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FHA Loans · CO

FHA Home Loans in Cripple Creek, CO

Cripple Creek is a mixed residential market. Teller County uses the $847,440 national baseline conforming limit for 2026. HUD set the county's one-unit FHA limit at $541,650 — $363 above the $541,287 national floor. At a $285,000 median, both conforming and FHA financing reach the middle of the Cripple Creek market. The FHA ceiling of $541,650 sits above the $285,000 median, so a typical Cripple Creek home is financeable with the 3.5% minimum down payment. On 2–4 units, the FHA limits step up to $693,400 (duplex), $838,150 (triplex), and $1,041,650 (fourplex) — the route Colorado buyers use to house-hack with 3.5% down while tenants carry part of the payment.

Part of our statewide guide toFHA loans in Colorado— programs, limits and every city we cover.

3.5% Down
$9,975
Monthly Total
$1,872/mo
2026 FHA Limit
$541,650
Income Needed
$70,233/yr
FHA Limit Covers Cripple Creek

FHA loan limits in Teller County ($541,650) comfortably cover the Cripple Creek median home price ($285,000).

Down Payment Comparison

Most Popular
FHA 3.5% Down
$9,975
Lower MIP
FHA 10% Down
$28,500
No PMI
Conventional 20%
$57,000

Monthly Payment Breakdown

Loan TypeP&IMIP / PMIMonthly Total
FHA 3.5% down$1,746$126$1,872
Conventional 5% down—$95$1,828

Upfront MIP of $4,813 (1.75%) is typically rolled into the loan balance.

Down Payment Assistance

Colorado buyers in Teller County can pair FHA with CHFA first-mortgage and down payment assistance programs, which can cover most or all of the 3.5% minimum through a second mortgage of up to 4% or a grant of up to 3% of the loan (each capped at $25,000). Income and purchase-price caps apply and are set by county, so we check eligibility against the $285,000 Cripple Creek median before you write an offer.

CHFA Eligible: CHFA FHA loans — available through our CHFA Participating Lender partner — can be paired with a grant of up to 3% or a second mortgage of up to 4% of the loan (each capped at $25,000). Income limits apply, and some programs also have purchase price limits.

How an FHA loan works in Cripple Creek

FHA loans are insured by the Federal Housing Administration and made by FHA-approved lenders. As a mortgage broker, Tayton Capital compares those lenders for you. The 2026 one-unit FHA limit in Teller County is $541,650, and the Cripple Creek median home price of about $285,000 is 53% of the limit, leaving room for homes up to about $561,295 with 3.5% down.

On a $285,000 purchase with 3.5% down ($9,975), the base loan is about $275,029. FHA adds an upfront mortgage insurance premium of 1.75% ($4,813), usually financed into the loan, plus an annual premium paid monthly — about $126 a month here. With principal and interest near $1,746, the modeled payment is $1,872 a month before property taxes, homeowners insurance and any HOA dues.

Our model puts the household income needed for a median-priced Cripple Creek home at about $70,233 a year. Lenders count your other monthly debts too, so car, student-loan and credit card payments raise that number.

FHA requirements for Cripple Creek buyers

  • Credit score of 580 or higher for the 3.5% minimum down payment; scores from 500 to 579 need 10% down. Individual lenders can set higher minimums.
  • Loan amount at or below $541,650 for a one-unit home in Teller County (higher limits apply to 2–4 unit properties).
  • The home must be your primary residence — FHA generally requires you to move in within 60 days of closing and live there for at least a year.
  • An FHA appraisal checks the home against HUD's minimum property standards for safety and soundness.
  • Gift funds from family and approved down payment assistance can cover the down payment.
  • Annual mortgage insurance lasts 11 years with 10% or more down, or the life of the loan with less than 10% down.

FHA vs conventional in Cripple Creek

With 5% down, a conventional loan on the same $285,000 home takes $14,250 at closing versus $9,975 for FHA. In our model the conventional payment is about $1,828 a month against $1,872 for FHA — conventional comes out about $44 a month lower here, a gap that narrows or flips for buyers with lower credit scores because conventional mortgage insurance is priced on credit.

FHA usually fits Cripple Creek buyers with credit scores under about 680, higher debt-to-income ratios or very little saved for a down payment. Conventional mortgage insurance can be removed once you reach 20% equity; FHA's usually takes a refinance if you put less than 10% down.

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