Looking for mortgage options in Colorado Springs? See our Colorado Springs, CO mortgage guide →
Colorado Springs is one of the best Colorado markets for first-time buyers — $465K median, one of the country's largest VA loan markets (Fort Carson, Peterson SFB, Schriever SFB, Air Force Academy), and an $832,750 conforming limit.
Market Snapshot 2026
Median SFR: ~$465,000 · Entry-level: $280K–$380K · Move-up: $450K–$650K · Luxury (Briargate/Black Forest): $650K–$1.5M+ · DOM: 20–45 days · Months of supply: 2–3.
VA Loans (Most Active Program Here)
No Colorado market uses VA more. At $465K with full entitlement: $0 down (saves $23,250 vs. conventional 5%), no PMI ($200–$260/mo savings), ~0.375% rate advantage. See VA loans Colorado.
FHA Loans
El Paso County FHA limit: $832,750. 3.5% down at $465K = $16,275. MIP 0.55% on $448K loan ≈ $205/month for life unless refinanced.
Conventional (3–5% Down)
At 720+ credit, conventional beats FHA on monthly cost. PMI at 5% down on $465K with 720 credit: ~$130–$160/mo, drops automatically at 80% LTV. HomeReady/HomePossible allow 3% down at/below 80% AMI.
CHFA Programs
CHFA FirstStep pairs with FHA. El Paso County income limits accommodate a wide range — including single-income households. Homebuyer education (~4–6 hours) required. See DPA Colorado.
Neighborhood Guide
Fountain/Security-Widefield: $295K–$420K, dominant VA territory near Fort Carson. Briargate/Northgate: District 20 schools, $450K–$650K. Powers Corridor: $360K–$520K. Old Colorado City/Manitou: $420K–$680K. Black Forest: Acreage, $550K–$1M+.
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Frequently asked questions
What is the most popular loan program for first-time buyers in Colorado Springs?
VA loans are the most active program due to the massive military presence. Non-veteran buyers most often use FHA (580–719 credit) or conventional with CHFA assistance (720+ credit).
What credit score do I need to buy in Colorado Springs?
VA typically 580+, FHA 580 for 3.5% down, conventional 620+ with best pricing at 740+.
Is Colorado Springs more affordable than Denver?
Yes — meaningfully. El Paso County's ~$465K median is roughly $160,000 below Denver's median with comparable mountain access.
How fast do homes sell in Colorado Springs?
Entry-level homes ($280K–$460K) often sell in 1–2 weeks. Pre-approval is essential before you tour.
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