If you're considering buying a home in Colorado Springs, you're not alone. The city is one of Colorado's fastest-growing real estate markets, drawing in families, veterans, and professionals looking for affordability, opportunity, and the stunning backdrop of the Rocky Mountains. But when it comes to financing your home, navigating the Colorado Springs mortgage landscape requires local knowledge and the right strategy with a trusted CoS Home Funding specialist.
In this comprehensive guide, we'll cover everything you need to know about getting a mortgage in Colorado Springs, from local loan limits to the most popular neighborhoods and loan types. As your dedicated coshomefunding expert, Jim Steen brings over 20 years of mortgage experience to help you secure the best financing for your Colorado Springs home.
Why Choose Colorado Springs for Your Home Purchase?
Colorado Springs strikes a rare balance: it offers a high quality of life, beautiful scenery, and a more affordable cost of living than Denver and other Front Range cities. The median home price here hovers around $490,000, well below Denver's $600K+ average, making it an attractive option for first-time buyers and families alike seeking Colorado Springs mortgage solutions.
The city also ranks as one of the top locations for VA loan usage, thanks to its proximity to major military bases like Fort Carson and Peterson Space Force Base. With relatively low property taxes, strong job growth, and a mix of urban and suburban neighborhoods, Colorado Springs is a smart choice for homebuyers looking to invest in long-term stability with expert CoS Home Funding guidance.
Key Colorado Springs Mortgage Benefits
1. Higher Loan Limits for Colorado Springs Mortgages
El Paso County, home to Colorado Springs, has a 2025 conforming loan limit of $806,500—well above the national baseline. This means more buyers can use conventional loans without needing a jumbo mortgage, which typically comes with stricter requirements. Your coshomefunding specialist can help you navigate these higher limits effectively.
2. Competitive Property Taxes
Colorado has one of the lowest property tax rates in the U.S., with an average effective rate of just 0.49%. For a $500,000 home, that's about $2,450 per year—keeping monthly mortgage payments manageable.
3. VA Loan Advantage
With a large military population, VA loans are a cornerstone of the local mortgage market. These zero-down, low-interest loans help active-duty and veteran buyers afford homes in desirable neighborhoods without hefty upfront costs.
4. Access to Down Payment Assistance
Programs like CHFA (Colorado Housing and Finance Authority) and Turnkey Plus offer down payment grants and second mortgage options to help first-time and moderate-income buyers get into homes with less money out-of-pocket.
Popular Mortgage Types in the Area
VA Loans
Perfect for eligible service members and veterans, VA loans are widely used in Colorado Springs. No down payment and no mortgage insurance make them a top choice.
FHA Loans
Ideal for first-time buyers with modest credit scores. Only 3.5% down is required, and many buyers pair this with local assistance programs.
Conventional Loans
Best for buyers with stronger credit and at least 5-20% down. These loans often come with lower monthly payments and more flexible property options.
USDA & Jumbo Loans
USDA loans are great for homes on the city outskirts like Peyton or Black Forest, while jumbo loans are used for luxury homes in areas like Broadmoor.
Neighborhood Highlights
Briargate
Family-friendly with top-rated schools and homes around $500K. A top pick for move-up buyers.
Banning Lewis Ranch
Master-planned, amenity-rich, and popular with military families. Prices in the $500K range.
Lorson Ranch
Affordable new builds close to Fort Carson. Popular with VA buyers.
Downtown & Old Colorado City
Historic charm meets walkability. Homes vary from mid-$500Ks to $700K+.
Broadmoor
Luxury living in southwest Springs. Expect prices above $1M.
Flying Horse & Pine Creek
Upscale communities with golf courses and mountain views. Prices range from $600K to $900K+.
Colorado Springs Market Trends (2025)
- Median sale price: ~$490,000
- Average days on market: 49 (up YoY)
- Active listings: 3,117 (48% increase YoY)
- Buyer advantage: Market is shifting toward balance after years of seller dominance
As inventory increases and competition eases, buyers now have more negotiation power. It's a great time to consider getting pre-approved and exploring your options.
Work With a Local Colorado Springs Mortgage Broker
Navigating the Colorado Springs mortgage market takes local expertise and a trusted CoS Home Funding partner. Whether you're a first-time buyer, relocating military family, or looking to upgrade to a larger home, Jim Steen at Coast2Coast Mortgage can guide you through:
- Colorado Springs mortgage pre-approval
- Comparing VA, FHA, and conventional loan options
- Understanding property taxes and insurance in specific neighborhoods
- Accessing local and state assistance programs
- Expert coshomefunding strategies for your unique situation
Ready to Buy in Colorado Springs? Contact Your CoS Home Funding Expert
Getting a Colorado Springs mortgage doesn't have to be overwhelming. With its diverse housing options, favorable loan programs, and rising inventory, the Springs remains one of the best places to buy in Colorado. Partner with Jim Steen at Coast2Coast Mortgage - your trusted coshomefunding specialist - to make your homeownership goals a reality.
Frequently Asked Questions About Colorado Springs Mortgages
What are the current Colorado Springs mortgage loan limits?
El Paso County has a 2025 conforming loan limit of $806,500 for single-family homes. This is significantly higher than the national baseline, allowing more buyers to use conventional loans instead of jumbo mortgages. Your CoS Home Funding expert can help you understand how these limits affect your buying power.
How much should I expect to pay in property taxes for my Colorado Springs home?
Colorado has one of the lowest property tax rates in the nation at approximately 0.49%. For a $500,000 home, you can expect to pay around $2,450 annually in property taxes. This makes Colorado Springs mortgage payments more affordable compared to other states.
Are VA loans popular for Colorado Springs mortgages?
Yes, Colorado Springs ranks as one of the top locations for VA loan usage due to its proximity to Fort Carson and Peterson Space Force Base. VA loans offer zero down payment and no mortgage insurance, making them extremely popular among military families. As a coshomefunding specialist, Jim Steen has extensive experience with VA loans in the Colorado Springs market.
What down payment assistance programs are available for Colorado Springs mortgages?
Colorado offers several programs including CHFA (Colorado Housing and Finance Authority) and Turnkey Plus, which provide down payment grants and second mortgage options for first-time and moderate-income buyers. Your CoS Home Funding expert can help you identify and apply for these programs.
Which Colorado Springs neighborhoods offer the best value for families?
Briargate, Banning Lewis Ranch, and Lorson Ranch are popular family-friendly neighborhoods with good schools and homes typically priced around $500K. These areas offer excellent value and are particularly popular with military families seeking Colorado Springs mortgage solutions. Contact your coshomefunding specialist to explore financing options for these neighborhoods.