Burlington FHA Loan Rates, Closing Costs & Stats

BURLINGTON, NC

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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.

    Burlington's 107 lenders originated 692 FHA loans during 2024. The total origination value was $190,000,000, with an average FHA loan value of $274,566.

    Burlington FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Burlington averaged 6.08% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    Burlington's average FHA mortgage closing costs are $8,113.

    The average rate for the prior week (2025-03-28) was 6.27% and one month ago for the week of 2025-02-28, the average rate was 6.16%.

    The average rate one year ago was 6.48%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.21%.

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

    Burlington 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 Burlington level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    DHI MORTGAGE COMPANY, LTD. 147 5.23% $8,396
    LOANDEPOT.COM, LLC 71 5.38% $10,395
    QUICKEN LOANS, LLC 53 6.37% $10,888
    MOVEMENT MORTGAGE, LLC 37 6.75% $9,510
    UNITED WHOLESALE MORTGAGE, LLC 32 6.00% $11,672
    CROSSCOUNTRY MORTGAGE, LLC 24 6.56% $13,105
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 15 6.77% $10,388
    FREEDOM MORTGAGE CORPORATION 15 6.38% $11,779
    UNION HOME MORTGAGE CORP. 15 6.40% $12,664
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 15 6.67% $11,453
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 9 6.33% $12,757
    T2 FINANCIAL LLC 6 6.56% $12,886
    First-Citizens Bank & Trust Company 6 5.58% $10,172
    PENNYMAC LOAN SERVICES, LLC 6 5.83% $12,487
    CARDINAL FINANCIAL 6 6.98% $11,635
    BROKER SOLUTIONS, INC. 5 6.55% $11,742
    EAGLE HOME MORTGAGE, LLC 5 4.80% $6,164
    RELIANCE FIRST CAPITAL, LLC 4 6.53% $11,973
    First National Bank of Pennsylvania 4 5.41% $12,934
    Carrington Mortgage Services, LLC 4 6.25% $9,403
    NEWREZ LLC 4 6.28% $11,161
    AmRes Corporation 4 6.13% $15,614
    CMG MORTGAGE, INC. 4 6.34% $12,197
    Pinnacle Bank 4 6.31% $11,635
    GUILD MORTGAGE COMPANY 4 6.22% $17,557
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.75% $9,082
    LOANPAL, LLC 3 5.54% $12,784
    Blue Ridge Bank 3 6.08% $12,683
    MID AMERICA MORTGAGE, INC. 3 7.04% $11,487
    Corporate Investors Mortgage Group, Inc. 3 5.96% $10,962
    AmeriHome Mortgage Company, LLC 3 6.46% $7,694
    First Heritage Mortgage, LLC 3 6.33% $9,935
    Flagstar Bank, FSB 3 6.46% $10,422
    GoPrime Mortgage, Inc. 3 6.50% $7,455
    Towne Mortgage of the Carolinas, LLC 3 6.29% $9,432
    VANDERBILT MORTGAGE AND FINANCE, INC. 3 5.75% $15,626
    VERITAS FUNDING, LLC 3 6.54% $17,442
    Victorian Finance, LLC 3 6.54% $10,310
    VILLAGE CAPITAL MORTGAGE 3 5.91% $13,970
    SUN WEST MORTGAGE COMPANY, INC. 2 6.56% $13,232
    GUARANTEED RATE, INC. 2 6.75% $7,515
    Prosperity Home Mortgage, LLC 2 7.00% $10,756
    PLANET HOME LENDING, LLC 2 6.12% $5,646
    U.S. Bank 2 6.25% $9,801
    Barrington Bank & Trust Company, N.A. 2 6.12% $6,677
    Lakeview Community Capital, LLC 2 6.75% $4,930
    NFM, INC. 2 6.63% $12,324
    Mr. Cooper ( Nationstar Mortgage ) 2 6.44% $12,964
    AMERISAVE MORTGAGE CORPORATION 2 6.38% $17,362
    Century Mortgage Company DBA Century Lending Company 2 5.75% $14,226
    Ameris Bank 2 6.56% $12,871
    INSPIRE HOME LOANS INC. 2 5.06% $8,031
    The Fidelity Bank 2 6.94% $8,404
    The Federal Savings Bank 2 6.94% $6,550
    City Lending Inc. 2 7.38% $14,827
    North State Bank 2 7.00% $9,944
    Truist 2 6.70% $10,523
    Truliant Federal Credit Union 2 6.25% $9,801
    Wells Fargo Bank 1 6.38% $6,638
    AMERICAN FINANCIAL NETWORK, INC. 1 7.00% $11,025
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $9,214
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.63% $10,212
    American Security Mortgage Corp. 1 6.38% $10,853
    Arvest Bank 1 6.50% $10,179
    Axos Bank 1 8.25% $9,049
    Bank of England 1 5.88% $15,201
    BAY EQUITY LLC 1 6.63% $10,565
    BOND STREET MORTGAGE, LLC 1 5.88% $11,561
    CANOPY MORTGAGE, LLC 1 6.50% $9,629
    CAPITAL CENTER, L.L.C. 1 5.00% $9,206
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.63% $11,615
    CONTOUR MORTGAGE CORPORATION 1 6.13% $7,113
    CORNERSTONE HOME LENDING, INC. 1 6.25% $12,667
    DELMAR FINANCIAL COMPANY 1 6.13% $9,401
    EMM LOANS LLC 1 6.25% $14,251
    Encompass Lending Group, LP 1 7.25% $9,875
    Equity Prime Mortgage LLC 1 6.25% $18,976
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 5.63% $20,915
    FIRST COMMUNITY MORTGAGE, INC. 1 7.13% $10,050
    GEO-CORP, INC. 1 7.25% $15,811
    HOMESIDE FINANCIAL, LLC 1 5.13% $29,055
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 6.25% $5,790
    INTERCOASTAL MORTGAGE COMPANY 1 6.50% $7,937
    KBHS HOME LOANS, LLC 1 5.88% $9,842
    LADERA LENDING, INC. 1 6.25% $12,786
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $8,158
    LOANLEADERS OF AMERICA, INC. 1 6.63% $21,133
    Loan Simple, Inc. 1 7.25% $15,480
    MASON MCDUFFIE MORTGAGE CORPORATION 1 6.63% $10,819
    NBKC BANK 1 6.13% $9,549
    NETWORK CAPITAL FUNDING CORPORATION 1 7.50% $11,111
    NORWICH COMMERCIAL GROUP, INC. 1 7.25% $5,346
    NP, Inc. 1 6.75% $10,867
    Paramount Bank 1 7.13% $7,634
    Paramount Residential Mortgage Group, Inc. 1 6.25% $14,443
    Plains Commerce Bank 1 5.88% $14,809
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.25% $6,704
    RUOFF MORTGAGE COMPANY, INC. 1 6.50% $6,473
    Southern First Bank 1 6.63% $10,601
    SUMMIT FUNDING, INC. 1 6.75% $8,455
    The Central Trust Bank 1 6.25% $8,615
    TIDEWATER MORTGAGE SERVICES, INC. 1 8.13% $10,456
    TJC Mortgage, Inc. 1 6.25% $10,661
    Towne Bank 1 6.13% $11,054
    United Community Bank 1 6.25% $11,421
    UNIVERSITY Federal Credit Union 1 6.25% $11,474
    Alcova Mortgage LLC 1 6.13% $5,083

    The top Burlington FHA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with 147 FHA loans originated. Their average total fees are $8,396, which is $1,999 lower than the next largest lender, LOANDEPOT.COM, LLC.

    The lowest fee Burlington FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($8,396), MOVEMENT MORTGAGE, LLC ($9,510), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($10,388), LOANDEPOT.COM, LLC ($10,395) and QUICKEN LOANS, LLC ($10,888).

    The lowest rate Burlington FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.23%), LOANDEPOT.COM, LLC (5.38%), UNITED WHOLESALE MORTGAGE, LLC (6.00%), QUICKEN LOANS, LLC (6.37%) and FREEDOM MORTGAGE CORPORATION (6.38%).

    Burlington FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Burlington (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 $197,450 (16.2%) $267,815 (28.3%) 0.73 629
    2018-02-01 $198,925 (16.7%) $269,163 (25.6%) 0.72 593
    2018-03-01 $215,000 (19.0%) $275,110 (22.8%) 0.75 535
    2018-04-01 $214,519 (22.6%) $252,938 (10.5%) 0.73 484
    2018-05-01 $221,995 (23.7%) $266,911 (0.7%) 0.74 499
    2018-06-01 $223,950 (26.5%) $272,446 (3.2%) 0.75 478
    2018-07-01 $221,700 (23.7%) $272,581 (3.2%) 0.74 476
    2018-08-01 $217,925 (23.5%) $254,470 (-0.6%) 0.73 450
    2018-09-01 $229,000 (29.0%) $256,879 (2.4%) 0.77 445
    2018-10-01 $225,000 (24.4%) $253,821 (1.4%) 0.76 490
    2018-11-01 $227,725 (21.8%) $262,284 (2.6%) 0.77 467
    2018-12-01 $227,500 (20.4%) $262,431 (3.1%) 0.78 448
    2019-01-01 $232,901 (18.0%) $259,851 (-3.0%) 0.80 423
    2019-02-01 $243,255 (22.3%) $271,465 (0.9%) 0.82 396
    2019-03-01 $249,070 (15.9%) $275,064 (0.0%) 0.81 373
    2019-04-01 $252,878 (17.9%) $275,710 (9.0%) 0.80 350
    2019-05-01 $255,000 (14.9%) $283,832 (6.3%) 0.80 357
    2019-06-01 $259,900 (16.1%) $286,120 (5.0%) 0.81 343
    2019-07-01 $249,975 (12.8%) $295,930 (8.6%) 0.78 352
    2019-08-01 $246,462 (13.1%) $293,485 (15.3%) 0.78 356
    2019-09-01 $241,230 (5.3%) $289,473 (12.7%) 0.77 363
    2019-10-01 $238,511 (6.0%) $288,114 (13.5%) 0.77 355
    2019-11-01 $234,950 (3.2%) $281,412 (7.3%) 0.77 326
    2019-12-01 $230,450 (1.3%) $279,379 (6.5%) 0.77 312
    2020-01-01 $242,963 (4.3%) $292,116 (12.4%) 0.81 321
    2020-02-01 $248,950 (2.3%) $310,188 (14.3%) 0.81 297
    2020-03-01 $249,999 (0.4%) $307,664 (11.9%) 0.78 311
    2020-04-01 $260,228 (2.9%) $319,400 (15.9%) 0.82 335
    2020-05-01 $269,950 (5.9%) $344,931 (21.5%) 0.82 268
    2020-06-01 $287,523 (10.6%) $363,359 (27.0%) 0.85 233
    2020-07-01 $280,473 (12.2%) $324,164 (9.5%) 0.81 224
    2020-08-01 $289,500 (17.5%) $346,460 (18.1%) 0.83 210
    2020-09-01 $298,348 (23.7%) $335,538 (15.9%) 0.85 211
    2020-10-01 $279,700 (17.3%) $328,503 (14.0%) 0.80 211
    2020-11-01 $288,725 (22.9%) $344,082 (22.3%) 0.84 192
    2020-12-01 $289,878 (25.8%) $343,929 (23.1%) 0.86 175
    2021-01-01 $295,000 (21.4%) $350,066 (19.8%) 0.88 148
    2021-02-01 $275,132 (10.5%) $340,902 (9.9%) 0.80 145
    2021-03-01 $274,037 (9.6%) $359,424 (16.8%) 0.78 114
    2021-04-01 $299,700 (15.2%) $387,251 (21.2%) 0.81 101
    2021-05-01 $282,445 (4.6%) $368,495 (6.8%) 0.75 124
    2021-06-01 $274,618 (-4.5%) $386,383 (6.3%) 0.72 128
    2021-07-01 $286,000 (2.0%) $383,193 (18.2%) 0.75 149
    2021-08-01 $289,945 (0.2%) $365,305 (5.4%) 0.77 169
    2021-09-01 $289,375 (-3.0%) $372,784 (11.1%) 0.77 185
    2021-10-01 $290,000 (3.7%) $358,187 (9.0%) 0.77 174
    2021-11-01 $290,870 (0.7%) $350,903 (2.0%) 0.78 187
    2021-12-01 $314,876 (8.6%) $368,380 (7.1%) 0.85 169
    2022-01-01 $336,393 (14.0%) $378,912 (8.2%) 0.91 131
    2022-02-01 $321,473 (16.8%) $379,846 (11.4%) 0.84 102
    2022-03-01 $352,878 (28.8%) $407,994 (13.5%) 0.88 98
    2022-04-01 $371,635 (24.0%) $414,487 (7.0%) 0.89 104
    2022-05-01 $363,225 (28.6%) $397,348 (7.8%) 0.83 125
    2022-06-01 $377,596 (37.5%) $434,938 (12.6%) 0.84 172
    2022-07-01 $385,000 (34.6%) $436,899 (14.0%) 0.87 213
    2022-08-01 $362,450 (25.0%) $383,152 (4.9%) 0.84 240
    2022-09-01 $355,083 (22.7%) $380,724 (2.1%) 0.83 232
    2022-10-01 $357,415 (23.3%) $381,533 (6.5%) 0.84 230
    2022-11-01 $367,475 (26.3%) $385,955 (10.0%) 0.88 283
    2022-12-01 $351,940 (11.8%) $371,205 (0.8%) 0.87 292
    2023-01-01 $360,850 (7.3%) $375,180 (-1.0%) 0.89 297
    2023-02-01 $359,975 (12.0%) $381,682 (0.5%) 0.87 272
    2023-03-01 $365,000 (3.4%) $382,371 (-6.3%) 0.86 244
    2023-04-01 $365,000 (-1.8%) $391,280 (-5.6%) 0.85 259
    2023-05-01 $363,220 (0.0%) $388,079 (-2.3%) 0.82 272
    2023-06-01 $365,250 (-3.3%) $396,003 (-9.0%) 0.82 295
    2023-07-01 $359,900 (-6.5%) $394,165 (-9.8%) 0.82 295
    2023-08-01 $360,215 (-0.6%) $394,134 (2.9%) 0.83 304
    2023-09-01 $359,240 (1.2%) $383,767 (0.8%) 0.84 343
    2023-10-01 $352,535 (-1.4%) $383,364 (0.5%) 0.83 355
    2023-11-01 $357,544 (-2.7%) $381,340 (-1.2%) 0.85 375
    2023-12-01 $344,990 (-2.0%) $382,247 (3.0%) 0.84 431
    2024-01-01 $339,968 (-5.8%) $371,973 (-0.9%) 0.83 381
    2024-02-01 $336,000 (-6.7%) $369,464 (-3.2%) 0.81 364
    2024-03-01 $331,495 (-9.2%) $366,828 (-4.1%) 0.78 335
    2024-04-01 $354,473 (-2.9%) $388,215 (-0.8%) 0.82 340
    2024-05-01 $351,748 (-3.2%) $396,720 (2.2%) 0.80 361
    2024-06-01 $359,900 (-1.5%) $394,882 (-0.3%) 0.82 377
    2024-07-01 $358,240 (-0.5%) $393,063 (-0.3%) 0.82 424
    2024-08-01 $351,990 (-2.3%) $396,857 (0.7%) 0.82 486
    2024-09-01 $354,248 (-1.4%) $395,161 (3.0%) 0.83 479
    2024-10-01 $354,990 (0.7%) $387,097 (1.0%) 0.84 522
    2024-11-01 $357,000 (-0.2%) $381,205 (0.0%) 0.86 532
    2024-12-01 $355,030 (2.9%) $380,376 (-0.5%) 0.88 514
    2025-01-01 $354,970 (4.4%) $374,542 (0.7%) 0.89 472
    2025-02-01 $359,708 (7.1%) $373,374 (1.1%) 0.87 505
    2025-03-01 $360,000 (8.6%) $395,132 (7.7%) 0.00 492
    Burlington's median listing price for 2025-03-01 was $360,000, a difference of $28,505 (8.6%) versus the prior year and $292 versus the prior month.

    Burlington's median listing price comes in at 0% of the national average.

    Burlington's average listing price for 2025-03-01 was $395,132, a difference of $28,304 (7.7%) versus the prior year and $21,758 versus the prior month.

    For the 2025-03-01 period, Burlington had 492 MLS listings, a difference of -13 listings (-3%) versus the prior month and 157 listings (47%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Burlington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 106 days 1,960 sqft
    2018-02-01 96 days 1,937 sqft
    2018-03-01 68 days 1,961 sqft
    2018-04-01 62 days 1,980 sqft
    2018-05-01 60 days 1,964 sqft
    2018-06-01 54 days 1,981 sqft
    2018-07-01 69 days 1,935 sqft
    2018-08-01 67 days 1,933 sqft
    2018-09-01 68 days 1,951 sqft
    2018-10-01 64 days 1,940 sqft
    2018-11-01 72 days 1,955 sqft
    2018-12-01 78 days 1,937 sqft
    2019-01-01 88 days 2,001 sqft
    2019-02-01 93 days 2,088 sqft
    2019-03-01 74 days 2,098 sqft
    2019-04-01 64 days 2,083 sqft
    2019-05-01 42 days 2,099 sqft
    2019-06-01 50 days 2,187 sqft
    2019-07-01 54 days 2,070 sqft
    2019-08-01 51 days 2,022 sqft
    2019-09-01 52 days 1,976 sqft
    2019-10-01 55 days 1,950 sqft
    2019-11-01 48 days 1,946 sqft
    2019-12-01 59 days 1,922 sqft
    2020-01-01 65 days 1,944 sqft
    2020-02-01 50 days 1,942 sqft
    2020-03-01 46 days 2,010 sqft
    2020-04-01 43 days 2,066 sqft
    2020-05-01 61 days 2,155 sqft
    2020-06-01 58 days 2,200 sqft
    2020-07-01 38 days 2,134 sqft
    2020-08-01 40 days 2,117 sqft
    2020-09-01 32 days 2,143 sqft
    2020-10-01 32 days 2,060 sqft
    2020-11-01 41 days 2,026 sqft
    2020-12-01 58 days 2,048 sqft
    2021-01-01 64 days 1,929 sqft
    2021-02-01 35 days 1,860 sqft
    2021-03-01 34 days 1,892 sqft
    2021-04-01 26 days 1,923 sqft
    2021-05-01 16 days 1,796 sqft
    2021-06-01 21 days 1,861 sqft
    2021-07-01 23 days 1,850 sqft
    2021-08-01 21 days 1,874 sqft
    2021-09-01 31 days 1,916 sqft
    2021-10-01 33 days 1,825 sqft
    2021-11-01 28 days 1,866 sqft
    2021-12-01 37 days 1,989 sqft
    2022-01-01 46 days 1,964 sqft
    2022-02-01 37 days 1,899 sqft
    2022-03-01 26 days 1,973 sqft
    2022-04-01 13 days 1,984 sqft
    2022-05-01 19 days 1,909 sqft
    2022-06-01 20 days 2,084 sqft
    2022-07-01 29 days 2,109 sqft
    2022-08-01 31 days 2,026 sqft
    2022-09-01 38 days 2,003 sqft
    2022-10-01 44 days 2,050 sqft
    2022-11-01 45 days 2,079 sqft
    2022-12-01 49 days 1,953 sqft
    2023-01-01 58 days 2,001 sqft
    2023-02-01 56 days 2,020 sqft
    2023-03-01 52 days 1,993 sqft
    2023-04-01 36 days 2,026 sqft
    2023-05-01 39 days 1,990 sqft
    2023-06-01 40 days 2,028 sqft
    2023-07-01 42 days 1,984 sqft
    2023-08-01 43 days 1,966 sqft
    2023-09-01 44 days 1,939 sqft
    2023-10-01 48 days 1,904 sqft
    2023-11-01 50 days 1,910 sqft
    2023-12-01 55 days 1,902 sqft
    2024-01-01 58 days 1,875 sqft
    2024-02-01 60 days 1,893 sqft
    2024-03-01 55 days 1,802 sqft
    2024-04-01 50 days 1,929 sqft
    2024-05-01 45 days 1,914 sqft
    2024-06-01 44 days 1,925 sqft
    2024-07-01 44 days 1,926 sqft
    2024-08-01 47 days 1,927 sqft
    2024-09-01 50 days 1,912 sqft
    2024-10-01 44 days 1,868 sqft
    2024-11-01 50 days 1,902 sqft
    2024-12-01 61 days 1,904 sqft
    2025-01-01 74 days 1,878 sqft
    2025-02-01 54 days 1,910 sqft
    2025-03-01 0 days 1,969 sqft
    Burlington's median listing age (time on market) for 2025-03-01 was 0 days. This is -100% shorter than the same period one year ago.

    Burlington's median square footage for active listings during the 2025-03-01 period was 1,969 sqft. One year prior, the average listing was 1,802 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).