Augusta FHA Loans

AUGUSTA-RICHMOND COUNTY, GA-SC

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.

Augusta's 175 lenders originated 3,367 FHA loans during 2021. The total origination value was $632,645,000, with an average FHA loan value of $187,896.

Augusta FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Augusta averaged 5.13% for the week of 2022-08-05, compared to the national average (all FHA variants) of 5.305% for the same period.

The average rate for the prior week (2022-07-29) was 5.07% and one month ago for the week of 2022-07-01, the average rate was 5.56%.

The average rate one year ago was 3.17%.

For refis of the same type during the week of 2022-08-05, the average rate was 4.89%.

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

Augusta FHA Loan Lenders by Rates & Fees

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

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 358 2.75% $5,949
GUILD MORTGAGE COMPANY 321 3.19% $8,682
BROKER SOLUTIONS, INC. 249 3.29% $7,536
MOVEMENT MORTGAGE, LLC 90 3.20% $6,832
Queensborough National Bank & Trust Company 80 2.54% $5,534
UNITED WHOLESALE MORTGAGE, LLC 76 2.81% $6,775
Ameris Bank 72 2.84% $6,943
VANDERBILT MORTGAGE AND FINANCE, INC. 67 3.17% $7,271
BANKSOUTH MORTGAGE COMPANY, LLC 65 2.87% $8,334
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 61 3.15% $7,163
PENNYMAC LOAN SERVICES, LLC 59 3.02% $4,950
FREEDOM MORTGAGE CORPORATION 55 2.92% $4,726
Mr. Cooper ( Nationstar Mortgage ) 52 3.27% $3,630
Synovus Bank 50 2.66% $7,726
SRP Federal Credit Union 50 2.87% $7,805
CMG MORTGAGE, INC. 49 3.21% $6,702
Colony Bank 48 2.82% $7,107
DHI MORTGAGE COMPANY, LTD. 47 2.81% $6,990
Magnolia Bank 44 2.74% $6,255
LAKEVIEW LOAN SERVICING, LLC 44 3.06% $4,517
LOANDEPOT.COM, LLC 42 3.06% $7,215
Carrington Mortgage Services, LLC 40 3.58% $8,090
AUGUSTA MORTGAGE CO. 40 2.71% $7,252
FIRST CHOICE MORTGAGE, INC. 39 3.11% $6,134
AMERICAN FINANCIAL NETWORK, INC. 39 3.45% $11,122
South State Bank 36 2.93% $7,267
VILLAGE CAPITAL & INVESTMENT LLC 33 3.02% $2,448
Mortgage Research Center, LLC 33 2.82% $5,077
Security Federal Bank 31 2.75% $7,978
CALIBER HOME LOANS, INC. 31 3.05% $6,332
PRIMELENDING, A PLAINSCAPITAL COMPANY 29 3.44% $7,817
Regions Bank 29 2.71% $7,208
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 28 3.33% $8,084
NEWREZ LLC 26 2.68% $5,390
CROSSCOUNTRY MORTGAGE, LLC 25 3.10% $8,790
HOMESTAR FINANCIAL CORPORATION 24 3.01% $6,255
PLANET HOME LENDING, LLC 24 3.46% $7,936
First Option Mortgage, LLC 21 3.31% $7,973
Paramount Residential Mortgage Group, Inc. 19 3.14% $8,713
PLAZA HOME MORTGAGE, INC. 19 3.06% $7,336
AMERISAVE MORTGAGE CORPORATION 19 3.04% $7,816
AMERICAN FINANCIAL RESOURCES, INC. 18 4.02% $7,822
AmeriHome Mortgage Company, LLC 16 2.93% $4,486
GUARANTEED RATE AFFINITY, LLC 16 3.19% $7,268
First Heritage Mortgage, LLC 14 2.98% $8,335
PRIMARY RESIDENTIAL MORTGAGE, INC. 13 3.54% $7,385
HOMEOWNERS FINANCIAL GROUP USA, LLC 13 3.04% $8,625
Flagstar Bank, FSB 12 2.90% $5,367
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 12 3.19% $7,170
Equity Prime Mortgage LLC 12 3.71% $6,381
Lakeview Community Capital, LLC 11 3.07% $4,430
HOMESIDE FINANCIAL, LLC 10 3.05% $7,356
First Community Bank 9 3.24% $7,594
LENDUS, LLC 8 3.31% $8,284
HOME POINT FINANCIAL CORPORATION 8 2.94% $5,782
Bank of America 8 2.56% $2,770
Wells Fargo Bank 7 3.45% $5,376
First Guaranty Mortgage Corporation 7 3.20% $4,756
KELLER MORTGAGE, LLC 7 2.93% $6,684
PANORAMA MORTGAGE GROUP, LLC 7 3.04% $8,155
Bank of England 6 3.25% $8,467
RESOURCE FINANCIAL SERVICES, INC. 6 2.90% $7,658
GUARANTEED RATE, INC. 6 3.00% $6,756
First-Citizens Bank & Trust Company 6 2.50% $5,859
AMERICAN FINANCING CORPORATION 6 2.81% $7,736
Nations Lending Corporation 5 3.03% $6,638
CERTAINTY HOME LOANS, LLC 5 3.00% $7,269
SECURITYNATIONAL MORTGAGE COMPANY 5 3.18% $7,954
Renasant Bank 5 2.90% $6,899
MID AMERICA MORTGAGE, INC. 5 3.38% $2,952
ANGEL OAK HOME LOANS LLC 5 2.98% $7,117
GUARANTY HOME MORTGAGE CORPORATION 5 2.80% $8,269
OCEANSIDE MORTGAGE COMPANY 4 2.81% $2,561
STEARNS LENDING, LLC 4 2.53% $4,526
BAY EQUITY LLC 4 3.18% $8,474
ACADEMY MORTGAGE CORPORATION 4 2.88% $6,738
MORIA DEVELOPMENT, INC. 4 3.34% $7,555
AMERICAN PACIFIC MORTGAGE CORPORATION 4 3.84% $10,309
Platinum Home Mortgage Corporation 3 3.50% $9,426
GENEVA FINANCIAL, LLC 3 3.17% $8,193
SUCCESS MORTGAGE PARTNERS, INC. 3 3.17% $6,193
MEMBER FIRST MORTGAGE, LLC 3 3.17% $6,171
MIDLAND MORTGAGE CORPORATION 3 3.08% $6,529
OPEN MORTGAGE, LLC 3 3.46% $5,384
MORTGAGE SOLUTIONS OF COLORADO, LLC 3 3.17% $9,892
MUTUAL OF OMAHA MORTGAGE, INC. 3 3.33% $7,994
ACOPIA, LLC 3 3.25% $7,356
ROYAL UNITED MORTGAGE LLC 3 3.42% $6,534
ROUNDPOINT MORTGAGE SERVICING CORPORATION 3 3.13% $4,552
Colten Mortgage, LLC 3 3.58% $6,861
RELIANCE FIRST CAPITAL, LLC 3 3.17% $9,980
InterContinental Capital Group, Inc 3 2.75% $7,123
ISERVE RESIDENTIAL LENDING, LLC 3 3.17% $11,066
TOWNE MORTGAGE COMPANY 3 3.29% $6,291
CHURCHILL MORTGAGE CORPORATION 3 3.13% $7,596
ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 3.29% $9,557
TOP FLITE FINANCIAL, INC. 3 3.17% $13,804
SUN WEST MORTGAGE COMPANY, INC. 3 3.41% $4,844
MILEND, INC. 2 3.25% $11,786
FIRST COMMUNITY MORTGAGE, INC. 2 2.81% $11,904
ENVOY MORTGAGE, LTD 2 3.00% $8,931
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 2.75% $10,401
COUNTRYPLACE MORTGAGE, LTD. 2 3.25% $10,909
1ST SIGNATURE LENDING, LLC 2 3.44% $6,000
CIS Financial Services, Inc. 2 2.75% $9,824
Legends Bank 2 2.75% $7,523
LIBERTY HOME MORTGAGE CORPORATION 2 3.13% $8,250
LOANPAL, LLC 2 2.56% $11,218
Low VA Rates, LLC 2 3.06% $4,321
NATIONS DIRECT MORTGAGE, LLC 2 3.94% $5,263
Network Funding, L.P. 2 3.25% $8,199
NFM, INC. 2 3.13% $6,399
ON Q FINANCIAL, INC. 2 2.94% $7,161
Prosperity Home Mortgage, LLC 2 3.81% $6,923
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 2 2.88% $7,321
Sierra Pacific Mortgage Company, Inc. 2 2.81% $6,569
SOUTHEAST MORTGAGE OF GEORGIA, INC. 2 2.88% $11,925
ALLIED MORTGAGE GROUP, INC. 2 2.75% $5,248
Truist Bank 2 3.06% $7,410
UNITED SECURITY FINANCIAL CORP 2 2.69% $5,927
NORWICH COMMERCIAL GROUP, INC. 1 5.00% $9,236
Mortgage Network, Inc. 1 3.13% $7,435
TruHome Solutions, LLC 1 3.00% $6,323
Fifth Third Bank 1 3.38% $5,500
1ST PREFERENCE MORTGAGE CORP. 1 3.25% $7,249
Manufacturers and Traders Trust Company 1 3.75% $4,328
Barrington Bank & Trust Company, N.A. 1 3.75% $8,000
Peoples Bank 1 3.25% $6,323
CELEBRITY HOME LOANS, LLC 1 3.25% $7,043
Century Mortgage Company DBA Century Lending Company 1 3.25% $8,547
Assurance Financial Group, L.L.C. 1 2.38% $6,632
POLARIS HOME FUNDING CORP. 1 3.50% $8,714
LEADERONE FINANCIAL CORPORATION 1 3.75% $4,227
ARC HOME LLC 1 2.75% $6,649
FINANCE OF AMERICA MORTGAGE LLC 1 3.13% $8,324
JPMorgan Chase Bank 1 3.13% $6,183
INTERLINC MORTGAGE SERVICES, LLC 1 3.63% $8,950
RADIUS FINANCIAL GROUP INC. 1 2.50% $5,891
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.25% $4,721
INTERCOASTAL MORTGAGE COMPANY 1 3.75% $6,951
INSPIRE HOME LOANS INC. 1 2.75% $10,127
INLAND BANK & TRUST 1 3.13% $9,522
ROSS MORTGAGE CORPORATION 1 2.50% $10,239
Commerce Home Mortgage, Inc. 1 2.75% $5,402
HomePromise Corporation 1 3.25% $15,124
United Community Bank 1 3.13% $4,254
COMPASS MORTGAGE, INC. 1 2.63% $8,151
Servion, Inc. 1 2.75% $6,680
First Federal Bank 1 3.25% $4,318
SIWELL, INC. 1 3.75% $5,060
FBC MORTGAGE, LLC 1 2.99% $7,382
SOUTHPOINT FINANCIAL SERVICES, INC. 1 2.88% $5,887
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 3.38% $5,441
SOUTHWEST STAGE FUNDING, LLC 1 3.25% $2,770
AMCAP MORTGAGE, LTD. 1 5.13% $6,049
DAS Acquisition Company, LLC 1 3.45% $8,781
STOCKTON MORTGAGE CORPORATION 1 3.13% $6,576
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 2.38% $8,801
EMBRACE HOME LOANS, INC. 1 2.99% $5,459
SWBC MORTGAGE CORPORATION 1 3.13% $7,148
FirstBank 1 2.50% $7,335
The Federal Savings Bank 1 2.50% $12,229
THRIVE MORTGAGE, LLC 1 4.25% $9,339
TJC Mortgage, Inc. 1 2.88% $7,804
Blue Ridge Bank 1 2.38% $7,037
CALCON MUTUAL MORTGAGE LLC 1 4.00% $10,980
NATION ONE MORTGAGE CORPORATION 1 3.75% $9,303
EMM LOANS LLC 1 2.50% $12,252
Capital City Home Loans, LLC 1 2.50% $8,971
NATIONWIDE MORTGAGE BANKERS, INC. 1 2.75% $9,111
TOTAL MORTGAGE SERVICES, LLC 1 3.88% $5,629
BETTER MORTGAGE CORPORATION 1 2.63% $10,777
FIRST HOME MORTGAGE CORPORATION 1 2.75% $8,742
North American Savings Bank, F.S.B. 1 2.88% $5,705
Northpointe Bank 1 2.25% $6,227

The top Augusta FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 358 FHA loans originated. Their average total fees are $5,949, which is $2,733 lower than the next largest lender, GUILD MORTGAGE COMPANY.

The lowest fee Augusta FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($2,448), Mr. Cooper ( Nationstar Mortgage ) ($3,630), Lakeview Community Capital, LLC ($4,430), AmeriHome Mortgage Company, LLC ($4,486) and LAKEVIEW LOAN SERVICING, LLC ($4,517).

The lowest rate Augusta FHA lenders (with over 10 loans originated) are Queensborough National Bank & Trust Company (2.54%), Synovus Bank (2.66%), NEWREZ LLC (2.68%), Regions Bank (2.71%) and AUGUSTA MORTGAGE CO. (2.71%).

Augusta FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
AUGUSTA-RICHMOND COUNTY, GA-SC BURKE 2022 $420,680 $538,650 $651,050 $809,150
AUGUSTA-RICHMOND COUNTY, GA-SC COLUMBIA 2022 $420,680 $538,650 $651,050 $809,150
AUGUSTA-RICHMOND COUNTY, GA-SC LINCOLN 2022 $420,680 $538,650 $651,050 $809,150
AUGUSTA-RICHMOND COUNTY, GA-SC MCDUFFIE 2022 $420,680 $538,650 $651,050 $809,150
AUGUSTA-RICHMOND COUNTY, GA-SC RICHMOND 2022 $420,680 $538,650 $651,050 $809,150
AUGUSTA-RICHMOND COUNTY, GA-SC AIKEN 2022 $420,680 $538,650 $651,050 $809,150
AUGUSTA-RICHMOND COUNTY, GA-SC EDGEFIELD 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Augusta (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 $216,900 (8.5%) $275,158 (7.1%) 0.80 2,707
2018-02-01 $219,950 (7.3%) $282,376 (9.2%) 0.79 2,714
2018-03-01 $224,900 (7.4%) $288,746 (9.0%) 0.78 2,662
2018-04-01 $229,575 (9.3%) $293,029 (10.1%) 0.77 2,641
2018-05-01 $230,000 (5.3%) $295,514 (8.1%) 0.77 2,660
2018-06-01 $229,900 (6.3%) $294,172 (7.2%) 0.77 2,625
2018-07-01 $227,000 (5.6%) $288,824 (6.6%) 0.76 2,701
2018-08-01 $218,150 (1.7%) $281,193 (4.3%) 0.73 2,772
2018-09-01 $215,000 (0.0%) $278,615 (3.0%) 0.72 2,867
2018-10-01 $216,100 (1.3%) $274,474 (1.8%) 0.72 2,870
2018-11-01 $215,000 (-0.1%) $270,516 (-1.5%) 0.72 2,842
2018-12-01 $214,900 (-0.1%) $276,117 (1.2%) 0.74 2,762
2019-01-01 $214,125 (-1.3%) $276,956 (0.7%) 0.74 2,643
2019-02-01 $211,950 (-3.6%) $276,165 (-2.2%) 0.71 2,602
2019-03-01 $219,186 (-2.5%) $284,095 (-1.6%) 0.71 2,537
2019-04-01 $225,900 (-1.6%) $291,100 (-0.7%) 0.71 2,483
2019-05-01 $228,950 (-0.5%) $294,391 (-0.4%) 0.71 2,503
2019-06-01 $229,900 (0.0%) $295,022 (0.3%) 0.71 2,486
2019-07-01 $234,345 (3.2%) $299,451 (3.7%) 0.73 2,529
2019-08-01 $232,614 (6.6%) $297,916 (6.0%) 0.73 2,504
2019-09-01 $235,445 (9.5%) $300,579 (7.9%) 0.75 2,446
2019-10-01 $234,900 (8.7%) $295,568 (7.7%) 0.75 2,486
2019-11-01 $229,900 (6.9%) $293,465 (8.5%) 0.74 2,429
2019-12-01 $229,900 (7.0%) $292,412 (5.9%) 0.77 2,288
2020-01-01 $229,918 (7.4%) $295,730 (6.8%) 0.77 2,138
2020-02-01 $234,900 (10.8%) $304,115 (10.1%) 0.76 2,014
2020-03-01 $236,700 (8.0%) $306,511 (7.9%) 0.74 1,972
2020-04-01 $239,450 (6.0%) $308,936 (6.1%) 0.75 1,967
2020-05-01 $245,000 (7.0%) $319,164 (8.4%) 0.74 1,789
2020-06-01 $242,538 (5.5%) $323,818 (9.8%) 0.71 1,561
2020-07-01 $243,950 (4.1%) $325,424 (8.7%) 0.70 1,504
2020-08-01 $250,000 (7.5%) $330,649 (11.0%) 0.71 1,424
2020-09-01 $259,140 (10.1%) $347,828 (15.7%) 0.74 1,313
2020-10-01 $258,075 (9.9%) $344,593 (16.6%) 0.74 1,308
2020-11-01 $249,900 (8.7%) $362,288 (23.5%) 0.72 1,193
2020-12-01 $249,900 (8.7%) $355,918 (21.7%) 0.73 1,171
2021-01-01 $249,900 (8.7%) $350,694 (18.6%) 0.74 1,094
2021-02-01 $254,950 (8.5%) $362,106 (19.1%) 0.73 942
2021-03-01 $255,000 (7.7%) $370,049 (20.7%) 0.72 814
2021-04-01 $263,750 (10.2%) $395,494 (28.0%) 0.71 741
2021-05-01 $275,000 (12.2%) $389,208 (22.0%) 0.72 810
2021-06-01 $277,450 (14.4%) $384,220 (18.7%) 0.72 903
2021-07-01 $276,900 (13.5%) $377,685 (16.1%) 0.72 982
2021-08-01 $281,950 (12.8%) $368,272 (11.4%) 0.74 1,097
2021-09-01 $279,900 (8.0%) $360,498 (3.6%) 0.74 1,117
2021-10-01 $273,752 (6.1%) $348,846 (1.2%) 0.72 1,145
2021-11-01 $284,900 (14.0%) $355,981 (-1.7%) 0.75 1,089
2021-12-01 $284,900 (14.0%) $349,123 (-1.9%) 0.76 993
2022-01-01 $284,100 (13.7%) $351,733 (0.3%) 0.76 855
2022-02-01 $284,950 (11.8%) $351,625 (-2.9%) 0.73 705
2022-03-01 $282,200 (10.7%) $353,503 (-4.5%) 0.70 697
2022-04-01 $293,100 (11.1%) $357,329 (-9.7%) 0.69 794
2022-05-01 $308,400 (12.2%) $370,892 (-4.7%) 0.69 1,097
2022-06-01 $313,000 (12.8%) $374,349 (-2.6%) 0.70 1,238
Augusta's median listing price for 2022-06-01 was $313,000, a difference of $35,550 (12.8%) versus the prior year and $4,600 versus the prior month.

Augusta's median listing price comes in at 70% of the national average.

Augusta's average listing price for 2022-06-01 was $374,349, a difference of $-9,871 (-2.6%) versus the prior year and $3,457 versus the prior month.

For the 2022-06-01 period, Augusta had 1,238 MLS listings, a difference of 141 listings (13%) versus the prior month and 335 listings (37%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Augusta (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 104 days 2,181 sqft
2018-02-01 99 days 2,223 sqft
2018-03-01 80 days 2,246 sqft
2018-04-01 75 days 2,281 sqft
2018-05-01 71 days 2,303 sqft
2018-06-01 72 days 2,306 sqft
2018-07-01 73 days 2,264 sqft
2018-08-01 81 days 2,183 sqft
2018-09-01 82 days 2,146 sqft
2018-10-01 87 days 2,142 sqft
2018-11-01 88 days 2,104 sqft
2018-12-01 99 days 2,088 sqft
2019-01-01 107 days 2,087 sqft
2019-02-01 107 days 2,082 sqft
2019-03-01 83 days 2,137 sqft
2019-04-01 68 days 2,199 sqft
2019-05-01 63 days 2,213 sqft
2019-06-01 66 days 2,231 sqft
2019-07-01 65 days 2,240 sqft
2019-08-01 67 days 2,244 sqft
2019-09-01 77 days 2,285 sqft
2019-10-01 81 days 2,266 sqft
2019-11-01 84 days 2,246 sqft
2019-12-01 87 days 2,248 sqft
2020-01-01 92 days 2,230 sqft
2020-02-01 86 days 2,246 sqft
2020-03-01 62 days 2,250 sqft
2020-04-01 66 days 2,263 sqft
2020-05-01 74 days 2,283 sqft
2020-06-01 74 days 2,263 sqft
2020-07-01 65 days 2,265 sqft
2020-08-01 56 days 2,260 sqft
2020-09-01 52 days 2,295 sqft
2020-10-01 56 days 2,202 sqft
2020-11-01 53 days 2,210 sqft
2020-12-01 57 days 2,232 sqft
2021-01-01 59 days 2,232 sqft
2021-02-01 62 days 2,217 sqft
2021-03-01 50 days 2,188 sqft
2021-04-01 45 days 2,204 sqft
2021-05-01 40 days 2,249 sqft
2021-06-01 38 days 2,200 sqft
2021-07-01 39 days 2,156 sqft
2021-08-01 38 days 2,156 sqft
2021-09-01 44 days 2,152 sqft
2021-10-01 49 days 2,112 sqft
2021-11-01 49 days 2,165 sqft
2021-12-01 56 days 2,173 sqft
2022-01-01 62 days 2,156 sqft
2022-02-01 49 days 2,130 sqft
2022-03-01 39 days 2,086 sqft
2022-04-01 34 days 2,118 sqft
2022-05-01 34 days 2,153 sqft
2022-06-01 41 days 2,147 sqft
Augusta's median listing age (time on market) for 2022-06-01 was 41 days. This is 8% longer than the same period one year ago.

Augusta's median square footage for active listings during the 2022-06-01 period was 2,147 sqft. One year prior, the average listing was 2,200 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).