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 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 -0.41% for the week of 2024-02-23, 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 (2024-02-16) was 6.13% and one month ago for the week of 2024-01-19, the average rate was 5.97%.

The average rate one year ago was 5.73%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.56%.

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
2023-06-01 $1,647,500 (38.2%) $4,329,002 (25.4%) 0.00 696
2023-07-01 $1,785,000 (33.2%) $4,954,465 (19.4%) 0.00 773
2023-08-01 $1,879,575 (36.5%) $4,776,430 (10.1%) 0.00 822
2023-09-01 $1,995,000 (41.9%) $5,195,676 (21.2%) 0.00 717
2023-10-01 $1,974,858 (31.7%) $5,496,118 (25.4%) 0.00 613
2023-11-01 $1,772,500 (19.7%) $5,948,950 (45.8%) 0.00 537
Glenwood Springs's median listing price for 2023-11-01 was $1,772,500, a difference of $291,250 (19.7%) versus the prior year and $-202,358 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 2023-11-01 was $5,948,950, a difference of $1,867,490 (45.8%) versus the prior year and $452,832 versus the prior month.

For the 2023-11-01 period, Glenwood Springs had 537 MLS listings, a difference of -76 listings (-12%) versus the prior month and -97 listings (-15%) 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
2023-06-01 0 days 2,039 sqft
2023-07-01 0 days 2,062 sqft
2023-08-01 0 days 2,048 sqft
2023-09-01 0 days 2,048 sqft
2023-10-01 0 days 2,011 sqft
2023-11-01 0 days 1,985 sqft
Glenwood Springs's median listing age (time on market) for 2023-11-01 was 0 days.

Glenwood Springs's median square footage for active listings during the 2023-11-01 period was 1,985 sqft. One year prior, the average listing was 1,964 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).