Chicago FHA Loan Rates, Closing Costs & Stats

Chicago-Naperville-Elgin, IL-IN-WI

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.

Chicago's 258 lenders originated 16,899 FHA loans during 2024. The total origination value was $4,731,615,000, with an average FHA loan value of $279,994.

Chicago FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Chicago averaged 0.11% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

Chicago's average FHA mortgage closing costs are $8,996.

The average rate for the prior week (2025-06-13) was 7.09% and one month ago for the week of 2025-05-16, the average rate was 6.85%.

The average rate one year ago was 7.01%.

For refis of the same type during the week of 2025-06-20, the average rate was 0.08%.

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

Chicago 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 Chicago level.

Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
QUICKEN LOANS, LLC 1,272 6.36% $11,702
UNITED WHOLESALE MORTGAGE, LLC 1,263 6.35% $13,520
LOANDEPOT.COM, LLC 1,005 6.79% $12,849
CROSSCOUNTRY MORTGAGE, LLC 808 6.60% $12,940
GUARANTEED RATE, INC. 691 6.51% $11,571
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 670 6.80% $12,383
FREEDOM MORTGAGE CORPORATION 485 6.50% $12,509
PENNYMAC LOAN SERVICES, LLC 450 6.12% $10,217
AMERICAN PACIFIC MORTGAGE CORPORATION 401 6.72% $13,177
GUILD MORTGAGE COMPANY 313 6.77% $12,087
NEWREZ LLC 264 6.49% $11,084
DHI MORTGAGE COMPANY, LTD. 256 5.37% $8,920
BROKER SOLUTIONS, INC. 202 6.84% $12,616
AMERICAN FINANCIAL NETWORK, INC. 201 6.77% $11,769
TOWNE MORTGAGE COMPANY 197 6.66% $13,096
The Federal Savings Bank 192 6.68% $13,179
Barrington Bank & Trust Company, N.A. 180 6.86% $11,557
Ixonia Bank 173 6.79% $11,872
EAGLE HOME MORTGAGE, LLC 166 5.06% $10,992
JPMorgan Chase Bank 161 6.42% $6,128
Mr. Cooper ( Nationstar Mortgage ) 159 6.51% $12,990
COMPASS MORTGAGE, INC. 153 6.63% $15,263
The Huntington National Bank 146 6.53% $11,805
Equity Prime Mortgage LLC 145 7.00% $13,392
MUTUAL OF OMAHA MORTGAGE, INC. 143 6.56% $15,113
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 135 6.83% $11,173
Carrington Mortgage Services, LLC 133 6.40% $12,741
BAY EQUITY LLC 132 6.63% $13,024
DIRECT MORTGAGE LOANS, LLC 120 6.64% $12,735
HOMESIDE FINANCIAL, LLC 115 6.83% $12,520
UNION HOME MORTGAGE CORP. 112 6.75% $11,833
ARK-LA-TEX FINANCIAL SERVICES, LLC. 110 6.53% $11,595
AMERICAN PORTFOLIO MORTGAGE CORPORATION 108 6.65% $11,456
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 100 6.56% $10,969
Flagstar Bank, FSB 92 6.38% $9,711
VILLAGE CAPITAL MORTGAGE 92 6.56% $6,923
LEADERONE FINANCIAL CORPORATION 90 6.71% $11,041
LAKEVIEW LOAN SERVICING, LLC 87 6.42% $9,125
Key Mortgage Services, Inc. 84 6.44% $12,076
NVR Mortgage Finance, Inc. 83 6.20% $12,539
PLAZA HOME MORTGAGE, INC. 79 6.99% $11,680
AMERISAVE MORTGAGE CORPORATION 78 6.09% $15,162
Paramount Residential Mortgage Group, Inc. 75 6.68% $12,407
CARDINAL FINANCIAL 72 6.46% $12,666
SUN WEST MORTGAGE COMPANY, INC. 69 6.28% $13,710
OCMBC, INC. 66 6.76% $14,066
GREENSTATE CREDIT UNION 62 6.17% $9,850
GUARANTEED RATE AFFINITY, LLC 60 6.72% $12,708
PLANET HOME LENDING, LLC 59 6.18% $8,697
M/I FINANCIAL, LLC 59 5.60% $19,073
BMO Harris Bank 57 6.66% $10,964
GENEVA FINANCIAL, LLC 55 7.11% $13,562
MICHIGAN MUTUAL, INC. 55 6.80% $12,319
MOVEMENT MORTGAGE, LLC 54 6.61% $13,042
American Mortgage & Equity Consultants, Inc. 53 6.92% $13,185
Mortgage Research Center, LLC 52 6.73% $7,984
AmeriHome Mortgage Company, LLC 52 6.46% $8,177
Nations Lending Corporation 51 6.76% $12,684
U.S. Bank 50 6.55% $9,654
CALCON MUTUAL MORTGAGE LLC 49 6.84% $12,604
Associated Bank 48 6.28% $10,453
Prosperity Home Mortgage, LLC 48 6.28% $12,948
FIRST COMMUNITY MORTGAGE, INC. 47 6.92% $10,463
Lakeview Community Capital, LLC 46 6.44% $8,061
Century Mortgage Company DBA Century Lending Company 46 6.50% $13,082
MLD MORTGAGE INC. 44 6.48% $12,509
MID AMERICA MORTGAGE, INC. 42 6.89% $10,930
CIBC Bank USA 42 6.37% $11,829
Fifth Third Bank 40 6.51% $7,208
POINT Mortgage 39 6.75% $11,112
CMG MORTGAGE, INC. 36 6.82% $11,911
RUOFF MORTGAGE COMPANY, INC. 35 6.85% $6,490
CIBM Bank 33 6.56% $10,302
PROPER RATE, LLC 33 6.60% $11,318
Pacor Mortgage Corp 33 6.61% $11,513
PRIMELENDING, A PLAINSCAPITAL COMPANY 32 6.86% $12,779
University Bank 32 5.79% $11,950
SUCCESS MORTGAGE PARTNERS, INC. 31 6.55% $13,266
ENDEAVOR CAPITAL, LLC. 31 6.38% $9,814
The Loan Store, Inc. 31 6.40% $13,462
ZILLOW HOME LOANS, LLC 30 6.49% $11,714
THE MORTGAGE LINK, INC. 30 6.72% $22,318
NORWICH COMMERCIAL GROUP, INC. 29 6.35% $13,456
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 27 6.42% $14,223
HOMEBRIDGE FINANCIAL SERVICES, INC. 23 6.73% $9,203
Plains Commerce Bank 21 6.61% $14,890
Cornerstone First Mortgage, Inc 20 6.79% $10,530
MORTGAGE SOLUTIONS OF COLORADO, LLC 19 6.90% $13,583
T2 FINANCIAL LLC 19 6.81% $12,487
THE ANDERSON FINANCIAL GROUP, INC. 18 6.60% $9,285
PRIMARY RESIDENTIAL MORTGAGE, INC. 18 6.73% $11,071
AMERICAN FINANCING CORPORATION 18 5.73% $12,561
AMERICAN FINANCIAL RESOURCES, INC. 18 6.91% $16,619
NATIONS RELIABLE LENDING, LLC 17 6.68% $12,570
AmRes Corporation 17 6.56% $14,561
Bank of England 16 6.63% $11,614
Sierra Pacific Mortgage Company, Inc. 16 6.49% $12,044
PANORAMA MORTGAGE GROUP, LLC 16 6.55% $15,533
Bank Five Nine 16 6.53% $7,325
VERITAS FUNDING, LLC 15 6.27% $16,203
PREMIER MORTGAGE RESOURCES, L.L.C. 15 6.98% $12,152
LAND HOME FINANCIAL SERVICES, INC. 15 6.79% $13,073
SECURITYNATIONAL MORTGAGE COMPANY 15 6.79% $11,348
PNC Bank 15 6.75% $9,086
ROYAL UNITED MORTGAGE LLC 14 6.76% $10,690
GATEWAY MORTGAGE CORPORATION 14 6.86% $6,647
PHH Mortgage Corporation 14 6.38% $12,629
Flanagan State Bank 14 6.68% $10,691
Home State Bank 13 6.88% $9,578
GMFS LLC 13 6.81% $10,531
FIRST STATE MORTGAGE SERVICES, LLC 13 6.61% $11,106
Centier Bank 13 6.48% $6,766
NBKC BANK 13 6.09% $12,620
STOCKTON MORTGAGE CORPORATION 13 6.37% $14,351
UNITED HOME LOANS, INC. 13 6.49% $9,958
Bank of America 12 6.40% $7,311
RAPID MORTGAGE COMPANY 12 6.95% $15,418
Servion, Inc. 12 6.61% $10,380
FIRST ALLIANCE HOME MORTGAGE, LLC 12 5.32% $18,030
First National Bank of Omaha 12 6.68% $8,979
CANOPY MORTGAGE, LLC 12 6.39% $11,092
Old National Bank 12 6.25% $8,276
ALAMEDA MORTGAGE CORPORATION 11 6.91% $9,749
EMM LOANS LLC 11 6.07% $15,002
Marquette Bank 11 6.30% $9,080
MEMBER FIRST MORTGAGE, LLC 11 6.65% $10,384
NATIONWIDE MORTGAGE BANKERS, INC. 10 6.80% $14,114
AFFORDABLE MORTGAGE ADVISORS, LLC. 10 6.66% $12,548
Wells Fargo Bank 10 6.20% $10,433
JMAC LENDING, INC. 10 6.74% $15,656
LADERA LENDING, INC. 10 6.46% $9,918
Waterstone Mortgage Corporation 10 6.64% $14,059
Citibank 10 6.20% $11,005
CROWN MORTGAGE COMPANY 9 6.72% $15,352
S1L, Inc. 9 6.81% $10,561
GVC MORTGAGE, INC. 9 6.89% $9,264
Old Second National Bank 9 6.22% $10,000
M&T Bank 9 6.31% $8,360
LIBERTY HOME MORTGAGE CORPORATION 8 6.75% $12,590
Mortgage Assurance Inc. 8 6.63% $9,179
RELIANCE FIRST CAPITAL, LLC 8 6.67% $10,895
First Financial Bank 8 6.28% $8,652
Texana Bank 7 6.32% $13,558
FIRST COLONY MORTGAGE CORPORATION 7 6.48% $10,211
Hometown Equity Mortgage, LLC 7 6.70% $11,632
Horizon Bank 7 6.55% $7,752
NFM, INC. 7 7.11% $15,645
OCEANSIDE MORTGAGE COMPANY 7 6.13% $4,210
POLARIS HOME FUNDING CORP. 7 6.57% $10,576
RESIDENTIAL BANCORP 7 6.32% $12,429
SUMMIT FUNDING, INC. 7 6.41% $14,606
PENTAGON FEDERAL CREDIT UNION 6 5.79% $13,026
INSPIRE HOME LOANS INC. 6 5.23% $9,285
MYCUMORTGAGE, LLC 6 6.75% $11,650
PULTE MORTGAGE LLC 6 5.90% $10,720
RESIDENTIAL WHOLESALE MORTGAGE, INC. 6 6.60% $12,539
EVERETT FINANCIAL, INC. 6 6.42% $16,790
OPEN MORTGAGE, LLC 6 6.60% $17,385
Ameris Bank 6 6.52% $9,174
First Merchants Bank 6 6.65% $7,941
Allied First Bank,sb 6 6.81% $10,293
ONY GLO, INC. 5 6.43% $11,114
Magnolia Bank 5 6.33% $11,478
US MORTGAGE CORPORATION 5 6.73% $12,072
LOANPAL, LLC 5 5.43% $12,204
ALLIANT CREDIT UNION 5 6.20% $9,579
ROSS MORTGAGE CORPORATION 5 6.43% $12,550
TOP FLITE FINANCIAL, INC. 5 6.85% $12,651
BAYSHORE MORTGAGE FUNDING, LLC 5 6.93% $10,337
Citizens Bank 5 6.38% $6,888
NATIONS DIRECT MORTGAGE, LLC 4 6.81% $14,812
TOTAL MORTGAGE SERVICES, LLC 4 6.91% $12,694
TJC Mortgage, Inc. 4 5.75% $21,729
Truist 4 6.44% $9,645
BETTER MORTGAGE CORPORATION 4 5.81% $9,704
Home Mortgage Alliance Corp 4 7.19% $12,137
MLB RESIDENTIAL LENDING, LLC 4 6.41% $13,815
DAS Acquisition Company, LLC 4 7.31% $15,048
Loan Simple, Inc. 3 7.08% $14,577
Commerce Home Mortgage, Inc. 3 6.54% $15,631
CITY FIRST MORTGAGE SERVICES, L.L.C. 3 6.88% $10,209
CHURCHILL MORTGAGE CORPORATION 3 6.50% $12,345
TEACHERS CREDIT UNION 3 6.00% $7,985
Paramount Bank 3 6.63% $12,748
BECKAM FUNDING CORP. 3 6.83% $16,637
The Union Bank Company 3 5.83% $9,860
THOMPSON KANE & COMPANY, LLC 3 6.29% $11,494
TruHome Solutions, LLC 3 6.25% $10,404
AXIA FINANCIAL, LLC 3 6.54% $10,536
NEXERA HOLDING LLC 3 5.63% $7,784
ALLIED MORTGAGE GROUP, INC. 3 6.33% $4,841
MJW Financial LLC 3 6.71% $11,279
EUSTIS AND AMERICAN MORTGAGE COMPANY 3 6.79% $7,192
Midland States Bank 3 6.58% $10,924
Northpointe Bank 3 6.17% $13,797
Regions Bank 3 7.08% $7,453
North American Savings Bank, F.S.B. 2 6.13% $8,980
HALLMARK HOME MORTGAGE, LLC 2 6.63% $11,126
First Federal Bank 2 6.56% $10,205
Peoples Bank 2 6.18% $6,565
DIRECT MORTGAGE, CORP. 2 5.56% $15,635
DEVELOPER'S MORTGAGE COMPANY 2 6.25% $14,866
HOMESTEAD FUNDING CORP. 2 6.06% $9,600
DELMAR FINANCIAL COMPANY 2 6.06% $12,600
FLAT BRANCH MORTGAGE, INC. 2 6.69% $12,465
SENTE MORTGAGE, INC. 2 6.19% $15,709
Residential Mortgage Solutions, Inc. 2 5.50% $12,025
Florida Capital Bank 2 6.00% $11,349
VAN DYK MORTGAGE CORPORATION 2 7.13% $12,228
Gateway First Bank 2 5.75% $10,956
NexBank 2 6.69% $13,092
NEW DAY FINANCIAL, LLC 2 7.06% $6,795
NETWORK CAPITAL FUNDING CORPORATION 2 6.25% $12,280
SOUTHWEST FUNDING, LP 1 7.75% $12,353
LENOX FINANCIAL MORTGAGE CORPORATION 1 6.25% $21,526
JLB CORPORATION 1 5.75% $9,915
HOMEXPRESS MORTGAGE CORP. 1 7.25% $10,091
NEW FED MORTGAGE, CORP. 1 6.25% $10,826
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.13% $14,218
V.I.P. MORTGAGE, INC. 1 5.63% $12,534
NORTHWEST BANK OF ROCKFORD 1 6.25% $11,343
HighTechLending Inc 1 6.63% $6,947
Granite Community Bank 1 6.75% $13,583
GERSHMAN INVESTMENT CORP. 1 6.63% $12,013
ON Q FINANCIAL, INC. 1 7.75% $18,746
FORUM Credit Union 1 6.75% $9,118
First State Bank of St. Charles, Missouri 1 6.25% $7,648
First Community Bank 1 6.13% $16,128
Fidelity Bank 1 7.00% $6,401
FBC MORTGAGE, LLC 1 6.75% $8,944
ENVOY MORTGAGE, LTD 1 6.63% $10,911
Encompass Lending Group, LP 1 6.63% $23,572
EMBRACE HOME LOANS, INC. 1 6.63% $7,962
Republic Bank & Trust Company 1 6.63% $9,213
WISCONSIN MORTGAGE CORPORATION 1 5.75% $7,033
DATA MORTGAGE, INC. 1 6.25% $7,894
CREDIT UNION MORTGAGE ASSOCIATION, INC. 1 6.25% $11,274
CONTOUR MORTGAGE CORPORATION 1 6.75% $11,015
CITYWIDE HOME LOANS, LLC 1 6.50% $23,289
SIRVA MORTGAGE, INC. 1 7.25% $10,290
City Lending Inc. 1 7.75% $13,029
AHL FUNDING 1 6.63% $26,527
Sunflower Bank 1 7.75% $12,128
Capital Bank 1 7.75% $25,382
Busey Bank 1 5.50% $9,960
The Central Trust Bank 1 5.63% $12,564
Bethpage Federal Credit Union 1 6.38% $5,353
Bell Bank 1 6.25% $9,515
TRUSTONE FINANCIAL FEDERAL CREDIT UNION 1 7.00% $5,949
Axos Bank 1 5.75% $8,801
Union Savings Bank 1 6.25% $5,556
UNITED MORTGAGE CORP 1 7.13% $10,274
A + MORTGAGE SERVICES, INC. 1 6.63% $11,278
AMERITRUST MORTGAGE CORPORATION 1 7.88% $20,409
VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.63% $9,666
AMERICAN FEDERAL MORTGAGE CORPORATION 1 6.13% $11,675
MORTGAGEONE, INC. 1 7.00% $13,521
Midwest Mortgage Associates Corporation 1 6.63% $6,367

The top Chicago FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 1,272 FHA loans originated. Their average total fees are $11,702, which is $1,818 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Chicago FHA lenders (with over 10 loans originated) are JPMorgan Chase Bank ($6,128), RUOFF MORTGAGE COMPANY, INC. ($6,490), GATEWAY MORTGAGE CORPORATION ($6,647), Centier Bank ($6,766) and VILLAGE CAPITAL MORTGAGE ($6,923).

The lowest rate Chicago FHA lenders (with over 10 loans originated) are EAGLE HOME MORTGAGE, LLC (5.06%), FIRST ALLIANCE HOME MORTGAGE, LLC (5.32%), DHI MORTGAGE COMPANY, LTD. (5.37%), M/I FINANCIAL, LLC (5.60%) and AMERICAN FINANCING CORPORATION (5.73%).

Chicago FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI COOK 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI DEKALB 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI DUPAGE 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI GRUNDY 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI KANE 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI KENDALL 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI LAKE 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI MCHENRY 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI WILL 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI JASPER 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI LAKE 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI NEWTON 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI PORTER 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI KENOSHA 2022 $420,680 $538,650 $651,050 $809,150
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI COOK 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI DEKALB 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI DUPAGE 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI GRUNDY 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI KANE 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI KENDALL 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI LAKE 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI MCHENRY 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI WILL 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI JASPER 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI LAKE 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI NEWTON 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI PORTER 2023 $472,030 $604,400 $730,525 $907,900
CHICAGO-NAPERVILLE-ELGIN, IL-IN-WI KENOSHA 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).