FHA Loan Calculator for Colorado

FHA Loans in Colorado

FHA loans require a minimum 3.5% down payment (10% if credit score is 580-619). On Colorado's median home of $540,000, that's a minimum down payment of $18,900.

FHA Loan Limits in Colorado

FHA loan limits vary by county and are tied to conforming limits. In most Colorado counties, the FHA floor limit is $498,257 (2024). High-cost areas like certain counties may qualify for higher limits up to $1,149,825. Most Colorado counties are at the standard limit. Eagle, Pitkin, and Routt counties (ski resort areas) qualify for high-cost limits up to $1,089,300.

FHA vs Conventional in Colorado

FHA MIP (Mortgage Insurance Premium) is required regardless of down payment. Conventional loans eliminate PMI at 20% equity. With Colorado's median home at $540,000, buyers who can put down $108,000 (20%) are better served by conventional financing. FHA makes sense for buyers with limited savings or credit scores below 740.

Closing Costs

Colorado closing costs average $3,800. Colorado imposes a deed of trust recording fee and a documentary fee of $0.01/$100 of value, both of which are modest. Title insurance is a significant component of closing costs. Sellers can contribute up to 6% of the purchase price toward FHA buyer closing costs.

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