Steamboat Springs FHA Loan Rates, Closing Costs & Stats

Steamboat 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.

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 -0.67% for the week of 2024-02-23, 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 (2024-02-16) was 5.86% and one month ago for the week of 2024-01-19, the average rate was 5.81%.

The average rate one year ago was 5.57%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.74%.

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 $499,000 (16.8%) $1,023,248 (17.6%) 0.00 434
2018-02-01 $489,750 (14.6%) $1,026,993 (15.6%) 0.00 440
2018-03-01 $499,000 (21.7%) $1,076,057 (24.1%) 0.00 443
2018-04-01 $477,000 (13.5%) $1,060,942 (21.9%) 0.00 453
2018-05-01 $452,500 (17.8%) $1,021,673 (26.2%) 0.00 476
2018-06-01 $449,000 (11.1%) $1,002,526 (22.8%) 0.00 554
2018-07-01 $452,500 (14.6%) $1,008,811 (22.4%) 0.00 614
2018-08-01 $449,000 (18.1%) $990,763 (16.3%) 0.00 632
2018-09-01 $465,000 (7.9%) $1,028,938 (11.5%) 0.00 598
2018-10-01 $494,750 (5.5%) $1,046,490 (7.3%) 0.00 570
2018-11-01 $526,000 (12.7%) $1,065,930 (14.1%) 0.00 534
2018-12-01 $516,450 (4.5%) $1,072,428 (4.3%) 0.00 515
2019-01-01 $508,750 (0.4%) $1,063,244 (0.0%) 0.00 501
2019-02-01 $499,000 (-4.9%) $1,034,564 (-3.5%) 0.00 504
2019-03-01 $498,143 (-9.8%) $1,035,351 (-6.5%) 0.00 503
2019-04-01 $495,750 (-3.9%) $1,033,038 (-3.5%) 0.00 510
2019-05-01 $499,000 (-3.5%) $1,031,364 (-2.4%) 0.00 515
2019-06-01 $517,000 (3.0%) $1,009,671 (-3.4%) 0.00 604
2019-07-01 $530,625 (7.7%) $1,022,587 (-2.9%) 0.00 672
2019-08-01 $509,545 (5.2%) $1,022,456 (1.0%) 0.00 655
2019-09-01 $501,364 (6.0%) $1,044,780 (1.8%) 0.00 609
2019-10-01 $498,134 (8.0%) $1,069,926 (4.5%) 0.00 568
2019-11-01 $464,500 (10.2%) $1,071,133 (8.6%) 0.00 522
2019-12-01 $483,625 (10.5%) $1,119,472 (14.0%) 0.00 491
2020-01-01 $435,000 (11.6%) $1,110,856 (18.3%) 0.00 385
2020-02-01 $415,000 (15.2%) $1,043,377 (17.6%) 0.00 385
2020-03-01 $437,000 (12.5%) $958,415 (7.2%) 0.00 421
2020-04-01 $419,500 (-2.7%) $912,893 (-1.1%) 0.00 431
2020-05-01 $399,000 (-3.7%) $842,926 (-5.8%) 0.00 460
2020-06-01 $399,900 (-3.7%) $846,368 (-7.2%) 0.00 534
2020-07-01 $386,000 (-5.1%) $883,895 (-0.7%) 0.00 520
2020-08-01 $338,250 (-10.6%) $898,595 (6.5%) 0.00 454
2020-09-01 $341,250 (4.3%) $930,365 (8.5%) 0.00 428
2020-10-01 $329,000 (9.8%) $921,918 (7.2%) 0.00 398
2020-11-01 $388,750 (12.3%) $971,255 (2.8%) 0.00 330
2020-12-01 $391,250 (9.1%) $1,050,469 (3.3%) 0.00 292
2021-01-01 $372,143 (10.5%) $1,130,943 (7.9%) 0.00 243
2021-02-01 $397,500 (11.8%) $1,088,293 (8.0%) 0.00 241
2021-03-01 $382,375 (24.3%) $1,148,636 (28.1%) 0.00 238
2021-04-01 $330,000 (39.1%) $1,098,130 (48.2%) 0.00 220
2021-05-01 $350,000 (69.5%) $1,086,390 (51.6%) 0.00 241
2021-06-01 $359,750 (37.6%) $1,065,629 (51.5%) 0.00 239
2021-07-01 $395,000 (43.3%) $1,106,453 (39.6%) 0.00 239
2021-08-01 $428,000 (67.5%) $1,117,969 (29.3%) 0.00 241
2021-09-01 $452,975 (34.3%) $1,360,096 (44.5%) 0.00 244
2021-10-01 $452,500 (31.2%) $1,397,961 (47.5%) 0.00 223
2021-11-01 $390,456 (54.6%) $1,541,840 (83.1%) 0.00 166
2021-12-01 $396,156 (72.9%) $1,828,316 (98.7%) 0.00 148
2022-01-01 $371,950 (68.4%) $1,944,091 (110.5%) 0.00 125
2022-02-01 $397,500 (71.5%) $1,990,883 (132.0%) 0.00 116
2022-03-01 $516,750 (96.5%) $1,969,702 (108.5%) 0.00 119
2022-04-01 $419,900 (62.2%) $1,615,301 (65.9%) 0.00 127
2022-05-01 $446,000 (5.9%) $1,452,456 (37.8%) 0.00 160
2022-06-01 $631,250 (57.3%) $1,593,861 (39.7%) 0.00 206
2022-07-01 $779,000 (42.8%) $1,654,279 (29.6%) 0.00 259
2022-08-01 $707,250 (19.9%) $1,430,348 (11.7%) 0.00 269
2022-09-01 $705,000 (14.7%) $1,464,802 (-2.8%) 0.00 267
2022-10-01 $697,000 (-2.5%) $1,378,454 (-15.6%) 0.00 243
2022-11-01 $643,500 (-26.8%) $1,385,459 (-31.2%) 0.00 221
2022-12-01 $650,000 (-36.5%) $1,363,795 (-40.9%) 0.00 202
2023-01-01 $720,725 (-30.6%) $1,478,431 (-46.2%) 0.00 173
2023-02-01 $719,950 (-30.4%) $1,572,692 (-45.5%) 0.00 154
2023-03-01 $562,250 (-44.4%) $1,439,811 (-44.9%) 0.00 151
2023-04-01 $455,000 (-19.9%) $1,414,209 (-33.6%) 0.00 153
2023-05-01 $492,100 (-3.1%) $1,335,634 (-18.6%) 0.00 167
2023-06-01 $592,000 (-8.0%) $1,489,811 (-10.3%) 0.00 214
2023-07-01 $649,950 (-8.5%) $1,625,942 (4.4%) 0.00 255
2023-08-01 $672,500 (-1.9%) $1,517,563 (16.9%) 0.00 272
2023-09-01 $750,000 (11.1%) $1,652,018 (15.3%) 0.00 254
2023-10-01 $795,000 (35.0%) $1,647,811 (26.3%) 0.00 225
2023-11-01 $870,000 (51.5%) $1,746,767 (32.0%) 0.00 209
2023-12-01 $940,000 (0.0%) $1,921,814 (0.0%) 0.00 194
Steamboat Springs's median listing price for 2023-12-01 was $940,000, a difference of $290,000 (0.0%) versus the prior year and $70,000 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 2023-12-01 was $1,921,814, a difference of $558,019 (0.0%) versus the prior year and $175,047 versus the prior month.

For the 2023-12-01 period, Steamboat Springs had 194 MLS listings, a difference of -15 listings (-7%) versus the prior month and -8 listings (-4%) 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 2,135 sqft
2018-02-01 0 days 2,134 sqft
2018-03-01 0 days 2,140 sqft
2018-04-01 0 days 2,078 sqft
2018-05-01 0 days 2,075 sqft
2018-06-01 0 days 1,996 sqft
2018-07-01 0 days 1,992 sqft
2018-08-01 0 days 1,987 sqft
2018-09-01 0 days 2,016 sqft
2018-10-01 0 days 1,998 sqft
2018-11-01 0 days 1,994 sqft
2018-12-01 0 days 1,917 sqft
2019-01-01 0 days 1,926 sqft
2019-02-01 0 days 1,769 sqft
2019-03-01 0 days 1,767 sqft
2019-04-01 0 days 1,790 sqft
2019-05-01 0 days 1,928 sqft
2019-06-01 0 days 1,990 sqft
2019-07-01 0 days 2,022 sqft
2019-08-01 0 days 2,036 sqft
2019-09-01 0 days 2,061 sqft
2019-10-01 0 days 2,095 sqft
2019-11-01 0 days 2,168 sqft
2019-12-01 0 days 2,179 sqft
2020-01-01 0 days 2,186 sqft
2020-02-01 0 days 2,192 sqft
2020-03-01 0 days 2,150 sqft
2020-04-01 0 days 2,038 sqft
2020-05-01 0 days 1,990 sqft
2020-06-01 0 days 2,025 sqft
2020-07-01 0 days 2,008 sqft
2020-08-01 0 days 1,967 sqft
2020-09-01 0 days 1,994 sqft
2020-10-01 0 days 2,014 sqft
2020-11-01 0 days 2,053 sqft
2020-12-01 0 days 2,259 sqft
2021-01-01 0 days 2,263 sqft
2021-02-01 0 days 2,154 sqft
2021-03-01 0 days 2,137 sqft
2021-04-01 0 days 2,147 sqft
2021-05-01 0 days 2,052 sqft
2021-06-01 0 days 2,012 sqft
2021-07-01 0 days 2,054 sqft
2021-08-01 0 days 2,070 sqft
2021-09-01 0 days 2,014 sqft
2021-10-01 0 days 1,977 sqft
2021-11-01 0 days 2,028 sqft
2021-12-01 0 days 2,124 sqft
2022-01-01 0 days 1,925 sqft
2022-02-01 0 days 2,068 sqft
2022-03-01 0 days 2,280 sqft
2022-04-01 0 days 2,000 sqft
2022-05-01 0 days 1,940 sqft
2022-06-01 0 days 2,014 sqft
2022-07-01 0 days 2,116 sqft
2022-08-01 0 days 2,114 sqft
2022-09-01 0 days 2,103 sqft
2022-10-01 0 days 2,010 sqft
2022-11-01 0 days 2,012 sqft
2022-12-01 0 days 2,004 sqft
2023-01-01 0 days 2,002 sqft
2023-02-01 0 days 2,043 sqft
2023-03-01 0 days 1,960 sqft
2023-04-01 0 days 1,814 sqft
2023-05-01 0 days 1,845 sqft
2023-06-01 0 days 1,940 sqft
2023-07-01 0 days 1,969 sqft
2023-08-01 0 days 2,046 sqft
2023-09-01 0 days 2,124 sqft
2023-10-01 0 days 2,158 sqft
2023-11-01 0 days 2,126 sqft
2023-12-01 0 days 2,203 sqft
Steamboat Springs's median listing age (time on market) for 2023-12-01 was 0 days.

Steamboat Springs's median square footage for active listings during the 2023-12-01 period was 2,203 sqft. One year prior, the average listing was 2,004 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).