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2022 Colorado FHA Loan Requirements

Colorado FHA Loans | Requirements | 2022 FHA Loan Limits

FHA loans provide a great opportunity to buy a home in Colorado.  The FHA (Federal Housing Administration) was created to help the average American have a chance at owning their own home.  One of the reasons that FHA loans are so popular is because of the low down payment option.  FHA loans allow you to purchase a home with only a 3.5% down payment.  There are also less strict requirements to get an FHA loan (compared to conventional loans), such as being able to qualify with a credit score as low as 500.

2022 Colorado FHA Loan Requirements

  • Credit Score – To qualify for the 3.5% down payment, you must have a 580 credit score or higher. If your credit score is between a 500-579, you still may qualify for an FHA loan, but will be required to put 10% down.
  • Job History – Proof of employment for 2 years is required. It is ok if you have changed jobs, but you need to show consistent employment/income.
  • Financial Statements – You should expect to be required to provide your 2 most recent bank statements, pay stubs, and tax returns.
  • Debt-to-Income – You can not have a debt-to-income ratio higher than 43%.  However, if you have “compensating factors” you might be able to get approved with higher debt levels (a compensating factor could be more money in savings, longer job history, or great credit).
  • Primary Residence – You must occupy the home that you intend to purchase and have it be your primary residence. FHA loans are not available to purchase an investment property, second home, or vacation home.
  • Mortgage Insurance – All FHA loans, regardless of the lender, require two types of mortgage insurance.  This includes the UPMIP (Upfront Mortgage Insurance Premium) and the regular MIP (Mortgage Insurance Premium).  FHA MIP acts similarly to how PMI (Private Mortgage Insurance) on a conventional loan acts.  You can use this FHA loan calculator to estimate your monthly payment and mortgage insurance costs.
  • FHA Loan Limits – FHA loans have maximum lending limits, which are set at the county level. You can view the 2022 FHA loan limits for all counties in Colorado below.

Would you like to see if you qualify for an FHA loan?  We can help match you with a mortgage lender that offers FHA loans in Colorado.  To have an FHA lender contact you, request a free consultation.

2022 Colorado FHA Loan Limits

Below are the 2022 FHA loan limits for all counties in Colorado:

County Single Family 2 Family 3 Family 4 Family
ADAMS $684,250 $875,950 $1,058,850 $1,315,900
ALAMOSA $420,680 $538,650 $651,050 $809,150
ARAPAHOE $684,250 $875,950 $1,058,850 $1,315,900
ARCHULETA $420,680 $538,650 $651,050 $809,150
BACA $420,680 $538,650 $651,050 $809,150
BENT $420,680 $538,650 $651,050 $809,150
BOULDER $747,500 $956,950 $1,156,700 $1,437,500
BROOMFIELD $684,250 $875,950 $1,058,850 $1,315,900
CHAFFEE $461,150 $590,350 $713,600 $886,850
CHEYENNE $420,680 $538,650 $651,050 $809,150
CLEAR CREEK $684,250 $875,950 $1,058,850 $1,315,900
CONEJOS $420,680 $538,650 $651,050 $809,150
COSTILLA $420,680 $538,650 $651,050 $809,150
CROWLEY $420,680 $538,650 $651,050 $809,150
CUSTER $420,680 $538,650 $651,050 $809,150
DELTA $420,680 $538,650 $651,050 $809,150
DENVER $684,250 $875,950 $1,058,850 $1,315,900
DOLORES $420,680 $538,650 $651,050 $809,150
DOUGLAS $684,250 $875,950 $1,058,850 $1,315,900
EAGLE $862,500 $1,104,150 $1,334,700 $1,658,700
ELBERT $684,250 $875,950 $1,058,850 $1,315,900
EL PASO $460,000 $588,850 $711,800 $884,600
FREMONT $420,680 $538,650 $651,050 $809,150
GARFIELD $970,800 $1,243,050 $1,502,475 $1,867,275
GILPIN $684,250 $875,950 $1,058,850 $1,315,900
GRAND $534,750 $684,550 $827,500 $1,028,350
GUNNISON $431,250 $552,050 $667,350 $829,350
HINSDALE $427,800 $547,650 $662,000 $822,700
HUERFANO $420,680 $538,650 $651,050 $809,150
JACKSON $420,680 $538,650 $651,050 $809,150
JEFFERSON $684,250 $875,950 $1,058,850 $1,315,900
KIOWA $420,680 $538,650 $651,050 $809,150
KIT CARSON $420,680 $538,650 $651,050 $809,150
LAKE $420,680 $538,650 $651,050 $809,150
LA PLATA $494,500 $633,050 $765,200 $950,950
LARIMER $522,100 $668,400 $807,900 $1,004,050
LAS ANIMAS $420,680 $538,650 $651,050 $809,150
LINCOLN $420,680 $538,650 $651,050 $809,150
LOGAN $420,680 $538,650 $651,050 $809,150
MESA $420,680 $538,650 $651,050 $809,150
MINERAL $420,680 $538,650 $651,050 $809,150
MOFFAT $420,680 $538,650 $651,050 $809,150
MONTEZUMA $420,680 $538,650 $651,050 $809,150
MONTROSE $425,500 $544,700 $658,450 $818,250
MORGAN $420,680 $538,650 $651,050 $809,150
OTERO $420,680 $538,650 $651,050 $809,150
OURAY $425,500 $544,700 $658,450 $818,250
PARK $684,250 $875,950 $1,058,850 $1,315,900
PHILLIPS $420,680 $538,650 $651,050 $809,150
PITKIN $970,800 $1,243,050 $1,502,475 $1,867,275
PROWERS $420,680 $538,650 $651,050 $809,150
PUEBLO $420,680 $538,650 $651,050 $809,150
RIO BLANCO $420,680 $538,650 $651,050 $809,150
RIO GRANDE $420,680 $538,650 $651,050 $809,150
ROUTT $678,500 $868,600 $1,049,950 $1,304,850
SAGUACHE $420,680 $538,650 $651,050 $809,150
SAN JUAN $420,680 $538,650 $651,050 $809,150
SAN MIGUEL $970,800 $1,243,050 $1,502,475 $1,867,275
SEDGWICK $420,680 $538,650 $651,050 $809,150
SUMMIT $925,750 $1,185,150 $1,432,550 $1,780,300
TELLER $460,000 $588,850 $711,800 $884,600
WASHINGTON $420,680 $538,650 $651,050 $809,150
WELD $483,000 $618,300 $747,400 $928,850
YUMA $420,680 $538,650 $651,050 $809,150

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