I know this is probably a simple answer. But I have looked in the Form Builder help section and on Web Form Builder program itself and could not seem to find the answer. I want to change the font color for the place holder words and for the text in the text area fields. I am using a responsive Web Form theme. For some reason the text font in the text areas defaults to some sort of funky light blue which is almost totally unreadable on mobile screens etc. And it also does not match the colors to my website theme. So I need to make the font a much more darker color.

But I could not find anywhere in the software program nor in the instructions on where the option is to change the font colors for these two items. I found where I could change the font colors for the "Labels" of the form elements, but can't seem to find where to change the font colors for the text "inside" of the text elements. If anyone could point me in the right direction. Thanks!

I think you would need to edit a CSS file to change the placeholder colors. If you are comfortable with this, the file would be default.css, which you'll find under: [myformname] > theme > default > css (at least that's where it is for the basic theme I'm looking at).
See the attached screenshot of an editor view with default.css opened.

Sorry, here is the attached screenshot.

Always do keep in mind that many times when you change things outside of the program they may be overwritten if/when you edit the form again in the program so keep a good log and copies of your code changes so you can put them back in again if you do changes within the program.