Camden FHA Loans

CAMDEN, NJ

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.

Camden's 210 lenders originated 9,397 FHA loans during 2021. The total origination value was $2,121,465,000, with an average FHA loan value of $225,760.

Camden FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Camden averaged 4.67% for the week of 2022-03-25, compared to the national average (all FHA variants) of 4.648% for the same period.

The average rate for the prior week (2022-03-18) was 4.59% and one month ago for the week of 2022-02-18, the average rate was 4.12%.

The average rate one year ago was 3.45%.

For refis of the same type during the week of 2022-03-25, the average rate was 4.4%.

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

Camden 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 Camden level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 619 2.72% $6,631
GREENTREE MORTGAGE COMPANY, L.P. 538 2.85% $7,738
CROSSCOUNTRY MORTGAGE, LLC 398 3.13% $9,787
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 332 3.23% $8,765
NATION ONE MORTGAGE CORPORATION 302 3.59% $10,670
Gateway First Bank 301 3.11% $6,363
FREEDOM MORTGAGE CORPORATION 300 2.89% $5,603
PENNYMAC LOAN SERVICES, LLC 290 3.05% $5,151
ALLIED MORTGAGE GROUP, INC. 266 3.15% $7,922
CALIBER HOME LOANS, INC. 245 2.83% $6,789
LAKEVIEW LOAN SERVICING, LLC 234 3.06% $4,922
Prosperity Home Mortgage, LLC 208 3.05% $7,290
Mr. Cooper ( Nationstar Mortgage ) 187 3.25% $4,671
ABSOLUTE HOME MORTGAGE CORPORATION 152 3.05% $8,816
Acre Mortgage and Financial Inc 144 3.28% $8,762
FINANCE OF AMERICA MORTGAGE LLC 137 3.11% $9,176
UNITED WHOLESALE MORTGAGE, LLC 131 2.76% $8,581
LOANDEPOT.COM, LLC 128 3.10% $8,925
NEWREZ LLC 118 2.91% $5,892
AMERICAN FINANCIAL NETWORK, INC. 113 3.17% $13,416
HOME POINT FINANCIAL CORPORATION 113 2.71% $8,244
Carrington Mortgage Services, LLC 112 3.48% $8,549
NFM, INC. 102 3.19% $8,822
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 101 3.32% $8,772
GUARANTEED RATE, INC. 92 2.87% $8,512
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 89 3.21% $8,785
Paramount Residential Mortgage Group, Inc. 85 3.30% $9,225
NVR Mortgage Finance, Inc. 84 2.91% $13,123
Republic Bank 81 2.88% $6,868
AmeriHome Mortgage Company, LLC 76 2.87% $4,969
MORTGAGE ACCESS CORP. 75 3.20% $9,832
FAMILY FIRST FUNDING LLC 73 3.12% $9,091
HOMEBRIDGE FINANCIAL SERVICES, INC. 65 3.04% $9,007
BROKER SOLUTIONS, INC. 62 3.17% $8,320
MOVEMENT MORTGAGE, LLC 60 3.04% $8,191
Evesham Mortgage, LLC 59 3.18% $7,936
Advisors Mortgage Group, L.L.C. 57 2.97% $9,009
US MORTGAGE CORPORATION 55 3.23% $9,619
VILLAGE CAPITAL & INVESTMENT LLC 55 2.78% $2,641
Equity Prime Mortgage LLC 55 3.28% $8,630
1st Colonial Community Bank 51 2.96% $7,484
Huntingdon Valley Bank 50 2.85% $7,405
ENVOY MORTGAGE, LTD 49 3.35% $8,771
Meridian Bank Corporation 48 2.95% $7,836
First Guaranty Mortgage Corporation 40 2.96% $7,674
ROUNDPOINT MORTGAGE SERVICING CORPORATION 38 3.15% $8,889
AMERISAVE MORTGAGE CORPORATION 35 3.04% $8,887
Lakeview Community Capital, LLC 35 3.13% $4,533
CMG MORTGAGE, INC. 33 3.39% $9,291
Bank of America 32 2.70% $3,848
PRIMARY RESIDENTIAL MORTGAGE, INC. 32 3.38% $9,731
SUCCESS MORTGAGE PARTNERS, INC. 30 3.21% $9,894
Citizens Bank 27 2.78% $7,836
BEST CAPITAL FUNDING 27 3.06% $9,977
Fulton Bank 26 2.99% $6,031
Summit Mortgage Corporation 26 3.05% $8,975
Manufacturers and Traders Trust Company 24 2.82% $8,088
SUN WEST MORTGAGE COMPANY, INC. 23 3.00% $8,692
Financial Freedom Mortgage, LLC 23 3.10% $10,175
JERSEY MORTGAGE COMPANY OF NEW JERSEY, INC. 22 3.14% $11,927
BAYSHORE MORTGAGE FUNDING, LLC 21 3.31% $9,717
Nations Lending Corporation 20 3.03% $8,777
ARC HOME LLC 18 2.69% $8,900
InterContinental Capital Group, Inc 17 2.91% $8,950
Home Mortgage Alliance Corp 17 3.37% $9,258
Northpointe Bank 17 2.88% $8,532
EMM LOANS LLC 16 3.16% $10,544
MLB RESIDENTIAL LENDING, LLC 16 3.23% $11,727
NATIONWIDE MORTGAGE BANKERS, INC. 15 3.18% $11,687
APEX HOME LOANS, INC. 15 3.07% $9,995
OCMBC, INC. 15 2.59% $9,477
HOMESIDE FINANCIAL, LLC 15 2.87% $9,207
Plains Commerce Bank 14 2.98% $8,077
PLANET HOME LENDING, LLC 14 2.89% $6,514
NJ LENDERS CORP. 13 2.79% $10,375
GUARANTEED RATE AFFINITY, LLC 13 2.87% $8,708
RESIDENTIAL HOME FUNDING CORP. 12 3.16% $8,628
GENEVA FINANCIAL, LLC 12 3.27% $10,033
AmRes Corporation 11 3.22% $7,915
HOMESPIRE MORTGAGE CORPORATION 11 2.97% $10,285
DRAPER AND KRAMER MORTGAGE CORP. 11 3.17% $8,230
MUTUAL OF OMAHA MORTGAGE, INC. 10 2.94% $8,237
Keystone Funding, Inc. 10 2.81% $6,440
NP, Inc. 10 3.15% $9,770
FBC MORTGAGE, LLC 9 2.99% $6,761
DHI MORTGAGE COMPANY, LTD. 9 2.96% $11,234
Quaint Oak Mortgage, LLC 9 2.89% $7,270
Princeton Mortgage Corporation 9 2.94% $8,020
DEVELOPER'S MORTGAGE COMPANY 9 3.25% $8,233
NATIONS DIRECT MORTGAGE, LLC 9 3.01% $8,513
JPMorgan Chase Bank 9 2.99% $7,237
CONTOUR MORTGAGE CORPORATION 9 2.99% $8,751
EMBRACE HOME LOANS, INC. 8 3.03% $9,453
Bank of England 8 3.09% $12,929
First Home Bank 8 3.20% $10,325
Philadelphia Mortgage Advisors, Inc. 8 2.88% $7,372
BOND STREET MORTGAGE, LLC 8 2.97% $9,384
The Federal Savings Bank 8 2.77% $9,856
OCEANSIDE MORTGAGE COMPANY 7 2.66% $3,788
MLD MORTGAGE INC. 7 3.08% $8,219
PNC Bank 7 2.96% $6,624
TD Bank 6 3.04% $5,390
Flagstar Bank, FSB 6 2.95% $7,605
VAN DYK MORTGAGE CORPORATION 6 3.19% $8,770
FIRST ALLIANCE HOME MORTGAGE, LLC 6 3.21% $10,413
UNION HOME MORTGAGE CORP. 6 3.08% $7,305
PRIMELENDING, A PLAINSCAPITAL COMPANY 5 3.15% $9,644
ACADEMY MORTGAGE CORPORATION 5 3.23% $8,001
Firstrust Savings Bank 5 2.85% $6,900
Univest Bank and Trust Co. 5 3.08% $6,110
SOVEREIGN LENDING GROUP INCORPORATED 5 2.83% $7,356
AMERICAN HERITAGE FCU 5 3.11% $7,942
MDE Home Loans, LLC 5 2.70% $9,284
PHH Mortgage Corporation 5 3.68% $5,109
ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 2.95% $7,296
Wilmington Savings Fund Society, FSB 4 2.81% $8,331
GUARANTY HOME MORTGAGE CORPORATION 4 3.00% $12,070
GREENWAY MORTGAGE FUNDING CORP. 4 2.88% $9,928
RESIDENTIAL MORTGAGE SERVICES, INC. 4 3.34% $10,613
Low VA Rates, LLC 4 2.72% $3,702
Mortgage Research Center, LLC 4 3.00% $5,465
MEMBER FIRST MORTGAGE, LLC 4 3.28% $9,271
Hometown Lenders, Inc. 3 3.13% $9,628
Evolve Bank & Trust 3 3.00% $9,375
GLENDENNING MORTGAGE CORPORATION 3 3.17% $9,456
Hometown Equity Mortgage, LLC 3 3.25% $13,173
JET DIRECT FUNDING CORP 3 3.33% $10,806
LIBERTY HOME MORTGAGE CORPORATION 3 3.21% $11,819
Mid Penn Bank 3 2.96% $9,053
Mortgage America, Inc. 3 2.88% $7,327
Mortgage Unlimited, L.L.C. 3 3.08% $11,477
Barrington Bank & Trust Company, N.A. 3 2.92% $8,877
NETWORK CAPITAL FUNDING CORPORATION 3 2.46% $12,939
Atlantic Home Loans, Inc. 3 2.79% $8,796
PIKE CREEK MORTGAGE SERVICES, INC. 3 3.92% $6,058
Presidential Bank, FSB 3 3.00% $7,917
RELIANCE FIRST CAPITAL, LLC 3 3.17% $9,494
AMERICAN FINANCIAL RESOURCES, INC. 3 3.42% $9,757
TOTAL MORTGAGE SERVICES, LLC 3 3.17% $9,499
UNITED MORTGAGE CORP. 3 3.29% $9,841
UNITED NORTHERN MORTGAGE BANKERS LIMITED 3 2.92% $9,580
1st Constitution Bank 3 2.75% $10,235
East Coast Capital Corp. 2 3.31% $12,944
The Huntington National Bank 2 2.69% $9,466
Residential Mortgage Solutions, Inc. 2 3.44% $11,157
AMERICAN FINANCING CORPORATION 2 2.50% $9,141
TOWNE MORTGAGE COMPANY 2 2.94% $8,762
Customers Bank 2 2.75% $7,332
MORIA DEVELOPMENT, INC. 2 3.88% $9,366
MID-ISLAND MORTGAGE CORP. 2 2.87% $6,029
Santander Bank, N.A. 2 2.50% $6,419
CLIFFCO, INC. 2 3.19% $18,654
U.S. Bank 2 2.56% $7,238
Wells Fargo Bank 2 2.94% $6,080
STEARNS LENDING, LLC 2 2.50% $7,472
INTELLILOAN, INC. 2 3.31% $7,366
Colonial Savings, F.A. 2 3.25% $10,384
HARTFORD FUNDING, LTD. 2 3.06% $11,728
AMERICAN ADVISORS GROUP 2 2.81% $9,809
PLAZA HOME MORTGAGE, INC. 2 3.06% $7,066
GET A RATE LLC 2 2.56% $10,823
Prime Choice Funding Inc. 1 2.88% $3,616
HARBORONE MORTGAGE, LLC 1 3.00% $7,673
Ameris Bank 1 3.13% $6,822
HAMILTON HOME LOANS, INC. 1 2.88% $14,137
AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.13% $5,800
First Federal Bank 1 3.00% $11,679
GUILD MORTGAGE COMPANY 1 3.25% $7,983
Great Plains National Bank 1 2.38% $10,448
RESIDENTIAL HOME MORTGAGE CORPORATION 1 3.50% $8,584
ROYAL UNITED MORTGAGE LLC 1 3.88% $4,766
SIRVA MORTGAGE, INC. 1 3.00% $11,831
GENNEXT FUNDING, LLC 1 3.75% $10,515
Strong Home Mortgage, LLC 1 2.75% $8,318
Victorian Finance, LLC 1 3.75% $5,741
AMERICAN FEDERAL MORTGAGE CORPORATION 1 2.75% $7,865
SWBC MORTGAGE CORPORATION 1 2.75% $7,444
EAGLE HOME MORTGAGE, LLC 1 3.75% $8,859
The Union Bank Company 1 2.88% $15,270
EVERETT FINANCIAL, INC. 1 3.63% $5,007
TruHome Solutions, LLC 1 2.75% $5,200
FM Home Loans, LLC 1 2.25% $7,984
Mortgage Network, Inc. 1 2.50% $9,657
CHURCHILL MORTGAGE CORPORATION 1 3.25% $7,596
Blue Ridge Bank 1 3.00% $6,334
BETTER MORTGAGE CORPORATION 1 2.25% $18,383
CLEARPATH LENDING 1 3.00% $2,878
FAY SERVICING, LLC 1 3.25% $5,971
Magnolia Bank 1 3.25% $6,381
LOANPAL, LLC 1 2.88% $8,991
AMCAP MORTGAGE, LTD. 1 3.25% $7,895
LOANLEADERS OF AMERICA, INC. 1 3.25% $14,812
Florida Capital Bank 1 2.50% $12,604
ASSOCIATED MORTGAGE BANKERS, INC. 1 3.25% $11,232
Wyndham Capital Mortgage, Inc. 1 3.00% $6,444
NORWICH COMMERCIAL GROUP, INC. 1 3.75% $10,747
LENDING CAPITAL GROUP Inc 1 3.13% $11,186
Commerce Home Mortgage, Inc. 1 4.13% $11,047
Kwik Mortgage Corporation 1 2.50% $13,059
PANORAMA MORTGAGE GROUP, LLC 1 3.38% $8,999
Paramount Bank 1 2.75% $9,933
KELLER MORTGAGE, LLC 1 2.75% $6,715
ANGEL OAK HOME LOANS LLC 1 2.88% $8,018
Peoples Bank 1 3.50% $10,586
Community First National Bank 1 3.25% $4,710
Congressional Bank 1 3.75% $8,745
FIDELITY DIRECT MORTGAGE, LLC 1 3.25% $7,064
POLARIS HOME FUNDING CORP. 1 2.25% $7,679
First Option Mortgage, LLC 1 3.75% $7,400
HOME FUNDING CORPORATION 1 2.75% $6,088

The top Camden FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 619 FHA loans originated. Their average total fees are $6,631, which is $1,107 lower than the next largest lender, GREENTREE MORTGAGE COMPANY, L.P..

The lowest fee Camden FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($2,641), Bank of America ($3,848), Lakeview Community Capital, LLC ($4,533), Mr. Cooper ( Nationstar Mortgage ) ($4,671) and LAKEVIEW LOAN SERVICING, LLC ($4,922).

The lowest rate Camden FHA lenders (with over 10 loans originated) are OCMBC, INC. (2.59%), ARC HOME LLC (2.69%), Bank of America (2.70%), HOME POINT FINANCIAL CORPORATION (2.71%) and QUICKEN LOANS, LLC (2.72%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Camden (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 $229,995 (5.0%) $343,281 (3.3%) 0.85 20,339
2018-02-01 $237,000 (7.8%) $345,647 (2.3%) 0.85 20,590
2018-03-01 $240,000 (4.7%) $355,764 (2.7%) 0.83 19,886
2018-04-01 $249,950 (6.4%) $369,050 (3.8%) 0.84 20,785
2018-05-01 $264,500 (8.0%) $383,010 (5.4%) 0.88 21,602
2018-06-01 $269,000 (8.1%) $388,456 (5.5%) 0.90 22,210
2018-07-01 $269,450 (7.8%) $387,880 (6.1%) 0.90 22,358
2018-08-01 $262,450 (5.7%) $382,698 (6.2%) 0.88 22,361
2018-09-01 $262,000 (6.1%) $382,055 (5.6%) 0.88 22,688
2018-10-01 $264,950 (6.0%) $382,170 (4.5%) 0.89 23,033
2018-11-01 $263,522 (8.7%) $379,513 (7.4%) 0.88 22,287
2018-12-01 $254,900 (7.5%) $373,201 (7.6%) 0.87 20,457
2019-01-01 $249,900 (8.7%) $363,923 (6.0%) 0.86 18,903
2019-02-01 $251,500 (6.1%) $368,398 (6.6%) 0.84 18,647
2019-03-01 $265,286 (10.5%) $383,560 (7.8%) 0.86 19,042
2019-04-01 $275,000 (10.0%) $395,831 (7.3%) 0.87 19,536
2019-05-01 $287,950 (8.9%) $406,697 (6.2%) 0.89 20,302
2019-06-01 $289,900 (7.8%) $408,518 (5.2%) 0.89 20,743
2019-07-01 $287,000 (6.5%) $406,737 (4.9%) 0.89 20,591
2019-08-01 $289,286 (10.2%) $409,485 (7.0%) 0.91 19,629
2019-09-01 $297,000 (13.4%) $421,214 (10.3%) 0.94 18,514
2019-10-01 $299,000 (12.9%) $428,117 (12.0%) 0.95 18,561
2019-11-01 $295,000 (12.0%) $423,999 (11.7%) 0.95 17,530
2019-12-01 $287,604 (12.8%) $422,320 (13.2%) 0.96 15,078
2020-01-01 $285,000 (14.1%) $420,342 (15.5%) 0.95 13,657
2020-02-01 $291,900 (16.1%) $433,129 (17.6%) 0.94 13,176
2020-03-01 $299,950 (13.1%) $447,228 (16.6%) 0.94 13,245
2020-04-01 $299,900 (9.1%) $445,648 (12.6%) 0.93 11,986
2020-05-01 $311,131 (8.1%) $454,994 (11.9%) 0.94 12,462
2020-06-01 $327,450 (13.0%) $475,821 (16.5%) 0.96 12,455
2020-07-01 $339,950 (18.5%) $496,733 (22.1%) 0.97 11,429
2020-08-01 $342,900 (18.5%) $506,456 (23.7%) 0.98 10,834
2020-09-01 $343,032 (15.5%) $510,361 (21.2%) 0.98 10,799
2020-10-01 $349,000 (16.7%) $516,866 (20.7%) 1.00 10,808
2020-11-01 $339,500 (15.1%) $512,902 (21.0%) 0.97 10,399
2020-12-01 $327,000 (13.7%) $505,018 (19.6%) 0.96 9,091
2021-01-01 $324,000 (13.7%) $507,994 (20.9%) 0.95 7,911
2021-02-01 $322,450 (10.5%) $518,908 (19.8%) 0.93 7,113
2021-03-01 $325,000 (8.4%) $529,998 (18.5%) 0.91 7,227
2021-04-01 $339,450 (13.2%) $546,861 (22.7%) 0.91 7,574
2021-05-01 $339,900 (9.3%) $526,530 (15.7%) 0.89 8,161
2021-06-01 $334,900 (2.3%) $504,213 (6.0%) 0.87 9,826
2021-07-01 $325,000 (-4.4%) $490,693 (-1.2%) 0.84 10,530
2021-08-01 $320,000 (-6.7%) $473,091 (-6.6%) 0.84 10,911
2021-09-01 $319,950 (-6.7%) $470,053 (-7.9%) 0.84 10,970
2021-10-01 $319,999 (-8.3%) $472,739 (-8.5%) 0.84 10,623
2021-11-01 $312,450 (-8.0%) $472,371 (-7.9%) 0.82 9,729
2021-12-01 $299,950 (-8.3%) $468,154 (-7.3%) 0.80 8,358
2022-01-01 $299,900 (-7.4%) $479,692 (-5.6%) 0.80 6,917
Camden's median listing price for 2022-01-01 was $299,900, a difference of $-24,100 (-7.4%) versus the prior year and $-50 versus the prior month.

Camden's median listing price comes in at 80% of the national average.

Camden's average listing price for 2022-01-01 was $479,692, a difference of $-28,302 (-5.6%) versus the prior year and $11,538 versus the prior month.

For the 2022-01-01 period, Camden had 6,917 MLS listings, a difference of -1,441 listings (-17%) versus the prior month and -994 listings (-13%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Camden (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 87 days 1,700 sqft
2018-02-01 80 days 1,702 sqft
2018-03-01 59 days 1,714 sqft
2018-04-01 55 days 1,749 sqft
2018-05-01 52 days 1,795 sqft
2018-06-01 53 days 1,820 sqft
2018-07-01 60 days 1,824 sqft
2018-08-01 63 days 1,803 sqft
2018-09-01 64 days 1,800 sqft
2018-10-01 64 days 1,800 sqft
2018-11-01 66 days 1,800 sqft
2018-12-01 75 days 1,780 sqft
2019-01-01 83 days 1,806 sqft
2019-02-01 79 days 1,853 sqft
2019-03-01 57 days 1,853 sqft
2019-04-01 49 days 1,853 sqft
2019-05-01 48 days 1,878 sqft
2019-06-01 52 days 1,884 sqft
2019-07-01 59 days 1,860 sqft
2019-08-01 63 days 1,864 sqft
2019-09-01 63 days 1,892 sqft
2019-10-01 61 days 1,890 sqft
2019-11-01 64 days 1,853 sqft
2019-12-01 75 days 1,832 sqft
2020-01-01 82 days 1,800 sqft
2020-02-01 69 days 1,825 sqft
2020-03-01 49 days 1,849 sqft
2020-04-01 62 days 1,831 sqft
2020-05-01 73 days 1,864 sqft
2020-06-01 59 days 1,885 sqft
2020-07-01 46 days 1,879 sqft
2020-08-01 45 days 1,850 sqft
2020-09-01 43 days 1,797 sqft
2020-10-01 48 days 1,786 sqft
2020-11-01 52 days 1,745 sqft
2020-12-01 61 days 1,688 sqft
2021-01-01 70 days 1,643 sqft
2021-02-01 65 days 1,618 sqft
2021-03-01 48 days 1,628 sqft
2021-04-01 40 days 1,663 sqft
2021-05-01 38 days 1,680 sqft
2021-06-01 37 days 1,671 sqft
2021-07-01 41 days 1,655 sqft
2021-08-01 43 days 1,625 sqft
2021-09-01 47 days 1,605 sqft
2021-10-01 49 days 1,598 sqft
2021-11-01 51 days 1,558 sqft
2021-12-01 58 days 1,533 sqft
2022-01-01 65 days 1,508 sqft
Camden's median listing age (time on market) for 2022-01-01 was 65 days. This is -7% shorter than the same period one year ago.

Camden's median square footage for active listings during the 2022-01-01 period was 1,508 sqft. One year prior, the average listing was 1,643 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).