Steamboat Springs FHA Loans

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 22 lenders originated 52 FHA loans during 2021. The total origination value was $16,150,000, with an average FHA loan value of $310,577.

Steamboat Springs FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Steamboat Springs averaged 5.42% for the week of 2022-08-05, compared to the national average (all FHA variants) of 5.305% for the same period.

The average rate for the prior week (2022-07-29) was 5.56% and one month ago for the week of 2022-07-01, the average rate was 5.75%.

The average rate one year ago was 3.25%.

For refis of the same type during the week of 2022-08-05, the average rate was 5%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Steamboat Springs level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
BAY EQUITY LLC 14 2.96% $9,769
GUILD MORTGAGE COMPANY 4 2.97% $10,537
AMERICAN FINANCING CORPORATION 2 2.94% $11,501
LAKEVIEW LOAN SERVICING, LLC 2 2.56% $6,187
CALIBER HOME LOANS, INC. 2 2.50% $5,813
COUNTRYPLACE MORTGAGE, LTD. 1 3.75% $11,647
Ent Credit Union 1 2.50% $8,583
FAMILY FIRST FUNDING LLC 1 3.50% $12,077
FINANCE OF AMERICA MORTGAGE LLC 1 3.38% $10,884
Glacier Bank 1 2.88% $8,874
MEGASTAR FINANCIAL CORP. 1 2.50% $4,930
Mr. Cooper ( Nationstar Mortgage ) 1 3.63% $4,126
NP, Inc. 1 2.50% $7,011
QUICKEN LOANS, LLC 1 2.50% $18,085
SOUTHWEST FUNDING, LP 1 3.25% $9,603
UNITED WHOLESALE MORTGAGE, LLC 1 2.25% $23,146
AMCAP MORTGAGE, LTD. 1 2.25% $7,303
VILLAGE CAPITAL & INVESTMENT LLC 1 3.00% $7,023
BROKER SOLUTIONS, INC. 1 2.75% $10,063
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 3.25% $8,899
CMG MORTGAGE, INC. 1 2.75% $17,142
CORNERSTONE HOME LENDING, INC. 1 3.25% $8,654

The top Steamboat Springs FHA lender as defined by loan originations is BAY EQUITY LLC, with 14 FHA loans originated. Their average total fees are $9,769, which is $768 lower than the next largest lender, GUILD MORTGAGE COMPANY.

The lowest fee Steamboat Springs FHA lenders (with over 10 loans originated) are BAY EQUITY LLC ($9,769), .

The lowest rate Steamboat Springs FHA lenders (with over 10 loans originated) are BAY EQUITY LLC (2.96%), .

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

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 $649,000 (16.1%) $1,226,352 (24.8%) 0.00 350
2018-02-01 $662,000 (19.9%) $1,251,464 (28.2%) 0.00 352
2018-03-01 $675,000 (22.8%) $1,293,135 (34.9%) 0.00 365
2018-04-01 $634,500 (11.5%) $1,254,282 (30.3%) 0.00 372
2018-05-01 $647,000 (17.9%) $1,265,277 (36.9%) 0.00 373
2018-06-01 $625,000 (10.8%) $1,244,036 (31.4%) 0.00 422
2018-07-01 $650,000 (18.2%) $1,269,507 (33.3%) 0.00 478
2018-08-01 $675,000 (23.4%) $1,254,905 (28.7%) 0.00 488
2018-09-01 $695,000 (20.9%) $1,283,518 (21.3%) 0.00 471
2018-10-01 $694,900 (16.4%) $1,298,905 (17.9%) 0.00 454
2018-11-01 $691,950 (11.6%) $1,291,844 (10.2%) 0.00 432
2018-12-01 $679,000 (6.7%) $1,272,121 (6.8%) 0.00 426
2019-01-01 $682,000 (5.1%) $1,252,381 (2.1%) 0.00 425
2019-02-01 $622,450 (-6.0%) $1,201,332 (-4.0%) 0.00 432
2019-03-01 $628,086 (-7.0%) $1,228,084 (-5.0%) 0.00 419
2019-04-01 $618,086 (-2.6%) $1,236,286 (-1.4%) 0.00 421
2019-05-01 $644,450 (-0.4%) $1,242,861 (-1.8%) 0.00 418
2019-06-01 $649,000 (3.8%) $1,209,910 (-2.7%) 0.00 500
2019-07-01 $679,000 (4.5%) $1,224,690 (-3.5%) 0.00 549
2019-08-01 $685,857 (1.6%) $1,223,857 (-2.5%) 0.00 530
2019-09-01 $696,000 (0.1%) $1,237,015 (-3.6%) 0.00 488
2019-10-01 $697,000 (0.3%) $1,292,031 (-0.5%) 0.00 447
2019-11-01 $699,000 (1.0%) $1,331,133 (3.0%) 0.00 404
2019-12-01 $749,750 (10.4%) $1,390,105 (9.3%) 0.00 363
2020-01-01 $747,500 (9.6%) $1,404,795 (12.2%) 0.00 278
2020-02-01 $725,000 (16.5%) $1,358,305 (13.1%) 0.00 276
2020-03-01 $679,500 (8.2%) $1,242,306 (1.2%) 0.00 302
2020-04-01 $599,500 (-3.0%) $1,184,395 (-4.2%) 0.00 313
2020-05-01 $619,900 (-3.8%) $1,142,294 (-8.1%) 0.00 315
2020-06-01 $620,000 (-4.5%) $1,103,138 (-8.8%) 0.00 376
2020-07-01 $657,500 (-3.2%) $1,184,385 (-3.3%) 0.00 352
2020-08-01 $599,900 (-12.5%) $1,290,228 (5.4%) 0.00 277
2020-09-01 $649,500 (-6.7%) $1,348,364 (9.0%) 0.00 259
2020-10-01 $760,000 (9.0%) $1,360,032 (5.3%) 0.00 231
2020-11-01 $814,500 (16.5%) $1,355,983 (1.9%) 0.00 204
2020-12-01 $769,000 (2.6%) $1,417,326 (2.0%) 0.00 190
2021-01-01 $699,000 (-6.5%) $1,535,434 (9.3%) 0.00 159
2021-02-01 $679,950 (-6.2%) $1,499,508 (10.4%) 0.00 151
2021-03-01 $822,000 (21.0%) $1,659,293 (33.6%) 0.00 144
2021-04-01 $852,000 (42.1%) $1,767,178 (49.2%) 0.00 119
2021-05-01 $925,000 (49.2%) $1,703,251 (49.1%) 0.00 127
2021-06-01 $852,500 (37.5%) $1,642,047 (48.9%) 0.00 135
2021-07-01 $924,500 (40.6%) $1,621,774 (36.9%) 0.00 143
2021-08-01 $974,000 (62.4%) $1,614,324 (25.1%) 0.00 147
2021-09-01 $982,500 (51.3%) $1,865,834 (38.4%) 0.00 148
2021-10-01 $950,000 (25.0%) $1,900,499 (39.7%) 0.00 139
2021-11-01 $1,299,500 (59.6%) $2,286,156 (68.6%) 0.00 90
2021-12-01 $1,325,000 (72.3%) $2,716,950 (91.7%) 0.00 86
2022-01-01 $1,299,999 (86.0%) $3,146,287 (104.9%) 0.00 68
2022-02-01 $1,285,000 (89.0%) $3,195,191 (113.1%) 0.00 61
2022-03-01 $1,572,000 (91.2%) $3,298,556 (98.8%) 0.00 66
2022-04-01 $1,375,000 (61.4%) $2,963,779 (67.7%) 0.00 65
2022-05-01 $1,139,500 (23.2%) $2,502,742 (46.9%) 0.00 82
2022-06-01 $1,375,000 (61.3%) $2,424,303 (47.6%) 0.00 129
Steamboat Springs's median listing price for 2022-06-01 was $1,375,000, a difference of $522,500 (61.3%) versus the prior year and $235,500 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 2022-06-01 was $2,424,303, a difference of $782,256 (47.6%) versus the prior year and $-78,439 versus the prior month.

For the 2022-06-01 period, Steamboat Springs had 129 MLS listings, a difference of 47 listings (57%) versus the prior month and -6 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 2,259 sqft
2018-02-01 0 days 2,278 sqft
2018-03-01 0 days 2,286 sqft
2018-04-01 0 days 2,227 sqft
2018-05-01 0 days 2,339 sqft
2018-06-01 0 days 2,279 sqft
2018-07-01 0 days 2,245 sqft
2018-08-01 0 days 2,218 sqft
2018-09-01 0 days 2,279 sqft
2018-10-01 0 days 2,240 sqft
2018-11-01 0 days 2,179 sqft
2018-12-01 0 days 2,024 sqft
2019-01-01 0 days 2,016 sqft
2019-02-01 0 days 1,868 sqft
2019-03-01 0 days 1,889 sqft
2019-04-01 0 days 1,910 sqft
2019-05-01 0 days 2,007 sqft
2019-06-01 0 days 2,039 sqft
2019-07-01 0 days 2,134 sqft
2019-08-01 0 days 2,208 sqft
2019-09-01 0 days 2,301 sqft
2019-10-01 0 days 2,298 sqft
2019-11-01 0 days 2,311 sqft
2019-12-01 0 days 2,316 sqft
2020-01-01 0 days 2,304 sqft
2020-02-01 0 days 2,316 sqft
2020-03-01 0 days 2,286 sqft
2020-04-01 0 days 2,135 sqft
2020-05-01 0 days 2,102 sqft
2020-06-01 0 days 2,194 sqft
2020-07-01 0 days 2,211 sqft
2020-08-01 0 days 2,229 sqft
2020-09-01 0 days 2,281 sqft
2020-10-01 0 days 2,279 sqft
2020-11-01 0 days 2,272 sqft
2020-12-01 0 days 2,290 sqft
2021-01-01 0 days 2,355 sqft
2021-02-01 0 days 2,327 sqft
2021-03-01 0 days 2,371 sqft
2021-04-01 0 days 2,445 sqft
2021-05-01 0 days 2,427 sqft
2021-06-01 0 days 2,382 sqft
2021-07-01 0 days 2,518 sqft
2021-08-01 0 days 2,540 sqft
2021-09-01 0 days 2,347 sqft
2021-10-01 0 days 2,312 sqft
2021-11-01 0 days 2,916 sqft
2021-12-01 0 days 2,784 sqft
2022-01-01 0 days 2,933 sqft
2022-02-01 0 days 2,707 sqft
2022-03-01 0 days 2,758 sqft
2022-04-01 0 days 2,464 sqft
2022-05-01 0 days 2,356 sqft
2022-06-01 0 days 2,567 sqft
Steamboat Springs's median listing age (time on market) for 2022-06-01 was 0 days.

Steamboat Springs's median square footage for active listings during the 2022-06-01 period was 2,567 sqft. One year prior, the average listing was 2,382 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).