Corpus Christi FHA Loan Rates, Closing Costs & Stats

CORPUS CHRISTI, TX

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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.

    Corpus Christi's 100 lenders originated 1,329 FHA loans during 2024. The total origination value was $365,795,000, with an average FHA loan value of $275,241.

    Corpus Christi FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Corpus Christi averaged 6.73% for the week of 2025-05-23, compared to the national average (all FHA variants) of 6.612% for the same period.

    Corpus Christi's average FHA mortgage closing costs are $8,530.

    The average rate for the prior week (2025-05-16) was 6.46% and one month ago for the week of 2025-04-18, the average rate was 6.49%.

    The average rate one year ago was 6.86%.

    For refis of the same type during the week of 2025-05-23, the average rate was 6.48%.

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

    Corpus Christi 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 Corpus Christi level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    DHI MORTGAGE COMPANY, LTD. 243 5.20% $8,777
    EAGLE HOME MORTGAGE, LLC 122 4.54% $9,070
    UNITED WHOLESALE MORTGAGE, LLC 77 6.16% $12,300
    GARDNER FINANCIAL SERVICES, LTD. 74 6.62% $12,859
    CROSSCOUNTRY MORTGAGE, LLC 68 6.86% $12,280
    GUILD MORTGAGE COMPANY 53 6.88% $11,943
    FREEDOM MORTGAGE CORPORATION 46 6.25% $11,609
    WILLOW BEND MORTGAGE COMPANY, LLC 34 6.66% $12,149
    QUICKEN LOANS, LLC 30 6.24% $12,368
    MID AMERICA MORTGAGE, INC. 28 6.95% $15,729
    EVERETT FINANCIAL, INC. 22 7.12% $9,273
    LEGEND LENDING CORPORATION 22 6.95% $13,960
    Paramount Residential Mortgage Group, Inc. 18 6.47% $11,213
    PRIMARY RESIDENTIAL MORTGAGE, INC. 17 7.21% $4,429
    BROKER SOLUTIONS, INC. 17 7.03% $11,268
    UNION HOME MORTGAGE CORP. 17 6.72% $13,825
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 17 7.04% $10,612
    Gateway First Bank 15 6.53% $10,601
    DAS Acquisition Company, LLC 14 6.88% $11,230
    CMG MORTGAGE, INC. 14 6.94% $12,277
    Extraco Banks 12 6.17% $10,953
    First National Bank Texas 12 6.14% $9,780
    PENNYMAC LOAN SERVICES, LLC 11 6.22% $11,593
    NEWREZ LLC 10 6.35% $8,716
    GUARANTEED RATE, INC. 8 6.30% $11,395
    SFMC, LP 7 6.52% $10,996
    MORTGAGE FINANCIAL SERVICES, LLC 6 6.90% $10,614
    CARDINAL FINANCIAL 6 6.67% $12,981
    Equity Prime Mortgage LLC 6 5.88% $11,511
    PLANET HOME LENDING, LLC 5 5.80% $6,097
    Hamilton Mortgage Corporation 5 6.18% $12,534
    LOANDEPOT.COM, LLC 5 6.48% $13,216
    Mr. Cooper ( Nationstar Mortgage ) 4 6.06% $7,828
    NFM, INC. 4 7.09% $13,619
    MOVEMENT MORTGAGE, LLC 4 6.50% $13,200
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.71% $13,394
    AmeriHome Mortgage Company, LLC 3 6.41% $7,847
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 6.29% $9,456
    CALCON MUTUAL MORTGAGE LLC 3 6.46% $16,423
    Centennial Bank 3 6.79% $8,804
    Century Mortgage Company DBA Century Lending Company 3 6.21% $10,936
    Flagstar Bank, FSB 3 6.59% $7,880
    LOANPEOPLE, LLC 3 6.58% $11,204
    PLAZA HOME MORTGAGE, INC. 3 5.92% $16,688
    T2 FINANCIAL LLC 3 6.42% $19,131
    V.I.P. MORTGAGE, INC. 3 6.62% $9,965
    ZILLOW HOME LOANS, LLC 3 6.71% $10,635
    SUN WEST MORTGAGE COMPANY, INC. 2 5.87% $10,539
    Plains Commerce Bank 2 6.81% $11,197
    The Loan Store, Inc. 2 5.63% $19,655
    AMERICAN FINANCIAL NETWORK, INC. 2 7.12% $15,156
    FIRST COMMUNITY MORTGAGE, INC. 2 6.99% $8,681
    Wallick & Volk, Inc. 2 6.19% $6,663
    Alcova Mortgage LLC 2 6.19% $8,305
    VILLAGE CAPITAL MORTGAGE 2 6.56% $5,182
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 5.75% $10,520
    CITY FIRST MORTGAGE SERVICES, L.L.C. 2 5.88% $8,198
    NexBank 2 6.88% $10,590
    Loan Simple, Inc. 2 6.13% $15,428
    RB MORTGAGE LLC 2 6.44% $10,093
    CANOPY MORTGAGE, LLC 1 6.25% $11,929
    OCMBC, INC. 1 7.13% $11,226
    BETTER MORTGAGE CORPORATION 1 7.13% $7,240
    AXIA FINANCIAL, LLC 1 7.25% $8,920
    PENTAGON FEDERAL CREDIT UNION 1 5.63% $9,860
    PHH Mortgage Corporation 1 5.63% $7,620
    AMPLIFY 1 5.75% $12,713
    AMERISAVE MORTGAGE CORPORATION 1 6.50% $18,270
    ALAMEDA MORTGAGE CORPORATION 1 5.99% $15,479
    Prosperity Bank 1 6.63% $9,303
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 6.25% $6,851
    Republic State Mortgage Co. 1 6.88% $9,019
    SECURITYNATIONAL MORTGAGE COMPANY 1 7.13% $9,515
    SENTE MORTGAGE, INC. 1 5.50% $7,963
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.50% $11,174
    Sierra Pacific Mortgage Company, Inc. 1 5.75% $15,665
    SOUTHWEST FUNDING, LP 1 6.25% $15,019
    SOUTHWEST STAGE FUNDING, LLC 1 5.38% $10,426
    SUMMIT FUNDING, INC. 1 6.75% $14,578
    Wells Fargo Bank 1 6.75% $7,668
    ALLIED MORTGAGE GROUP, INC. 1 6.13% $11,517
    University Bank 1 7.50% $8,909
    UNIVERSITY Federal Credit Union 1 5.63% $13,964
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.00% $14,912
    Hometown Equity Mortgage, LLC 1 5.25% $10,587
    Integrity Home Mortgage Corp 1 7.00% $12,837
    LAKEVIEW LOAN SERVICING, LLC 1 6.75% $8,424
    Lakeview Community Capital, LLC 1 7.25% $9,621
    Golden Empire Mortgage, Inc. 1 6.25% $11,787
    First United Bank and Trust Company 1 7.88% $10,589
    Meridian Bank Corporation 1 5.63% $10,858
    MICHIGAN MUTUAL, INC. 1 6.75% $14,927
    DIRECTIONS EQUITY, LLC 1 6.75% $10,154
    Mortgage Research Center, LLC 1 6.99% $6,680
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $8,167
    CORNERSTONE HOME LENDING, INC. 1 4.88% $12,375
    Nations Lending Corporation 1 7.13% $8,630
    NATIONS RELIABLE LENDING, LLC 1 4.99% $12,641
    Network Funding, L.P. 1 6.13% $11,336
    City Bank 1 6.50% $7,331

    The top Corpus Christi FHA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with 243 FHA loans originated. Their average total fees are $8,777, which is $293 lower than the next largest lender, EAGLE HOME MORTGAGE, LLC.

    The lowest fee Corpus Christi FHA lenders (with over 10 loans originated) are PRIMARY RESIDENTIAL MORTGAGE, INC. ($4,429), NEWREZ LLC ($8,716), DHI MORTGAGE COMPANY, LTD. ($8,777), EAGLE HOME MORTGAGE, LLC ($9,070) and EVERETT FINANCIAL, INC. ($9,273).

    The lowest rate Corpus Christi FHA lenders (with over 10 loans originated) are EAGLE HOME MORTGAGE, LLC (4.54%), DHI MORTGAGE COMPANY, LTD. (5.20%), First National Bank Texas (6.14%), UNITED WHOLESALE MORTGAGE, LLC (6.16%) and Extraco Banks (6.17%).

    Corpus Christi FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    CORPUS CHRISTI, TX NUECES 2022 $420,680 $538,650 $651,050 $809,150
    CORPUS CHRISTI, TX SAN PATRICIO 2022 $420,680 $538,650 $651,050 $809,150
    CORPUS CHRISTI, TX NUECES 2023 $472,030 $604,400 $730,525 $907,900
    CORPUS CHRISTI, TX SAN PATRICIO 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Corpus Christi (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 $232,950 (-2.0%) $305,127 (-4.1%) 0.86 2,154
    2018-02-01 $236,975 (-1.0%) $305,332 (-4.3%) 0.86 2,146
    2018-03-01 $239,900 (0.0%) $314,213 (-3.9%) 0.84 2,143
    2018-04-01 $240,000 (-1.9%) $317,108 (-4.3%) 0.81 2,193
    2018-05-01 $239,950 (0.0%) $320,182 (-2.5%) 0.80 2,207
    2018-06-01 $239,900 (0.0%) $318,740 (-3.1%) 0.80 2,326
    2018-07-01 $239,900 (0.0%) $319,046 (-1.7%) 0.80 2,351
    2018-08-01 $239,975 (-0.4%) $318,559 (-2.4%) 0.80 2,393
    2018-09-01 $240,000 (0.3%) $320,138 (0.6%) 0.81 2,416
    2018-10-01 $240,075 (1.8%) $321,052 (3.6%) 0.81 2,410
    2018-11-01 $239,700 (2.3%) $318,725 (4.9%) 0.81 2,383
    2018-12-01 $239,990 (3.3%) $319,607 (5.9%) 0.83 2,258
    2019-01-01 $243,495 (4.5%) $322,522 (5.7%) 0.84 2,201
    2019-02-01 $245,000 (3.4%) $326,130 (6.8%) 0.83 2,265
    2019-03-01 $249,429 (4.0%) $331,951 (5.7%) 0.82 2,316
    2019-04-01 $254,200 (5.9%) $338,536 (6.8%) 0.81 2,374
    2019-05-01 $259,250 (8.0%) $341,906 (6.8%) 0.81 2,462
    2019-06-01 $255,000 (6.3%) $344,382 (8.0%) 0.80 2,472
    2019-07-01 $259,313 (8.1%) $346,376 (8.6%) 0.81 2,479
    2019-08-01 $259,000 (7.9%) $347,571 (9.1%) 0.82 2,438
    2019-09-01 $259,000 (7.9%) $349,326 (9.1%) 0.83 2,374
    2019-10-01 $259,000 (7.9%) $350,153 (9.1%) 0.84 2,309
    2019-11-01 $257,100 (7.3%) $346,036 (8.6%) 0.84 2,261
    2019-12-01 $256,625 (6.9%) $344,710 (7.9%) 0.86 2,194
    2020-01-01 $255,000 (4.7%) $344,263 (6.7%) 0.85 2,096
    2020-02-01 $264,000 (7.8%) $357,067 (9.5%) 0.86 2,080
    2020-03-01 $269,925 (8.2%) $371,777 (12.0%) 0.85 2,103
    2020-04-01 $268,900 (5.8%) $372,929 (10.2%) 0.84 2,088
    2020-05-01 $275,400 (6.2%) $381,632 (11.6%) 0.84 1,925
    2020-06-01 $281,450 (10.4%) $389,133 (13.0%) 0.83 1,684
    2020-07-01 $282,450 (8.9%) $397,290 (14.7%) 0.82 1,548
    2020-08-01 $289,000 (11.6%) $397,842 (14.5%) 0.83 1,467
    2020-09-01 $289,950 (12.0%) $408,154 (16.8%) 0.83 1,407
    2020-10-01 $289,950 (12.0%) $405,055 (15.7%) 0.83 1,344
    2020-11-01 $285,000 (10.9%) $398,520 (15.2%) 0.83 1,351
    2020-12-01 $282,450 (10.1%) $396,189 (14.9%) 0.84 1,272
    2021-01-01 $284,900 (11.7%) $402,632 (17.0%) 0.85 1,149
    2021-02-01 $284,900 (7.9%) $405,305 (13.5%) 0.83 1,061
    2021-03-01 $290,187 (7.5%) $408,314 (9.8%) 0.82 973
    2021-04-01 $293,415 (9.1%) $416,636 (11.7%) 0.79 905
    2021-05-01 $309,900 (12.5%) $443,598 (16.2%) 0.82 842
    2021-06-01 $303,750 (7.9%) $446,811 (14.8%) 0.80 847
    2021-07-01 $315,000 (11.5%) $449,345 (13.1%) 0.83 1,001
    2021-08-01 $314,475 (8.8%) $441,412 (11.0%) 0.84 1,083
    2021-09-01 $304,950 (5.2%) $431,198 (5.7%) 0.81 1,143
    2021-10-01 $315,000 (8.6%) $434,415 (7.3%) 0.84 1,131
    2021-11-01 $324,950 (14.0%) $437,049 (9.7%) 0.87 1,078
    2021-12-01 $311,450 (10.3%) $430,014 (8.5%) 0.84 1,004
    2022-01-01 $312,900 (9.8%) $432,773 (7.5%) 0.85 991
    2022-02-01 $327,450 (14.9%) $456,449 (12.6%) 0.85 892
    2022-03-01 $324,500 (11.8%) $465,388 (14.0%) 0.81 887
    2022-04-01 $336,475 (14.7%) $465,058 (11.6%) 0.80 951
    2022-05-01 $349,450 (12.8%) $469,862 (5.9%) 0.80 1,099
    2022-06-01 $349,950 (15.2%) $474,211 (6.1%) 0.78 1,288
    2022-07-01 $342,128 (8.6%) $459,939 (2.4%) 0.77 1,548
    2022-08-01 $332,000 (5.6%) $451,819 (2.4%) 0.77 1,677
    2022-09-01 $325,000 (6.6%) $452,170 (4.9%) 0.76 1,633
    2022-10-01 $323,900 (2.8%) $452,634 (4.2%) 0.76 1,676
    2022-11-01 $325,000 (0.0%) $454,961 (4.1%) 0.78 1,755
    2022-12-01 $324,900 (4.3%) $447,537 (4.1%) 0.80 1,664
    2023-01-01 $328,263 (4.9%) $445,341 (2.9%) 0.81 1,596
    2023-02-01 $335,000 (2.3%) $456,400 (0.0%) 0.81 1,564
    2023-03-01 $346,373 (6.7%) $467,387 (0.4%) 0.82 1,639
    2023-04-01 $359,900 (7.0%) $485,167 (4.3%) 0.84 1,666
    2023-05-01 $369,000 (5.6%) $501,603 (6.8%) 0.84 1,713
    2023-06-01 $374,365 (7.0%) $507,012 (6.9%) 0.84 1,921
    2023-07-01 $369,250 (7.9%) $498,878 (8.5%) 0.84 1,965
    2023-08-01 $374,725 (12.9%) $502,717 (11.3%) 0.86 2,054
    2023-09-01 $360,000 (10.8%) $489,966 (8.4%) 0.84 2,144
    2023-10-01 $359,992 (11.1%) $491,607 (8.6%) 0.85 2,217
    2023-11-01 $359,900 (10.7%) $485,368 (6.7%) 0.86 2,254
    2023-12-01 $359,000 (10.5%) $478,879 (7.0%) 0.88 2,231
    2024-01-01 $359,900 (9.6%) $478,327 (7.4%) 0.88 2,190
    2024-02-01 $356,240 (6.3%) $474,232 (3.9%) 0.86 2,243
    2024-03-01 $365,000 (5.4%) $488,516 (4.5%) 0.86 2,415
    2024-04-01 $368,850 (2.5%) $493,336 (1.7%) 0.86 2,547
    2024-05-01 $377,000 (2.2%) $502,331 (0.2%) 0.86 2,658
    2024-06-01 $380,000 (1.5%) $507,742 (0.1%) 0.86 2,779
    2024-07-01 $385,000 (4.3%) $513,473 (2.9%) 0.88 2,905
    2024-08-01 $375,000 (0.1%) $499,699 (-0.6%) 0.87 2,884
    2024-09-01 $364,950 (1.4%) $491,568 (0.3%) 0.86 2,911
    2024-10-01 $359,450 (-0.2%) $483,691 (-1.6%) 0.85 2,849
    2024-11-01 $349,999 (-2.8%) $474,486 (-2.2%) 0.84 2,882
    2024-12-01 $348,250 (-3.0%) $469,162 (-2.0%) 0.87 2,875
    2025-01-01 $343,750 (-4.5%) $463,910 (-3.0%) 0.86 2,762
    2025-02-01 $344,450 (-3.3%) $461,294 (-2.7%) 0.84 2,880
    2025-03-01 $365,000 (0.0%) $485,845 (-0.6%) 0.86 3,134
    2025-04-01 $373,900 (1.4%) $499,747 (1.3%) 0.87 3,767
    Corpus Christi's median listing price for 2025-04-01 was $373,900, a difference of $5,050 (1.4%) versus the prior year and $8,900 versus the prior month.

    Corpus Christi's median listing price comes in at 87% of the national average.

    Corpus Christi's average listing price for 2025-04-01 was $499,747, a difference of $6,411 (1.3%) versus the prior year and $13,902 versus the prior month.

    For the 2025-04-01 period, Corpus Christi had 3,767 MLS listings, a difference of 633 listings (20%) versus the prior month and 1,220 listings (48%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Corpus Christi (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 100 days 1,809 sqft
    2018-02-01 92 days 1,813 sqft
    2018-03-01 70 days 1,826 sqft
    2018-04-01 64 days 1,839 sqft
    2018-05-01 65 days 1,835 sqft
    2018-06-01 64 days 1,844 sqft
    2018-07-01 62 days 1,852 sqft
    2018-08-01 66 days 1,859 sqft
    2018-09-01 74 days 1,875 sqft
    2018-10-01 79 days 1,880 sqft
    2018-11-01 85 days 1,874 sqft
    2018-12-01 89 days 1,850 sqft
    2019-01-01 94 days 1,835 sqft
    2019-02-01 85 days 1,809 sqft
    2019-03-01 78 days 1,812 sqft
    2019-04-01 73 days 1,816 sqft
    2019-05-01 74 days 1,820 sqft
    2019-06-01 76 days 1,824 sqft
    2019-07-01 77 days 1,827 sqft
    2019-08-01 80 days 1,838 sqft
    2019-09-01 80 days 1,847 sqft
    2019-10-01 83 days 1,852 sqft
    2019-11-01 92 days 1,845 sqft
    2019-12-01 100 days 1,816 sqft
    2020-01-01 95 days 1,809 sqft
    2020-02-01 88 days 1,796 sqft
    2020-03-01 68 days 1,806 sqft
    2020-04-01 75 days 1,785 sqft
    2020-05-01 88 days 1,826 sqft
    2020-06-01 90 days 1,842 sqft
    2020-07-01 76 days 1,872 sqft
    2020-08-01 78 days 1,871 sqft
    2020-09-01 74 days 1,869 sqft
    2020-10-01 70 days 1,866 sqft
    2020-11-01 72 days 1,788 sqft
    2020-12-01 82 days 1,788 sqft
    2021-01-01 85 days 1,772 sqft
    2021-02-01 68 days 1,782 sqft
    2021-03-01 66 days 1,771 sqft
    2021-04-01 57 days 1,731 sqft
    2021-05-01 48 days 1,787 sqft
    2021-06-01 52 days 1,769 sqft
    2021-07-01 47 days 1,777 sqft
    2021-08-01 52 days 1,758 sqft
    2021-09-01 53 days 1,748 sqft
    2021-10-01 57 days 1,763 sqft
    2021-11-01 61 days 1,768 sqft
    2021-12-01 59 days 1,744 sqft
    2022-01-01 67 days 1,735 sqft
    2022-02-01 59 days 1,772 sqft
    2022-03-01 49 days 1,763 sqft
    2022-04-01 40 days 1,745 sqft
    2022-05-01 40 days 1,779 sqft
    2022-06-01 43 days 1,755 sqft
    2022-07-01 46 days 1,757 sqft
    2022-08-01 53 days 1,689 sqft
    2022-09-01 64 days 1,667 sqft
    2022-10-01 69 days 1,703 sqft
    2022-11-01 74 days 1,715 sqft
    2022-12-01 74 days 1,713 sqft
    2023-01-01 82 days 1,713 sqft
    2023-02-01 75 days 1,710 sqft
    2023-03-01 63 days 1,715 sqft
    2023-04-01 62 days 1,715 sqft
    2023-05-01 65 days 1,709 sqft
    2023-06-01 60 days 1,717 sqft
    2023-07-01 63 days 1,712 sqft
    2023-08-01 68 days 1,723 sqft
    2023-09-01 68 days 1,711 sqft
    2023-10-01 69 days 1,706 sqft
    2023-11-01 75 days 1,703 sqft
    2023-12-01 81 days 1,674 sqft
    2024-01-01 85 days 1,673 sqft
    2024-02-01 76 days 1,657 sqft
    2024-03-01 63 days 1,641 sqft
    2024-04-01 65 days 1,625 sqft
    2024-05-01 71 days 1,623 sqft
    2024-06-01 74 days 1,630 sqft
    2024-07-01 79 days 1,639 sqft
    2024-08-01 85 days 1,626 sqft
    2024-09-01 88 days 1,623 sqft
    2024-10-01 88 days 1,619 sqft
    2024-11-01 87 days 1,635 sqft
    2024-12-01 91 days 1,635 sqft
    2025-01-01 87 days 1,640 sqft
    2025-02-01 85 days 1,622 sqft
    2025-03-01 70 days 1,615 sqft
    2025-04-01 67 days 1,622 sqft
    Corpus Christi's median listing age (time on market) for 2025-04-01 was 67 days. This is 3% longer than the same period one year ago.

    Corpus Christi's median square footage for active listings during the 2025-04-01 period was 1,622 sqft. One year prior, the average listing was 1,625 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).