Akron FHA Loan Rates, Closing Costs & Stats

AKRON, OH

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    Akron's 121 lenders originated 1,795 FHA loans during 2023. The total origination value was $334,575,000, with an average FHA loan value of $186,393.

    Akron FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Akron averaged 7.09% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Akron's average FHA mortgage closing costs are $6,585.

    The average rate for the prior week (2024-04-12) was 6.68% and one month ago for the week of 2024-03-15, the average rate was 6.55%.

    The average rate one year ago was 6.68%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.9%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Akron FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Akron level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    CROSSCOUNTRY MORTGAGE, LLC 252 7.02% $9,819
    QUICKEN LOANS, LLC 243 6.32% $9,245
    The Huntington National Bank 90 6.89% $7,552
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 88 6.99% $6,469
    RUOFF MORTGAGE COMPANY, INC. 60 6.95% $5,502
    UNITED WHOLESALE MORTGAGE, LLC 50 6.42% $10,077
    NVR Mortgage Finance, Inc. 46 6.00% $12,392
    LIBERTY HOME MORTGAGE CORPORATION 38 7.00% $7,991
    DRAPER AND KRAMER MORTGAGE CORP. 31 6.88% $9,344
    Nations Lending Corporation 31 6.80% $8,309
    LOANDEPOT.COM, LLC 26 6.58% $9,618
    UNION HOME MORTGAGE CORP. 26 6.99% $9,535
    HOWARD HANNA FINANCIAL SERVICES, INC. 26 6.82% $7,756
    Citizens Bank 25 6.32% $6,948
    FREEDOM MORTGAGE CORPORATION 24 7.02% $10,048
    PENNYMAC LOAN SERVICES, LLC 23 6.28% $8,014
    POLARIS HOME FUNDING CORP. 21 6.86% $10,393
    JPMorgan Chase Bank 21 6.75% $5,343
    Mr. Cooper ( Nationstar Mortgage ) 21 6.15% $12,980
    AMERICAN PACIFIC MORTGAGE CORPORATION 20 6.51% $10,870
    AMERISAVE MORTGAGE CORPORATION 19 6.25% $10,948
    Fifth Third Bank 17 6.57% $5,014
    NFM, INC. 15 7.28% $10,059
    NEWREZ LLC 15 6.69% $8,044
    BROKER SOLUTIONS, INC. 14 6.86% $9,403
    MUTUAL OF OMAHA MORTGAGE, INC. 14 6.64% $12,641
    GUARANTEED RATE, INC. 14 6.70% $8,917
    RELIANCE FIRST CAPITAL, LLC 13 6.93% $7,675
    TOP FLITE FINANCIAL, INC. 11 6.85% $13,578
    WEST PENN FINANCIAL SERVICE CENTER, INC. 11 6.69% $8,623
    Carrington Mortgage Services, LLC 10 6.46% $8,441
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 10 6.14% $10,923
    LAKEVIEW LOAN SERVICING, LLC 9 6.49% $8,631
    U.S. Bank 9 7.31% $6,548
    LEADERONE FINANCIAL CORPORATION 8 6.83% $9,996
    American Midwest Mortgage Corporation 8 6.98% $8,591
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 8 6.86% $11,133
    CARDINAL FINANCIAL 8 6.36% $11,290
    Mercantile Bank of Michigan 7 6.23% $9,178
    ZILLOW HOME LOANS, LLC 6 6.92% $8,875
    KeyBank 6 6.35% $8,051
    GUILD MORTGAGE COMPANY 6 7.38% $10,878
    TruHome Solutions, LLC 6 6.56% $6,968
    PREMIER LENDING, INC. 6 7.46% $11,614
    PLAZA HOME MORTGAGE, INC. 6 6.58% $9,687
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.95% $7,429
    Flagstar Bank, FSB 5 7.03% $11,089
    Paramount Residential Mortgage Group, Inc. 5 6.35% $7,835
    Gateway First Bank 5 7.40% $6,608
    MOVEMENT MORTGAGE, LLC 5 7.23% $9,701
    Equity Prime Mortgage LLC 4 6.81% $8,205
    AmeriHome Mortgage Company, LLC 4 6.31% $7,043
    EMM LOANS LLC 4 6.56% $13,483
    ENDEAVOR CAPITAL, LLC. 4 7.06% $8,317
    HOMESIDE FINANCIAL, LLC 4 7.44% $9,416
    MYCUMORTGAGE, LLC 4 6.91% $5,927
    NATIONWIDE MORTGAGE BANKERS, INC. 4 6.66% $10,316
    ROYAL UNITED MORTGAGE LLC 4 6.63% $9,113
    UNION CAPITAL MORTGAGE CORPORATION 4 6.81% $10,764
    Wells Fargo Bank 4 6.72% $6,436
    V.I.P. MORTGAGE, INC. 3 6.54% $8,997
    Hometown Equity Mortgage, LLC 3 6.29% $13,116
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.67% $7,984
    PNC Bank 3 6.33% $7,109
    AMERICAN FINANCIAL NETWORK, INC. 3 7.50% $8,566
    LOANPAL, LLC 3 6.25% $10,718
    CALIBER HOME LOANS, INC. 3 6.42% $7,647
    SUN WEST MORTGAGE COMPANY, INC. 3 6.50% $11,400
    STOCKTON MORTGAGE CORPORATION 3 6.04% $12,506
    WesBanco 3 5.75% $8,311
    PULTE MORTGAGE LLC 3 6.38% $6,805
    Prosperity Home Mortgage, LLC 3 6.12% $8,487
    NATIONS DIRECT MORTGAGE, LLC 3 6.38% $9,776
    First Federal Savings and Loan Association of Lakewood 3 6.67% $9,754
    TOWNE MORTGAGE COMPANY 2 6.19% $9,046
    MID AMERICA MORTGAGE, INC. 2 6.75% $3,771
    ALLIED MORTGAGE GROUP, INC. 2 5.75% $16,309
    Neighborhood Loans, Inc. 2 6.75% $14,561
    ABSOLUTE HOME MORTGAGE CORPORATION 2 5.94% $7,058
    PLANET HOME LENDING, LLC 2 5.00% $9,346
    RAPID MORTGAGE COMPANY 2 6.63% $14,866
    T2 FINANCIAL LLC 2 6.44% $11,784
    The Farmers National Bank of Canfield 2 6.44% $8,847
    AmRes Corporation 2 6.50% $19,534
    Union Savings Bank 2 7.69% $5,953
    AMERICAN FINANCING CORPORATION 2 6.37% $6,984
    KELLER MORTGAGE, LLC 2 5.44% $9,455
    Ixonia Bank 2 7.31% $9,027
    Independent Bank 2 6.56% $9,418
    NEW DAY FINANCIAL, LLC 1 6.75% $6,459
    Waterstone Mortgage Corporation 1 5.88% $9,621
    First Savings Bank 1 6.75% $16,791
    CREDIT UNION MORTGAGE ASSOCIATION, INC. 1 7.00% $6,983
    MILEND, INC. 1 6.38% $13,609
    Cornerstone First Mortgage, Inc 1 7.75% $11,023
    RESIDENTIAL BANCORP 1 7.13% $5,554
    M&T Bank 1 6.63% $7,260
    CONTOUR MORTGAGE CORPORATION 1 6.13% $10,018
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 5.75% $8,522
    Florida Capital Bank 1 7.13% $9,202
    GENEVA FINANCIAL, LLC 1 6.75% $10,722
    US MORTGAGE CORPORATION 1 6.75% $10,769
    VILLAGE CAPITAL MORTGAGE 1 7.25% $12,917
    The Federal Savings Bank 1 5.63% $11,497
    CHERRY CREEK MORTGAGE, LLC 1 7.13% $500
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.25% $13,415
    Mortgage Research Center, LLC 1 7.13% $2,158
    Bank of America 1 7.50% $7,268
    AMCAP MORTGAGE, LTD. 1 6.13% $16,948
    MICHIGAN MUTUAL, INC. 1 7.13% $16,447
    EVERETT FINANCIAL, INC. 1 6.63% $6,537
    GSF Mortgage Corporation 1 6.63% $6,155
    East Coast Capital Corp. 1 6.50% $11,010
    DIRECT MORTGAGE, CORP. 1 6.63% $13,492
    PHH Mortgage Corporation 1 6.49% $9,447
    J. VIRGIL, INC. 1 6.25% $14,433
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 6.25% $19,290
    First Commonwealth Bank 1 6.88% $6,792
    DELMAR FINANCIAL COMPANY 1 4.75% $12,098
    DAS Acquisition Company, LLC 1 6.63% $7,154
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.13% $16,646

    The top Akron FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 252 FHA loans originated. Their average total fees are $9,819, which is $573 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Akron FHA lenders (with over 10 loans originated) are Fifth Third Bank ($5,014), JPMorgan Chase Bank ($5,343), RUOFF MORTGAGE COMPANY, INC. ($5,502), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,469) and Citizens Bank ($6,948).

    The lowest rate Akron FHA lenders (with over 10 loans originated) are NVR Mortgage Finance, Inc. (6.00%), K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. (6.14%), Mr. Cooper ( Nationstar Mortgage ) (6.15%), AMERISAVE MORTGAGE CORPORATION (6.25%) and PENNYMAC LOAN SERVICES, LLC (6.28%).

    Akron FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    AKRON, OH PORTAGE 2022 $420,680 $538,650 $651,050 $809,150
    AKRON, OH SUMMIT 2022 $420,680 $538,650 $651,050 $809,150
    AKRON, OH PORTAGE 2023 $472,030 $604,400 $730,525 $907,900
    AKRON, OH SUMMIT 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Akron (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $132,450 (5.0%) $213,127 (8.5%) 0.49 1,867
    2018-02-01 $133,800 (3.0%) $215,526 (7.0%) 0.49 1,844
    2018-03-01 $145,000 (5.1%) $229,294 (9.2%) 0.51 1,792
    2018-04-01 $149,950 (7.1%) $236,539 (9.6%) 0.51 1,770
    2018-05-01 $162,400 (16.0%) $243,967 (6.9%) 0.54 1,807
    2018-06-01 $169,900 (18.7%) $251,718 (9.6%) 0.57 1,920
    2018-07-01 $172,875 (16.0%) $253,010 (9.6%) 0.58 1,959
    2018-08-01 $165,725 (10.6%) $242,523 (6.5%) 0.56 2,098
    2018-09-01 $160,000 (8.1%) $239,124 (5.2%) 0.54 2,130
    2018-10-01 $159,900 (11.4%) $235,622 (7.2%) 0.54 2,104
    2018-11-01 $154,950 (10.7%) $236,054 (8.9%) 0.53 2,004
    2018-12-01 $152,000 (9.6%) $232,712 (8.8%) 0.52 1,789
    2019-01-01 $149,900 (13.2%) $234,131 (9.9%) 0.52 1,623
    2019-02-01 $152,775 (14.2%) $245,081 (13.7%) 0.52 1,480
    2019-03-01 $163,872 (13.0%) $252,014 (9.9%) 0.54 1,485
    2019-04-01 $169,125 (12.8%) $258,378 (9.2%) 0.54 1,493
    2019-05-01 $174,900 (7.7%) $254,801 (4.4%) 0.55 1,548
    2019-06-01 $179,000 (5.4%) $255,767 (1.6%) 0.56 1,692
    2019-07-01 $177,450 (2.7%) $256,523 (1.4%) 0.56 1,787
    2019-08-01 $172,200 (3.9%) $251,627 (3.8%) 0.55 1,816
    2019-09-01 $168,150 (5.1%) $246,166 (2.9%) 0.54 1,868
    2019-10-01 $165,000 (3.2%) $241,600 (2.5%) 0.53 1,938
    2019-11-01 $154,150 (-0.5%) $224,815 (-4.8%) 0.51 1,873
    2019-12-01 $149,900 (-1.4%) $216,795 (-6.8%) 0.50 1,705
    2020-01-01 $144,900 (-3.3%) $216,557 (-7.5%) 0.48 1,544
    2020-02-01 $149,900 (-1.9%) $225,280 (-8.1%) 0.49 1,388
    2020-03-01 $159,950 (-2.4%) $240,318 (-4.6%) 0.50 1,295
    2020-04-01 $167,200 (-1.1%) $246,488 (-4.6%) 0.52 1,261
    2020-05-01 $179,500 (2.6%) $255,278 (0.2%) 0.55 1,134
    2020-06-01 $189,450 (5.8%) $267,833 (4.7%) 0.56 1,062
    2020-07-01 $189,950 (7.0%) $271,112 (5.7%) 0.55 1,015
    2020-08-01 $189,900 (10.3%) $272,614 (8.3%) 0.54 923
    2020-09-01 $179,950 (7.0%) $270,789 (10.0%) 0.52 918
    2020-10-01 $179,900 (9.0%) $265,953 (10.1%) 0.52 927
    2020-11-01 $166,750 (8.2%) $253,511 (12.8%) 0.49 915
    2020-12-01 $158,500 (5.7%) $239,545 (10.5%) 0.47 792
    2021-01-01 $149,900 (3.5%) $229,439 (6.0%) 0.45 676
    2021-02-01 $153,850 (2.6%) $248,136 (10.2%) 0.45 523
    2021-03-01 $167,400 (4.7%) $256,752 (6.8%) 0.48 482
    2021-04-01 $179,925 (7.6%) $267,615 (8.6%) 0.49 478
    2021-05-01 $189,450 (5.5%) $272,707 (6.8%) 0.50 583
    2021-06-01 $187,450 (-1.1%) $272,231 (1.6%) 0.49 768
    2021-07-01 $189,900 (0.0%) $268,163 (-1.1%) 0.50 909
    2021-08-01 $183,950 (-3.1%) $279,379 (2.5%) 0.49 958
    2021-09-01 $179,450 (-0.3%) $274,373 (1.3%) 0.48 965
    2021-10-01 $175,000 (-2.7%) $265,176 (-0.3%) 0.47 975
    2021-11-01 $169,950 (1.9%) $264,925 (4.5%) 0.45 861
    2021-12-01 $157,400 (-0.7%) $254,561 (6.3%) 0.43 793
    2022-01-01 $149,250 (-0.4%) $254,363 (10.9%) 0.40 644
    2022-02-01 $155,000 (0.8%) $270,084 (8.9%) 0.40 489
    2022-03-01 $171,950 (2.7%) $283,749 (10.5%) 0.43 473
    2022-04-01 $179,900 (0.0%) $294,221 (9.9%) 0.43 559
    2022-05-01 $187,425 (-1.1%) $293,413 (7.6%) 0.43 654
    2022-06-01 $199,900 (6.6%) $298,113 (9.5%) 0.45 803
    2022-07-01 $199,900 (5.3%) $289,189 (7.8%) 0.45 964
    2022-08-01 $199,750 (8.6%) $278,782 (-0.2%) 0.46 966
    2022-09-01 $198,000 (10.3%) $278,249 (1.4%) 0.46 1,001
    2022-10-01 $189,000 (8.0%) $272,085 (2.6%) 0.44 1,085
    2022-11-01 $187,594 (10.4%) $266,783 (0.7%) 0.45 1,089
    2022-12-01 $179,999 (14.4%) $267,984 (5.3%) 0.44 929
    2023-01-01 $177,450 (18.9%) $264,340 (3.9%) 0.44 792
    2023-02-01 $180,450 (16.4%) $270,612 (0.2%) 0.44 656
    2023-03-01 $179,925 (4.6%) $274,974 (-3.1%) 0.42 612
    2023-04-01 $199,900 (11.1%) $290,906 (-1.1%) 0.46 578
    2023-05-01 $211,000 (12.6%) $298,760 (1.8%) 0.48 587
    2023-06-01 $225,500 (12.8%) $303,426 (1.8%) 0.51 685
    2023-07-01 $230,000 (15.1%) $314,740 (8.8%) 0.52 670
    2023-08-01 $232,475 (16.4%) $323,173 (15.9%) 0.53 763
    2023-09-01 $234,950 (18.7%) $326,310 (17.3%) 0.55 823
    2023-10-01 $229,925 (21.7%) $323,978 (19.1%) 0.54 900
    2023-11-01 $214,993 (14.6%) $316,819 (18.8%) 0.51 884
    2023-12-01 $214,995 (19.4%) $317,227 (18.4%) 0.52 786
    2024-01-01 $210,500 (18.6%) $322,223 (21.9%) 0.51 701
    2024-02-01 $207,823 (15.2%) $317,387 (17.3%) 0.50 639
    2024-03-01 $212,500 (18.1%) $324,680 (18.1%) 0.50 645
    Akron's median listing price for 2024-03-01 was $212,500, a difference of $32,575 (18.1%) versus the prior year and $4,677 versus the prior month.

    Akron's median listing price comes in at 50% of the national average.

    Akron's average listing price for 2024-03-01 was $324,680, a difference of $49,706 (18.1%) versus the prior year and $7,293 versus the prior month.

    For the 2024-03-01 period, Akron had 645 MLS listings, a difference of 6 listings (1%) versus the prior month and 33 listings (5%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Akron (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 75 days 1,538 sqft
    2018-02-01 68 days 1,548 sqft
    2018-03-01 56 days 1,589 sqft
    2018-04-01 49 days 1,606 sqft
    2018-05-01 47 days 1,666 sqft
    2018-06-01 45 days 1,698 sqft
    2018-07-01 50 days 1,869 sqft
    2018-08-01 48 days 1,800 sqft
    2018-09-01 53 days 1,788 sqft
    2018-10-01 57 days 1,781 sqft
    2018-11-01 59 days 1,738 sqft
    2018-12-01 67 days 1,722 sqft
    2019-01-01 75 days 1,681 sqft
    2019-02-01 72 days 1,707 sqft
    2019-03-01 55 days 1,728 sqft
    2019-04-01 44 days 1,747 sqft
    2019-05-01 42 days 1,703 sqft
    2019-06-01 43 days 1,725 sqft
    2019-07-01 47 days 1,742 sqft
    2019-08-01 51 days 1,733 sqft
    2019-09-01 53 days 1,729 sqft
    2019-10-01 54 days 1,726 sqft
    2019-11-01 61 days 1,679 sqft
    2019-12-01 70 days 1,634 sqft
    2020-01-01 80 days 1,619 sqft
    2020-02-01 77 days 1,645 sqft
    2020-03-01 58 days 1,708 sqft
    2020-04-01 54 days 1,714 sqft
    2020-05-01 72 days 1,750 sqft
    2020-06-01 55 days 1,820 sqft
    2020-07-01 45 days 1,825 sqft
    2020-08-01 48 days 1,800 sqft
    2020-09-01 51 days 1,767 sqft
    2020-10-01 46 days 1,750 sqft
    2020-11-01 50 days 1,658 sqft
    2020-12-01 57 days 1,578 sqft
    2021-01-01 60 days 1,536 sqft
    2021-02-01 50 days 1,559 sqft
    2021-03-01 36 days 1,595 sqft
    2021-04-01 32 days 1,659 sqft
    2021-05-01 26 days 1,702 sqft
    2021-06-01 24 days 1,707 sqft
    2021-07-01 29 days 1,692 sqft
    2021-08-01 31 days 1,657 sqft
    2021-09-01 37 days 1,634 sqft
    2021-10-01 39 days 1,616 sqft
    2021-11-01 42 days 1,623 sqft
    2021-12-01 45 days 1,564 sqft
    2022-01-01 50 days 1,538 sqft
    2022-02-01 46 days 1,547 sqft
    2022-03-01 35 days 1,575 sqft
    2022-04-01 25 days 1,590 sqft
    2022-05-01 28 days 1,636 sqft
    2022-06-01 28 days 1,668 sqft
    2022-07-01 31 days 1,680 sqft
    2022-08-01 36 days 1,670 sqft
    2022-09-01 36 days 1,652 sqft
    2022-10-01 36 days 1,641 sqft
    2022-11-01 39 days 1,665 sqft
    2022-12-01 49 days 1,624 sqft
    2023-01-01 56 days 1,608 sqft
    2023-02-01 48 days 1,621 sqft
    2023-03-01 38 days 1,584 sqft
    2023-04-01 36 days 1,671 sqft
    2023-05-01 36 days 1,686 sqft
    2023-06-01 33 days 1,693 sqft
    2023-07-01 34 days 1,747 sqft
    2023-08-01 32 days 1,743 sqft
    2023-09-01 36 days 1,731 sqft
    2023-10-01 36 days 1,728 sqft
    2023-11-01 38 days 1,705 sqft
    2023-12-01 44 days 1,685 sqft
    2024-01-01 53 days 1,672 sqft
    2024-02-01 41 days 1,630 sqft
    2024-03-01 38 days 1,680 sqft
    Akron's median listing age (time on market) for 2024-03-01 was 38 days. This is 1% longer than the same period one year ago.

    Akron's median square footage for active listings during the 2024-03-01 period was 1,680 sqft. One year prior, the average listing was 1,584 sqft.

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).