Baton Rouge FHA Loan Rates, Closing Costs & Stats

BATON ROUGE, LA

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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.

    Baton Rouge's 140 lenders originated 5,265 FHA loans during 2021. The total origination value was $1,195,805,000, with an average FHA loan value of $227,123.

    Baton Rouge FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Baton Rouge averaged 6.49% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

    Baton Rouge's average FHA mortgage closing costs are $6,690.

    The average rate for the prior week (2022-11-25) was 6.41% and one month ago for the week of 2022-10-28, the average rate was 6.85%.

    The average rate one year ago was 3.28%.

    For refis of the same type during the week of 2022-12-02, the average rate was 6.39%.

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

    Baton Rouge 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 Baton Rouge level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    GMFS LLC 470 3.05% $5,764
    QUICKEN LOANS, LLC 310 2.75% $6,407
    FREEDOM MORTGAGE CORPORATION 221 2.81% $5,826
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 211 3.54% $8,952
    DSLD MORTGAGE, LLC 192 2.72% $4,357
    Gateway First Bank 174 3.47% $5,966
    UNITED WHOLESALE MORTGAGE, LLC 162 2.82% $8,366
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 159 3.13% $7,614
    Assurance Financial Group, L.L.C. 147 3.10% $7,821
    DHI MORTGAGE COMPANY, LTD. 141 2.87% $8,396
    MOVEMENT MORTGAGE, LLC 129 3.24% $7,661
    EUSTIS AND AMERICAN MORTGAGE COMPANY 127 3.21% $8,630
    CALIBER HOME LOANS, INC. 127 2.86% $6,886
    SUMMIT FUNDING, INC. 120 3.50% $8,524
    LAKEVIEW LOAN SERVICING, LLC 101 3.01% $4,316
    HOME POINT FINANCIAL CORPORATION 101 2.78% $8,646
    AMERICAN FINANCIAL NETWORK, INC. 96 3.13% $10,452
    PENNYMAC LOAN SERVICES, LLC 92 2.92% $5,820
    Nations Lending Corporation 70 3.31% $6,384
    MID AMERICA MORTGAGE, INC. 66 3.62% $5,809
    SOUTHWEST FUNDING, LP 64 3.71% $9,880
    AMCAP MORTGAGE, LTD. 61 3.28% $8,965
    Mr. Cooper ( Nationstar Mortgage ) 59 3.35% $3,683
    HOMEBRIDGE FINANCIAL SERVICES, INC. 57 2.86% $6,747
    LOANDEPOT.COM, LLC 54 3.28% $7,695
    Gulf Coast Bank and Trust Company 44 2.88% $7,752
    STANDARD MORTGAGE CORPORATION 43 2.75% $6,781
    Hometown Equity Mortgage, LLC 43 3.56% $9,556
    FIDELITY BANK 42 3.11% $7,419
    Carrington Mortgage Services, LLC 40 3.64% $8,018
    MORTGAGE FINANCIAL SERVICES, LLC 36 3.04% $7,469
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 36 3.51% $9,457
    HOMESPIRE MORTGAGE CORPORATION 33 3.45% $9,589
    VILLAGE CAPITAL MORTGAGE 33 3.05% $2,638
    PRIMARY RESIDENTIAL MORTGAGE, INC. 32 3.79% $7,662
    Flagstar Bank, FSB 29 2.93% $7,748
    First Option Mortgage, LLC 27 3.34% $8,236
    Network Funding, L.P. 24 3.21% $7,380
    GUILD MORTGAGE COMPANY 24 3.44% $8,721
    Republic State Mortgage Co. 24 3.42% $8,240
    OCMBC, INC. 23 3.65% $13,809
    Lakeview Community Capital, LLC 23 3.03% $3,994
    AmeriHome Mortgage Company, LLC 22 2.92% $4,474
    Hancock Whitney Bank 22 2.63% $7,618
    PLANET HOME LENDING, LLC 22 3.14% $6,056
    SUN WEST MORTGAGE COMPANY, INC. 19 3.03% $7,682
    PRIMELENDING, A PLAINSCAPITAL COMPANY 19 3.70% $9,398
    AMERICAN FINANCIAL RESOURCES, INC. 18 3.78% $7,661
    EMM LOANS LLC 18 3.33% $8,166
    UNION HOME MORTGAGE CORP. 17 3.01% $7,019
    Regions Bank 16 3.10% $6,078
    US MORTGAGE CORPORATION 16 2.95% $7,640
    NEWREZ LLC 15 2.94% $4,994
    ANGEL OAK HOME LOANS LLC 13 3.05% $8,453
    Red River Bank 12 2.67% $6,788
    CROSSCOUNTRY MORTGAGE, LLC 11 3.25% $7,531
    AMERISAVE MORTGAGE CORPORATION 11 3.01% $8,095
    PLAZA HOME MORTGAGE, INC. 11 3.03% $7,402
    UNITED SECURITY FINANCIAL CORP 10 2.86% $5,718
    BancorpSouth Bank 9 3.07% $6,781
    FBT Mortgage, L.L.C. 8 2.66% $7,139
    The Federal Savings Bank 7 2.79% $9,545
    CMG MORTGAGE, INC. 7 3.25% $9,026
    First Guaranty Mortgage Corporation 7 3.04% $4,847
    Paramount Residential Mortgage Group, Inc. 6 3.54% $9,392
    LHM FINANCIAL CORPORATION 6 3.17% $7,561
    PERFORMANCE MORTGAGE LLC 6 3.06% $9,317
    Equity Prime Mortgage LLC 6 3.33% $7,790
    SWBC MORTGAGE CORPORATION 5 3.45% $4,948
    NATIONS DIRECT MORTGAGE, LLC 5 3.18% $7,650
    BECKAM FUNDING CORP. 5 3.20% $7,011
    InterContinental Capital Group, Inc 5 3.08% $7,224
    INTERLINC MORTGAGE SERVICES, LLC 4 3.50% $5,186
    OPEN MORTGAGE, LLC 4 3.09% $10,478
    MUTUAL OF OMAHA MORTGAGE, INC. 4 2.91% $7,269
    HOMESIDE FINANCIAL, LLC 4 3.08% $8,453
    RELIANCE FIRST CAPITAL, LLC 4 3.03% $11,497
    GENEVA FINANCIAL, LLC 4 3.13% $9,524
    JPMorgan Chase Bank 4 2.78% $7,437
    OCEANSIDE MORTGAGE COMPANY 4 2.88% $3,143
    Goldwater Bank, N.A. 3 3.21% $8,239
    Barrington Bank & Trust Company, N.A. 3 3.29% $6,512
    EMBRACE HOME LOANS, INC. 3 3.00% $7,261
    LEADERONE FINANCIAL CORPORATION 3 3.42% $7,110
    VANDERBILT MORTGAGE AND FINANCE, INC. 3 3.67% $9,615
    TIAA, FSB 2 2.75% $10,069
    MORIA DEVELOPMENT, INC. 2 3.19% $6,729
    NATIONS RELIABLE LENDING, LLC 2 3.25% $8,761
    MEMBER FIRST MORTGAGE, LLC 2 2.50% $6,757
    Florida Capital Bank 2 2.63% $8,176
    DRAPER AND KRAMER MORTGAGE CORP. 2 3.06% $6,596
    COUNTRYPLACE MORTGAGE, LTD. 2 2.81% $12,849
    SOVEREIGN LENDING GROUP INCORPORATED 2 2.63% $6,569
    BAYSHORE MORTGAGE FUNDING, LLC 2 2.81% $5,953
    THE MORTGAGE FIRM, INC. 2 3.13% $8,620
    THRIVE MORTGAGE, LLC 2 3.69% $11,803
    TOWNE MORTGAGE COMPANY 2 3.06% $8,070
    Trustmark National Bank 2 2.50% $7,420
    Bank of England 2 3.56% $9,519
    AMERICAN FINANCING CORPORATION 2 2.63% $8,350
    Mortgage Research Center, LLC 2 2.81% $6,342
    Paramount Bank 1 2.50% $10,785
    GUARANTY HOME MORTGAGE CORPORATION 1 2.75% $9,937
    GUARANTEED RATE, INC. 1 3.00% $8,961
    ACADEMY MORTGAGE CORPORATION 1 2.75% $9,293
    PHH Mortgage Corporation 1 3.50% $7,350
    VAN DYK MORTGAGE CORPORATION 1 3.25% $5,753
    First Horizon Bank 1 3.00% $5,751
    FAY SERVICING, LLC 1 2.75% $5,640
    EVERETT FINANCIAL, INC. 1 4.25% $8,565
    EVANSVILLE TEACHERS 1 2.88% $7,275
    Eagle Bank and Trust Company 1 2.25% $7,013
    Wyndham Capital Mortgage, Inc. 1 2.25% $9,839
    Waterstone Mortgage Corporation 1 2.88% $7,186
    CORNERSTONE HOME LENDING, INC. 1 3.25% $13,268
    ROYAL UNITED MORTGAGE LLC 1 2.50% $11,805
    SIRVA MORTGAGE, INC. 1 2.88% $6,236
    Colonial Savings, F.A. 1 2.75% $2,504
    Bank of America 1 3.25% $6,221
    CELEBRITY HOME LOANS, LLC 1 3.63% $10,564
    STEARNS LENDING, LLC 1 2.75% $7,223
    CALCON MUTUAL MORTGAGE LLC 1 4.25% $11,298
    BELEM SERVICING LLC 1 3.25% $7,362
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.13% $4,595
    BankPlus 1 2.63% $5,826
    AmRes Corporation 1 2.50% $11,777
    M&T Bank 1 2.88% $6,617
    MLD MORTGAGE INC. 1 3.13% $7,378
    MIDLAND MORTGAGE CORPORATION 1 3.75% $4,853
    MICHIGAN MUTUAL, INC. 1 3.75% $6,408
    ZILLOW HOME LOANS, LLC 1 3.13% $4,827
    MORTGAGE ACCESS CORP. 1 3.75% $9,678
    Magnolia Bank 1 2.50% $6,014
    NFM, INC. 1 3.25% $9,864
    North American Savings Bank, F.S.B. 1 2.75% $5,030
    NP, Inc. 1 3.25% $6,236
    KELLER MORTGAGE, LLC 1 2.25% $12,798
    JAMES B. NUTTER & COMPANY 1 2.88% $4,694
    Home Mortgage Alliance Corp 1 3.63% $11,573
    Origin Bank 1 2.88% $6,676

    The top Baton Rouge FHA lender as defined by loan originations is GMFS LLC, with 470 FHA loans originated. Their average total fees are $5,764, which is $643 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Baton Rouge FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($2,638), Mr. Cooper ( Nationstar Mortgage ) ($3,683), Lakeview Community Capital, LLC ($3,994), LAKEVIEW LOAN SERVICING, LLC ($4,316) and DSLD MORTGAGE, LLC ($4,357).

    The lowest rate Baton Rouge FHA lenders (with over 10 loans originated) are Hancock Whitney Bank (2.63%), Red River Bank (2.67%), DSLD MORTGAGE, LLC (2.72%), QUICKEN LOANS, LLC (2.75%) and STANDARD MORTGAGE CORPORATION (2.75%).

    Baton Rouge FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    BATON ROUGE, LA ASCENSION 2022 $420,680 $538,650 $651,050 $809,150
    BATON ROUGE, LA ASSUMPTION 2022 $420,680 $538,650 $651,050 $809,150
    BATON ROUGE, LA EAST BATON ROUG 2022 $420,680 $538,650 $651,050 $809,150
    BATON ROUGE, LA EAST FELICIANA 2022 $420,680 $538,650 $651,050 $809,150
    BATON ROUGE, LA IBERVILLE 2022 $420,680 $538,650 $651,050 $809,150
    BATON ROUGE, LA LIVINGSTON 2022 $420,680 $538,650 $651,050 $809,150
    BATON ROUGE, LA POINTE COUPEE 2022 $420,680 $538,650 $651,050 $809,150
    BATON ROUGE, LA ST. HELENA 2022 $420,680 $538,650 $651,050 $809,150
    BATON ROUGE, LA WEST BATON ROUG 2022 $420,680 $538,650 $651,050 $809,150
    BATON ROUGE, LA WEST FELICIANA 2022 $420,680 $538,650 $651,050 $809,150

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Baton Rouge (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 $225,000 (2.6%) $302,755 (2.9%) 0.83 3,173
    2018-02-01 $225,833 (4.8%) $303,619 (3.2%) 0.82 3,194
    2018-03-01 $234,900 (6.8%) $310,914 (3.3%) 0.82 3,430
    2018-04-01 $238,504 (6.0%) $313,980 (2.4%) 0.81 3,507
    2018-05-01 $240,700 (5.1%) $315,601 (1.2%) 0.80 3,665
    2018-06-01 $245,000 (7.0%) $316,128 (2.3%) 0.82 3,884
    2018-07-01 $239,900 (4.8%) $309,907 (0.8%) 0.80 4,012
    2018-08-01 $239,900 (5.5%) $308,314 (1.7%) 0.80 4,038
    2018-09-01 $239,900 (5.9%) $306,124 (1.1%) 0.81 4,014
    2018-10-01 $236,430 (3.5%) $303,515 (-0.1%) 0.80 4,092
    2018-11-01 $237,735 (4.7%) $302,359 (-0.8%) 0.81 4,066
    2018-12-01 $236,150 (5.0%) $299,534 (-1.2%) 0.81 4,017
    2019-01-01 $238,461 (6.0%) $302,152 (-0.2%) 0.82 3,861
    2019-02-01 $239,700 (6.1%) $301,575 (-0.7%) 0.81 3,955
    2019-03-01 $242,137 (3.1%) $307,776 (-1.0%) 0.79 3,998
    2019-04-01 $247,000 (3.6%) $314,813 (0.3%) 0.78 4,058
    2019-05-01 $249,900 (3.8%) $316,431 (0.3%) 0.78 4,092
    2019-06-01 $250,000 (2.0%) $317,245 (0.4%) 0.78 4,192
    2019-07-01 $248,750 (3.7%) $313,713 (1.2%) 0.78 4,248
    2019-08-01 $246,909 (2.9%) $312,507 (1.4%) 0.78 4,267
    2019-09-01 $245,273 (2.2%) $310,615 (1.5%) 0.78 4,229
    2019-10-01 $243,500 (3.0%) $309,353 (1.9%) 0.79 4,204
    2019-11-01 $241,215 (1.5%) $307,929 (1.8%) 0.79 4,155
    2019-12-01 $239,950 (1.6%) $305,042 (1.8%) 0.80 3,983
    2020-01-01 $239,900 (0.6%) $307,107 (1.6%) 0.80 3,807
    2020-02-01 $241,250 (0.7%) $309,646 (2.7%) 0.79 3,822
    2020-03-01 $249,000 (2.8%) $316,508 (2.8%) 0.78 3,837
    2020-04-01 $246,125 (-0.4%) $314,698 (0.0%) 0.77 3,833
    2020-05-01 $252,460 (1.0%) $324,583 (2.6%) 0.77 3,656
    2020-06-01 $259,950 (4.0%) $336,918 (6.2%) 0.77 3,394
    2020-07-01 $263,450 (5.9%) $338,861 (8.0%) 0.76 3,277
    2020-08-01 $268,500 (8.7%) $346,793 (11.0%) 0.77 3,007
    2020-09-01 $275,000 (12.1%) $354,382 (14.1%) 0.79 2,850
    2020-10-01 $273,900 (12.5%) $355,022 (14.8%) 0.78 2,580
    2020-11-01 $270,828 (12.3%) $356,936 (15.9%) 0.79 2,520
    2020-12-01 $270,723 (12.8%) $360,196 (18.1%) 0.80 2,434
    2021-01-01 $270,000 (12.6%) $367,638 (19.7%) 0.81 2,236
    2021-02-01 $280,000 (16.1%) $383,717 (23.9%) 0.81 1,948
    2021-03-01 $287,950 (15.6%) $388,774 (22.8%) 0.82 1,778
    2021-04-01 $300,629 (22.1%) $408,091 (29.7%) 0.81 1,627
    2021-05-01 $310,000 (22.8%) $419,130 (29.1%) 0.82 1,538
    2021-06-01 $306,995 (18.1%) $420,285 (24.7%) 0.81 1,530
    2021-07-01 $300,000 (13.9%) $413,292 (22.0%) 0.79 1,591
    2021-08-01 $299,445 (11.5%) $406,206 (17.1%) 0.80 1,611
    2021-09-01 $299,947 (9.1%) $407,145 (14.9%) 0.80 1,509
    2021-10-01 $299,000 (9.2%) $404,805 (14.0%) 0.80 1,443
    2021-11-01 $315,000 (16.3%) $415,464 (16.4%) 0.84 1,347
    2021-12-01 $326,950 (20.8%) $422,941 (17.4%) 0.89 1,221
    2022-01-01 $329,995 (22.2%) $434,948 (18.3%) 0.89 1,100
    2022-02-01 $337,225 (20.4%) $456,191 (18.9%) 0.88 1,014
    2022-03-01 $346,275 (20.3%) $476,641 (22.6%) 0.87 997
    2022-04-01 $340,000 (13.1%) $480,761 (17.8%) 0.81 1,051
    2022-05-01 $326,300 (5.3%) $454,732 (8.5%) 0.75 1,236
    2022-06-01 $329,450 (7.3%) $445,275 (6.0%) 0.73 1,431
    2022-07-01 $325,000 (8.3%) $428,340 (3.6%) 0.74 1,742
    2022-08-01 $323,216 (7.9%) $422,646 (4.1%) 0.75 1,909
    2022-09-01 $325,000 (8.4%) $421,325 (3.5%) 0.76 1,979
    2022-10-01 $324,995 (8.7%) $419,655 (3.7%) 0.76 2,037
    2022-11-01 $321,750 (2.1%) $416,401 (0.2%) 0.77 2,139
    Baton Rouge's median listing price for 2022-11-01 was $321,750, a difference of $6,750 (2.1%) versus the prior year and $-3,245 versus the prior month.

    Baton Rouge's median listing price comes in at 77% of the national average.

    Baton Rouge's average listing price for 2022-11-01 was $416,401, a difference of $937 (0.2%) versus the prior year and $-3,254 versus the prior month.

    For the 2022-11-01 period, Baton Rouge had 2,139 MLS listings, a difference of 102 listings (5%) versus the prior month and 792 listings (59%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Baton Rouge (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 88 days 1,881 sqft
    2018-02-01 86 days 1,878 sqft
    2018-03-01 63 days 1,908 sqft
    2018-04-01 60 days 1,942 sqft
    2018-05-01 64 days 1,947 sqft
    2018-06-01 64 days 1,965 sqft
    2018-07-01 66 days 1,954 sqft
    2018-08-01 73 days 1,952 sqft
    2018-09-01 78 days 1,943 sqft
    2018-10-01 82 days 1,931 sqft
    2018-11-01 87 days 1,927 sqft
    2018-12-01 93 days 1,910 sqft
    2019-01-01 97 days 1,911 sqft
    2019-02-01 91 days 1,913 sqft
    2019-03-01 78 days 1,930 sqft
    2019-04-01 70 days 1,949 sqft
    2019-05-01 72 days 1,971 sqft
    2019-06-01 74 days 1,973 sqft
    2019-07-01 78 days 1,943 sqft
    2019-08-01 80 days 1,933 sqft
    2019-09-01 83 days 1,928 sqft
    2019-10-01 86 days 1,921 sqft
    2019-11-01 92 days 1,914 sqft
    2019-12-01 102 days 1,902 sqft
    2020-01-01 106 days 1,880 sqft
    2020-02-01 96 days 1,912 sqft
    2020-03-01 79 days 1,925 sqft
    2020-04-01 81 days 1,914 sqft
    2020-05-01 92 days 1,943 sqft
    2020-06-01 94 days 1,982 sqft
    2020-07-01 79 days 1,989 sqft
    2020-08-01 76 days 2,006 sqft
    2020-09-01 79 days 2,051 sqft
    2020-10-01 82 days 2,014 sqft
    2020-11-01 82 days 2,005 sqft
    2020-12-01 80 days 1,991 sqft
    2021-01-01 86 days 1,975 sqft
    2021-02-01 86 days 2,010 sqft
    2021-03-01 65 days 2,011 sqft
    2021-04-01 64 days 2,053 sqft
    2021-05-01 57 days 2,069 sqft
    2021-06-01 53 days 2,037 sqft
    2021-07-01 46 days 2,032 sqft
    2021-08-01 50 days 2,022 sqft
    2021-09-01 63 days 2,024 sqft
    2021-10-01 68 days 2,014 sqft
    2021-11-01 67 days 2,060 sqft
    2021-12-01 72 days 2,075 sqft
    2022-01-01 74 days 2,074 sqft
    2022-02-01 67 days 2,079 sqft
    2022-03-01 48 days 2,111 sqft
    2022-04-01 40 days 2,078 sqft
    2022-05-01 39 days 2,046 sqft
    2022-06-01 38 days 2,038 sqft
    2022-07-01 39 days 2,014 sqft
    2022-08-01 51 days 2,011 sqft
    2022-09-01 59 days 2,012 sqft
    2022-10-01 67 days 2,012 sqft
    2022-11-01 71 days 2,010 sqft
    Baton Rouge's median listing age (time on market) for 2022-11-01 was 71 days. This is 6% longer than the same period one year ago.

    Baton Rouge's median square footage for active listings during the 2022-11-01 period was 2,010 sqft. One year prior, the average listing was 2,060 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).