Chattanooga FHA Loan Rates, Closing Costs & Stats

CHATTANOOGA, TN-GA

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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.

    Chattanooga's 151 lenders originated 2,941 FHA loans during 2021. The total origination value was $559,295,000, with an average FHA loan value of $190,172.

    Chattanooga FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Chattanooga averaged 6.62% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

    Chattanooga's average FHA mortgage closing costs are $6,592.

    The average rate for the prior week (2022-11-25) was 6.44% and one month ago for the week of 2022-10-28, the average rate was 6.78%.

    The average rate one year ago was 3.41%.

    For refis of the same type during the week of 2022-12-02, the average rate was 6.01%.

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

    Chattanooga 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 Chattanooga level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    QUICKEN LOANS, LLC 291 2.71% $5,900
    CALIBER HOME LOANS, INC. 163 3.03% $6,996
    MOVEMENT MORTGAGE, LLC 128 3.24% $6,562
    MORTGAGE INVESTORS GROUP, INC. 123 2.99% $7,336
    FREEDOM MORTGAGE CORPORATION 95 2.89% $4,554
    LAKEVIEW LOAN SERVICING, LLC 89 2.98% $4,442
    TJC Mortgage, Inc. 76 3.06% $7,623
    PENNYMAC LOAN SERVICES, LLC 76 3.12% $4,871
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 71 3.09% $7,378
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 68 3.15% $7,936
    BROKER SOLUTIONS, INC. 64 3.29% $6,900
    FirstBank 57 3.06% $6,631
    Mr. Cooper ( Nationstar Mortgage ) 55 3.35% $3,735
    LEADERONE FINANCIAL CORPORATION 50 3.18% $7,855
    SUMMIT FUNDING, INC. 50 3.40% $8,282
    MEMBER FIRST MORTGAGE, LLC 48 2.87% $7,022
    CMG MORTGAGE, INC. 45 3.33% $7,698
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 45 3.22% $6,916
    PANORAMA MORTGAGE GROUP, LLC 36 3.47% $7,718
    UNITED WHOLESALE MORTGAGE, LLC 32 2.64% $8,135
    PRIMELENDING, A PLAINSCAPITAL COMPANY 32 3.43% $7,857
    Bank of England 29 3.43% $8,313
    VILLAGE CAPITAL MORTGAGE 29 3.09% $2,307
    AmeriHome Mortgage Company, LLC 26 2.94% $4,810
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 25 3.39% $5,498
    STOCKTON MORTGAGE CORPORATION 25 3.27% $7,680
    NEWREZ LLC 25 2.88% $4,687
    UNION HOME MORTGAGE CORP. 24 2.86% $5,960
    DAS Acquisition Company, LLC 24 3.44% $7,652
    Carrington Mortgage Services, LLC 24 3.12% $6,675
    PRIMARY RESIDENTIAL MORTGAGE, INC. 24 3.70% $7,232
    GENEVA FINANCIAL, LLC 23 3.04% $10,968
    COMMUNITY MORTGAGE CORPORATION 22 2.71% $6,966
    ISERVE RESIDENTIAL LENDING, LLC 22 3.19% $11,356
    Independent Bank 21 2.63% $6,798
    AMERISAVE MORTGAGE CORPORATION 20 2.90% $8,022
    LOANDEPOT.COM, LLC 18 3.24% $7,810
    SOUTHWEST FUNDING, LP 17 3.43% $10,341
    HOME POINT FINANCIAL CORPORATION 17 3.07% $6,335
    FIRST COMMUNITY MORTGAGE, INC. 17 3.70% $8,283
    Regions Bank 16 3.01% $6,692
    PLANET HOME LENDING, LLC 16 3.33% $6,853
    HOMESTAR FINANCIAL CORPORATION 14 2.97% $5,814
    VANDERBILT MORTGAGE AND FINANCE, INC. 12 3.14% $8,016
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 12 3.32% $7,094
    DHI MORTGAGE COMPANY, LTD. 11 2.75% $8,838
    CROSSCOUNTRY MORTGAGE, LLC 10 3.21% $7,954
    HOMEBRIDGE FINANCIAL SERVICES, INC. 10 2.68% $4,619
    GUILD MORTGAGE COMPANY 9 3.07% $9,613
    CHURCHILL MORTGAGE CORPORATION 8 2.88% $7,921
    KELLER MORTGAGE, LLC 7 2.66% $7,353
    HOMESIDE FINANCIAL, LLC 7 2.96% $7,469
    SUCCESS MORTGAGE PARTNERS, INC. 7 2.71% $7,490
    VAN DYK MORTGAGE CORPORATION 6 3.29% $3,550
    First Guaranty Mortgage Corporation 6 2.94% $5,954
    BancorpSouth Bank 6 2.83% $6,368
    Loan Simple, Inc. 6 3.48% $8,253
    Wolfe Financial, Inc 6 3.06% $8,598
    Legends Bank 6 2.85% $7,979
    AMERICAN FINANCING CORPORATION 5 3.75% $7,196
    Capital City Home Loans, LLC 5 2.78% $9,810
    AMERICAN FINANCIAL NETWORK, INC. 5 3.45% $12,530
    Nations Lending Corporation 5 2.85% $6,817
    FINANCE OF AMERICA MORTGAGE LLC 5 2.90% $8,678
    Gateway First Bank 4 4.28% $5,109
    Citizens Bank 4 2.81% $7,029
    RELIANCE FIRST CAPITAL, LLC 4 3.25% $8,711
    Renasant Bank 4 3.65% $5,372
    GUARANTY HOME MORTGAGE CORPORATION 4 2.59% $7,969
    OCEANSIDE MORTGAGE COMPANY 4 2.78% $2,183
    InterContinental Capital Group, Inc 4 2.66% $6,812
    First Citizens National Bank 4 2.53% $6,226
    Lakeview Community Capital, LLC 4 3.16% $3,783
    EVERETT FINANCIAL, INC. 4 3.19% $6,462
    LAND HOME FINANCIAL SERVICES, INC. 4 3.13% $6,635
    Princeton Mortgage Corporation 4 3.59% $5,721
    JPMorgan Chase Bank 3 2.83% $6,512
    MUTUAL OF OMAHA MORTGAGE, INC. 3 2.83% $8,450
    Prosperity Home Mortgage, LLC 3 2.92% $9,794
    PHH Mortgage Corporation 3 3.63% $4,506
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 3.33% $8,559
    1ST SIGNATURE LENDING, LLC 2 3.25% $11,192
    AMERICAN FINANCIAL RESOURCES, INC. 2 3.31% $6,187
    Bank of America 2 3.00% $4,640
    ENDEAVOR CAPITAL, LLC. 2 2.81% $8,227
    Flagstar Bank, FSB 2 2.36% $9,025
    MLD MORTGAGE INC. 2 2.44% $7,369
    MORIA DEVELOPMENT, INC. 2 3.25% $8,223
    Mortgage Assurance Inc. 2 2.69% $6,938
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 3.25% $9,640
    Paramount Residential Mortgage Group, Inc. 2 3.25% $7,786
    Peoples Bank 2 3.38% $9,686
    Reliant Bank 2 3.25% $6,626
    Sierra Pacific Mortgage Company, Inc. 2 3.56% $8,397
    SOUTHPOINT FINANCIAL SERVICES, INC. 2 2.75% $8,816
    South State Bank 2 3.19% $6,767
    SOUTHWEST STAGE FUNDING, LLC 2 3.38% $5,179
    SWBC MORTGAGE CORPORATION 2 3.19% $3,599
    Synovus Bank 2 3.50% $5,967
    THE MORTGAGE FIRM, INC. 2 4.31% $8,485
    Truist 2 3.18% $7,471
    United Community Bank 2 2.94% $6,378
    UNITED SECURITY FINANCIAL CORP 2 2.50% $4,743
    LENDUS, LLC 1 3.25% $11,105
    Pinnacle Bank 1 2.63% $6,783
    Plains Commerce Bank 1 2.63% $9,228
    Ixonia Bank 1 3.13% $6,512
    PLUS RELOCATION MORTGAGE, LLC 1 3.25% $6,830
    POLARIS HOME FUNDING CORP. 1 3.00% $14,476
    Hometown Lenders, Inc. 1 2.75% $7,286
    Hometown Equity Mortgage, LLC 1 3.75% $8,085
    HOMESTEAD FUNDING CORP. 1 2.25% $4,971
    HOMESPIRE MORTGAGE CORPORATION 1 3.13% $16,109
    GUARANTEED RATE, INC. 1 2.88% $7,842
    First Home Bank 1 2.88% $10,043
    EVANSVILLE TEACHERS 1 3.38% $7,721
    Alcova Mortgage LLC 1 3.13% $9,270
    Equity Prime Mortgage LLC 1 3.25% $8,578
    RUOFF MORTGAGE COMPANY, INC. 1 3.00% $5,628
    SeaTrust Mortgage Company 1 3.13% $7,907
    ZILLOW HOME LOANS, LLC 1 3.25% $6,793
    Simmons Bank 1 2.25% $5,409
    SmartBank 1 2.88% $5,249
    Barrington Bank & Trust Company, N.A. 1 3.50% $4,244
    U.S. Bank 1 3.13% $7,610
    DELMAR FINANCIAL COMPANY 1 4.13% $5,514
    BANKSOUTH MORTGAGE COMPANY, LLC 1 2.38% $10,424
    Stifel Bank and Trust 1 2.63% $5,976
    Commerce Home Mortgage, Inc. 1 2.38% $9,448
    Colonial Savings, F.A. 1 3.50% $6,963
    Citibank 1 2.38% $8,454
    SUN WEST MORTGAGE COMPANY, INC. 1 3.25% $5,897
    ASPIRE FINANCIAL, INC. 1 2.75% $7,129
    AMCAP MORTGAGE, LTD. 1 3.13% $12,359
    The Federal Savings Bank 1 2.50% $13,106
    Waterstone Mortgage Corporation 1 3.25% $10,240
    CapStar Bank 1 2.63% $5,878
    TOP FLITE FINANCIAL, INC. 1 3.63% $12,104
    M&T Bank 1 3.88% $5,485
    Mortgage Research Center, LLC 1 2.88% $3,208
    NATIONS DIRECT MORTGAGE, LLC 1 3.50% $8,911
    MILEND, INC. 1 3.25% $11,299
    NEW DAY FINANCIAL, LLC 1 2.99% $7,460
    MIDLAND MORTGAGE CORPORATION 1 3.75% $4,912
    Northpointe Bank 1 3.00% $9,871
    NP, Inc. 1 3.25% $8,792
    MID AMERICA MORTGAGE, INC. 1 3.25% $1,875
    Magnolia Bank 1 3.25% $5,994
    Willamette Valley Bank 1 3.25% $13,105
    LOANPAL, LLC 1 3.50% $8,313
    BAY EQUITY LLC 1 2.88% $8,672

    The top Chattanooga FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 291 FHA loans originated. Their average total fees are $5,900, which is $1,095 lower than the next largest lender, CALIBER HOME LOANS, INC..

    The lowest fee Chattanooga FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($2,307), Mr. Cooper ( Nationstar Mortgage ) ($3,735), LAKEVIEW LOAN SERVICING, LLC ($4,442), FREEDOM MORTGAGE CORPORATION ($4,554) and HOMEBRIDGE FINANCIAL SERVICES, INC. ($4,619).

    The lowest rate Chattanooga FHA lenders (with over 10 loans originated) are Independent Bank (2.63%), UNITED WHOLESALE MORTGAGE, LLC (2.64%), HOMEBRIDGE FINANCIAL SERVICES, INC. (2.68%), QUICKEN LOANS, LLC (2.71%) and COMMUNITY MORTGAGE CORPORATION (2.71%).

    Chattanooga FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    CHATTANOOGA, TN-GA CATOOSA 2022 $420,680 $538,650 $651,050 $809,150
    CHATTANOOGA, TN-GA DADE 2022 $420,680 $538,650 $651,050 $809,150
    CHATTANOOGA, TN-GA WALKER 2022 $420,680 $538,650 $651,050 $809,150
    CHATTANOOGA, TN-GA HAMILTON 2022 $420,680 $538,650 $651,050 $809,150
    CHATTANOOGA, TN-GA MARION 2022 $420,680 $538,650 $651,050 $809,150
    CHATTANOOGA, TN-GA SEQUATCHIE 2022 $420,680 $538,650 $651,050 $809,150

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Chattanooga (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 $235,000 (9.3%) $308,125 (6.7%) 0.87 1,817
    2018-02-01 $242,200 (9.5%) $320,659 (9.2%) 0.88 1,779
    2018-03-01 $250,000 (10.4%) $334,637 (11.0%) 0.88 1,762
    2018-04-01 $264,900 (15.2%) $346,083 (11.8%) 0.90 1,754
    2018-05-01 $277,500 (15.7%) $355,908 (11.4%) 0.93 1,835
    2018-06-01 $275,000 (13.0%) $351,016 (3.0%) 0.92 2,033
    2018-07-01 $270,975 (10.6%) $347,919 (2.4%) 0.90 2,177
    2018-08-01 $274,800 (14.5%) $348,384 (10.0%) 0.92 2,219
    2018-09-01 $269,900 (10.2%) $343,528 (6.5%) 0.91 2,270
    2018-10-01 $270,725 (11.4%) $343,251 (6.5%) 0.91 2,281
    2018-11-01 $275,000 (17.0%) $345,326 (9.7%) 0.93 2,313
    2018-12-01 $271,500 (13.2%) $342,293 (8.7%) 0.94 2,229
    2019-01-01 $269,900 (14.9%) $339,291 (10.1%) 0.93 2,087
    2019-02-01 $272,000 (12.3%) $339,394 (5.8%) 0.92 2,065
    2019-03-01 $283,914 (13.6%) $347,976 (4.0%) 0.93 2,005
    2019-04-01 $297,250 (12.2%) $356,637 (3.1%) 0.94 2,001
    2019-05-01 $295,175 (6.4%) $362,624 (1.9%) 0.92 2,089
    2019-06-01 $294,900 (7.2%) $358,607 (2.2%) 0.92 2,103
    2019-07-01 $295,000 (8.9%) $354,911 (2.0%) 0.92 2,187
    2019-08-01 $293,609 (6.8%) $348,891 (0.2%) 0.93 2,198
    2019-09-01 $291,523 (8.0%) $349,951 (1.9%) 0.93 2,175
    2019-10-01 $289,900 (7.1%) $349,597 (1.9%) 0.94 2,174
    2019-11-01 $290,000 (5.5%) $350,174 (1.4%) 0.95 2,104
    2019-12-01 $295,117 (8.7%) $352,998 (3.1%) 0.98 1,924
    2020-01-01 $293,500 (8.7%) $350,853 (3.4%) 0.98 1,734
    2020-02-01 $299,900 (10.3%) $363,552 (7.1%) 0.98 1,577
    2020-03-01 $309,850 (9.1%) $371,257 (6.7%) 0.97 1,591
    2020-04-01 $316,125 (6.4%) $380,560 (6.7%) 0.99 1,593
    2020-05-01 $329,900 (11.8%) $403,842 (11.4%) 1.00 1,523
    2020-06-01 $337,500 (14.5%) $430,618 (20.1%) 0.99 1,354
    2020-07-01 $339,900 (15.2%) $439,522 (23.8%) 0.99 1,230
    2020-08-01 $334,900 (14.1%) $430,366 (23.4%) 0.96 1,151
    2020-09-01 $329,475 (13.0%) $434,311 (24.1%) 0.94 1,126
    2020-10-01 $320,000 (10.4%) $427,087 (22.2%) 0.92 1,051
    2020-11-01 $318,950 (10.0%) $426,663 (21.8%) 0.93 1,022
    2020-12-01 $312,450 (5.9%) $426,036 (20.7%) 0.93 961
    2021-01-01 $319,450 (8.8%) $436,161 (24.3%) 0.95 777
    2021-02-01 $333,675 (11.3%) $464,369 (27.7%) 0.97 574
    2021-03-01 $347,450 (12.1%) $464,122 (25.0%) 0.99 548
    2021-04-01 $351,450 (11.2%) $470,164 (23.6%) 0.95 537
    2021-05-01 $349,900 (6.1%) $495,938 (22.8%) 0.93 559
    2021-06-01 $350,000 (3.7%) $496,306 (15.3%) 0.92 652
    2021-07-01 $335,450 (-1.3%) $459,453 (4.5%) 0.88 757
    2021-08-01 $324,925 (-3.0%) $459,815 (6.8%) 0.87 871
    2021-09-01 $341,875 (3.8%) $460,142 (6.0%) 0.91 860
    2021-10-01 $350,000 (9.4%) $482,496 (13.0%) 0.93 767
    2021-11-01 $361,725 (13.4%) $491,937 (15.3%) 0.97 666
    2021-12-01 $354,900 (13.6%) $491,681 (15.4%) 0.96 587
    2022-01-01 $345,000 (8.0%) $492,195 (12.9%) 0.93 527
    2022-02-01 $359,945 (7.9%) $522,044 (12.4%) 0.94 469
    2022-03-01 $350,000 (0.7%) $542,500 (16.9%) 0.88 480
    2022-04-01 $422,450 (20.2%) $577,078 (22.7%) 1.01 533
    2022-05-01 $437,450 (25.0%) $574,568 (15.9%) 1.00 717
    2022-06-01 $420,000 (20.0%) $556,688 (12.2%) 0.94 903
    2022-07-01 $399,000 (18.9%) $539,862 (17.5%) 0.90 1,116
    2022-08-01 $396,900 (22.2%) $517,444 (12.5%) 0.92 1,222
    2022-09-01 $399,450 (16.8%) $521,925 (13.4%) 0.93 1,251
    2022-10-01 $399,250 (14.1%) $529,530 (9.8%) 0.94 1,316
    2022-11-01 $396,500 (9.6%) $520,472 (5.8%) 0.95 1,386
    Chattanooga's median listing price for 2022-11-01 was $396,500, a difference of $34,775 (9.6%) versus the prior year and $-2,750 versus the prior month.

    Chattanooga's median listing price comes in at 95% of the national average.

    Chattanooga's average listing price for 2022-11-01 was $520,472, a difference of $28,535 (5.8%) versus the prior year and $-9,058 versus the prior month.

    For the 2022-11-01 period, Chattanooga had 1,386 MLS listings, a difference of 70 listings (5%) versus the prior month and 720 listings (108%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Chattanooga (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 81 days 2,079 sqft
    2018-02-01 79 days 2,090 sqft
    2018-03-01 58 days 2,140 sqft
    2018-04-01 56 days 2,194 sqft
    2018-05-01 53 days 2,231 sqft
    2018-06-01 50 days 2,171 sqft
    2018-07-01 52 days 2,177 sqft
    2018-08-01 62 days 2,165 sqft
    2018-09-01 61 days 2,165 sqft
    2018-10-01 67 days 2,165 sqft
    2018-11-01 71 days 2,171 sqft
    2018-12-01 77 days 2,152 sqft
    2019-01-01 87 days 2,158 sqft
    2019-02-01 77 days 2,151 sqft
    2019-03-01 67 days 2,187 sqft
    2019-04-01 54 days 2,220 sqft
    2019-05-01 51 days 2,235 sqft
    2019-06-01 57 days 2,245 sqft
    2019-07-01 59 days 2,240 sqft
    2019-08-01 60 days 2,233 sqft
    2019-09-01 63 days 2,240 sqft
    2019-10-01 66 days 2,238 sqft
    2019-11-01 68 days 2,219 sqft
    2019-12-01 76 days 2,217 sqft
    2020-01-01 82 days 2,200 sqft
    2020-02-01 75 days 2,200 sqft
    2020-03-01 54 days 2,244 sqft
    2020-04-01 56 days 2,250 sqft
    2020-05-01 64 days 2,300 sqft
    2020-06-01 62 days 2,309 sqft
    2020-07-01 62 days 2,261 sqft
    2020-08-01 58 days 2,233 sqft
    2020-09-01 50 days 2,180 sqft
    2020-10-01 52 days 2,100 sqft
    2020-11-01 57 days 2,078 sqft
    2020-12-01 60 days 2,039 sqft
    2021-01-01 72 days 2,068 sqft
    2021-02-01 55 days 2,079 sqft
    2021-03-01 38 days 2,100 sqft
    2021-04-01 36 days 2,104 sqft
    2021-05-01 25 days 2,108 sqft
    2021-06-01 29 days 2,075 sqft
    2021-07-01 26 days 2,034 sqft
    2021-08-01 30 days 2,002 sqft
    2021-09-01 36 days 2,028 sqft
    2021-10-01 43 days 2,065 sqft
    2021-11-01 40 days 2,125 sqft
    2021-12-01 46 days 2,072 sqft
    2022-01-01 51 days 1,991 sqft
    2022-02-01 40 days 2,042 sqft
    2022-03-01 28 days 2,019 sqft
    2022-04-01 22 days 2,150 sqft
    2022-05-01 23 days 2,214 sqft
    2022-06-01 29 days 2,211 sqft
    2022-07-01 31 days 2,135 sqft
    2022-08-01 39 days 2,103 sqft
    2022-09-01 45 days 2,115 sqft
    2022-10-01 49 days 2,125 sqft
    2022-11-01 53 days 2,099 sqft
    Chattanooga's median listing age (time on market) for 2022-11-01 was 53 days. This is 33% longer than the same period one year ago.

    Chattanooga's median square footage for active listings during the 2022-11-01 period was 2,099 sqft. One year prior, the average listing was 2,125 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).