Glenwood Springs FHA Loan Rates, Closing Costs & Stats

Glenwood Springs, CO

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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).