Charlotte FHA Loan Rates, Closing Costs & Stats

CHARLOTTE-CONCORD-GASTONIA, NC-SC

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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.

    Charlotte's 252 lenders originated 8,575 FHA loans during 2023. The total origination value was $2,599,665,000, with an average FHA loan value of $303,168.

    Charlotte FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Charlotte averaged 6.27% for the week of 2024-10-25, compared to the national average (all FHA variants) of 6.253% for the same period.

    Charlotte's average FHA mortgage closing costs are $8,244.

    The average rate for the prior week (2024-10-18) was 5.85% and one month ago for the week of 2024-09-20, the average rate was 5.88%.

    The average rate one year ago was 7.11%.

    For refis of the same type during the week of 2024-10-25, the average rate was 6.3%.

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

    Charlotte 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 Charlotte level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 878 6.17% $12,232
    UNITED WHOLESALE MORTGAGE, LLC 639 6.24% $13,045
    MOVEMENT MORTGAGE, LLC 599 6.61% $12,699
    LOANDEPOT.COM, LLC 519 6.09% $12,193
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 306 6.66% $11,657
    NVR Mortgage Finance, Inc. 285 5.73% $12,504
    DHI MORTGAGE COMPANY, LTD. 271 5.48% $6,815
    CROSSCOUNTRY MORTGAGE, LLC 234 6.68% $12,963
    American Security Mortgage Corp. 205 6.41% $10,894
    MATTAMY HOME FUNDING, LLC 167 5.60% $12,099
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 165 6.59% $13,218
    FREEDOM MORTGAGE CORPORATION 130 6.74% $14,255
    BROKER SOLUTIONS, INC. 122 6.39% $12,670
    PENNYMAC LOAN SERVICES, LLC 117 6.05% $14,117
    CARDINAL FINANCIAL 110 6.37% $12,095
    INSPIRE HOME LOANS INC. 99 5.66% $10,608
    EAGLE HOME MORTGAGE, LLC 96 6.18% $11,027
    First Federal Bank 95 6.23% $7,959
    SeaTrust Mortgage Company 78 6.38% $14,275
    GUILD MORTGAGE COMPANY 74 6.53% $13,127
    Mr. Cooper ( Nationstar Mortgage ) 73 6.02% $16,929
    NEWREZ LLC 69 6.29% $12,006
    Northpointe Bank 63 6.35% $11,466
    Truist 63 6.12% $12,792
    AMERISAVE MORTGAGE CORPORATION 63 6.14% $14,509
    M/I FINANCIAL, LLC 56 6.03% $14,984
    Carrington Mortgage Services, LLC 51 6.28% $12,018
    RAPID MORTGAGE COMPANY 49 6.63% $13,101
    MUTUAL OF OMAHA MORTGAGE, INC. 48 6.63% $15,044
    CORNERSTONE HOME LENDING, INC. 46 6.36% $12,743
    CMG MORTGAGE, INC. 45 6.73% $11,620
    ACADEMY MORTGAGE CORPORATION 43 6.76% $11,367
    LAKEVIEW LOAN SERVICING, LLC 39 6.09% $13,201
    Atlantic Coast Mortgage, LLC 38 6.38% $12,241
    Uwharrie Bank 38 6.55% $11,760
    RELIANCE FIRST CAPITAL, LLC 38 6.61% $12,148
    AMERICAN PACIFIC MORTGAGE CORPORATION 37 6.53% $12,953
    TOP FLITE FINANCIAL, INC. 36 6.88% $14,195
    Equity Prime Mortgage LLC 36 6.85% $13,740
    PRIMELENDING, A PLAINSCAPITAL COMPANY 35 6.68% $13,917
    PRIMARY RESIDENTIAL MORTGAGE, INC. 35 6.55% $15,003
    Plains Commerce Bank 31 6.39% $11,610
    TJC Mortgage, Inc. 31 6.74% $13,183
    Towne Bank 31 6.30% $13,864
    Flagstar Bank, FSB 30 6.23% $11,883
    GUARANTEED RATE AFFINITY, LLC 30 6.79% $11,597
    MID AMERICA MORTGAGE, INC. 30 7.08% $14,280
    PULTE MORTGAGE LLC 29 6.09% $9,299
    ON Q FINANCIAL, INC. 29 6.75% $11,127
    NFM, INC. 28 6.86% $12,361
    Alcova Mortgage LLC 28 6.97% $10,972
    THRIVE MORTGAGE, LLC 27 6.79% $14,694
    U.S. Bank 27 6.22% $10,431
    LEGEND LENDING CORPORATION 27 6.95% $16,739
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 27 6.85% $11,651
    LOANPAL, LLC 26 5.79% $13,719
    First-Citizens Bank & Trust Company 26 5.93% $9,979
    AMERICAN FINANCIAL NETWORK, INC. 25 7.14% $16,173
    HOMEBRIDGE FINANCIAL SERVICES, INC. 24 6.19% $13,460
    PREMIER LENDING, INC. 24 6.78% $14,203
    Ameris Bank 23 6.54% $12,818
    SUN WEST MORTGAGE COMPANY, INC. 23 6.33% $12,780
    Fifth Third Bank 23 6.41% $7,418
    Paramount Residential Mortgage Group, Inc. 22 6.71% $12,713
    ZILLOW HOME LOANS, LLC 22 6.32% $11,932
    CALCON MUTUAL MORTGAGE LLC 22 6.59% $15,462
    GUARANTEED RATE, INC. 22 6.44% $12,734
    JET HOMELOANS, LLC 21 6.07% $13,372
    T2 FINANCIAL LLC 20 6.63% $13,377
    PLANET HOME LENDING, LLC 20 6.38% $11,504
    HOMESTAR FINANCIAL CORPORATION 19 6.69% $10,515
    Regions Bank 19 5.88% $11,705
    MICHIGAN MUTUAL, INC. 19 5.53% $13,938
    FBC MORTGAGE, LLC 19 5.74% $16,167
    Prosperity Home Mortgage, LLC 19 6.25% $12,714
    INTERCOASTAL MORTGAGE COMPANY 19 6.45% $9,987
    UNION HOME MORTGAGE CORP. 19 6.61% $11,386
    MILEND, INC. 19 6.63% $15,818
    AMERICAN FINANCIAL RESOURCES, INC. 17 5.98% $15,553
    VILLAGE CAPITAL MORTGAGE 17 5.91% $12,880
    PLAZA HOME MORTGAGE, INC. 16 6.36% $14,294
    The Federal Savings Bank 16 6.24% $16,651
    Lakeview Community Capital, LLC 16 6.19% $12,915
    Mortgage Research Center, LLC 16 6.79% $9,381
    HOMESIDE FINANCIAL, LLC 16 6.34% $13,446
    Blue Ridge Bank 15 6.81% $9,564
    HOWARD HANNA FINANCIAL SERVICES, INC. 15 7.11% $10,996
    Wells Fargo Bank 14 6.38% $10,725
    JPMorgan Chase Bank 14 6.24% $10,144
    Truliant Federal Credit Union 13 5.92% $11,963
    South State Bank 13 6.38% $10,561
    Renasant Bank 13 6.49% $11,190
    BAY EQUITY LLC 13 6.35% $13,565
    South Pacific Financial Corporation 13 6.20% $12,089
    GENEVA FINANCIAL, LLC 12 6.50% $12,569
    Nations Lending Corporation 12 6.76% $11,719
    NBKC BANK 12 5.83% $10,674
    EMM LOANS LLC 11 6.09% $14,200
    Gateway First Bank 11 6.74% $9,437
    EVERETT FINANCIAL, INC. 10 6.70% $12,312
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 10 6.34% $10,894
    VERITAS FUNDING, LLC 10 6.86% $19,368
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 10 6.46% $15,002
    SECURITYNATIONAL MORTGAGE COMPANY 9 6.99% $12,008
    AMERICAN FINANCING CORPORATION 9 6.69% $12,439
    Century Mortgage Company DBA Century Lending Company 9 6.26% $12,671
    POLARIS HOME FUNDING CORP. 9 6.72% $12,003
    First Heritage Mortgage, LLC 9 6.25% $16,195
    Bank of America 9 6.71% $8,859
    PHH Mortgage Corporation 9 6.43% $10,644
    LADERA LENDING, INC. 9 6.49% $13,459
    United Community Bank 8 6.11% $11,825
    VANDERBILT MORTGAGE AND FINANCE, INC. 8 6.59% $12,970
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 7 6.29% $13,717
    CAPITAL CENTER, L.L.C. 7 6.25% $9,994
    LIBERTY HOME MORTGAGE CORPORATION 7 6.73% $17,131
    CASTLE & COOKE MORTGAGE, LLC 7 6.71% $13,056
    BETTER MORTGAGE CORPORATION 7 6.13% $12,057
    ALLIED MORTGAGE GROUP, INC. 7 6.59% $15,569
    Victorian Finance, LLC 7 6.86% $12,536
    NATIONS DIRECT MORTGAGE, LLC 6 6.35% $11,958
    TOWNE MORTGAGE COMPANY 6 6.67% $11,479
    PENTAGON FEDERAL CREDIT UNION 6 5.77% $10,777
    Barrington Bank & Trust Company, N.A. 6 6.38% $11,033
    GoPrime Mortgage, Inc. 6 6.71% $13,846
    OPEN MORTGAGE, LLC 6 7.35% $15,726
    Shamrock Home Loans, Inc. 5 6.48% $15,960
    Citizens Bank 5 6.45% $11,403
    CONTOUR MORTGAGE CORPORATION 5 6.73% $16,861
    FIRST ALLIANCE HOME MORTGAGE, LLC 5 6.80% $15,935
    First National Bank of Pennsylvania 5 5.93% $10,950
    Capital Bank 5 6.48% $15,904
    ROYAL UNITED MORTGAGE LLC 5 7.08% $11,762
    HOMEOWNERS FINANCIAL GROUP USA, LLC 5 6.33% $12,217
    AmeriHome Mortgage Company, LLC 5 6.32% $14,209
    American Mortgage & Equity Consultants, Inc. 5 6.50% $12,812
    PNC Bank 5 6.58% $8,641
    MIDLAND MORTGAGE CORPORATION 5 6.53% $11,201
    MORTGAGE SOLUTIONS OF COLORADO, LLC 5 6.70% $14,074
    OCMBC, INC. 5 7.65% $14,685
    Pinnacle Bank 5 5.85% $10,675
    KBHS HOME LOANS, LLC 4 7.12% $16,465
    C & F Mortgage Corporation 4 6.56% $8,871
    NETWORK CAPITAL FUNDING CORPORATION 4 6.03% $12,234
    INTERLINC MORTGAGE SERVICES, LLC 4 7.44% $9,589
    GSF Mortgage Corporation 4 6.53% $10,272
    SUMMIT FUNDING, INC. 4 6.65% $15,999
    LOANLEADERS OF AMERICA, INC. 4 5.97% $16,155
    Bank of England 4 6.81% $13,698
    United Bank 4 6.66% $10,846
    1ST SIGNATURE LENDING, LLC 3 6.96% $14,728
    Allen Tate Mortgage Partners, LLC 3 7.04% $8,517
    BAYSHORE MORTGAGE FUNDING, LLC 3 7.46% $18,169
    CHERRY CREEK MORTGAGE, LLC 3 6.46% $2,805
    CHURCHILL MORTGAGE CORPORATION 3 6.54% $14,205
    Cornerstone First Mortgage, Inc 3 6.04% $19,439
    DIRECT MORTGAGE LOANS, LLC 3 5.96% $11,678
    EMBRACE HOME LOANS, INC. 3 6.29% $11,638
    LAND HOME FINANCIAL SERVICES, INC. 3 7.00% $16,879
    NORWICH COMMERCIAL GROUP, INC. 3 7.00% $17,945
    RUOFF MORTGAGE COMPANY, INC. 3 6.00% $6,224
    SWBC MORTGAGE CORPORATION 3 6.58% $8,374
    TD Bank 3 6.54% $10,091
    VAN DYK MORTGAGE CORPORATION 3 6.46% $6,840
    TBI MORTGAGE COMPANY 2 5.93% $20,973
    GARDNER FINANCIAL SERVICES, LTD. 2 6.56% $21,526
    ENVOY MORTGAGE, LTD 2 6.31% $11,145
    INTERNATIONAL CITY MORTGAGE, INC. 2 5.81% $11,676
    PREMIA MORTGAGE, LLC 2 5.69% $9,116
    Magnolia Bank 2 5.94% $13,241
    DELMAR FINANCIAL COMPANY 2 6.62% $10,676
    CREDIT UNION MORTGAGE ASSOCIATION, INC. 2 6.25% $8,604
    TOTAL MORTGAGE SERVICES, LLC 2 7.06% $11,118
    MORTGAGE INVESTORS GROUP, INC. 2 6.50% $11,594
    Southern First Bank 2 6.13% $15,701
    CityWorth Mortgage LLC 2 5.94% $17,770
    CITY FIRST MORTGAGE SERVICES, L.L.C. 2 7.63% $9,337
    CALIBER HOME LOANS, INC. 2 6.00% $10,689
    BNC National Bank 2 5.44% $10,434
    Mortgage Assurance Inc. 2 6.44% $9,949
    SOUTHPOINT FINANCIAL SERVICES, INC. 2 6.13% $9,856
    First Horizon Bank 2 6.13% $12,987
    RESIDENTIAL HOME FUNDING CORP. 2 6.88% $9,815
    BECKAM FUNDING CORP. 2 7.38% $10,963
    Residential Mortgage Solutions, Inc. 2 6.69% $13,165
    STOCKTON MORTGAGE CORPORATION 2 7.13% $16,153
    RESOURCE FINANCIAL SERVICES, INC. 2 6.19% $12,736
    NATIONWIDE MORTGAGE BANKERS, INC. 2 7.63% $15,654
    ABSOLUTE HOME MORTGAGE CORPORATION 2 7.13% $18,057
    JMAC LENDING, INC. 2 6.81% $15,196
    AMCAP MORTGAGE, LTD. 2 6.62% $21,505
    NEW DAY FINANCIAL, LLC 2 7.75% $8,676
    M&T Bank 2 6.63% $9,339
    ACOPIA, LLC 2 7.50% $14,019
    NP, Inc. 2 6.06% $9,298
    MDE Home Loans, LLC 2 6.19% $11,221
    North American Savings Bank, F.S.B. 2 5.69% $13,608
    FIRST HOME MORTGAGE CORPORATION 1 6.63% $14,108
    First Community Bank 1 6.63% $10,907
    Wolfe Financial, Inc 1 5.75% $15,088
    Evolve Bank & Trust 1 6.75% $10,015
    Wyndham Capital Mortgage, Inc. 1 5.75% $11,429
    The Fidelity Bank 1 7.63% $10,657
    The Huntington National Bank 1 6.13% $15,347
    East Coast Capital Corp. 1 6.50% $7,602
    Commerce Home Mortgage, Inc. 1 6.88% $10,668
    CLIFFCO, INC. 1 6.50% $14,135
    BM Real Estate Services, Inc. 1 7.25% $7,295
    United Fidelity Funding Corp. 1 6.75% $19,687
    UNITED NORTHERN MORTGAGE BANKERS LIMITED 1 6.13% $13,191
    UNITED SECURITY FINANCIAL CORP 1 7.38% $20,356
    AXIA FINANCIAL, LLC 1 6.99% $15,565
    NEXERA HOLDING LLC 1 5.50% $8,312
    Atlantic Union Bank 1 6.63% $12,904
    Armed Forces Bank 1 5.75% $14,359
    AMERICAN BANCSHARES MORTGAGE 1 6.88% $12,980
    Advisors Mortgage Group, L.L.C. 1 6.00% $15,451
    NORTHERN MORTGAGE SERVICES, LLC 1 7.00% $6,821
    NTFN, INC. 1 6.25% $11,034
    US MORTGAGE CORPORATION 1 6.75% $19,991
    NexBank 1 6.00% $14,624
    PANORAMA MORTGAGE GROUP, LLC 1 5.63% $16,014
    Network Funding, L.P. 1 7.25% $15,407
    Neighborhood Loans, Inc. 1 5.99% $18,561
    NATION ONE MORTGAGE CORPORATION 1 6.75% $14,347
    Platinum Home Mortgage Corporation 1 6.75% $17,797
    Meridian Bank Corporation 1 6.75% $10,298
    MEMBER FIRST MORTGAGE, LLC 1 6.63% $17,659
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 7.25% $5,193
    Preston Home Loans Inc 1 6.50% $16,248
    LEADERONE FINANCIAL CORPORATION 1 6.13% $17,743
    Princeton Mortgage Corporation 1 5.63% $22,913
    JET DIRECT FUNDING CORP 1 6.75% $19,963
    Ixonia Bank 1 7.75% $20,195
    Integrity Home Mortgage Corp 1 7.25% $9,845
    HOMEXPRESS MORTGAGE CORP. 1 7.75% $13,321
    Hometown Equity Mortgage, LLC 1 6.50% $12,550
    HARTFORD FUNDING, LTD. 1 6.38% $18,799
    ROSS MORTGAGE CORPORATION 1 7.50% $9,425
    George Mason Mortgage, LLC 1 5.63% $9,868
    Willamette Valley Bank 1 6.75% $13,188
    Sandy Spring Bank 1 5.88% $9,544
    GEO-CORP, INC. 1 7.13% $11,970
    ServisFirst Bank 1 5.25% $12,402
    First Savings Bank 1 5.75% $23,118
    SIRVA MORTGAGE, INC. 1 6.13% $6,921
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 7.63% $12,534
    First Option Mortgage, LLC 1 5.75% $6,496
    SOUTHWEST STAGE FUNDING, LLC 1 6.88% $12,691
    SOVEREIGN LENDING GROUP INCORPORATED 1 7.00% $11,195
    Strong Home Mortgage, LLC 1 5.63% $10,764
    SUCCESS MORTGAGE PARTNERS, INC. 1 7.25% $20,957

    The top Charlotte FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 878 FHA loans originated. Their average total fees are $12,232, which is $813 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Charlotte FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($6,815), Fifth Third Bank ($7,418), First Federal Bank ($7,959), PULTE MORTGAGE LLC ($9,299) and Mortgage Research Center, LLC ($9,381).

    The lowest rate Charlotte FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.48%), MICHIGAN MUTUAL, INC. (5.53%), MATTAMY HOME FUNDING, LLC (5.60%), INSPIRE HOME LOANS INC. (5.66%) and NVR Mortgage Finance, Inc. (5.73%).

    Charlotte FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    CHARLOTTE-CONCORD-GASTONIA, NC-SC ANSON 2022 $420,680 $538,650 $651,050 $809,150
    CHARLOTTE-CONCORD-GASTONIA, NC-SC CABARRUS 2022 $420,680 $538,650 $651,050 $809,150
    CHARLOTTE-CONCORD-GASTONIA, NC-SC GASTON 2022 $420,680 $538,650 $651,050 $809,150
    CHARLOTTE-CONCORD-GASTONIA, NC-SC IREDELL 2022 $420,680 $538,650 $651,050 $809,150
    CHARLOTTE-CONCORD-GASTONIA, NC-SC LINCOLN 2022 $420,680 $538,650 $651,050 $809,150
    CHARLOTTE-CONCORD-GASTONIA, NC-SC MECKLENBURG 2022 $420,680 $538,650 $651,050 $809,150
    CHARLOTTE-CONCORD-GASTONIA, NC-SC ROWAN 2022 $420,680 $538,650 $651,050 $809,150
    CHARLOTTE-CONCORD-GASTONIA, NC-SC UNION 2022 $420,680 $538,650 $651,050 $809,150
    CHARLOTTE-CONCORD-GASTONIA, NC-SC CHESTER 2022 $420,680 $538,650 $651,050 $809,150
    CHARLOTTE-CONCORD-GASTONIA, NC-SC LANCASTER 2022 $420,680 $538,650 $651,050 $809,150
    CHARLOTTE-CONCORD-GASTONIA, NC-SC YORK 2022 $420,680 $538,650 $651,050 $809,150
    CHARLOTTE-CONCORD-GASTONIA, NC-SC ANSON 2023 $472,030 $604,400 $730,525 $907,900
    CHARLOTTE-CONCORD-GASTONIA, NC-SC CABARRUS 2023 $472,030 $604,400 $730,525 $907,900
    CHARLOTTE-CONCORD-GASTONIA, NC-SC GASTON 2023 $472,030 $604,400 $730,525 $907,900
    CHARLOTTE-CONCORD-GASTONIA, NC-SC IREDELL 2023 $472,030 $604,400 $730,525 $907,900
    CHARLOTTE-CONCORD-GASTONIA, NC-SC LINCOLN 2023 $472,030 $604,400 $730,525 $907,900
    CHARLOTTE-CONCORD-GASTONIA, NC-SC MECKLENBURG 2023 $472,030 $604,400 $730,525 $907,900
    CHARLOTTE-CONCORD-GASTONIA, NC-SC ROWAN 2023 $472,030 $604,400 $730,525 $907,900
    CHARLOTTE-CONCORD-GASTONIA, NC-SC UNION 2023 $472,030 $604,400 $730,525 $907,900
    CHARLOTTE-CONCORD-GASTONIA, NC-SC CHESTER 2023 $472,030 $604,400 $730,525 $907,900
    CHARLOTTE-CONCORD-GASTONIA, NC-SC LANCASTER 2023 $472,030 $604,400 $730,525 $907,900
    CHARLOTTE-CONCORD-GASTONIA, NC-SC YORK 2023 $472,030 $604,400 $730,525 $907,900

    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).