Yes, you can have different colors in different places of the text if you are using SpannableString. Example:
SpannableString text = new SpannableString("Lorem ipsum dolor sit amet");
final EditText textV = new EditText(this);
// make "Lorem" (characters 0 to 5) red
textV.setSpan(new ForegroundColorSpan(Color.RED), 0, 5, 0);
textV.setText(text, BufferType.SPANNABLE);
or you can use html code as below::
textV.setText(Html.fromHtml(html text having 1 in red 2 in green and so on));
There's a more complete example here.
Javadoc for SpannableString
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