Colorado FHA Loans | Requirements | 2023 FHA Loan Limits
FHA loans have proved to be highly popular and equally effective in helping individuals buy their dream home in Colorado. Governed by the FHA (Federal Housing Administration), it is one step ahead towards creating substantial financial help for an average American to make home buying possible for all at the lowest downpayment of 3.5% with just minimal requirements and minimum credit score of 500.
2023 Colorado FHA Loan Requirements
- Credit Score– To make yourself qualify for FHA loans under 3.5% down payment, you need to hold a credit score of 580 or higher. For credit scores between 500-579, you can qualify for downpayment of 10%.
- Job History – As an applicant you need to submit an employment proof of at least 2 years in consistency. However, for job switches, you need to submit a consistent employment and income proof.
- Financial Statements– As a part of the play, you need to submit substantia; financial documents including your two most recent bank statements, pay stubs, and tax returns.
- Debt-to-Income– You should know that to qualify for the FHA loans, your debt-to-income ratio should not be higher than 43%. Individuals can however, still qualify for them under the “compensating factors” like- good savings, good credit score and consistent job history even with higher debt levels.
- Primary Residence– You should be aware that FHA only covers the home buying process for purchase of primary residence and not for the purchase of any investment property, or a second home, or vacation home.
- Mortgage Insurance– To make your home purchase work under the FHA loans, despite of different lenders, the need for mortgage insurance remains the same. The two major types of mortgage insurance associated with FHA loans are-the UPMIP (Upfront Mortgage Insurance Premium) and the regular MIP (Mortgage Insurance Premium). Feel free to use this FHA loan calculator to estimate your monthly payment and mortgage insurance costs as per the opted loan.
- FHA Loan Limits– FHA loans work on maximum lending limits that are set as per the county levels. Make sure to check on the same as per the latest FHA loan limits for all counties in Colorado as given below.
Wish to test your eligibility for an FHA loan? We can help you with that and get the best matched mortgage lender for you with the best offers of FHA loans in Colorado. To get a call back from an FHA lender, request a free consultation
2023 Colorado FHA Loan Limits
Below are the 2023 FHA loan limits for all counties in Colorado:
| County | Single Family | 2 Family | 3 Family | 4 Family |
|---|---|---|---|---|
| ADAMS | $787,750 | $1,008,450 | $1,219,000 | $1,514,950 |
| ALAMOSA | $472,030 | $604,400 | $730,525 | $907,900 |
| ARAPAHOE | $787,750 | $1,008,450 | $1,219,000 | $1,514,950 |
| ARCHULETA | $472,030 | $604,400 | $730,525 | $907,900 |
| BACA | $472,030 | $604,400 | $730,525 | $907,900 |
| BENT | $472,030 | $604,400 | $730,525 | $907,900 |
| BOULDER | $856,750 | $1,096,800 | $1,325,800 | $1,647,650 |
| BROOMFIELD | $787,750 | $1,008,450 | $1,219,000 | $1,514,950 |
| CHAFFEE | $600,300 | $768,500 | $928,950 | $1,154,450 |
| CHEYENNE | $472,030 | $604,400 | $730,525 | $907,900 |
| CLEAR CREEK | $787,750 | $1,008,450 | $1,219,000 | $1,514,950 |
| CONEJOS | $472,030 | $604,400 | $730,525 | $907,900 |
| COSTILLA | $472,030 | $604,400 | $730,525 | $907,900 |
| CROWLEY | $472,030 | $604,400 | $730,525 | $907,900 |
| CUSTER | $472,030 | $604,400 | $730,525 | $907,900 |
| DELTA | $472,030 | $604,400 | $730,525 | $907,900 |
| DENVER | $787,750 | $1,008,450 | $1,219,000 | $1,514,950 |
| DOLORES | $472,030 | $604,400 | $730,525 | $907,900 |
| DOUGLAS | $787,750 | $1,008,450 | $1,219,000 | $1,514,950 |
| EAGLE | $1,075,250 | $1,376,550 | $1,663,900 | $2,067,850 |
| ELBERT | $787,750 | $1,008,450 | $1,219,000 | $1,514,950 |
| EL PASO | $517,500 | $662,500 | $800,800 | $995,200 |
| FREMONT | $472,030 | $604,400 | $730,525 | $907,900 |
| GARFIELD | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
| GILPIN | $787,750 | $1,008,450 | $1,219,000 | $1,514,950 |
| GRAND | $669,300 | $856,800 | $1,035,700 | $1,287,150 |
| GUNNISON | $519,800 | $665,450 | $804,350 | $999,600 |
| HINSDALE | $472,030 | $604,400 | $730,525 | $907,900 |
| HUERFANO | $472,030 | $604,400 | $730,525 | $907,900 |
| JACKSON | $472,030 | $604,400 | $730,525 | $907,900 |
| JEFFERSON | $787,750 | $1,008,450 | $1,219,000 | $1,514,950 |
| KIOWA | $472,030 | $604,400 | $730,525 | $907,900 |
| KIT CARSON | $472,030 | $604,400 | $730,525 | $907,900 |
| LAKE | $472,030 | $604,400 | $730,525 | $907,900 |
| LA PLATA | $596,850 | $764,050 | $923,600 | $1,147,800 |
| LARIMER | $614,100 | $786,150 | $950,300 | $1,181,000 |
| LAS ANIMAS | $472,030 | $604,400 | $730,525 | $907,900 |
| LINCOLN | $472,030 | $604,400 | $730,525 | $907,900 |
| LOGAN | $472,030 | $604,400 | $730,525 | $907,900 |
| MESA | $472,030 | $604,400 | $730,525 | $907,900 |
| MINERAL | $472,030 | $604,400 | $730,525 | $907,900 |
| MOFFAT | $472,030 | $604,400 | $730,525 | $907,900 |
| MONTEZUMA | $472,030 | $604,400 | $730,525 | $907,900 |
| MONTROSE | $472,030 | $604,400 | $730,525 | $907,900 |
| MORGAN | $472,030 | $604,400 | $730,525 | $907,900 |
| OTERO | $472,030 | $604,400 | $730,525 | $907,900 |
| OURAY | $472,030 | $604,400 | $730,525 | $907,900 |
| PARK | $787,750 | $1,008,450 | $1,219,000 | $1,514,950 |
| PHILLIPS | $472,030 | $604,400 | $730,525 | $907,900 |
| PITKIN | $1,089,300 | $1,394,775 | $1,685,850 | $2,095,200 |
| PROWERS | $472,030 | $604,400 | $730,525 | $907,900 |
| PUEBLO | $472,030 | $604,400 | $730,525 | $907,900 |
| RIO BLANCO | $472,030 | $604,400 | $730,525 | $907,900 |
| RIO GRANDE | $472,030 | $604,400 | $730,525 | $907,900 |
| ROUTT | $845,250 | $1,082,100 | $1,308,000 | $1,625,500 |
| SAGUACHE | $472,030 | $604,400 | $730,525 | $907,900 |
| SAN JUAN | $506,000 | $647,750 | $783,000 | $973,100 |
| SAN MIGUEL | $1,045,350 | $1,338,250 | $1,617,650 | $2,010,350 |
| SEDGWICK | $472,030 | $604,400 | $730,525 | $907,900 |
| SUMMIT | $953,350 | $1,220,450 | $1,475,250 | $1,833,400 |
| TELLER | $517,500 | $662,500 | $800,800 | $995,200 |
| WASHINGTON | $472,030 | $604,400 | $730,525 | $907,900 |
| WELD | $555,450 | $711,050 | $859,500 | $1,068,200 |
| YUMA | $472,030 | $604,400 | $730,525 | $907,900 |