Albuquerque FHA Loan Rates, Closing Costs & Stats

ALBUQUERQUE, NM

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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.

    Albuquerque's 137 lenders originated 3,385 FHA loans during 2022. The total origination value was $820,255,000, with an average FHA loan value of $242,321.

    Albuquerque FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Albuquerque averaged 6.14% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    Albuquerque's average FHA mortgage closing costs are $7,352.

    The average rate for the prior week (2023-05-19) was 6.21% and one month ago for the week of 2023-04-21, the average rate was 6.05%.

    The average rate one year ago was 4.97%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.19%.

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

    Albuquerque 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 Albuquerque level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Waterstone Mortgage Corporation 379 4.95% $9,839
    QUICKEN LOANS, LLC 213 4.47% $10,186
    LOANDEPOT.COM, LLC 157 4.73% $10,766
    PRIMARY RESIDENTIAL MORTGAGE, INC. 123 5.31% $11,282
    UNITED WHOLESALE MORTGAGE, LLC 109 4.92% $9,085
    LEGACY MORTGAGE LLC 98 5.00% $11,532
    FINANCE OF AMERICA MORTGAGE LLC 94 5.02% $10,597
    GUILD MORTGAGE COMPANY 90 4.95% $11,644
    BOKF 86 4.88% $9,270
    DHI MORTGAGE COMPANY, LTD. 75 4.49% $10,860
    ACADEMY MORTGAGE CORPORATION 73 5.34% $10,929
    Commerce Home Mortgage, Inc. 73 4.66% $9,661
    Nations Lending Corporation 57 5.27% $10,425
    CARDINAL FINANCIAL 57 4.86% $12,366
    FREEDOM MORTGAGE CORPORATION 53 5.01% $10,209
    NUSENDA 50 4.67% $8,412
    Mr. Cooper ( Nationstar Mortgage ) 50 4.69% $12,384
    VAN DYK MORTGAGE CORPORATION 47 4.98% $8,827
    MORTGAGE SOLUTIONS OF COLORADO, LLC 45 5.26% $12,205
    PLAZA HOME MORTGAGE, INC. 41 4.79% $10,534
    PENNYMAC LOAN SERVICES, LLC 41 4.20% $11,251
    CMG MORTGAGE, INC. 39 4.78% $9,877
    LAKEVIEW LOAN SERVICING, LLC 38 4.03% $7,899
    GUARANTEED RATE, INC. 36 5.58% $10,796
    Plains Commerce Bank 34 5.04% $9,745
    Century Mortgage Company DBA Century Lending Company 33 4.56% $10,277
    AMERISAVE MORTGAGE CORPORATION 32 4.87% $12,474
    CALCON MUTUAL MORTGAGE LLC 31 5.69% $11,639
    Sunflower Bank 29 4.65% $8,386
    Wallick & Volk, Inc. 28 4.96% $8,810
    PLANET HOME LENDING, LLC 28 4.75% $9,218
    HOMEBRIDGE FINANCIAL SERVICES, INC. 26 4.76% $11,218
    CALIBER HOME LOANS, INC. 23 4.39% $10,164
    Flagstar Bank, FSB 22 4.24% $10,896
    BROKER SOLUTIONS, INC. 22 5.17% $11,017
    BAY EQUITY LLC 22 4.93% $9,193
    LOANPAL, LLC 21 4.21% $12,528
    AMERICAN FINANCING CORPORATION 19 4.26% $10,814
    MOVEMENT MORTGAGE, LLC 18 4.88% $9,930
    PULTE MORTGAGE LLC 18 5.07% $8,211
    PRIMELENDING, A PLAINSCAPITAL COMPANY 17 4.98% $11,587
    HOMETRUST MORTGAGE COMPANY 16 5.02% $9,548
    MID AMERICA MORTGAGE, INC. 16 5.13% $5,784
    AMERICAN PACIFIC MORTGAGE CORPORATION 15 5.05% $11,311
    UNION HOME MORTGAGE CORP. 15 4.86% $10,579
    MEMBER FIRST MORTGAGE, LLC 15 5.22% $8,858
    Carrington Mortgage Services, LLC 15 4.92% $12,114
    NEWREZ LLC 14 4.56% $8,701
    Gateway First Bank 13 5.21% $8,613
    Amerifirst Financial, Inc. 11 4.51% $7,311
    CROSSCOUNTRY MORTGAGE, LLC 11 5.04% $11,603
    FIRST COMMUNITY MORTGAGE, INC. 10 4.64% $8,529
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 5.85% $9,966
    HOME POINT FINANCIAL CORPORATION 10 3.99% $9,310
    MUTUAL OF OMAHA MORTGAGE, INC. 9 5.19% $10,987
    Loan Simple, Inc. 8 5.91% $14,203
    VILLAGE CAPITAL MORTGAGE 8 3.50% $4,205
    Bank of America 7 4.14% $6,419
    AMCAP MORTGAGE, LTD. 7 4.27% $10,890
    SECURITYNATIONAL MORTGAGE COMPANY 6 5.46% $12,989
    RELIANCE FIRST CAPITAL, LLC 6 4.96% $10,745
    Kirtland Federal Credit Union 6 5.71% $9,867
    MORIA DEVELOPMENT, INC. 5 5.30% $12,926
    UNIVERSAL LENDING CORPORATION 5 4.65% $7,440
    SUN WEST MORTGAGE COMPANY, INC. 5 5.40% $8,000
    The Federal Savings Bank 5 4.53% $13,116
    U.S. Bank 4 5.38% $8,115
    Barrington Bank & Trust Company, N.A. 4 5.25% $10,070
    Equity Prime Mortgage LLC 4 3.84% $7,146
    DAS Acquisition Company, LLC 4 4.81% $8,528
    Mortgage Research Center, LLC 4 5.65% $6,303
    HOMESPIRE MORTGAGE CORPORATION 4 4.28% $8,621
    EMBRACE HOME LOANS, INC. 3 5.58% $11,244
    Wells Fargo Bank 3 4.50% $6,758
    DIRECTORS MORTGAGE, INC. 3 6.54% $10,517
    HOME FUNDING CORPORATION 3 4.67% $13,413
    CONTOUR MORTGAGE CORPORATION 3 5.58% $15,795
    Neighborhood Loans, Inc. 3 4.87% $11,558
    MOUNTAIN AMERICA 3 5.67% $10,561
    M&T Bank 3 4.42% $12,090
    EVERETT FINANCIAL, INC. 3 4.75% $7,103
    Wyndham Capital Mortgage, Inc. 3 4.96% $11,800
    BETTER MORTGAGE CORPORATION 2 3.25% $6,551
    SOVEREIGN LENDING GROUP INCORPORATED 2 3.63% $12,001
    KELLER MORTGAGE, LLC 2 5.62% $8,736
    Florida Capital Bank 2 2.94% $11,087
    Bell Bank 2 6.25% $7,010
    First American Bank 2 4.44% $6,195
    JAMES B. NUTTER & COMPANY 2 4.25% $7,188
    VERITAS FUNDING, LLC 2 5.44% $17,431
    AMERICAN FINANCIAL RESOURCES, INC. 2 5.50% $9,156
    DRAPER AND KRAMER MORTGAGE CORP. 2 5.81% $8,800
    PENTAGON FEDERAL CREDIT UNION 2 4.94% $8,514
    Hometown Equity Mortgage, LLC 2 6.25% $11,069
    Chickasaw Community Bank 2 4.13% $10,825
    Bank of the West 2 4.56% $8,693
    NBKC BANK 2 4.25% $9,080
    NFM, INC. 2 5.44% $11,226
    RESIDENTIAL BANCORP. 2 5.19% $8,658
    ZILLOW HOME LOANS, LLC 1 5.75% $10,670
    Enterprise Bank & Trust 1 5.38% $8,036
    Evolve Bank & Trust 1 5.63% $9,760
    FBC MORTGAGE, LLC 1 6.75% $14,619
    First Guaranty Mortgage Corporation 1 3.75% $7,305
    Goldwater Bank, N.A. 1 6.63% $13,865
    Colonial Savings, F.A. 1 4.88% $19,010
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 5.75% $5,521
    HOMESIDE FINANCIAL, LLC 1 6.13% $11,546
    JPMorgan Chase Bank 1 7.25% $5,144
    LADERA LENDING, INC. 1 4.25% $15,388
    CITYWIDE HOME LOANS, LLC 1 3.38% $6,446
    Citizens Bank of Las Cruces 1 5.50% $4,953
    CHURCHILL MORTGAGE CORPORATION 1 4.75% $8,981
    Magnolia Bank 1 5.75% $8,123
    MANN FINANCIAL INC. 1 3.75% $10,260
    MEGASTAR FINANCIAL CORP. 1 6.50% $6,352
    Midwest Community Bank 1 4.25% $5,473
    Midwest Mortgage Associates Corporation 1 5.00% $12,721
    NETWORK CAPITAL FUNDING CORPORATION 1 4.25% $10,614
    North American Savings Bank, F.S.B. 1 5.38% $13,500
    OCEANSIDE MORTGAGE COMPANY 1 6.75% $5,319
    OCMBC, INC. 1 7.13% $18,384
    Paramount Residential Mortgage Group, Inc. 1 4.13% $7,938
    Peoples Bank 1 5.00% $14,001
    PNC Bank 1 4.50% $6,429
    POLARIS HOME FUNDING CORP. 1 6.38% $17,146
    PREMIA MORTGAGE, LLC 1 5.88% $7,691
    Prime Choice Funding Inc. 1 3.50% $8,607
    ANGEL OAK HOME LOANS LLC 1 5.75% $15,400
    Semper Home Loans, Inc. 1 2.88% $6,430
    SIRVA MORTGAGE, INC. 1 4.00% $6,459
    SOUTHWEST STAGE FUNDING, LLC 1 4.88% $7,680
    Strong Home Mortgage, LLC 1 3.75% $7,526
    The Huntington National Bank 1 4.38% $12,737
    UNITED MORTGAGE CORP. 1 4.88% $18,121
    V.I.P. MORTGAGE, INC. 1 6.63% $11,538
    WRIGHT-PATT CREDIT UNION, INC. 1 5.00% $8,568

    The top Albuquerque FHA lender as defined by loan originations is Waterstone Mortgage Corporation, with 379 FHA loans originated. Their average total fees are $9,839, which is $346 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Albuquerque FHA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($5,784), Amerifirst Financial, Inc. ($7,311), LAKEVIEW LOAN SERVICING, LLC ($7,899), PULTE MORTGAGE LLC ($8,211) and Sunflower Bank ($8,386).

    The lowest rate Albuquerque FHA lenders (with over 10 loans originated) are HOME POINT FINANCIAL CORPORATION (3.99%), LAKEVIEW LOAN SERVICING, LLC (4.03%), PENNYMAC LOAN SERVICES, LLC (4.20%), LOANPAL, LLC (4.21%) and Flagstar Bank, FSB (4.24%).

    Albuquerque FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ALBUQUERQUE, NM BERNALILLO 2022 $420,680 $538,650 $651,050 $809,150
    ALBUQUERQUE, NM SANDOVAL 2022 $420,680 $538,650 $651,050 $809,150
    ALBUQUERQUE, NM TORRANCE 2022 $420,680 $538,650 $651,050 $809,150
    ALBUQUERQUE, NM VALENCIA 2022 $420,680 $538,650 $651,050 $809,150
    ALBUQUERQUE, NM BERNALILLO 2023 $472,030 $604,400 $730,525 $907,900
    ALBUQUERQUE, NM SANDOVAL 2023 $472,030 $604,400 $730,525 $907,900
    ALBUQUERQUE, NM TORRANCE 2023 $472,030 $604,400 $730,525 $907,900
    ALBUQUERQUE, NM VALENCIA 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Albuquerque (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 $239,000 (3.9%) $309,398 (2.7%) 0.89 2,764
    2018-02-01 $242,900 (2.9%) $316,882 (4.0%) 0.88 2,688
    2018-03-01 $245,000 (2.1%) $322,196 (5.2%) 0.86 2,614
    2018-04-01 $250,000 (2.2%) $325,360 (4.3%) 0.85 2,726
    2018-05-01 $258,838 (4.0%) $327,541 (3.4%) 0.86 2,915
    2018-06-01 $259,900 (4.0%) $326,481 (2.0%) 0.87 3,143
    2018-07-01 $252,450 (1.4%) $320,215 (-0.4%) 0.84 3,328
    2018-08-01 $249,945 (2.0%) $315,379 (-1.9%) 0.84 3,385
    2018-09-01 $246,890 (1.8%) $313,823 (-1.5%) 0.83 3,329
    2018-10-01 $248,079 (3.4%) $318,151 (0.3%) 0.84 3,307
    2018-11-01 $249,500 (4.0%) $316,478 (1.5%) 0.85 3,106
    2018-12-01 $249,000 (5.3%) $314,653 (1.2%) 0.86 2,839
    2019-01-01 $247,850 (3.7%) $314,277 (1.6%) 0.86 2,466
    2019-02-01 $250,486 (3.1%) $323,390 (2.1%) 0.85 2,368
    2019-03-01 $259,900 (6.1%) $334,731 (3.9%) 0.87 2,262
    2019-04-01 $269,794 (7.9%) $344,668 (5.9%) 0.86 2,318
    2019-05-01 $269,945 (4.3%) $346,574 (5.8%) 0.84 2,430
    2019-06-01 $273,000 (5.0%) $349,731 (7.1%) 0.85 2,622
    2019-07-01 $272,450 (7.9%) $349,816 (9.2%) 0.85 2,647
    2019-08-01 $269,900 (8.0%) $355,151 (12.6%) 0.85 2,570
    2019-09-01 $276,975 (12.2%) $357,659 (14.0%) 0.87 2,260
    2019-10-01 $269,750 (8.7%) $348,172 (9.4%) 0.87 2,588
    2019-11-01 $269,000 (7.8%) $344,662 (8.9%) 0.88 2,387
    2019-12-01 $267,475 (7.4%) $345,559 (9.8%) 0.89 2,072
    2020-01-01 $271,046 (9.4%) $352,231 (12.1%) 0.91 1,778
    2020-02-01 $280,697 (12.1%) $361,296 (11.7%) 0.92 1,708
    2020-03-01 $289,450 (11.4%) $368,330 (10.0%) 0.91 1,671
    2020-04-01 $288,000 (6.8%) $361,507 (4.9%) 0.90 1,770
    2020-05-01 $300,000 (11.1%) $372,687 (7.5%) 0.91 1,693
    2020-06-01 $316,495 (15.9%) $393,413 (12.5%) 0.93 1,465
    2020-07-01 $313,605 (15.1%) $390,379 (11.6%) 0.91 1,353
    2020-08-01 $319,900 (18.5%) $397,073 (11.8%) 0.92 1,328
    2020-09-01 $317,750 (14.7%) $394,391 (10.3%) 0.91 1,303
    2020-10-01 $308,440 (14.3%) $392,516 (12.7%) 0.88 1,291
    2020-11-01 $305,000 (13.4%) $383,831 (11.4%) 0.89 1,268
    2020-12-01 $309,450 (15.7%) $390,639 (13.1%) 0.92 1,052
    2021-01-01 $310,775 (14.7%) $395,738 (12.4%) 0.93 850
    2021-02-01 $315,000 (12.2%) $395,573 (9.5%) 0.92 744
    2021-03-01 $318,500 (10.0%) $401,606 (9.0%) 0.90 703
    2021-04-01 $325,000 (12.9%) $420,167 (16.2%) 0.88 688
    2021-05-01 $329,000 (9.7%) $430,986 (15.6%) 0.87 721
    2021-06-01 $344,975 (9.0%) $434,355 (10.4%) 0.91 861
    2021-07-01 $340,000 (8.4%) $432,668 (10.8%) 0.90 959
    2021-08-01 $339,988 (6.3%) $438,458 (10.4%) 0.91 1,002
    2021-09-01 $346,184 (9.0%) $448,161 (13.6%) 0.92 1,028
    2021-10-01 $359,900 (16.7%) $461,059 (17.5%) 0.96 953
    2021-11-01 $362,223 (18.8%) $464,577 (21.0%) 0.97 833
    2021-12-01 $350,000 (13.1%) $459,347 (17.6%) 0.95 687
    2022-01-01 $369,450 (18.9%) $465,983 (17.8%) 1.00 593
    2022-02-01 $371,870 (18.1%) $477,354 (20.7%) 0.97 566
    2022-03-01 $371,023 (16.5%) $474,908 (18.3%) 0.93 551
    2022-04-01 $379,000 (16.6%) $485,370 (15.5%) 0.90 600
    2022-05-01 $393,500 (19.6%) $483,012 (12.1%) 0.90 785
    2022-06-01 $393,600 (14.1%) $478,544 (10.2%) 0.88 998
    2022-07-01 $390,000 (14.7%) $485,200 (12.1%) 0.88 1,248
    2022-08-01 $394,441 (16.0%) $487,921 (11.3%) 0.91 1,296
    2022-09-01 $385,315 (11.3%) $480,857 (7.3%) 0.90 1,396
    2022-10-01 $385,000 (7.0%) $485,725 (5.4%) 0.91 1,422
    2022-11-01 $379,000 (4.6%) $480,444 (3.4%) 0.91 1,454
    2022-12-01 $375,000 (7.1%) $486,774 (6.0%) 0.93 1,227
    2023-01-01 $377,450 (2.2%) $496,877 (6.6%) 0.93 1,067
    2023-02-01 $387,950 (4.3%) $514,206 (7.7%) 0.94 908
    2023-03-01 $399,500 (7.7%) $525,831 (10.7%) 0.94 870
    2023-04-01 $400,000 (5.5%) $528,594 (8.9%) 0.93 871
    Albuquerque's median listing price for 2023-04-01 was $400,000, a difference of $21,000 (5.5%) versus the prior year and $500 versus the prior month.

    Albuquerque's median listing price comes in at 93% of the national average.

    Albuquerque's average listing price for 2023-04-01 was $528,594, a difference of $43,224 (8.9%) versus the prior year and $2,763 versus the prior month.

    For the 2023-04-01 period, Albuquerque had 871 MLS listings, a difference of 1 listings (0%) versus the prior month and 271 listings (45%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Albuquerque (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 75 days 1,994 sqft
    2018-02-01 65 days 2,023 sqft
    2018-03-01 51 days 2,053 sqft
    2018-04-01 47 days 2,075 sqft
    2018-05-01 46 days 2,078 sqft
    2018-06-01 48 days 2,078 sqft
    2018-07-01 51 days 2,057 sqft
    2018-08-01 54 days 2,037 sqft
    2018-09-01 59 days 2,018 sqft
    2018-10-01 60 days 2,020 sqft
    2018-11-01 63 days 2,019 sqft
    2018-12-01 70 days 2,020 sqft
    2019-01-01 72 days 2,009 sqft
    2019-02-01 64 days 2,022 sqft
    2019-03-01 52 days 2,056 sqft
    2019-04-01 49 days 2,121 sqft
    2019-05-01 50 days 2,116 sqft
    2019-06-01 52 days 2,109 sqft
    2019-07-01 47 days 2,095 sqft
    2019-08-01 56 days 2,110 sqft
    2019-09-01 61 days 2,120 sqft
    2019-10-01 58 days 2,082 sqft
    2019-11-01 66 days 2,040 sqft
    2019-12-01 77 days 2,035 sqft
    2020-01-01 76 days 2,053 sqft
    2020-02-01 61 days 2,092 sqft
    2020-03-01 51 days 2,078 sqft
    2020-04-01 53 days 2,050 sqft
    2020-05-01 57 days 2,100 sqft
    2020-06-01 64 days 2,146 sqft
    2020-07-01 61 days 2,127 sqft
    2020-08-01 54 days 2,153 sqft
    2020-09-01 55 days 2,137 sqft
    2020-10-01 51 days 2,099 sqft
    2020-11-01 56 days 2,064 sqft
    2020-12-01 61 days 2,095 sqft
    2021-01-01 72 days 2,076 sqft
    2021-02-01 67 days 2,015 sqft
    2021-03-01 58 days 2,041 sqft
    2021-04-01 52 days 2,049 sqft
    2021-05-01 43 days 2,052 sqft
    2021-06-01 33 days 2,047 sqft
    2021-07-01 37 days 2,000 sqft
    2021-08-01 41 days 2,016 sqft
    2021-09-01 48 days 2,018 sqft
    2021-10-01 53 days 2,094 sqft
    2021-11-01 64 days 2,033 sqft
    2021-12-01 59 days 1,976 sqft
    2022-01-01 71 days 2,003 sqft
    2022-02-01 37 days 1,973 sqft
    2022-03-01 36 days 2,000 sqft
    2022-04-01 33 days 2,000 sqft
    2022-05-01 29 days 2,050 sqft
    2022-06-01 30 days 2,041 sqft
    2022-07-01 33 days 2,070 sqft
    2022-08-01 45 days 2,083 sqft
    2022-09-01 53 days 2,049 sqft
    2022-10-01 57 days 2,026 sqft
    2022-11-01 61 days 2,015 sqft
    2022-12-01 68 days 2,003 sqft
    2023-01-01 78 days 2,005 sqft
    2023-02-01 72 days 2,032 sqft
    2023-03-01 59 days 2,037 sqft
    2023-04-01 52 days 2,072 sqft
    Albuquerque's median listing age (time on market) for 2023-04-01 was 52 days. This is 58% longer than the same period one year ago.

    Albuquerque's median square footage for active listings during the 2023-04-01 period was 2,072 sqft. One year prior, the average listing was 2,000 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).