Glenwood Springs FHA Loan Rates, Closing Costs & Stats

Glenwood 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.

Glenwood Springs's 50 lenders originated 433 FHA loans during 2021. The total origination value was $142,845,000, with an average FHA loan value of $329,896.

Glenwood Springs FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Glenwood Springs averaged 6.49% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Glenwood Springs's average FHA mortgage closing costs are $9,512.

The average rate for the prior week (2022-11-25) was 6.41% and one month ago for the week of 2022-10-28, the average rate was 6.55%.

The average rate one year ago was 3.28%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.3%.

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

Glenwood 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 Glenwood Springs level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
BAY EQUITY LLC 118 3.11% $10,904
CORNERSTONE HOME LENDING, INC. 23 3.16% $10,545
ACADEMY MORTGAGE CORPORATION 20 3.11% $14,134
QUICKEN LOANS, LLC 17 2.64% $7,475
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 17 3.38% $11,462
LAKEVIEW LOAN SERVICING, LLC 11 2.84% $5,611
GUILD MORTGAGE COMPANY 10 3.06% $9,309
UNITED WHOLESALE MORTGAGE, LLC 8 2.69% $11,435
CALIBER HOME LOANS, INC. 8 2.65% $8,771
Northpointe Bank 7 3.13% $8,200
First Guaranty Mortgage Corporation 6 2.90% $6,173
PRIMARY RESIDENTIAL MORTGAGE, INC. 6 3.31% $8,618
PENNYMAC LOAN SERVICES, LLC 6 2.98% $8,624
Nations Lending Corporation 6 3.33% $12,555
BROKER SOLUTIONS, INC. 5 3.30% $13,889
FREEDOM MORTGAGE CORPORATION 5 2.83% $6,363
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 5 3.23% $10,048
AMERICAN FINANCING CORPORATION 4 2.78% $12,666
SECURITYNATIONAL MORTGAGE COMPANY 4 3.28% $15,712
Lakeview Community Capital, LLC 4 2.75% $6,423
AMCAP MORTGAGE, LTD. 4 3.03% $10,462
Bank of Colorado 3 3.33% $13,452
FINANCE OF AMERICA MORTGAGE LLC 3 3.04% $8,956
Mr. Cooper ( Nationstar Mortgage ) 3 2.63% $6,071
PLANET HOME LENDING, LLC 2 2.50% $6,122
HOME POINT FINANCIAL CORPORATION 2 2.87% $10,607
CHERRY CREEK MORTGAGE, LLC 2 3.19% $9,065
Zions Bancorporation, N.A. 2 3.06% $9,633
VILLAGE CAPITAL MORTGAGE 2 3.50% $4,696
Carrington Mortgage Services, LLC 2 3.25% $10,631
LOANDEPOT.COM, LLC 2 3.37% $11,811
Peoples Bank 1 3.50% $11,872
BELEM SERVICING LLC 1 2.63% $7,239
Assurance Financial Group, L.L.C. 1 3.25% $10,233
AMERISAVE MORTGAGE CORPORATION 1 2.50% $9,248
SUCCESS MORTGAGE PARTNERS, INC. 1 2.88% $16,332
The Central Trust Bank 1 3.13% $8,568
TOP FLITE FINANCIAL, INC. 1 3.25% $31,234
United Fidelity Funding Corp. 1 2.88% $12,801
UNITED SECURITY FINANCIAL CORP 1 2.88% $6,106
Amerifirst Financial, Inc. 1 2.63% $7,736
Waterstone Mortgage Corporation 1 2.25% $34,188
CROSSCOUNTRY MORTGAGE, LLC 1 3.63% $11,289
Flanagan State Bank 1 3.50% $8,675
Commerce Home Mortgage, Inc. 1 2.75% $16,115
CMG MORTGAGE, INC. 1 2.75% $8,815
LOANPAL, LLC 1 2.25% $18,321
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 3.00% $8,785
NEWREZ LLC 1 3.00% $4,115
Paramount Residential Mortgage Group, Inc. 1 3.50% $7,898

The top Glenwood Springs FHA lender as defined by loan originations is BAY EQUITY LLC, with 118 FHA loans originated. Their average total fees are $10,904, which is $359 higher than the next largest lender, CORNERSTONE HOME LENDING, INC..

The lowest fee Glenwood Springs FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($5,611), QUICKEN LOANS, LLC ($7,475), GUILD MORTGAGE COMPANY ($9,309), CORNERSTONE HOME LENDING, INC. ($10,545) and BAY EQUITY LLC ($10,904).

The lowest rate Glenwood Springs FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.64%), LAKEVIEW LOAN SERVICING, LLC (2.84%), GUILD MORTGAGE COMPANY (3.06%), ACADEMY MORTGAGE CORPORATION (3.11%) and BAY EQUITY LLC (3.11%).

Glenwood Springs FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
GLENWOOD SPRINGS, CO GARFIELD 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
GLENWOOD SPRINGS, CO PITKIN 2022 $970,800 $1,243,050 $1,502,475 $1,867,275

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Glenwood 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 $1,050,000 (18.0%) $3,822,319 (21.8%) 0.00 879
2018-02-01 $1,022,500 (8.7%) $3,804,161 (18.2%) 0.00 930
2018-03-01 $995,000 (10.3%) $3,647,408 (17.1%) 0.00 958
2018-04-01 $944,000 (11.7%) $3,440,990 (16.6%) 0.00 952
2018-05-01 $824,500 (5.4%) $3,088,692 (9.3%) 0.00 953
2018-06-01 $867,000 (5.5%) $3,281,174 (14.0%) 0.00 1,079
2018-07-01 $899,000 (1.6%) $3,390,937 (10.4%) 0.00 1,181
2018-08-01 $947,000 (5.4%) $3,485,452 (10.0%) 0.00 1,182
2018-09-01 $950,000 (6.2%) $3,567,323 (12.7%) 0.00 1,124
2018-10-01 $934,500 (5.6%) $3,555,470 (9.4%) 0.00 1,051
2018-11-01 $860,500 (-3.2%) $3,452,135 (2.0%) 0.00 1,013
2018-12-01 $989,000 (4.1%) $3,569,917 (-3.3%) 0.00 991
2019-01-01 $1,028,500 (-2.1%) $3,702,747 (-3.1%) 0.00 1,024
2019-02-01 $1,056,250 (3.3%) $3,683,095 (-3.2%) 0.00 1,049
2019-03-01 $1,040,714 (4.6%) $3,672,609 (0.7%) 0.00 1,008
2019-04-01 $995,000 (5.4%) $3,620,096 (5.2%) 0.00 957
2019-05-01 $920,750 (11.7%) $3,468,000 (12.3%) 0.00 945
2019-06-01 $914,500 (5.5%) $3,473,932 (5.9%) 0.00 999
2019-07-01 $952,000 (5.9%) $3,605,935 (6.3%) 0.00 1,067
2019-08-01 $956,818 (1.0%) $3,632,543 (4.2%) 0.00 1,062
2019-09-01 $967,045 (1.8%) $3,674,121 (3.0%) 0.00 1,035
2019-10-01 $976,250 (4.5%) $3,696,804 (4.0%) 0.00 1,004
2019-11-01 $995,000 (15.6%) $3,627,202 (5.1%) 0.00 899
2019-12-01 $1,002,500 (1.4%) $3,646,803 (2.2%) 0.00 941
2020-01-01 $969,000 (-5.8%) $3,572,499 (-3.5%) 0.00 978
2020-02-01 $921,661 (-12.7%) $3,485,253 (-5.4%) 0.00 1,017
2020-03-01 $897,000 (-13.8%) $3,350,760 (-8.8%) 0.00 1,039
2020-04-01 $819,500 (-17.6%) $3,093,535 (-14.6%) 0.00 965
2020-05-01 $736,000 (-20.1%) $2,928,027 (-15.6%) 0.00 973
2020-06-01 $716,250 (-21.7%) $2,949,717 (-15.1%) 0.00 1,065
2020-07-01 $792,500 (-16.8%) $3,224,455 (-10.6%) 0.00 1,147
2020-08-01 $900,000 (-5.9%) $3,606,129 (-0.7%) 0.00 1,188
2020-09-01 $949,000 (-1.9%) $3,687,518 (0.4%) 0.00 1,130
2020-10-01 $899,000 (-7.9%) $3,568,826 (-3.5%) 0.00 1,060
2020-11-01 $815,000 (-18.1%) $3,262,282 (-10.1%) 0.00 959
2020-12-01 $817,250 (-18.5%) $3,254,075 (-10.8%) 0.00 896
2021-01-01 $843,250 (-13.0%) $3,448,110 (-3.5%) 0.00 825
2021-02-01 $851,750 (-7.6%) $3,377,140 (-3.1%) 0.00 841
2021-03-01 $872,000 (-2.8%) $3,419,863 (2.1%) 0.00 851
2021-04-01 $875,000 (6.8%) $3,419,797 (10.6%) 0.00 811
2021-05-01 $843,250 (14.6%) $3,220,433 (10.0%) 0.00 773
2021-06-01 $885,000 (23.6%) $3,330,418 (12.9%) 0.00 803
2021-07-01 $925,000 (16.7%) $3,552,354 (10.2%) 0.00 883
2021-08-01 $937,168 (4.1%) $3,566,006 (-1.1%) 0.00 871
2021-09-01 $957,500 (0.9%) $3,649,618 (-1.0%) 0.00 818
2021-10-01 $944,000 (5.0%) $3,662,478 (2.6%) 0.00 735
2021-11-01 $947,223 (16.2%) $3,617,965 (10.9%) 0.00 622
2021-12-01 $936,473 (14.6%) $3,650,702 (12.2%) 0.00 555
2022-01-01 $987,500 (17.1%) $3,637,186 (5.5%) 0.00 476
2022-02-01 $995,000 (16.8%) $3,652,338 (8.2%) 0.00 495
2022-03-01 $1,053,750 (20.8%) $3,576,688 (4.6%) 0.00 517
2022-04-01 $1,200,000 (37.1%) $3,572,067 (4.5%) 0.00 537
2022-05-01 $1,100,000 (30.5%) $3,337,755 (3.6%) 0.00 593
2022-06-01 $1,205,500 (36.2%) $3,443,168 (3.4%) 0.00 650
2022-07-01 $1,349,000 (45.8%) $4,143,685 (16.7%) 0.00 761
2022-08-01 $1,390,000 (48.3%) $4,332,647 (21.5%) 0.00 805
2022-09-01 $1,410,000 (47.3%) $4,282,672 (17.4%) 0.00 787
2022-10-01 $1,500,000 (58.9%) $4,376,472 (19.5%) 0.00 724
2022-11-01 $1,481,250 (56.4%) $4,081,460 (12.8%) 0.00 634
Glenwood Springs's median listing price for 2022-11-01 was $1,481,250, a difference of $534,027 (56.4%) versus the prior year and $-18,750 versus the prior month.

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

Glenwood Springs's average listing price for 2022-11-01 was $4,081,460, a difference of $463,495 (12.8%) versus the prior year and $-295,012 versus the prior month.

For the 2022-11-01 period, Glenwood Springs had 634 MLS listings, a difference of -90 listings (-12%) versus the prior month and 12 listings (2%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Glenwood Springs (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,575 sqft
2018-02-01 0 days 2,418 sqft
2018-03-01 0 days 2,293 sqft
2018-04-01 0 days 2,256 sqft
2018-05-01 0 days 2,237 sqft
2018-06-01 0 days 2,293 sqft
2018-07-01 0 days 2,291 sqft
2018-08-01 0 days 2,349 sqft
2018-09-01 0 days 2,377 sqft
2018-10-01 0 days 2,400 sqft
2018-11-01 0 days 2,346 sqft
2018-12-01 0 days 2,375 sqft
2019-01-01 0 days 2,352 sqft
2019-02-01 0 days 2,353 sqft
2019-03-01 0 days 2,330 sqft
2019-04-01 0 days 2,320 sqft
2019-05-01 0 days 2,346 sqft
2019-06-01 0 days 2,350 sqft
2019-07-01 0 days 2,382 sqft
2019-08-01 0 days 2,411 sqft
2019-09-01 0 days 2,411 sqft
2019-10-01 0 days 2,408 sqft
2019-11-01 0 days 2,613 sqft
2019-12-01 0 days 2,460 sqft
2020-01-01 0 days 2,306 sqft
2020-02-01 0 days 2,276 sqft
2020-03-01 0 days 2,216 sqft
2020-04-01 0 days 2,093 sqft
2020-05-01 0 days 1,999 sqft
2020-06-01 0 days 1,995 sqft
2020-07-01 0 days 2,017 sqft
2020-08-01 0 days 2,092 sqft
2020-09-01 0 days 2,078 sqft
2020-10-01 0 days 2,004 sqft
2020-11-01 0 days 1,962 sqft
2020-12-01 0 days 1,935 sqft
2021-01-01 0 days 1,932 sqft
2021-02-01 0 days 1,962 sqft
2021-03-01 0 days 1,922 sqft
2021-04-01 0 days 1,869 sqft
2021-05-01 0 days 1,854 sqft
2021-06-01 0 days 1,923 sqft
2021-07-01 0 days 1,933 sqft
2021-08-01 0 days 1,926 sqft
2021-09-01 0 days 1,927 sqft
2021-10-01 0 days 1,929 sqft
2021-11-01 0 days 1,931 sqft
2021-12-01 0 days 1,944 sqft
2022-01-01 0 days 1,916 sqft
2022-02-01 0 days 1,897 sqft
2022-03-01 0 days 1,935 sqft
2022-04-01 0 days 1,992 sqft
2022-05-01 0 days 1,988 sqft
2022-06-01 0 days 1,979 sqft
2022-07-01 0 days 2,017 sqft
2022-08-01 0 days 2,054 sqft
2022-09-01 0 days 2,045 sqft
2022-10-01 0 days 2,052 sqft
2022-11-01 0 days 1,964 sqft
Glenwood Springs's median listing age (time on market) for 2022-11-01 was 0 days.

Glenwood Springs's median square footage for active listings during the 2022-11-01 period was 1,964 sqft. One year prior, the average listing was 1,931 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).