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 11 lenders originated 20 FHA loans during 2023. The total origination value was $7,490,000, with an average FHA loan value of $374,500.

    Steamboat Springs FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Steamboat Springs averaged 7.14% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Steamboat Springs's average FHA mortgage closing costs are $10,253.

    The average rate for the prior week (2024-04-12) was 6.83% and one month ago for the week of 2024-03-15, the average rate was 6.7%.

    The average rate one year ago was 6.22%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    CROSSCOUNTRY MORTGAGE, LLC 5 6.87% $14,048
    AMERICAN FINANCING CORPORATION 2 6.19% $19,580
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $18,830
    LOANDEPOT.COM, LLC 1 8.13% $9,524
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $20,452
    NFM, INC. 1 7.25% $12,498
    PENNYMAC LOAN SERVICES, LLC 1 5.50% $18,973
    QUICKEN LOANS, LLC 1 6.99% $13,747
    UNITED WHOLESALE MORTGAGE, LLC 1 6.63% $11,509
    Zions Bank 1 5.50% $6,456
    GROUP MORTGAGE, LLC 1 7.25% $11,321

    The top Steamboat Springs FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 5 FHA loans originated. Their average total fees are $14,048, which is $5,532 lower 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 $699,000 (17.2%) $1,258,733 (18.7%) 0.00 337
    2018-02-01 $687,000 (15.1%) $1,252,716 (16.6%) 0.00 344
    2018-03-01 $730,000 (22.7%) $1,306,045 (25.0%) 0.00 350
    2018-04-01 $695,000 (16.0%) $1,272,883 (22.5%) 0.00 365
    2018-05-01 $699,000 (17.9%) $1,268,659 (26.8%) 0.00 366
    2018-06-01 $665,000 (12.8%) $1,251,244 (23.3%) 0.00 416
    2018-07-01 $677,000 (14.9%) $1,257,117 (22.9%) 0.00 470
    2018-08-01 $698,125 (18.5%) $1,232,359 (16.4%) 0.00 485
    2018-09-01 $700,000 (7.7%) $1,269,185 (11.3%) 0.00 466
    2018-10-01 $699,000 (4.6%) $1,275,973 (7.1%) 0.00 448
    2018-11-01 $699,500 (12.4%) $1,270,177 (13.9%) 0.00 425
    2018-12-01 $699,000 (3.6%) $1,257,363 (4.0%) 0.00 417
    2019-01-01 $699,250 (0.0%) $1,249,327 (-0.8%) 0.00 411
    2019-02-01 $650,000 (-5.4%) $1,199,457 (-4.3%) 0.00 418
    2019-03-01 $652,143 (-10.7%) $1,214,682 (-7.0%) 0.00 408
    2019-04-01 $649,368 (-6.6%) $1,222,080 (-4.0%) 0.00 408
    2019-05-01 $672,500 (-3.8%) $1,230,681 (-3.0%) 0.00 406
    2019-06-01 $674,000 (1.4%) $1,202,666 (-3.9%) 0.00 483
    2019-07-01 $725,750 (7.2%) $1,215,575 (-3.3%) 0.00 535
    2019-08-01 $731,250 (4.7%) $1,239,605 (0.6%) 0.00 512
    2019-09-01 $741,375 (5.9%) $1,285,711 (1.3%) 0.00 470
    2019-10-01 $752,125 (7.6%) $1,327,075 (4.0%) 0.00 433
    2019-11-01 $765,000 (9.4%) $1,372,545 (8.1%) 0.00 393
    2019-12-01 $767,500 (9.8%) $1,426,411 (13.4%) 0.00 359
    2020-01-01 $777,500 (11.2%) $1,477,361 (18.3%) 0.00 268
    2020-02-01 $750,000 (15.4%) $1,410,236 (17.6%) 0.00 264
    2020-03-01 $734,875 (12.7%) $1,301,839 (7.2%) 0.00 286
    2020-04-01 $633,500 (-2.4%) $1,208,750 (-1.1%) 0.00 298
    2020-05-01 $642,000 (-4.5%) $1,159,674 (-5.8%) 0.00 304
    2020-06-01 $646,000 (-4.2%) $1,115,968 (-7.2%) 0.00 367
    2020-07-01 $685,000 (-5.6%) $1,207,115 (-0.7%) 0.00 346
    2020-08-01 $650,000 (-11.1%) $1,320,706 (6.5%) 0.00 275
    2020-09-01 $769,500 (3.8%) $1,395,907 (8.6%) 0.00 254
    2020-10-01 $819,500 (9.0%) $1,423,463 (7.3%) 0.00 228
    2020-11-01 $860,000 (12.4%) $1,412,915 (2.9%) 0.00 201
    2020-12-01 $837,500 (9.1%) $1,475,226 (3.4%) 0.00 185
    2021-01-01 $862,500 (10.9%) $1,597,356 (8.1%) 0.00 155
    2021-02-01 $824,500 (9.9%) $1,525,643 (8.2%) 0.00 156
    2021-03-01 $916,250 (24.7%) $1,671,285 (28.4%) 0.00 150
    2021-04-01 $878,750 (38.7%) $1,794,414 (48.5%) 0.00 121
    2021-05-01 $1,100,000 (71.3%) $1,757,054 (51.5%) 0.00 128
    2021-06-01 $893,500 (38.3%) $1,690,006 (51.4%) 0.00 137
    2021-07-01 $989,000 (44.4%) $1,684,380 (39.5%) 0.00 144
    2021-08-01 $1,096,250 (68.7%) $1,706,121 (29.2%) 0.00 143
    2021-09-01 $1,039,000 (35.0%) $2,014,130 (44.3%) 0.00 150
    2021-10-01 $1,087,250 (32.7%) $2,097,144 (47.3%) 0.00 137
    2021-11-01 $1,337,500 (55.5%) $2,582,482 (82.8%) 0.00 86
    2021-12-01 $1,457,000 (74.0%) $2,925,163 (98.3%) 0.00 82
    2022-01-01 $1,452,500 (68.4%) $3,352,628 (109.9%) 0.00 66
    2022-02-01 $1,437,500 (74.4%) $3,529,154 (131.3%) 0.00 58
    2022-03-01 $1,797,500 (96.2%) $3,474,138 (107.9%) 0.00 64
    2022-04-01 $1,435,000 (63.3%) $2,969,432 (65.5%) 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 $1,400,000 (41.6%) $2,183,354 (29.6%) 0.00 189
    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
    2023-06-01 $1,293,750 (-8.0%) $2,118,976 (-10.3%) 0.00 134
    2023-07-01 $1,293,000 (-7.6%) $2,278,426 (4.4%) 0.00 163
    2023-08-01 $1,288,750 (-1.9%) $2,228,237 (16.9%) 0.00 166
    2023-09-01 $1,324,500 (11.1%) $2,256,291 (15.3%) 0.00 164
    2023-10-01 $1,431,250 (35.0%) $2,235,084 (26.3%) 0.00 147
    2023-11-01 $1,482,500 (51.5%) $2,345,820 (32.0%) 0.00 140
    2023-12-01 $1,697,500 (83.5%) $2,533,133 (46.4%) 0.00 137
    2024-01-01 $1,823,000 (80.9%) $2,611,608 (44.8%) 0.00 116
    2024-02-01 $1,875,000 (87.5%) $2,689,675 (39.9%) 0.00 106
    2024-03-01 $1,900,000 (90.2%) $2,702,714 (41.2%) 0.00 104
    Steamboat Springs's median listing price for 2024-03-01 was $1,900,000, a difference of $901,255 (90.2%) versus the prior year and $25,000 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 2024-03-01 was $2,702,714, a difference of $788,337 (41.2%) versus the prior year and $13,039 versus the prior month.

    For the 2024-03-01 period, Steamboat Springs had 104 MLS listings, a difference of -2 listings (-2%) versus the prior month and -2 listings (-2%) 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 2,296 sqft
    2018-02-01 0 days 2,290 sqft
    2018-03-01 0 days 2,288 sqft
    2018-04-01 0 days 2,244 sqft
    2018-05-01 0 days 2,339 sqft
    2018-06-01 0 days 2,284 sqft
    2018-07-01 0 days 2,244 sqft
    2018-08-01 0 days 2,190 sqft
    2018-09-01 0 days 2,280 sqft
    2018-10-01 0 days 2,217 sqft
    2018-11-01 0 days 2,175 sqft
    2018-12-01 0 days 2,032 sqft
    2019-01-01 0 days 2,018 sqft
    2019-02-01 0 days 1,836 sqft
    2019-03-01 0 days 1,846 sqft
    2019-04-01 0 days 1,893 sqft
    2019-05-01 0 days 2,035 sqft
    2019-06-01 0 days 2,071 sqft
    2019-07-01 0 days 2,181 sqft
    2019-08-01 0 days 2,223 sqft
    2019-09-01 0 days 2,286 sqft
    2019-10-01 0 days 2,328 sqft
    2019-11-01 0 days 2,383 sqft
    2019-12-01 0 days 2,363 sqft
    2020-01-01 0 days 2,369 sqft
    2020-02-01 0 days 2,371 sqft
    2020-03-01 0 days 2,304 sqft
    2020-04-01 0 days 2,102 sqft
    2020-05-01 0 days 2,068 sqft
    2020-06-01 0 days 2,168 sqft
    2020-07-01 0 days 2,206 sqft
    2020-08-01 0 days 2,266 sqft
    2020-09-01 0 days 2,294 sqft
    2020-10-01 0 days 2,290 sqft
    2020-11-01 0 days 2,285 sqft
    2020-12-01 0 days 2,295 sqft
    2021-01-01 0 days 2,371 sqft
    2021-02-01 0 days 2,331 sqft
    2021-03-01 0 days 2,371 sqft
    2021-04-01 0 days 2,468 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 2,420 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 2,030 sqft
    2023-01-01 0 days 2,076 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
    2023-06-01 0 days 2,213 sqft
    2023-07-01 0 days 2,286 sqft
    2023-08-01 0 days 2,552 sqft
    2023-09-01 0 days 2,573 sqft
    2023-10-01 0 days 2,573 sqft
    2023-11-01 0 days 2,603 sqft
    2023-12-01 0 days 2,586 sqft
    2024-01-01 0 days 2,682 sqft
    2024-02-01 0 days 2,743 sqft
    2024-03-01 0 days 2,397 sqft
    Steamboat Springs's median listing age (time on market) for 2024-03-01 was 0 days.

    Steamboat Springs's median square footage for active listings during the 2024-03-01 period was 2,397 sqft. One year prior, the average listing was 2,176 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).