Glenwood Springs FHA Loan Rates, Closing Costs & Stats

Glenwood 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.

    Glenwood Springs's 48 lenders originated 249 FHA loans during 2022. The total origination value was $86,745,000, with an average FHA loan value of $348,373.

    Glenwood Springs FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Glenwood Springs averaged -0.51% for the week of 2023-06-02, compared to the national average (all FHA variants) of 0% for the same period.

    Glenwood Springs's average FHA mortgage closing costs are $10,009.

    The average rate for the prior week (2023-05-26) was 6.12% and one month ago for the week of 2023-04-28, the average rate was 5.97%.

    The average rate one year ago was 4.73%.

    For refis of the same type during the week of 2023-06-02, the average rate was -1.86%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    BAY EQUITY LLC 68 5.09% $13,201
    UNITED WHOLESALE MORTGAGE, LLC 12 4.49% $13,149
    GENEVA FINANCIAL, LLC 10 4.93% $13,288
    ACADEMY MORTGAGE CORPORATION 9 5.83% $12,749
    QUICKEN LOANS, LLC 7 4.77% $12,991
    AMERICAN FINANCING CORPORATION 6 4.10% $10,684
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 5.27% $11,123
    CORNERSTONE HOME LENDING, INC. 5 4.03% $10,102
    LOANDEPOT.COM, LLC 4 5.28% $13,990
    MORTGAGE SOLUTIONS OF COLORADO, LLC 4 4.88% $14,877
    LAKEVIEW LOAN SERVICING, LLC 4 3.38% $9,107
    Nations Lending Corporation 4 5.22% $14,395
    FREEDOM MORTGAGE CORPORATION 3 4.29% $15,557
    CALIBER HOME LOANS, INC. 3 4.64% $15,584
    Carrington Mortgage Services, LLC 3 4.83% $15,762
    FINANCE OF AMERICA MORTGAGE LLC 3 4.38% $12,950
    Northpointe Bank 3 3.17% $10,335
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 5.17% $13,307
    BROKER SOLUTIONS, INC. 2 4.13% $11,016
    CARDINAL FINANCIAL 2 4.88% $19,188
    Paramount Residential Mortgage Group, Inc. 2 5.00% $16,806
    GUILD MORTGAGE COMPANY 2 3.44% $7,649
    Plains Commerce Bank 2 5.50% $16,827
    MANN FINANCIAL INC. 2 6.00% $10,911
    UNIVERSAL LENDING CORPORATION 2 5.19% $9,886
    First Guaranty Mortgage Corporation 2 2.81% $9,489
    LOANPAL, LLC 1 4.63% $19,934
    M&T Bank 1 5.13% $10,713
    Barrington Bank & Trust Company, N.A. 1 5.00% $13,733
    CROSSCOUNTRY MORTGAGE, LLC 1 7.00% $13,864
    NEWREZ LLC 1 4.75% $14,417
    VILLAGE CAPITAL MORTGAGE 1 2.99% $4,249
    PENNYMAC LOAN SERVICES, LLC 1 3.50% $4,979
    PLAZA HOME MORTGAGE, INC. 1 5.63% $16,356
    Waterstone Mortgage Corporation 1 6.00% $19,437
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.99% $7,385
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 4.13% $14,470
    Residential Mortgage Solutions, Inc. 1 5.25% $16,707
    AMERISAVE MORTGAGE CORPORATION 1 6.13% $7,578
    Equity Prime Mortgage LLC 1 5.25% $19,071
    NBH Bank 1 5.63% $11,369
    CMG MORTGAGE, INC. 1 5.38% $14,393
    GUARANTY HOME MORTGAGE CORPORATION 1 5.25% $22,209
    HOME POINT FINANCIAL CORPORATION 1 2.99% $12,066
    JPMorgan Chase Bank 1 4.13% $24,296
    KeyBank 1 3.88% $17,463
    Lakeview Community Capital, LLC 1 2.75% $8,208
    CHERRY CREEK MORTGAGE, LLC 1 5.38% $7,445

    The top Glenwood Springs FHA lender as defined by loan originations is BAY EQUITY LLC, with 68 FHA loans originated. Their average total fees are $13,201, which is $52 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Glenwood Springs FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($13,149), BAY EQUITY LLC ($13,201), GENEVA FINANCIAL, LLC ($13,288), .

    The lowest rate Glenwood Springs FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (4.49%), GENEVA FINANCIAL, LLC (4.93%), BAY EQUITY LLC (5.09%), .

    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
    GLENWOOD SPRINGS, CO GARFIELD 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
    GLENWOOD SPRINGS, CO PITKIN 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200

    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 (9.4%) 0.00 953
    2018-06-01 $867,000 (5.5%) $3,281,174 (14.1%) 0.00 1,079
    2018-07-01 $899,000 (1.6%) $3,390,937 (10.4%) 0.00 1,181
    2018-08-01 $945,500 (5.2%) $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 $933,000 (5.4%) $3,554,584 (9.4%) 0.00 1,051
    2018-11-01 $860,500 (-3.2%) $3,450,584 (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%) $3,701,537 (-3.2%) 0.00 1,024
    2019-02-01 $1,055,000 (3.2%) $3,682,039 (-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%) $3,619,876 (5.2%) 0.00 957
    2019-05-01 $912,500 (10.7%) $3,464,625 (12.2%) 0.00 946
    2019-06-01 $909,000 (4.8%) $3,470,748 (5.8%) 0.00 1,000
    2019-07-01 $951,000 (5.8%) $3,602,789 (6.3%) 0.00 1,068
    2019-08-01 $956,818 (1.2%) $3,630,297 (4.2%) 0.00 1,063
    2019-09-01 $967,045 (1.8%) $3,673,139 (3.0%) 0.00 1,035
    2019-10-01 $975,000 (4.5%) $3,695,205 (4.0%) 0.00 1,004
    2019-11-01 $995,000 (15.6%) $3,620,372 (4.9%) 0.00 901
    2019-12-01 $1,000,000 (1.1%) $3,640,218 (2.0%) 0.00 943
    2020-01-01 $966,000 (-6.1%) $3,566,354 (-3.7%) 0.00 980
    2020-02-01 $917,000 (-13.1%) $3,479,452 (-5.5%) 0.00 1,019
    2020-03-01 $892,000 (-14.3%) $3,345,376 (-8.9%) 0.00 1,041
    2020-04-01 $817,000 (-17.9%) $3,091,100 (-14.6%) 0.00 966
    2020-05-01 $732,500 (-19.7%) $2,925,733 (-15.6%) 0.00 974
    2020-06-01 $712,500 (-21.6%) $2,947,629 (-15.1%) 0.00 1,066
    2020-07-01 $790,000 (-16.9%) $3,222,304 (-10.6%) 0.00 1,148
    2020-08-01 $900,000 (-5.9%) $3,606,129 (-0.7%) 0.00 1,188
    2020-09-01 $946,750 (-2.1%) $3,685,096 (0.3%) 0.00 1,131
    2020-10-01 $899,000 (-7.8%) $3,566,394 (-3.5%) 0.00 1,061
    2020-11-01 $812,500 (-18.3%) $3,259,789 (-10.0%) 0.00 960
    2020-12-01 $815,000 (-18.5%) $3,251,437 (-10.7%) 0.00 897
    2021-01-01 $839,500 (-13.1%) $3,444,939 (-3.4%) 0.00 826
    2021-02-01 $849,250 (-7.4%) $3,370,720 (-3.1%) 0.00 843
    2021-03-01 $861,000 (-3.5%) $3,413,407 (2.0%) 0.00 853
    2021-04-01 $875,000 (7.1%) $3,413,061 (10.4%) 0.00 813
    2021-05-01 $832,000 (13.6%) $3,216,306 (9.9%) 0.00 774
    2021-06-01 $880,000 (23.5%) $3,328,103 (12.9%) 0.00 803
    2021-07-01 $919,000 (16.3%) $3,550,174 (10.2%) 0.00 884
    2021-08-01 $928,087 (3.1%) $3,563,700 (-1.2%) 0.00 871
    2021-09-01 $950,000 (0.3%) $3,648,449 (-1.0%) 0.00 818
    2021-10-01 $934,500 (4.0%) $3,661,156 (2.7%) 0.00 735
    2021-11-01 $944,500 (16.3%) $3,622,211 (11.1%) 0.00 620
    2021-12-01 $921,837 (13.1%) $3,656,242 (12.5%) 0.00 553
    2022-01-01 $967,500 (15.3%) $3,643,770 (5.8%) 0.00 474
    2022-02-01 $995,000 (17.2%) $3,661,955 (8.6%) 0.00 493
    2022-03-01 $1,043,000 (21.1%) $3,588,354 (5.1%) 0.00 514
    2022-04-01 $1,199,000 (37.0%) $3,583,355 (5.0%) 0.00 534
    2022-05-01 $1,100,000 (32.2%) $3,346,750 (4.1%) 0.00 590
    2022-06-01 $1,192,500 (35.5%) $3,452,663 (3.7%) 0.00 646
    2022-07-01 $1,340,000 (45.8%) $4,148,528 (16.9%) 0.00 759
    2022-08-01 $1,377,500 (48.4%) $4,338,018 (21.7%) 0.00 803
    2022-09-01 $1,406,250 (48.0%) $4,287,634 (17.5%) 0.00 785
    2022-10-01 $1,500,000 (60.5%) $4,381,809 (19.7%) 0.00 722
    2022-11-01 $1,481,250 (56.8%) $4,081,460 (12.7%) 0.00 634
    2022-12-01 $1,520,000 (64.9%) $4,121,248 (12.7%) 0.00 627
    2023-01-01 $1,706,250 (76.4%) $4,229,665 (16.1%) 0.00 676
    2023-02-01 $1,760,000 (76.9%) $4,501,949 (22.9%) 0.00 685
    2023-03-01 $1,799,750 (72.6%) $4,643,815 (29.4%) 0.00 702
    2023-04-01 $1,800,000 (50.1%) $4,577,329 (27.7%) 0.00 676
    2023-05-01 $1,462,500 (33.0%) $4,329,381 (29.4%) 0.00 637
    Glenwood Springs's median listing price for 2023-05-01 was $1,462,500, a difference of $362,500 (33.0%) versus the prior year and $-337,500 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 2023-05-01 was $4,329,381, a difference of $982,631 (29.4%) versus the prior year and $-247,948 versus the prior month.

    For the 2023-05-01 period, Glenwood Springs had 637 MLS listings, a difference of -39 listings (-6%) versus the prior month and 47 listings (8%) 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 2,577 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 2,348 sqft
    2018-09-01 0 days 2,377 sqft
    2018-10-01 0 days 2,399 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 2,349 sqft
    2019-07-01 0 days 2,374 sqft
    2019-08-01 0 days 2,400 sqft
    2019-09-01 0 days 2,407 sqft
    2019-10-01 0 days 2,409 sqft
    2019-11-01 0 days 2,613 sqft
    2019-12-01 0 days 2,462 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 2,095 sqft
    2020-05-01 0 days 2,000 sqft
    2020-06-01 0 days 1,997 sqft
    2020-07-01 0 days 2,020 sqft
    2020-08-01 0 days 2,092 sqft
    2020-09-01 0 days 2,076 sqft
    2020-10-01 0 days 2,000 sqft
    2020-11-01 0 days 1,961 sqft
    2020-12-01 0 days 1,935 sqft
    2021-01-01 0 days 1,931 sqft
    2021-02-01 0 days 1,957 sqft
    2021-03-01 0 days 1,921 sqft
    2021-04-01 0 days 1,867 sqft
    2021-05-01 0 days 1,848 sqft
    2021-06-01 0 days 1,916 sqft
    2021-07-01 0 days 1,930 sqft
    2021-08-01 0 days 1,917 sqft
    2021-09-01 0 days 1,919 sqft
    2021-10-01 0 days 1,919 sqft
    2021-11-01 0 days 1,926 sqft
    2021-12-01 0 days 1,937 sqft
    2022-01-01 0 days 1,882 sqft
    2022-02-01 0 days 1,872 sqft
    2022-03-01 0 days 1,930 sqft
    2022-04-01 0 days 1,979 sqft
    2022-05-01 0 days 1,986 sqft
    2022-06-01 0 days 1,977 sqft
    2022-07-01 0 days 2,016 sqft
    2022-08-01 0 days 2,053 sqft
    2022-09-01 0 days 2,041 sqft
    2022-10-01 0 days 2,051 sqft
    2022-11-01 0 days 1,964 sqft
    2022-12-01 0 days 1,913 sqft
    2023-01-01 0 days 1,786 sqft
    2023-02-01 0 days 1,816 sqft
    2023-03-01 0 days 1,829 sqft
    2023-04-01 0 days 1,838 sqft
    2023-05-01 0 days 1,978 sqft
    Glenwood Springs's median listing age (time on market) for 2023-05-01 was 0 days.

    Glenwood Springs's median square footage for active listings during the 2023-05-01 period was 1,978 sqft. One year prior, the average listing was 1,986 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).