FHA Loan Limits in Colorado
Loans backed by the Federal Housing Administration (FHA) offer lower credit score and down payment requirements than conventional mortgages. However, you won’t be able to borrow as much with an FHA loan due to FHA loan limits. To qualify for an FHA loan on a single-family home purchase in Colorado, you can borrow up to $472,030 in most counties, but that limit increases to $1,089,300 in the high-cost counties of Garfield and Pitkin.
Colorado FHA loan limits by county
| County name | One unit | Two unit | Three unit | Four unit | Median sale price |
|---|---|---|---|---|---|
| ADAMS | $787,750 | $1,008,450 | $1,219,000 | $1,514,950 | $685,000 |
| ALAMOSA | $472,030 | $604,400 | $730,525 | $907,900 | $220,000 |
| ARAPAHOE | $787,750 | $1,008,450 | $1,219,000 | $1,514,950 | $685,000 |
| ARCHULETA | $472,030 | $604,400 | $730,525 | $907,900 | $225,000 |
| BACA | $472,030 | $604,400 | $730,525 | $907,900 | $70,000 |
| BENT | $472,030 | $604,400 | $730,525 | $907,900 | $103,000 |
| BOULDER | $856,750 | $1,096,800 | $1,325,800 | $1,647,650 | $745,000 |
| BROOMFIELD | $787,750 | $1,008,450 | $1,219,000 | $1,514,950 | $685,000 |
| CHAFFEE | $600,300 | $768,500 | $928,950 | $1,154,450 | $522,000 |
| CHEYENNE | $472,030 | $604,400 | $730,525 | $907,900 | $97,000 |
| CLEAR CREEK | $787,750 | $1,008,450 | $1,219,000 | $1,514,950 | $685,000 |
| CONEJOS | $472,030 | $604,400 | $730,525 | $907,900 | $125,000 |
| COSTILLA | $472,030 | $604,400 | $730,525 | $907,900 | $82,000 |
| CROWLEY | $472,030 | $604,400 | $730,525 | $907,900 | $68,000 |
| CUSTER | $472,030 | $604,400 | $730,525 | $907,900 | $250,000 |
| DELTA | $472,030 | $604,400 | $730,525 | $907,900 | $285,000 |
| DENVER | $787,750 | $1,008,450 | $1,219,000 | $1,514,950 | $685,000 |
| DOLORES | $472,030 | $604,400 | $730,525 | $907,900 | $200,000 |
| DOUGLAS | $787,750 | $1,008,450 | $1,219,000 | $1,514,950 | $685,000 |
| EAGLE | $1,075,250 | $1,376,550 | $1,663,900 | $2,067,850 | $935,000 |
| EL PASO | $517,500 | $662,500 | $800,800 | $995,200 | $450,000 |
| ELBERT | $787,750 | $1,008,450 | $1,219,000 | $1,514,950 | $685,000 |
| FREMONT | $472,030 | $604,400 | $730,525 | $907,900 | $286,000 |
| GARFIELD | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 | $825,000 |
| GILPIN | $787,750 | $1,008,450 | $1,219,000 | $1,514,950 | $685,000 |
| GRAND | $669,300 | $856,800 | $1,035,700 | $1,287,150 | $582,000 |
| GUNNISON | $519,800 | $665,450 | $804,350 | $999,600 | $452,000 |
| HINSDALE | $472,030 | $604,400 | $730,525 | $907,900 | $331,000 |
| HUERFANO | $472,030 | $604,400 | $730,525 | $907,900 | $165,000 |
| JACKSON | $472,030 | $604,400 | $730,525 | $907,900 | $203,000 |
| JEFFERSON | $787,750 | $1,008,450 | $1,219,000 | $1,514,950 | $685,000 |
| KIOWA | $472,030 | $604,400 | $730,525 | $907,900 | $104,000 |
| KIT CARSON | $472,030 | $604,400 | $730,525 | $907,900 | $193,000 |
| LA PLATA | $596,850 | $764,050 | $923,600 | $1,147,800 | $519,000 |
| LAKE | $472,030 | $604,400 | $730,525 | $907,900 | $355,000 |
| LARIMER | $614,100 | $786,150 | $950,300 | $1,181,000 | $534,000 |
| LAS ANIMAS | $472,030 | $604,400 | $730,525 | $907,900 | $179,000 |
| LINCOLN | $472,030 | $604,400 | $730,525 | $907,900 | $165,000 |
| LOGAN | $472,030 | $604,400 | $730,525 | $907,900 | $197,000 |
| MESA | $472,030 | $604,400 | $730,525 | $907,900 | $355,000 |
| MINERAL | $472,030 | $604,400 | $730,525 | $907,900 | $224,000 |
| MOFFAT | $472,030 | $604,400 | $730,525 | $907,900 | $225,000 |
| MONTEZUMA | $472,030 | $604,400 | $730,525 | $907,900 | $285,000 |
| MONTROSE | $472,030 | $604,400 | $730,525 | $907,900 | $400,000 |
| MORGAN | $472,030 | $604,400 | $730,525 | $907,900 | $305,000 |
| OTERO | $472,030 | $604,400 | $730,525 | $907,900 | $145,000 |
| OURAY | $472,030 | $604,400 | $730,525 | $907,900 | $400,000 |
| PARK | $787,750 | $1,008,450 | $1,219,000 | $1,514,950 | $685,000 |
| PHILLIPS | $472,030 | $604,400 | $730,525 | $907,900 | $180,000 |
| PITKIN | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 | $825,000 |
| PROWERS | $472,030 | $604,400 | $730,525 | $907,900 | $163,000 |
| PUEBLO | $472,030 | $604,400 | $730,525 | $907,900 | $270,000 |
| RIO BLANCO | $472,030 | $604,400 | $730,525 | $907,900 | $177,000 |
| RIO GRANDE | $472,030 | $604,400 | $730,525 | $907,900 | $170,000 |
| ROUTT | $845,250 | $1,082,100 | $1,308,000 | $1,625,500 | $735,000 |
| SAGUACHE | $472,030 | $604,400 | $730,525 | $907,900 | $165,000 |
| SAN JUAN | $506,000 | $647,750 | $783,000 | $973,100 | $440,000 |
| SAN MIGUEL | $1,045,350 | $1,338,250 | $1,617,650 | $2,010,350 | $750,000 |
| SEDGWICK | $472,030 | $604,400 | $730,525 | $907,900 | $105,000 |
| SUMMIT | $953,350 | $1,220,450 | $1,475,250 | $1,833,400 | $829,000 |
| TELLER | $517,500 | $662,500 | $800,800 | $995,200 | $450,000 |
| WASHINGTON | $472,030 | $604,400 | $730,525 | $907,900 | $172,000 |
| WELD | $555,450 | $711,050 | $859,500 | $1,068,200 | $483,000 |
| YUMA | $472,030 | $604,400 | $730,525 | $907,900 | $170,000 |
How are FHA loan limits determined?
Each year FHA loan limits may change based on a percentage of the conforming loan limits set by the Federal Housing Finance Agency (FHFA) for conventional loans. The Federal Housing Finance Agency (FHFA) analyzes the data and sets the conforming loan limit, which the U.S. Department of Housing and Urban Development (HUD) then uses to calculate FHA loan limits.
The FHA loan limit ranges from 65% to 150% of the conforming loan limit. The lowest limit is called the FHA “floor” and applies to most of the counties in the country, while the FHA “ceiling” only applies to high-cost areas.
How to qualify for an FHA loan in Colorado
With median home prices at $685,00 or higher in 17 Colorado counties, the higher limits give borrowers with spotty credit a chance at buying more expensive homes than they would be able to with stricter conventional loan guidelines.
Besides borrowing under the loan limit, here are other FHA loan requirements you need.
- Down payment and credit scores. If you have a 580 credit score or higher, you could qualify to make only a 3.5% down payment on your FHA loan. You may be able to secure an FHA loan with a 10% down payment. You can check your credit score online.
- Debt-to-income (DTI) ratio. Your debt-to-income ratio measures your total debt compared to your income. Your DTI ratio generally needs to be less than 43%, although lenders may make exceptions for buyers with higher credit scores or cash reserves.
- Mortgage insurance: With a FHA loan, you must pay two types of mortgage insurance: the upfront mortgage insurance premium (UFMIP) and annual mortgage insurance premium (MIP). The upfront premium costs 1.75% of your loan amount and is rolled into your mortgage. The annual premium ranges between 0.45% and 1.05% and is divided into 12 monthly installments and added to your monthly mortgage payment.
- Home appraisal: FHA loans require a home appraisal for all purchase mortgages.
- Occupancy. FHA guidelines require that you live in the home financed with an FHA loan for at least 12 months.
Buying a multifamily property with an FHA loan
FHA loans allow you to buy a multifamily house with up to four separate living spaces as long as you’re living in one of the units. The same FHA requirements apply, including having a 580 credit score to make the minimum 3.5% down payment. One added perk: You may be able to use the income on the other rented units to qualify.
FHA lenders in Colorado
| Lender name | LT rating | Minimum FHA credit score |
|---|---|---|
| Churchill Mortgage | 3 stars | 620 |
| PenFed Mortgage | 3 stars | 620 |
| Flagstar Mortgage | 4 stars | 580 |
| Guild Mortgage | 3 stars | 540 |
| Rocket Mortgage | 5 stars | 580 |