Boise City FHA Loan Rates, Closing Costs & Stats

BOISE CITY, ID

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.

Boise City's 128 lenders originated 2,321 FHA loans during 2023. The total origination value was $838,045,000, with an average FHA loan value of $361,071.

Boise City FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Boise City averaged 6.27% for the week of 2024-05-24, compared to the national average (all FHA variants) of 6.746% for the same period.

Boise City's average FHA mortgage closing costs are $10,592.

The average rate for the prior week (2024-05-17) was 6.47% and one month ago for the week of 2024-04-19, the average rate was 6.68%.

The average rate one year ago was 6.21%.

For refis of the same type during the week of 2024-05-24, the average rate was 7.13%.

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

Boise City 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 Boise City level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 196 5.96% $15,955
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 136 6.10% $15,071
QUICKEN LOANS, LLC 111 6.08% $15,850
GUILD MORTGAGE COMPANY 93 6.36% $15,184
LOANDEPOT.COM, LLC 80 6.28% $16,608
S1L, Inc. 78 6.33% $14,414
MOVEMENT MORTGAGE, LLC 73 6.48% $16,565
AMERICAN PACIFIC MORTGAGE CORPORATION 67 6.49% $14,785
PREMIER MORTGAGE RESOURCES, L.L.C. 56 6.07% $19,300
IDAHO CENTRAL 49 6.50% $13,452
AMCAP MORTGAGE, LTD. 43 6.39% $17,953
Waterstone Mortgage Corporation 40 6.31% $16,257
ACADEMY MORTGAGE CORPORATION 39 5.80% $14,357
PRIMELENDING, A PLAINSCAPITAL COMPANY 33 6.31% $15,385
SUMMIT FUNDING, INC. 32 6.37% $16,187
Willamette Valley Bank 29 6.28% $17,599
Sunflower Bank 28 6.32% $15,870
GUARANTEED RATE, INC. 26 6.09% $16,309
Bank of England 26 6.05% $14,367
CROSSCOUNTRY MORTGAGE, LLC 24 6.59% $15,292
NFM, INC. 18 6.31% $14,547
BROKER SOLUTIONS, INC. 16 6.55% $16,449
CHURCHILL MORTGAGE CORPORATION 15 6.59% $14,737
AXIA FINANCIAL, LLC 15 6.78% $14,613
PENNYMAC LOAN SERVICES, LLC 14 6.04% $14,929
CMG MORTGAGE, INC. 12 6.54% $18,641
PRIMARY RESIDENTIAL MORTGAGE, INC. 11 6.70% $16,631
JMJ FINANCIAL GROUP 10 6.44% $17,309
CASTLE & COOKE MORTGAGE, LLC 10 6.49% $14,592
NEWREZ LLC 10 6.81% $17,771
KBHS HOME LOANS, LLC 10 6.05% $19,301
AMERISAVE MORTGAGE CORPORATION 10 6.30% $18,665
BAY EQUITY LLC 9 6.18% $18,371
MUTUAL OF OMAHA MORTGAGE, INC. 9 6.24% $11,119
MY MOVE MORTGAGE, LLC 9 6.11% $21,310
TBI MORTGAGE COMPANY 9 5.74% $18,101
HOMEAMERICAN MORTGAGE CORPORATION 9 5.07% $9,333
Franklin Loan Corporation 8 6.13% $18,841
Mr. Cooper ( Nationstar Mortgage ) 8 6.16% $22,796
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 8 6.91% $18,166
VERITAS FUNDING, LLC 7 6.25% $19,065
EAGLE HOME MORTGAGE, LLC 7 5.84% $14,669
SUN WEST MORTGAGE COMPANY, INC. 7 6.27% $15,360
FIRST COLONY MORTGAGE CORPORATION 7 6.04% $16,354
LAKEVIEW LOAN SERVICING, LLC 7 6.16% $13,881
Plains Commerce Bank 6 6.98% $14,854
CARDINAL FINANCIAL 6 6.58% $14,492
Commerce Home Mortgage, Inc. 6 6.60% $12,380
SECURITYNATIONAL MORTGAGE COMPANY 6 6.42% $15,533
Paramount Residential Mortgage Group, Inc. 6 6.06% $16,097
Sierra Pacific Mortgage Company, Inc. 5 6.05% $13,221
Summit Mortgage Corporation 5 6.15% $20,685
CITY FIRST MORTGAGE SERVICES, L.L.C. 5 6.64% $15,821
LOANPAL, LLC 5 5.80% $15,702
MOUNTAIN AMERICA 5 5.95% $11,211
U.S. Bank 5 6.25% $17,602
PLAZA HOME MORTGAGE, INC. 5 5.80% $14,763
ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 6.06% $18,834
HOMEBRIDGE FINANCIAL SERVICES, INC. 4 6.06% $19,804
Flagstar Bank, FSB 4 6.09% $14,206
AMERICAN FINANCIAL NETWORK, INC. 4 6.56% $15,686
Century Mortgage Company DBA Century Lending Company 4 6.25% $18,085
Equity Prime Mortgage LLC 3 5.96% $14,642
AMERICAN FINANCING CORPORATION 3 5.83% $17,940
MANN FINANCIAL INC. 3 6.67% $15,750
Glacier Bank 3 6.00% $14,785
Nations Lending Corporation 3 5.83% $20,527
NATIONS DIRECT MORTGAGE, LLC 3 6.42% $10,277
FREEDOM MORTGAGE CORPORATION 3 6.58% $15,738
POLARIS HOME FUNDING CORP. 2 7.25% $14,282
ALAMEDA MORTGAGE CORPORATION 2 6.00% $18,796
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.56% $16,576
Bank of Idaho 2 6.88% $17,587
BELEM SERVICING LLC 2 6.25% $16,004
CALCON MUTUAL MORTGAGE LLC 2 5.88% $28,854
CALIBER HOME LOANS, INC. 2 6.00% $17,709
Carrington Mortgage Services, LLC 2 6.63% $14,308
CORNERSTONE HOME LENDING, INC. 2 5.75% $20,915
EVERETT FINANCIAL, INC. 2 5.88% $17,924
First Interstate Bank 2 6.81% $9,546
Gateway First Bank 2 6.50% $10,887
GOLDENWEST 2 5.56% $21,558
LEADERONE FINANCIAL CORPORATION 2 6.25% $12,894
MID AMERICA MORTGAGE, INC. 2 6.94% $5,884
Mortgage Research Center, LLC 2 6.25% $14,235
PLANET HOME LENDING, LLC 2 4.31% $7,943
Prosperity Home Mortgage, LLC 2 6.56% $17,577
The Loan Store, Inc. 2 7.00% $16,439
Umpqua Bank 2 5.88% $19,274
WESTMARK Credit Union 2 6.31% $6,800
ZILLOW HOME LOANS, LLC 2 4.81% $19,892
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.63% $25,040
Washington Trust Bank 1 6.75% $18,401
Platinum Home Mortgage Corporation 1 5.75% $17,911
LAND HOME FINANCIAL SERVICES, INC. 1 7.50% $10,381
LADERA LENDING, INC. 1 7.25% $14,872
KeyBank 1 5.88% $9,045
JPMorgan Chase Bank 1 7.75% $5,712
First Federal Savings Bank of Twin Falls 1 7.00% $9,669
PRIORITY HOME LENDING, LLC 1 5.13% $18,418
American Mortgage & Equity Consultants, Inc. 1 7.13% $19,596
Eagle Bank and Trust Company 1 5.63% $13,997
DRAPER AND KRAMER MORTGAGE CORP. 1 5.63% $12,971
D. L. Evans Bank 1 5.25% $12,383
DAS Acquisition Company, LLC 1 7.00% $13,508
SOVEREIGN LENDING GROUP INCORPORATED 1 6.49% $20,288
Cornerstone First Mortgage, Inc 1 7.25% $9,934
CITYWIDE HOME LOANS, LLC 1 7.50% $18,308
Chickasaw Community Bank 1 6.88% $10,043
CHERRY CREEK MORTGAGE, LLC 1 5.75% $4,458
T2 FINANCIAL LLC 1 5.75% $20,505
CANOPY MORTGAGE, LLC 1 5.75% $18,139
The Central Trust Bank 1 6.00% $17,270
The Federal Savings Bank 1 5.63% $26,283
Zions Bank 1 7.13% $14,646
AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $12,544
BETTER MORTGAGE CORPORATION 1 6.00% $20,154
Barrington Bank & Trust Company, N.A. 1 5.75% $17,082
VANDERBILT MORTGAGE AND FINANCE, INC. 1 5.75% $27,351
AmeriHome Mortgage Company, LLC 1 6.25% $10,140
V.I.P. MORTGAGE, INC. 1 7.25% $25,137
Wallick & Volk, Inc. 1 5.75% $13,717
OCMBC, INC. 1 6.38% $22,323
PACIFIC RESIDENTIAL MORTGAGE, LLC 1 7.13% $14,006
Northpointe Bank 1 7.00% $22,058
North American Savings Bank, F.S.B. 1 5.38% $1,968
PENTAGON FEDERAL CREDIT UNION 1 5.13% $15,807
PHH Mortgage Corporation 1 5.63% $17,333

The top Boise City FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 196 FHA loans originated. Their average total fees are $15,955, which is $883 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

The lowest fee Boise City FHA lenders (with over 10 loans originated) are IDAHO CENTRAL ($13,452), ACADEMY MORTGAGE CORPORATION ($14,357), Bank of England ($14,367), S1L, Inc. ($14,414) and NFM, INC. ($14,547).

The lowest rate Boise City FHA lenders (with over 10 loans originated) are ACADEMY MORTGAGE CORPORATION (5.80%), UNITED WHOLESALE MORTGAGE, LLC (5.96%), PENNYMAC LOAN SERVICES, LLC (6.04%), KBHS HOME LOANS, LLC (6.05%) and Bank of England (6.05%).

Boise City FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
BOISE CITY, ID ADA 2022 $515,200 $659,550 $797,250 $990,800
BOISE CITY, ID BOISE 2022 $515,200 $659,550 $797,250 $990,800
BOISE CITY, ID CANYON 2022 $515,200 $659,550 $797,250 $990,800
BOISE CITY, ID GEM 2022 $515,200 $659,550 $797,250 $990,800
BOISE CITY, ID OWYHEE 2022 $515,200 $659,550 $797,250 $990,800
BOISE CITY, ID ADA 2023 $586,500 $750,800 $907,550 $1,127,900
BOISE CITY, ID BOISE 2023 $586,500 $750,800 $907,550 $1,127,900
BOISE CITY, ID CANYON 2023 $586,500 $750,800 $907,550 $1,127,900
BOISE CITY, ID GEM 2023 $586,500 $750,800 $907,550 $1,127,900
BOISE CITY, ID OWYHEE 2023 $586,500 $750,800 $907,550 $1,127,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Boise City (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 $299,495 (15.3%) $375,872 (15.2%) 1.11 2,217
2018-02-01 $313,000 (17.3%) $392,118 (17.8%) 1.14 1,945
2018-03-01 $318,990 (15.8%) $399,375 (14.4%) 1.12 1,934
2018-04-01 $329,950 (14.3%) $413,893 (14.5%) 1.12 1,956
2018-05-01 $341,240 (17.1%) $427,721 (14.8%) 1.14 2,032
2018-06-01 $343,990 (18.6%) $424,251 (14.1%) 1.15 2,227
2018-07-01 $342,945 (19.9%) $423,902 (15.8%) 1.15 2,335
2018-08-01 $344,195 (21.7%) $419,033 (14.9%) 1.15 2,462
2018-09-01 $339,000 (19.0%) $410,592 (11.7%) 1.14 2,741
2018-10-01 $333,400 (15.0%) $412,357 (10.5%) 1.13 2,929
2018-11-01 $334,675 (13.3%) $418,030 (10.6%) 1.13 2,832
2018-12-01 $336,990 (12.7%) $420,351 (10.8%) 1.16 2,525
2019-01-01 $339,000 (13.2%) $423,886 (12.8%) 1.17 2,305
2019-02-01 $339,945 (8.6%) $430,836 (9.9%) 1.15 2,233
2019-03-01 $346,575 (8.7%) $434,484 (8.8%) 1.13 2,259
2019-04-01 $357,673 (8.4%) $443,942 (7.3%) 1.14 2,268
2019-05-01 $368,950 (8.1%) $453,677 (6.1%) 1.15 2,390
2019-06-01 $373,337 (8.5%) $458,888 (8.2%) 1.17 2,590
2019-07-01 $374,357 (9.2%) $459,735 (8.5%) 1.17 2,737
2019-08-01 $368,084 (6.9%) $454,486 (8.5%) 1.17 2,806
2019-09-01 $363,481 (7.2%) $447,959 (9.1%) 1.16 2,911
2019-10-01 $359,900 (8.0%) $443,608 (7.6%) 1.16 2,967
2019-11-01 $364,924 (9.0%) $446,369 (6.8%) 1.20 2,716
2019-12-01 $367,146 (9.0%) $447,676 (6.5%) 1.22 2,394
2020-01-01 $369,900 (9.1%) $449,125 (6.0%) 1.24 2,126
2020-02-01 $378,900 (11.5%) $459,449 (6.6%) 1.24 1,911
2020-03-01 $384,223 (10.9%) $478,372 (10.1%) 1.20 1,856
2020-04-01 $386,579 (8.1%) $478,121 (7.7%) 1.21 2,282
2020-05-01 $389,900 (5.7%) $487,445 (7.4%) 1.19 2,312
2020-06-01 $394,368 (5.6%) $494,614 (7.8%) 1.16 1,897
2020-07-01 $399,950 (6.8%) $512,787 (11.5%) 1.16 1,475
2020-08-01 $399,995 (8.7%) $523,247 (15.1%) 1.15 1,171
2020-09-01 $408,159 (12.3%) $535,775 (19.6%) 1.17 972
2020-10-01 $425,000 (18.1%) $546,599 (23.2%) 1.22 869
2020-11-01 $441,828 (21.1%) $572,633 (28.3%) 1.29 766
2020-12-01 $436,500 (18.9%) $556,074 (24.2%) 1.30 670
2021-01-01 $444,995 (20.3%) $584,527 (30.2%) 1.33 560
2021-02-01 $469,316 (23.9%) $607,164 (32.2%) 1.37 523
2021-03-01 $477,500 (24.3%) $620,704 (29.8%) 1.35 630
2021-04-01 $487,378 (26.1%) $644,480 (34.8%) 1.32 733
2021-05-01 $519,000 (33.1%) $691,614 (41.9%) 1.38 916
2021-06-01 $536,227 (36.0%) $692,916 (40.1%) 1.41 1,247
2021-07-01 $539,900 (35.0%) $685,192 (33.6%) 1.42 1,570
2021-08-01 $533,675 (33.4%) $672,196 (28.5%) 1.42 1,958
2021-09-01 $527,000 (29.1%) $661,304 (23.4%) 1.41 2,213
2021-10-01 $529,990 (24.7%) $662,101 (21.1%) 1.41 2,199
2021-11-01 $529,950 (20.0%) $674,225 (17.7%) 1.42 1,936
2021-12-01 $541,968 (24.2%) $678,126 (22.0%) 1.47 1,488
2022-01-01 $559,900 (25.8%) $697,559 (19.3%) 1.51 1,086
2022-02-01 $586,900 (25.1%) $738,218 (21.6%) 1.53 903
2022-03-01 $592,495 (24.1%) $758,477 (22.2%) 1.48 1,019
2022-04-01 $610,990 (25.4%) $774,367 (20.2%) 1.46 1,246
2022-05-01 $618,448 (19.2%) $785,536 (13.6%) 1.41 1,993
2022-06-01 $585,995 (9.3%) $737,112 (6.4%) 1.31 2,927
2022-07-01 $569,900 (5.6%) $707,053 (3.2%) 1.28 3,732
2022-08-01 $552,500 (3.5%) $688,012 (2.4%) 1.28 4,002
2022-09-01 $549,450 (4.3%) $680,749 (2.9%) 1.28 4,055
2022-10-01 $539,500 (1.8%) $675,458 (2.0%) 1.27 3,965
2022-11-01 $522,400 (-1.4%) $665,201 (-1.3%) 1.26 3,625
2022-12-01 $515,000 (-5.0%) $661,509 (-2.5%) 1.27 3,103
2023-01-01 $524,900 (-6.3%) $661,143 (-5.2%) 1.30 2,491
2023-02-01 $552,495 (-5.9%) $696,121 (-5.7%) 1.33 2,045
2023-03-01 $574,900 (-3.0%) $725,453 (-4.4%) 1.36 1,943
2023-04-01 $584,900 (-4.3%) $752,477 (-2.8%) 1.36 1,951
2023-05-01 $609,850 (-1.4%) $765,029 (-2.6%) 1.38 2,051
2023-06-01 $599,950 (2.4%) $762,356 (3.4%) 1.35 2,242
2023-07-01 $599,900 (5.3%) $750,807 (6.2%) 1.36 2,394
2023-08-01 $584,950 (5.9%) $742,946 (8.0%) 1.34 2,552
2023-09-01 $575,000 (4.7%) $737,434 (8.3%) 1.34 2,616
2023-10-01 $555,995 (3.1%) $727,803 (7.8%) 1.31 2,619
2023-11-01 $587,400 (12.4%) $757,711 (13.9%) 1.40 2,235
2023-12-01 $579,000 (12.4%) $749,838 (13.4%) 1.41 1,888
2024-01-01 $589,448 (12.3%) $753,094 (13.9%) 1.44 1,576
2024-02-01 $589,900 (6.8%) $763,319 (9.7%) 1.42 1,547
2024-03-01 $580,000 (0.9%) $750,508 (3.5%) 1.37 1,741
2024-04-01 $577,125 (-1.3%) $762,557 (1.3%) 1.34 1,996
Boise City's median listing price for 2024-04-01 was $577,125, a difference of $-7,775 (-1.3%) versus the prior year and $-2,875 versus the prior month.

Boise City's median listing price comes in at 134% of the national average.

Boise City's average listing price for 2024-04-01 was $762,557, a difference of $10,080 (1.3%) versus the prior year and $12,049 versus the prior month.

For the 2024-04-01 period, Boise City had 1,996 MLS listings, a difference of 255 listings (15%) versus the prior month and 45 listings (2%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Boise City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 60 days 2,238 sqft
2018-02-01 42 days 2,278 sqft
2018-03-01 28 days 2,228 sqft
2018-04-01 25 days 2,196 sqft
2018-05-01 23 days 2,224 sqft
2018-06-01 25 days 2,224 sqft
2018-07-01 29 days 2,219 sqft
2018-08-01 31 days 2,195 sqft
2018-09-01 32 days 2,141 sqft
2018-10-01 38 days 2,127 sqft
2018-11-01 44 days 2,119 sqft
2018-12-01 52 days 2,120 sqft
2019-01-01 56 days 2,127 sqft
2019-02-01 41 days 2,117 sqft
2019-03-01 36 days 2,120 sqft
2019-04-01 32 days 2,146 sqft
2019-05-01 30 days 2,213 sqft
2019-06-01 32 days 2,245 sqft
2019-07-01 37 days 2,235 sqft
2019-08-01 38 days 2,190 sqft
2019-09-01 39 days 2,158 sqft
2019-10-01 39 days 2,134 sqft
2019-11-01 50 days 2,136 sqft
2019-12-01 59 days 2,153 sqft
2020-01-01 59 days 2,134 sqft
2020-02-01 43 days 2,114 sqft
2020-03-01 32 days 2,139 sqft
2020-04-01 32 days 2,160 sqft
2020-05-01 52 days 2,176 sqft
2020-06-01 57 days 2,180 sqft
2020-07-01 55 days 2,188 sqft
2020-08-01 49 days 2,113 sqft
2020-09-01 53 days 2,040 sqft
2020-10-01 57 days 2,025 sqft
2020-11-01 51 days 2,024 sqft
2020-12-01 54 days 1,970 sqft
2021-01-01 47 days 1,970 sqft
2021-02-01 35 days 1,979 sqft
2021-03-01 32 days 2,020 sqft
2021-04-01 33 days 2,008 sqft
2021-05-01 32 days 2,025 sqft
2021-06-01 26 days 2,025 sqft
2021-07-01 28 days 2,046 sqft
2021-08-01 29 days 2,024 sqft
2021-09-01 33 days 2,023 sqft
2021-10-01 41 days 2,025 sqft
2021-11-01 47 days 2,038 sqft
2021-12-01 49 days 2,054 sqft
2022-01-01 53 days 2,085 sqft
2022-02-01 30 days 2,120 sqft
2022-03-01 26 days 2,127 sqft
2022-04-01 29 days 2,144 sqft
2022-05-01 23 days 2,168 sqft
2022-06-01 26 days 2,100 sqft
2022-07-01 36 days 2,098 sqft
2022-08-01 46 days 2,096 sqft
2022-09-01 55 days 2,101 sqft
2022-10-01 61 days 2,110 sqft
2022-11-01 69 days 2,110 sqft
2022-12-01 78 days 2,107 sqft
2023-01-01 81 days 2,124 sqft
2023-02-01 65 days 2,168 sqft
2023-03-01 44 days 2,215 sqft
2023-04-01 43 days 2,269 sqft
2023-05-01 38 days 2,310 sqft
2023-06-01 38 days 2,297 sqft
2023-07-01 43 days 2,266 sqft
2023-08-01 44 days 2,228 sqft
2023-09-01 46 days 2,186 sqft
2023-10-01 51 days 2,127 sqft
2023-11-01 53 days 2,169 sqft
2023-12-01 59 days 2,160 sqft
2024-01-01 66 days 2,188 sqft
2024-02-01 50 days 2,201 sqft
2024-03-01 37 days 2,163 sqft
2024-04-01 36 days 2,179 sqft
Boise City's median listing age (time on market) for 2024-04-01 was 36 days. This is -17% shorter than the same period one year ago.

Boise City's median square footage for active listings during the 2024-04-01 period was 2,179 sqft. One year prior, the average listing was 2,269 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).