Fort Collins FHA Loan Rates, Closing Costs & Stats

FORT COLLINS, 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.

    Fort Collins's 86 lenders originated 634 FHA loans during 2023. The total origination value was $301,490,000, with an average FHA loan value of $475,536.

    Fort Collins FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Fort Collins averaged 6.23% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Fort Collins's average FHA mortgage closing costs are $10,662.

    The average rate for the prior week (2024-11-01) was 6.2% and one month ago for the week of 2024-10-04, the average rate was 5.82%.

    The average rate one year ago was 7.27%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.6%.

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

    Fort Collins 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 Fort Collins level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 85 5.98% $16,510
    QUICKEN LOANS, LLC 28 6.14% $15,403
    DHI MORTGAGE COMPANY, LTD. 25 5.23% $17,684
    EAGLE HOME MORTGAGE, LLC 24 4.71% $12,372
    Bank of Colorado 22 5.72% $21,486
    AMERICAN FINANCING CORPORATION 19 6.43% $17,058
    LOANDEPOT.COM, LLC 18 6.10% $18,562
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 17 6.90% $14,937
    CORNERSTONE HOME LENDING, INC. 16 6.23% $18,085
    JET HOMELOANS, LLC 14 5.81% $12,728
    CMG MORTGAGE, INC. 12 6.46% $18,780
    CROSSCOUNTRY MORTGAGE, LLC 11 6.48% $17,566
    HOMEAMERICAN MORTGAGE CORPORATION 10 5.41% $8,848
    GUILD MORTGAGE COMPANY 10 6.74% $14,831
    GUARANTEED RATE, INC. 8 6.27% $16,970
    Elevations Credit Union 7 6.29% $12,706
    ACADEMY MORTGAGE CORPORATION 7 6.43% $17,814
    Gateway First Bank 6 6.79% $12,258
    FREEDOM MORTGAGE CORPORATION 6 6.42% $18,895
    UNIVERSAL LENDING CORPORATION 6 6.75% $12,955
    GROUP MORTGAGE, LLC 6 6.29% $18,193
    Mr. Cooper ( Nationstar Mortgage ) 6 6.10% $21,414
    PRIMARY RESIDENTIAL MORTGAGE, INC. 6 7.04% $17,602
    NEST HOME LENDING, LLC 5 5.60% $23,375
    TOWNE MORTGAGE COMPANY 5 6.05% $12,529
    BROKER SOLUTIONS, INC. 5 6.43% $16,853
    PENNYMAC LOAN SERVICES, LLC 5 6.05% $13,669
    V.I.P. MORTGAGE, INC. 5 6.40% $15,395
    EVERETT FINANCIAL, INC. 5 6.75% $17,470
    NEWREZ LLC 5 5.91% $16,909
    MORTGAGE SOLUTIONS OF COLORADO, LLC 4 5.97% $19,250
    Ixonia Bank 4 7.00% $18,697
    VAN DYK MORTGAGE CORPORATION 4 7.00% $11,931
    PLAZA HOME MORTGAGE, INC. 4 6.84% $16,291
    Century Mortgage Company DBA Century Lending Company 4 7.00% $10,913
    Ent Credit Union 4 6.25% $12,041
    Paramount Residential Mortgage Group, Inc. 4 6.66% $14,304
    NOVA FINANCIAL & INVESTMENT CORPORATION 4 6.63% $10,283
    MEGASTAR FINANCIAL CORP. 4 7.13% $13,731
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.25% $19,457
    AMERICAN FINANCIAL NETWORK, INC. 3 7.08% $21,121
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 6.67% $13,612
    First National Bank of Omaha 3 6.63% $11,256
    Loan Simple, Inc. 3 6.58% $13,645
    SUN WEST MORTGAGE COMPANY, INC. 3 5.92% $17,453
    First Western Trust Bank 2 6.63% $11,281
    T2 FINANCIAL LLC 2 5.56% $22,681
    The Federal Savings Bank 2 6.50% $19,515
    GUARANTEED RATE AFFINITY, LLC 2 6.50% $14,776
    Carrington Mortgage Services, LLC 2 6.75% $14,759
    NBH Bank 2 5.94% $10,156
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.69% $14,898
    BROOKHOLLOW MORTGAGE SERVICES, LTD 2 3.75% $10,921
    AMERISAVE MORTGAGE CORPORATION 2 6.25% $21,468
    S1L, Inc. 2 7.38% $16,082
    American Mortgage & Equity Consultants, Inc. 2 6.50% $13,182
    NBKC BANK 2 5.69% $14,325
    NATIONS DIRECT MORTGAGE, LLC 2 6.19% $15,365
    FIRST CENTENNIAL MORTGAGE CORPORATION 1 6.75% $13,384
    CHERRY CREEK MORTGAGE, LLC 1 6.75% $6,550
    PLANET HOME LENDING, LLC 1 6.99% $11,505
    CARDINAL FINANCIAL 1 6.13% $15,973
    SECURITYNATIONAL MORTGAGE COMPANY 1 7.13% $20,989
    Summit Mortgage Corporation 1 6.50% $11,227
    AMCAP MORTGAGE, LTD. 1 7.13% $14,788
    The Loan Store, Inc. 1 6.49% $13,267
    BETTER MORTGAGE CORPORATION 1 4.75% $29,379
    UMB Bank 1 7.50% $13,186
    UNION HOME MORTGAGE CORP. 1 6.00% $20,071
    Bank of England 1 6.88% $14,912
    U.S. Bank 1 7.00% $14,364
    JMAC LENDING, INC. 1 6.25% $15,146
    Keystone Funding, Inc. 1 6.49% $10,313
    JMJ FINANCIAL GROUP 1 6.25% $13,170
    INTERCAP LENDING INC. 1 6.50% $20,274
    VILLAGE CAPITAL MORTGAGE 1 5.63% $8,367
    HOMESTEAD FUNDING CORP. 1 6.75% $9,299
    MICHIGAN MUTUAL, INC. 1 5.00% $23,457
    MID AMERICA MORTGAGE, INC. 1 6.75% $4,163
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.50% $4,351
    GENEVA FINANCIAL, LLC 1 6.25% $32,833
    Nations Lending Corporation 1 6.75% $9,454
    Flagstar Bank, FSB 1 5.75% $15,640
    NMSI, INC. 1 5.75% $14,102
    FIRST STATE MORTGAGE SERVICES, LLC 1 5.75% $36,162
    OCMBC, INC. 1 5.75% $20,588

    The top Fort Collins FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 85 FHA loans originated. Their average total fees are $16,510, which is $1,107 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Fort Collins FHA lenders (with over 10 loans originated) are HOMEAMERICAN MORTGAGE CORPORATION ($8,848), EAGLE HOME MORTGAGE, LLC ($12,372), JET HOMELOANS, LLC ($12,728), GUILD MORTGAGE COMPANY ($14,831) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($14,937).

    The lowest rate Fort Collins FHA lenders (with over 10 loans originated) are EAGLE HOME MORTGAGE, LLC (4.71%), DHI MORTGAGE COMPANY, LTD. (5.23%), HOMEAMERICAN MORTGAGE CORPORATION (5.41%), Bank of Colorado (5.72%) and JET HOMELOANS, LLC (5.81%).

    Fort Collins FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    FORT COLLINS, CO LARIMER 2022 $522,100 $668,400 $807,900 $1,004,050
    FORT COLLINS, CO LARIMER 2023 $614,100 $786,150 $950,300 $1,181,000

    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).