Colorado Springs FHA Loans

COLORADO SPRINGS, CO

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.

Colorado Springs's 169 lenders originated 3,607 FHA loans during 2021. The total origination value was $1,038,975,000, with an average FHA loan value of $288,044.

Colorado Springs FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Colorado Springs averaged 6.12% for the week of 2022-09-30, compared to the national average (all FHA variants) of 6.428% for the same period.

The average rate for the prior week (2022-09-23) was 6% and one month ago for the week of 2022-08-26, the average rate was 5.35%.

The average rate one year ago was 2.86%.

For refis of the same type during the week of 2022-09-30, the average rate was 6.03%.

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

Colorado Springs 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 Colorado Springs level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 213 2.67% $7,721
UNITED WHOLESALE MORTGAGE, LLC 135 2.70% $8,966
Ent Credit Union 126 2.62% $7,342
PRIMARY RESIDENTIAL MORTGAGE, INC. 125 3.13% $11,602
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 123 3.24% $11,725
CALIBER HOME LOANS, INC. 122 2.87% $8,809
UNIVERSAL LENDING CORPORATION 98 3.08% $11,117
FREEDOM MORTGAGE CORPORATION 95 2.75% $5,730
CHERRY CREEK MORTGAGE, LLC 91 3.00% $5,718
NBH Bank 90 3.04% $9,714
LAKEVIEW LOAN SERVICING, LLC 83 2.90% $5,716
Northpointe Bank 70 3.13% $11,305
BAY EQUITY LLC 66 3.06% $10,514
AMERICAN FINANCING CORPORATION 58 2.95% $10,155
LOANDEPOT.COM, LLC 54 3.17% $10,487
GUILD MORTGAGE COMPANY 54 3.13% $11,372
NEST HOME LENDING, LLC 45 3.12% $10,629
PENNYMAC LOAN SERVICES, LLC 44 2.87% $6,615
BROKER SOLUTIONS, INC. 44 3.19% $10,806
HOME POINT FINANCIAL CORPORATION 43 2.62% $8,329
Mr. Cooper ( Nationstar Mortgage ) 42 3.24% $5,515
AMERICAN FINANCIAL NETWORK, INC. 41 3.03% $13,348
S1L, Inc. 36 2.99% $11,717
Carrington Mortgage Services, LLC 34 3.17% $9,894
MORTGAGE SOLUTIONS OF COLORADO, LLC 32 3.35% $11,786
DRAPER AND KRAMER MORTGAGE CORP. 32 3.04% $9,997
ARK-LA-TEX FINANCIAL SERVICES, LLC. 28 3.25% $9,473
GUARANTEED RATE, INC. 27 2.91% $10,157
SECURITYNATIONAL MORTGAGE COMPANY 25 3.10% $12,311
Midwest Mortgage Associates Corporation 24 2.94% $11,325
HOMEBRIDGE FINANCIAL SERVICES, INC. 24 2.77% $8,434
T2 FINANCIAL LLC 23 3.05% $10,403
ACADEMY MORTGAGE CORPORATION 23 3.01% $9,468
VILLAGE CAPITAL MORTGAGE 21 2.96% $3,304
V.I.P. MORTGAGE, INC. 21 3.18% $11,477
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 20 3.18% $9,503
CROSSCOUNTRY MORTGAGE, LLC 18 3.15% $9,668
Lakeview Community Capital, LLC 18 2.88% $5,759
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 18 2.94% $11,452
Financial Funding Solutions, Inc. 18 3.00% $8,691
Loan Simple, Inc. 17 2.90% $10,896
NEWREZ LLC 17 3.01% $5,903
INTEGRITY MORTGAGE & FINANCIAL INCORPORATED 16 2.91% $9,988
AmeriHome Mortgage Company, LLC 15 2.75% $5,478
CORNERSTONE HOME LENDING, INC. 15 3.17% $10,476
NFM, INC. 15 3.06% $10,304
The Central Trust Bank 15 3.16% $12,351
NP, Inc. 14 3.09% $9,755
Paramount Residential Mortgage Group, Inc. 14 3.03% $10,734
AMERISAVE MORTGAGE CORPORATION 13 2.97% $8,948
MOVEMENT MORTGAGE, LLC 13 3.11% $10,551
PLANET HOME LENDING, LLC 13 2.80% $7,145
Hometown Lenders, Inc. 13 3.11% $10,600
Plains Commerce Bank 12 2.91% $8,898
Farmers & Stockmens Bank 12 2.39% $7,280
Nations Lending Corporation 10 3.04% $11,242
CELEBRITY HOME LOANS, LLC 10 3.23% $10,051
NOVA FINANCIAL & INVESTMENT CORPORATION 9 2.85% $7,559
Independent Bank 9 3.07% $9,875
InterContinental Capital Group, Inc 9 2.64% $7,982
GUARANTEED RATE AFFINITY, LLC 9 3.22% $9,375
FINANCE OF AMERICA MORTGAGE LLC 9 3.17% $10,049
Hometown Equity Mortgage, LLC 8 4.13% $12,232
THRIVE MORTGAGE, LLC 8 3.06% $13,364
U.S. Bank 8 3.22% $9,723
MANN FINANCIAL INC. 8 2.97% $9,744
CHURCHILL MORTGAGE CORPORATION 7 2.98% $10,591
First Guaranty Mortgage Corporation 7 2.66% $8,071
INSPIRE HOME LOANS INC. 7 3.36% $10,065
Equity Prime Mortgage LLC 7 3.45% $9,269
Commerce Home Mortgage, Inc. 7 3.25% $8,652
LEADERONE FINANCIAL CORPORATION 6 3.19% $10,462
GROUP MORTGAGE, LLC 6 3.06% $10,595
Network Funding, L.P. 6 3.04% $13,108
LOANPAL, LLC 6 2.52% $11,460
The Federal Savings Bank 5 2.88% $13,569
SUN WEST MORTGAGE COMPANY, INC. 5 2.75% $9,875
HUNT MORTGAGE CORPORATION 5 2.68% $9,739
CITYWIDE HOME LOANS, LLC 5 3.03% $11,268
FBC MORTGAGE, LLC 5 3.12% $7,443
Colten Mortgage, LLC 5 3.28% $10,355
EVERETT FINANCIAL, INC. 5 3.28% $9,462
CONTOUR MORTGAGE CORPORATION 5 3.68% $10,214
DAS Acquisition Company, LLC 4 3.39% $9,310
AIR ACADEMY 4 3.50% $12,895
Amerifirst Financial, Inc. 4 3.13% $11,835
CMG MORTGAGE, INC. 4 2.59% $14,426
DHI MORTGAGE COMPANY, LTD. 4 2.81% $12,138
Elevations Credit Union 4 3.13% $11,245
Gateway First Bank 4 3.31% $10,854
GENEVA FINANCIAL, LLC 4 2.97% $10,447
MEGASTAR FINANCIAL CORP. 4 3.09% $9,280
STEARNS LENDING, LLC 4 3.06% $8,222
TOP FLITE FINANCIAL, INC. 4 3.28% $17,506
MOUNTAIN WEST FINANCIAL, INC. 3 2.96% $13,094
OCEANSIDE MORTGAGE COMPANY 3 2.58% $4,986
Flagstar Bank, FSB 3 3.08% $7,408
LAND HOME FINANCIAL SERVICES, INC. 3 3.46% $12,024
SOUTHWEST FUNDING, LP 3 3.13% $12,099
BOKF 3 3.33% $8,114
Armed Forces Bank 3 2.96% $9,015
HOME MORTGAGE ALLIANCE, LLC 3 3.04% $11,162
PLAZA HOME MORTGAGE, INC. 3 2.92% $8,502
HOMEAMERICAN MORTGAGE CORPORATION 3 2.63% $7,223
UNITED SECURITY FINANCIAL CORP 2 2.50% $7,546
HOMESIDE FINANCIAL, LLC 2 2.68% $11,485
MID AMERICA MORTGAGE, INC. 2 2.69% $2,890
NATIONS DIRECT MORTGAGE, LLC 2 3.00% $14,784
First National Bank of Omaha 2 3.06% $9,110
PHH Mortgage Corporation 2 3.56% $5,377
PLUS RELOCATION MORTGAGE, LLC 2 3.69% $9,508
Century Mortgage Company DBA Century Lending Company 2 3.19% $8,848
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 3.44% $11,180
Residential Mortgage Solutions, Inc. 2 3.56% $9,427
RESIDENTIAL WHOLESALE MORTGAGE, INC. 2 3.06% $10,008
SOVEREIGN LENDING GROUP INCORPORATED 2 2.75% $9,533
SUMMIT FUNDING, INC. 2 3.31% $11,925
Sunflower Bank 2 3.75% $12,201
Bank of England 2 3.44% $13,052
THE MORTGAGE COMPANY 2 2.63% $10,493
ZILLOW HOME LOANS, LLC 2 2.69% $8,863
AMERICAN PACIFIC MORTGAGE CORPORATION 2 2.44% $9,320
AMERICAN FINANCIAL RESOURCES, INC. 2 2.75% $11,719
AMCAP MORTGAGE, LTD. 2 4.19% $11,866
LOANLEADERS OF AMERICA, INC. 2 3.06% $11,486
THOMPSON KANE & COMPANY, LLC 1 2.63% $9,002
Citizens Bank 1 3.13% $7,114
CERTAINTY HOME LOANS, LLC 1 2.63% $9,094
Mortgage Research Center, LLC 1 2.75% $6,154
ARC HOME LLC 1 2.50% $14,254
PREMIER MORTGAGE RESOURCES, L.L.C. 1 3.25% $6,196
INTERCAP LENDING INC. 1 3.50% $11,123
TOWNE MORTGAGE COMPANY 1 2.75% $9,176
Wells Fargo Bank 1 3.00% $4,460
RANLIFE, INC. 1 2.88% $7,962
UNION HOME MORTGAGE CORP. 1 2.25% $10,210
UNITED MORTGAGE CORP. 1 3.13% $9,586
RUOFF MORTGAGE COMPANY, INC. 1 3.63% $7,685
BETTER MORTGAGE CORPORATION 1 3.00% $7,778
Barrington Bank & Trust Company, N.A. 1 3.25% $7,125
Manufacturers and Traders Trust Company 1 3.25% $8,101
INLANTA MORTGAGE, INC. 1 2.88% $7,550
Wyndham Capital Mortgage, Inc. 1 2.25% $7,509
Strong Home Mortgage, LLC 1 2.25% $8,457
ABSOLUTE HOME MORTGAGE CORPORATION 1 3.00% $8,250
American Mortgage & Equity Consultants, Inc. 1 4.25% $14,479
M2 Lending Solutions, LLC 1 2.88% $8,238
SWBC MORTGAGE CORPORATION 1 3.25% $10,811
Bank of Colorado 1 3.00% $12,164
Austin Capital Bank SSB 1 3.88% $11,963
Magnolia Bank 1 2.62% $13,877
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.25% $10,390
VAN DYK MORTGAGE CORPORATION 1 2.88% $14,649
Goldwater Bank, N.A. 1 2.25% $7,559
GREAT WESTERN FINANCIAL SERVICES, INC. 1 3.13% $10,227
First Western Trust Bank 1 2.63% $9,464
The Union Bank Company 1 2.63% $7,202
NEW DAY FINANCIAL, LLC 1 3.38% $17,658
FIRST COLONY MORTGAGE CORPORATION 1 2.75% $9,205
EMBRACE HOME LOANS, INC. 1 2.88% $11,744
NMSI, INC. 1 2.25% $12,848
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 3.50% $12,622
DEVELOPER'S MORTGAGE COMPANY 1 3.75% $7,170
DATA MORTGAGE, INC. 1 4.63% $8,831
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 3.00% $7,082
ON Q FINANCIAL, INC. 1 3.13% $10,577
1ST SIGNATURE LENDING, LLC 1 3.25% $12,196
COUNTRYPLACE MORTGAGE, LTD. 1 3.25% $12,292
Peoples Bank 1 3.13% $13,640

The top Colorado Springs FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 213 FHA loans originated. Their average total fees are $7,721, which is $1,245 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Colorado Springs FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($3,304), AmeriHome Mortgage Company, LLC ($5,478), Mr. Cooper ( Nationstar Mortgage ) ($5,515), LAKEVIEW LOAN SERVICING, LLC ($5,716) and CHERRY CREEK MORTGAGE, LLC ($5,718).

The lowest rate Colorado Springs FHA lenders (with over 10 loans originated) are Farmers & Stockmens Bank (2.39%), HOME POINT FINANCIAL CORPORATION (2.62%), Ent Credit Union (2.62%), QUICKEN LOANS, LLC (2.67%) and UNITED WHOLESALE MORTGAGE, LLC (2.70%).

Colorado Springs FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
COLORADO SPRINGS, CO EL PASO 2022 $460,000 $588,850 $711,800 $884,600
COLORADO SPRINGS, CO TELLER 2022 $460,000 $588,850 $711,800 $884,600

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Colorado Springs (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 $396,321 (11.6%) $508,251 (5.2%) 1.46 1,534
2018-02-01 $410,215 (11.0%) $528,033 (6.6%) 1.48 1,444
2018-03-01 $419,888 (10.2%) $532,038 (7.8%) 1.45 1,554
2018-04-01 $409,825 (7.9%) $526,881 (6.4%) 1.38 1,772
2018-05-01 $398,750 (4.3%) $519,857 (6.4%) 1.33 1,975
2018-06-01 $390,000 (4.0%) $536,234 (12.2%) 1.30 2,410
2018-07-01 $381,500 (3.1%) $509,148 (6.9%) 1.27 2,752
2018-08-01 $374,900 (2.0%) $483,022 (2.0%) 1.25 2,912
2018-09-01 $371,887 (-0.5%) $480,149 (0.7%) 1.24 2,918
2018-10-01 $372,894 (-0.6%) $487,216 (0.5%) 1.25 2,869
2018-11-01 $375,750 (-0.8%) $493,545 (-2.0%) 1.26 2,765
2018-12-01 $382,892 (-0.6%) $501,736 (-0.5%) 1.31 2,270
2019-01-01 $392,492 (-1.0%) $508,963 (0.1%) 1.35 1,909
2019-02-01 $396,595 (-3.3%) $515,884 (-2.3%) 1.33 1,774
2019-03-01 $405,471 (-3.4%) $524,606 (-1.4%) 1.32 1,774
2019-04-01 $413,950 (1.0%) $530,070 (0.6%) 1.30 1,850
2019-05-01 $427,500 (7.2%) $553,235 (6.4%) 1.32 1,977
2019-06-01 $425,590 (9.1%) $552,006 (2.9%) 1.31 2,307
2019-07-01 $429,000 (12.5%) $548,835 (7.8%) 1.33 2,578
2019-08-01 $425,505 (13.5%) $541,041 (12.0%) 1.34 2,579
2019-09-01 $425,455 (14.4%) $536,196 (11.7%) 1.35 2,517
2019-10-01 $426,450 (14.4%) $541,841 (11.2%) 1.36 2,371
2019-11-01 $435,000 (15.8%) $554,981 (12.5%) 1.40 2,015
2019-12-01 $438,235 (14.5%) $566,481 (12.9%) 1.46 1,661
2020-01-01 $444,825 (13.3%) $567,949 (11.6%) 1.48 1,358
2020-02-01 $465,000 (17.3%) $596,922 (15.7%) 1.50 1,205
2020-03-01 $467,872 (15.4%) $596,042 (13.6%) 1.46 1,290
2020-04-01 $472,450 (14.1%) $593,995 (12.1%) 1.47 1,452
2020-05-01 $474,900 (11.1%) $591,922 (7.0%) 1.44 1,683
2020-06-01 $477,309 (12.2%) $600,784 (8.8%) 1.39 1,715
2020-07-01 $479,900 (11.9%) $605,889 (10.4%) 1.38 1,627
2020-08-01 $470,000 (10.5%) $627,172 (15.9%) 1.34 1,512
2020-09-01 $452,250 (6.3%) $611,122 (14.0%) 1.29 1,320
2020-10-01 $452,051 (6.0%) $630,229 (16.3%) 1.29 1,120
2020-11-01 $471,765 (8.5%) $655,889 (18.2%) 1.35 874
2020-12-01 $472,435 (7.8%) $685,236 (21.0%) 1.39 719
2021-01-01 $477,000 (7.2%) $691,241 (21.7%) 1.40 568
2021-02-01 $466,077 (0.2%) $655,978 (9.9%) 1.34 543
2021-03-01 $449,950 (-3.8%) $624,332 (4.8%) 1.26 603
2021-04-01 $465,000 (-1.6%) $657,992 (10.8%) 1.25 678
2021-05-01 $479,900 (1.1%) $672,349 (13.6%) 1.26 759
2021-06-01 $492,500 (3.2%) $701,004 (16.7%) 1.28 923
2021-07-01 $492,500 (2.6%) $682,041 (12.6%) 1.28 1,103
2021-08-01 $495,000 (5.3%) $680,181 (8.5%) 1.30 1,215
2021-09-01 $493,417 (9.1%) $676,717 (10.7%) 1.30 1,234
2021-10-01 $495,000 (9.5%) $692,353 (9.9%) 1.30 1,258
2021-11-01 $493,696 (4.7%) $707,685 (7.9%) 1.30 1,066
2021-12-01 $492,531 (4.3%) $722,124 (5.4%) 1.31 841
2022-01-01 $494,401 (3.7%) $718,293 (3.9%) 1.32 686
2022-02-01 $488,515 (4.8%) $737,419 (12.4%) 1.24 666
2022-03-01 $498,000 (10.7%) $717,152 (14.9%) 1.23 706
2022-04-01 $525,000 (12.9%) $725,565 (10.3%) 1.24 876
2022-05-01 $550,000 (14.6%) $721,177 (7.3%) 1.23 1,386
2022-06-01 $549,950 (11.7%) $710,993 (1.4%) 1.22 2,021
2022-07-01 $530,000 (7.6%) $677,351 (-0.7%) 1.18 2,857
2022-08-01 $525,500 (6.2%) $663,489 (-2.5%) 1.21 3,124
Colorado Springs's median listing price for 2022-08-01 was $525,500, a difference of $30,500 (6.2%) versus the prior year and $-4,500 versus the prior month.

Colorado Springs's median listing price comes in at 121% of the national average.

Colorado Springs's average listing price for 2022-08-01 was $663,489, a difference of $-16,692 (-2.5%) versus the prior year and $-13,862 versus the prior month.

For the 2022-08-01 period, Colorado Springs had 3,124 MLS listings, a difference of 267 listings (9%) versus the prior month and 1,909 listings (157%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Colorado Springs (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 54 days 3,102 sqft
2018-02-01 43 days 3,115 sqft
2018-03-01 33 days 3,171 sqft
2018-04-01 29 days 3,110 sqft
2018-05-01 29 days 3,041 sqft
2018-06-01 29 days 2,984 sqft
2018-07-01 32 days 2,874 sqft
2018-08-01 37 days 2,805 sqft
2018-09-01 40 days 2,817 sqft
2018-10-01 46 days 2,866 sqft
2018-11-01 50 days 2,882 sqft
2018-12-01 60 days 2,874 sqft
2019-01-01 63 days 2,919 sqft
2019-02-01 44 days 2,919 sqft
2019-03-01 42 days 2,935 sqft
2019-04-01 32 days 2,941 sqft
2019-05-01 28 days 3,052 sqft
2019-06-01 29 days 3,030 sqft
2019-07-01 32 days 3,060 sqft
2019-08-01 41 days 3,005 sqft
2019-09-01 48 days 2,956 sqft
2019-10-01 45 days 2,935 sqft
2019-11-01 50 days 3,026 sqft
2019-12-01 60 days 3,031 sqft
2020-01-01 63 days 2,972 sqft
2020-02-01 38 days 3,111 sqft
2020-03-01 28 days 3,106 sqft
2020-04-01 31 days 3,117 sqft
2020-05-01 35 days 3,128 sqft
2020-06-01 32 days 3,147 sqft
2020-07-01 35 days 3,136 sqft
2020-08-01 33 days 3,090 sqft
2020-09-01 34 days 2,890 sqft
2020-10-01 32 days 2,796 sqft
2020-11-01 34 days 2,868 sqft
2020-12-01 38 days 2,843 sqft
2021-01-01 35 days 2,763 sqft
2021-02-01 16 days 2,597 sqft
2021-03-01 12 days 2,492 sqft
2021-04-01 11 days 2,635 sqft
2021-05-01 9 days 2,672 sqft
2021-06-01 12 days 2,637 sqft
2021-07-01 15 days 2,606 sqft
2021-08-01 16 days 2,585 sqft
2021-09-01 21 days 2,522 sqft
2021-10-01 24 days 2,508 sqft
2021-11-01 31 days 2,482 sqft
2021-12-01 35 days 2,413 sqft
2022-01-01 35 days 2,397 sqft
2022-02-01 21 days 2,326 sqft
2022-03-01 12 days 2,312 sqft
2022-04-01 10 days 2,509 sqft
2022-05-01 13 days 2,598 sqft
2022-06-01 18 days 2,613 sqft
2022-07-01 25 days 2,550 sqft
2022-08-01 33 days 2,497 sqft
Colorado Springs's median listing age (time on market) for 2022-08-01 was 33 days. This is 113% longer than the same period one year ago.

Colorado Springs's median square footage for active listings during the 2022-08-01 period was 2,497 sqft. One year prior, the average listing was 2,585 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).