) $2,363,213 (0.3%) 0.00 463
    2022-11-01 $1,199,750 (168.7%) $2,508,861 (12.8%) 0.00 449
    2022-12-01 $1,100,000 (276.1%) $2,616,885 (12.7%) 0.00 453
    2023-01-01 $962,500 (501.6%) $2,642,903 (16.3%) 0.00 441
    2023-02-01 $998,750 (90.4%) $2,695,979 (14.4%) 0.00 433
    2023-03-01 $1,200,000 (123.3%) $2,786,741 (15.9%) 0.00 450
    2023-04-01 $1,297,000 (72.9%) $2,842,099 (26.1%) 0.00 444
    2023-05-01 $1,312,500 (40.3%) $2,870,931 (17.6%) 0.00 421
    2023-06-01 $1,328,750 (13.3%) $2,780,943 (15.6%) 0.00 461
    2023-07-01 $1,575,000 (26.5%) $2,969,884 (17.4%) 0.00 512
    2023-08-01 $1,553,500 (29.6%) $2,902,748 (16.6%) 0.00 541
    2023-09-01 $1,450,000 (28.2%) $2,899,279 (22.3%) 0.00 519
    2023-10-01 $1,337,250 (11.4%) $2,796,342 (18.3%) 0.00 512
    2023-11-01 $1,235,000 (2.9%) $2,801,007 (11.6%) 0.00 501
    2023-12-01 $1,250,000 (13.6%) $2,826,035 (8.0%) 0.00 518
    2024-01-01 $1,160,000 (20.5%) $2,871,458 (8.7%) 0.00 517
    2024-02-01 $1,168,750 (17.0%) $2,954,569 (9.6%) 0.00 524
    2024-03-01 $1,125,000 (-6.3%) $2,834,477 (1.7%) 0.00 537
    Edwards's median listing price for 2024-03-01 was $1,125,000, a difference of $-75,000 (-6.3%) versus the prior year and $-43,750 versus the prior month.

    Edwards's median listing price comes in at 0% of the national average.

    Edwards's average listing price for 2024-03-01 was $2,834,477, a difference of $47,736 (1.7%) versus the prior year and $-120,092 versus the prior month.

    For the 2024-03-01 period, Edwards had 537 MLS listings, a difference of 13 listings (2%) versus the prior month and 87 listings (19%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Edwards (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,883 sqft
    2018-02-01 0 days 1,905 sqft
    2018-03-01 0 days 1,900 sqft
    2018-04-01 0 days 1,844 sqft
    2018-05-01 0 days 1,844 sqft
    2018-06-01 0 days 1,847 sqft
    2018-07-01 0 days 1,899 sqft
    2018-08-01 0 days 1,878 sqft
    2018-09-01 0 days 1,843 sqft
    2018-10-01 0 days 1,820 sqft
    2018-11-01 0 days 1,821 sqft
    2018-12-01 0 days 1,822 sqft
    2019-01-01 0 days 1,829 sqft
    2019-02-01 0 days 1,842 sqft
    2019-03-01 0 days 1,825 sqft
    2019-04-01 0 days 1,805 sqft
    2019-05-01 0 days 1,839 sqft
    2019-06-01 0 days 1,857 sqft
    2019-07-01 0 days 1,900 sqft
    2019-08-01 0 days 1,896 sqft
    2019-09-01 0 days 1,891 sqft
    2019-10-01 0 days 1,881 sqft
    2019-11-01 0 days 1,869 sqft
    2019-12-01 0 days 1,804 sqft
    2020-01-01 0 days 1,810 sqft
    2020-02-01 0 days 1,855 sqft
    2020-03-01 0 days 1,823 sqft
    2020-04-01 0 days 1,760 sqft
    2020-05-01 0 days 1,791 sqft
    2020-06-01 0 days 1,800 sqft
    2020-07-01 0 days 1,800 sqft
    2020-08-01 0 days 1,749 sqft
    2020-09-01 0 days 1,708 sqft
    2020-10-01 0 days 1,725 sqft
    2020-11-01 0 days 1,691 sqft
    2020-12-01 0 days 1,697 sqft
    2021-01-01 0 days 1,705 sqft
    2021-02-01 0 days 1,727 sqft
    2021-03-01 0 days 1,743 sqft
    2021-04-01 0 days 1,784 sqft
    2021-05-01 0 days 1,803 sqft
    2021-06-01 0 days 1,820 sqft
    2021-07-01 0 days 1,875 sqft
    2021-08-01 0 days 1,885 sqft
    2021-09-01 0 days 1,875 sqft
    2021-10-01 0 days 1,834 sqft
    2021-11-01 0 days 1,704 sqft
    2021-12-01 0 days 1,647 sqft
    2022-01-01 0 days 1,600 sqft
    2022-02-01 0 days 1,625 sqft
    2022-03-01 0 days 1,637 sqft
    2022-04-01 0 days 1,627 sqft
    2022-05-01 0 days 1,705 sqft
    2022-06-01 0 days 1,811 sqft
    2022-07-01 0 days 1,896 sqft
    2022-08-01 0 days 1,837 sqft
    2022-09-01 0 days 1,810 sqft
    2022-10-01 0 days 1,840 sqft
    2022-11-01 0 days 1,800 sqft
    2022-12-01 0 days 1,785 sqft
    2023-01-01 0 days 1,789 sqft
    2023-02-01 0 days 1,787 sqft
    2023-03-01 0 days 1,797 sqft
    2023-04-01 0 days 1,787 sqft
    2023-05-01 0 days 1,797 sqft
    2023-06-01 0 days 1,793 sqft
    2023-07-01 0 days 1,846 sqft
    2023-08-01 0 days 1,877 sqft
    2023-09-01 0 days 1,800 sqft
    2023-10-01 0 days 1,727 sqft
    2023-11-01 0 days 1,627 sqft
    2023-12-01 0 days 1,643 sqft
    2024-01-01 0 days 1,611 sqft
    2024-02-01 0 days 1,615 sqft
    2024-03-01 0 days 1,644 sqft
    Edwards's median listing age (time on market) for 2024-03-01 was 0 days.

    Edwards's median square footage for active listings during the 2024-03-01 period was 1,644 sqft. One year prior, the average listing was 1,797 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).