Steamboat Springs FHA Loan Rates, Closing Costs & Stats

Steamboat 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.

    Steamboat Springs's 13 lenders originated 24 FHA loans during 2022. The total origination value was $8,520,000, with an average FHA loan value of $355,000.

    Steamboat Springs FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Steamboat Springs averaged -0.87% for the week of 2023-06-02, compared to the national average (all FHA variants) of 0% for the same period.

    Steamboat Springs's average FHA mortgage closing costs are $9,902.

    The average rate for the prior week (2023-05-26) was 5.76% and one month ago for the week of 2023-04-28, the average rate was 5.8%.

    The average rate one year ago was 4.66%.

    For refis of the same type during the week of 2023-06-02, the average rate was -1.64%.

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

    Steamboat 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 Steamboat Springs level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    CROSSCOUNTRY MORTGAGE, LLC 4 5.31% $18,592
    AMERICAN FINANCING CORPORATION 1 6.00% $16,928
    BROKER SOLUTIONS, INC. 1 5.00% $10,232
    CORNERSTONE HOME LENDING, INC. 1 4.13% $15,967
    FREEDOM MORTGAGE CORPORATION 1 3.25% $4,757
    Glacier Bank 1 5.50% $8,914
    GUILD MORTGAGE COMPANY 1 5.63% $32,101
    LAKEVIEW LOAN SERVICING, LLC 1 3.50% $5,522
    Midwest Mortgage Associates Corporation 1 4.63% $13,085
    NFM, INC. 1 5.50% $16,203
    Northpointe Bank 1 3.88% $12,438
    1ST FINANCIAL, INC. 1 6.25% $24,210
    QUICKEN LOANS, LLC 1 4.63% $13,756

    The top Steamboat Springs FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 4 FHA loans originated. Their average total fees are $18,592, which is $1,664 higher than the next largest lender, AMERICAN FINANCING CORPORATION.

    The lowest fee Steamboat Springs FHA lenders (with over 10 loans originated) are .

    The lowest rate Steamboat Springs FHA lenders (with over 10 loans originated) are .

    Steamboat Springs FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    STEAMBOAT SPRINGS, CO ROUTT 2021 $678,500 $868,600 $1,049,950 $1,304,850
    STEAMBOAT SPRINGS, CO ROUTT 2023 $845,250 $1,082,100 $1,308,000 $1,625,500

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Steamboat 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 $696,750 (16.8%) $1,247,793 (17.6%) 0.00 340
    2018-02-01 $685,000 (14.6%) $1,242,056 (15.6%) 0.00 347
    2018-03-01 $724,950 (21.7%) $1,297,496 (24.1%) 0.00 352
    2018-04-01 $680,000 (13.5%) $1,264,848 (21.9%) 0.00 367
    2018-05-01 $698,000 (17.8%) $1,260,765 (26.2%) 0.00 368
    2018-06-01 $655,000 (11.1%) $1,244,671 (22.8%) 0.00 418
    2018-07-01 $675,000 (14.6%) $1,250,941 (22.4%) 0.00 472
    2018-08-01 $695,750 (18.1%) $1,226,424 (16.3%) 0.00 487
    2018-09-01 $699,950 (7.9%) $1,262,831 (11.5%) 0.00 468
    2018-10-01 $699,000 (5.5%) $1,269,407 (7.3%) 0.00 450
    2018-11-01 $699,000 (12.7%) $1,263,319 (14.1%) 0.00 427
    2018-12-01 $699,000 (4.5%) $1,250,386 (4.3%) 0.00 419
    2019-01-01 $699,250 (0.4%) $1,247,267 (0.0%) 0.00 411
    2019-02-01 $651,250 (-4.9%) $1,198,196 (-3.5%) 0.00 419
    2019-03-01 $654,286 (-9.8%) $1,212,792 (-6.5%) 0.00 410
    2019-04-01 $653,786 (-3.9%) $1,221,270 (-3.5%) 0.00 409
    2019-05-01 $673,750 (-3.5%) $1,230,001 (-2.4%) 0.00 407
    2019-06-01 $674,500 (3.0%) $1,202,101 (-3.4%) 0.00 484
    2019-07-01 $727,000 (7.7%) $1,215,091 (-2.9%) 0.00 536
    2019-08-01 $731,682 (5.2%) $1,239,031 (1.0%) 0.00 513
    2019-09-01 $741,705 (6.0%) $1,284,989 (1.8%) 0.00 471
    2019-10-01 $754,750 (8.0%) $1,326,218 (4.5%) 0.00 434
    2019-11-01 $770,000 (10.2%) $1,371,511 (8.6%) 0.00 394
    2019-12-01 $772,500 (10.5%) $1,425,121 (14.0%) 0.00 360
    2020-01-01 $780,500 (11.6%) $1,475,388 (18.3%) 0.00 269
    2020-02-01 $750,000 (15.2%) $1,408,514 (17.6%) 0.00 265
    2020-03-01 $736,000 (12.5%) $1,300,613 (7.2%) 0.00 287
    2020-04-01 $636,250 (-2.7%) $1,207,909 (-1.1%) 0.00 299
    2020-05-01 $649,000 (-3.7%) $1,158,993 (-5.8%) 0.00 305
    2020-06-01 $649,500 (-3.7%) $1,115,523 (-7.2%) 0.00 368
    2020-07-01 $690,000 (-5.1%) $1,206,383 (-0.7%) 0.00 347
    2020-08-01 $654,500 (-10.6%) $1,319,374 (6.5%) 0.00 276
    2020-09-01 $773,500 (4.3%) $1,394,201 (8.5%) 0.00 255
    2020-10-01 $829,000 (9.8%) $1,421,363 (7.2%) 0.00 229
    2020-11-01 $865,000 (12.3%) $1,410,332 (2.8%) 0.00 202
    2020-12-01 $842,500 (9.1%) $1,472,164 (3.3%) 0.00 186
    2021-01-01 $862,500 (10.5%) $1,592,578 (7.9%) 0.00 156
    2021-02-01 $838,250 (11.8%) $1,521,405 (8.0%) 0.00 157
    2021-03-01 $914,750 (24.3%) $1,666,120 (28.1%) 0.00 151
    2021-04-01 $885,000 (39.1%) $1,790,438 (48.2%) 0.00 122
    2021-05-01 $1,100,000 (69.5%) $1,757,054 (51.6%) 0.00 128
    2021-06-01 $893,500 (37.6%) $1,690,006 (51.5%) 0.00 137
    2021-07-01 $989,000 (43.3%) $1,684,380 (39.6%) 0.00 144
    2021-08-01 $1,096,250 (67.5%) $1,706,121 (29.3%) 0.00 143
    2021-09-01 $1,039,000 (34.3%) $2,014,130 (44.5%) 0.00 150
    2021-10-01 $1,087,250 (31.2%) $2,097,144 (47.5%) 0.00 137
    2021-11-01 $1,337,500 (54.6%) $2,582,482 (83.1%) 0.00 86
    2021-12-01 $1,457,000 (72.9%) $2,925,163 (98.7%) 0.00 82
    2022-01-01 $1,452,500 (68.4%) $3,352,628 (110.5%) 0.00 66
    2022-02-01 $1,437,500 (71.5%) $3,529,154 (132.0%) 0.00 58
    2022-03-01 $1,797,500 (96.5%) $3,474,138 (108.5%) 0.00 64
    2022-04-01 $1,435,000 (62.2%) $2,969,432 (65.9%) 0.00 63
    2022-05-01 $1,164,500 (5.9%) $2,421,756 (37.8%) 0.00 84
    2022-06-01 $1,405,750 (57.3%) $2,361,427 (39.7%) 0.00 132
    2022-07-01 $1,412,500 (42.8%) $2,183,354 (29.6%) 0.00 190
    2022-08-01 $1,314,250 (19.9%) $1,905,424 (11.7%) 0.00 186
    2022-09-01 $1,192,000 (14.7%) $1,956,901 (-2.8%) 0.00 185
    2022-10-01 $1,060,000 (-2.5%) $1,769,415 (-15.6%) 0.00 179
    2022-11-01 $978,750 (-26.8%) $1,777,386 (-31.2%) 0.00 159
    2022-12-01 $925,000 (-36.5%) $1,730,223 (-40.9%) 0.00 149
    2023-01-01 $1,007,493 (-30.6%) $1,803,240 (-46.2%) 0.00 132
    2023-02-01 $1,000,000 (-30.4%) $1,923,152 (-45.5%) 0.00 116
    2023-03-01 $998,745 (-44.4%) $1,914,377 (-44.9%) 0.00 106
    2023-04-01 $1,150,000 (-19.9%) $1,971,005 (-33.6%) 0.00 95
    2023-05-01 $1,128,500 (-3.1%) $1,972,332 (-18.6%) 0.00 101
    Steamboat Springs's median listing price for 2023-05-01 was $1,128,500, a difference of $-36,000 (-3.1%) versus the prior year and $-21,500 versus the prior month.

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

    Steamboat Springs's average listing price for 2023-05-01 was $1,972,332, a difference of $-449,424 (-18.6%) versus the prior year and $1,327 versus the prior month.

    For the 2023-05-01 period, Steamboat Springs had 101 MLS listings, a difference of 6 listings (6%) versus the prior month and 17 listings (20%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Steamboat 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 2,290 sqft
    2018-02-01 0 days 2,285 sqft
    2018-03-01 0 days 2,285 sqft
    2018-04-01 0 days 2,228 sqft
    2018-05-01 0 days 2,331 sqft
    2018-06-01 0 days 2,256 sqft
    2018-07-01 0 days 2,238 sqft
    2018-08-01 0 days 2,180 sqft
    2018-09-01 0 days 2,278 sqft
    2018-10-01 0 days 2,212 sqft
    2018-11-01 0 days 2,159 sqft
    2018-12-01 0 days 2,020 sqft
    2019-01-01 0 days 2,018 sqft
    2019-02-01 0 days 1,841 sqft
    2019-03-01 0 days 1,848 sqft
    2019-04-01 0 days 1,900 sqft
    2019-05-01 0 days 2,045 sqft
    2019-06-01 0 days 2,074 sqft
    2019-07-01 0 days 2,182 sqft
    2019-08-01 0 days 2,229 sqft
    2019-09-01 0 days 2,300 sqft
    2019-10-01 0 days 2,347 sqft
    2019-11-01 0 days 2,395 sqft
    2019-12-01 0 days 2,364 sqft
    2020-01-01 0 days 2,370 sqft
    2020-02-01 0 days 2,372 sqft
    2020-03-01 0 days 2,306 sqft
    2020-04-01 0 days 2,106 sqft
    2020-05-01 0 days 2,071 sqft
    2020-06-01 0 days 2,171 sqft
    2020-07-01 0 days 2,216 sqft
    2020-08-01 0 days 2,267 sqft
    2020-09-01 0 days 2,300 sqft
    2020-10-01 0 days 2,290 sqft
    2020-11-01 0 days 2,288 sqft
    2020-12-01 0 days 2,297 sqft
    2021-01-01 0 days 2,371 sqft
    2021-02-01 0 days 2,356 sqft
    2021-03-01 0 days 2,371 sqft
    2021-04-01 0 days 2,470 sqft
    2021-05-01 0 days 2,427 sqft
    2021-06-01 0 days 2,429 sqft
    2021-07-01 0 days 2,551 sqft
    2021-08-01 0 days 2,549 sqft
    2021-09-01 0 days 2,291 sqft
    2021-10-01 0 days 2,302 sqft
    2021-11-01 0 days 3,002 sqft
    2021-12-01 0 days 3,127 sqft
    2022-01-01 0 days 3,024 sqft
    2022-02-01 0 days 2,831 sqft
    2022-03-01 0 days 3,019 sqft
    2022-04-01 0 days 2,545 sqft
    2022-05-01 0 days 2,351 sqft
    2022-06-01 0 days 2,577 sqft
    2022-07-01 0 days 2,409 sqft
    2022-08-01 0 days 2,300 sqft
    2022-09-01 0 days 2,289 sqft
    2022-10-01 0 days 2,069 sqft
    2022-11-01 0 days 2,042 sqft
    2022-12-01 0 days 2,028 sqft
    2023-01-01 0 days 2,065 sqft
    2023-02-01 0 days 2,248 sqft
    2023-03-01 0 days 2,176 sqft
    2023-04-01 0 days 2,253 sqft
    2023-05-01 0 days 2,071 sqft
    Steamboat Springs's median listing age (time on market) for 2023-05-01 was 0 days.

    Steamboat Springs's median square footage for active listings during the 2023-05-01 period was 2,071 sqft. One year prior, the average listing was 2,351 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).