Crestview FHA Loan Rates, Closing Costs & Stats

CRESTVIEW-FORT WALTON BEACH-DESTIN, FL

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.

Crestview's 124 lenders originated 805 FHA loans during 2023. The total origination value was $284,555,000, with an average FHA loan value of $353,484.

Crestview FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Crestview averaged 6.27% for the week of 2024-07-05, compared to the national average (all FHA variants) of 6.724% for the same period.

Crestview's average FHA mortgage closing costs are $8,480.

The average rate for the prior week (2024-06-28) was 6.53% and one month ago for the week of 2024-05-31, the average rate was 6.52%.

The average rate one year ago was 6.59%.

For refis of the same type during the week of 2024-07-05, the average rate was 6.82%.

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

Crestview 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 Crestview level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
BROKER SOLUTIONS, INC. 109 6.45% $10,816
UNITED WHOLESALE MORTGAGE, LLC 78 6.33% $12,693
DHI MORTGAGE COMPANY, LTD. 55 5.38% $9,508
QUICKEN LOANS, LLC 53 6.15% $11,966
MOVEMENT MORTGAGE, LLC 39 6.59% $13,204
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 28 6.64% $10,717
Waterstone Mortgage Corporation 24 6.55% $12,797
PRIMELENDING, A PLAINSCAPITAL COMPANY 16 6.78% $13,556
Bank of England 13 6.39% $15,283
SUCCESS MORTGAGE PARTNERS, INC. 13 6.54% $14,998
EAGLE HOME MORTGAGE, LLC 11 5.29% $10,365
INSPIRE HOME LOANS INC. 11 5.89% $9,111
NEWREZ LLC 10 6.71% $10,293
CARDINAL FINANCIAL 10 6.06% $13,257
PENNYMAC LOAN SERVICES, LLC 9 5.90% $14,300
LOANDEPOT.COM, LLC 9 6.26% $10,536
University Bank 9 6.85% $10,289
Mr. Cooper ( Nationstar Mortgage ) 7 5.84% $16,564
GUARANTEED RATE AFFINITY, LLC 7 6.73% $13,030
Equity Prime Mortgage LLC 7 6.86% $10,731
BancorpSouth 6 6.40% $8,651
Regions Bank 6 6.60% $12,130
FBC MORTGAGE, LLC 6 5.53% $8,994
FREEDOM MORTGAGE CORPORATION 6 6.67% $13,628
MORTGAGE SOLUTIONS OF COLORADO, LLC 6 7.23% $14,274
CROSSCOUNTRY MORTGAGE, LLC 6 6.69% $13,392
GUARANTEED RATE, INC. 6 6.28% $11,345
AMERICAN FINANCIAL RESOURCES, INC. 5 6.68% $9,962
Centennial Bank 5 6.35% $11,064
NFM, INC. 5 6.78% $13,890
Nations Lending Corporation 4 7.31% $7,173
FIDELITY BANK 4 6.53% $8,993
United Fidelity Funding Corp. 4 5.97% $17,860
DSLD MORTGAGE, LLC 4 5.87% $9,301
First Federal Bank 4 6.38% $7,020
AMERISAVE MORTGAGE CORPORATION 4 6.72% $13,103
Renasant Bank 4 5.90% $12,734
THRIVE MORTGAGE, LLC 3 6.63% $9,185
TOP FLITE FINANCIAL, INC. 3 7.04% $18,428
GSF Mortgage Corporation 3 6.50% $10,009
ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 6.00% $17,947
GUILD MORTGAGE COMPANY 3 6.58% $8,383
Wells Fargo Bank 2 6.88% $9,849
AMERICAN FINANCING CORPORATION 2 6.94% $15,854
Ameris Bank 2 7.19% $8,191
BankPlus 2 5.81% $8,071
Carrington Mortgage Services, LLC 2 6.63% $9,611
Encompass Lending Group, LP 2 7.12% $11,999
Flagstar Bank, FSB 2 7.00% $13,294
HOMESTAR FINANCIAL CORPORATION 2 6.69% $11,514
LOANPAL, LLC 2 5.38% $14,350
MORIA DEVELOPMENT, INC. 2 7.44% $10,473
NATIONS DIRECT MORTGAGE, LLC 2 6.75% $11,145
NBKC BANK 2 5.25% $13,246
Northpointe Bank 2 6.81% $12,354
OCMBC, INC. 2 6.75% $13,959
OPEN MORTGAGE, LLC 2 5.75% $11,425
Paramount Residential Mortgage Group, Inc. 2 6.13% $15,231
PENTAGON FEDERAL CREDIT UNION 2 5.88% $8,795
Plains Commerce Bank 2 6.75% $9,825
PLANET HOME LENDING, LLC 2 6.19% $10,822
RUOFF MORTGAGE COMPANY, INC. 2 6.38% $11,218
South State Bank 2 6.06% $11,627
The Federal Savings Bank 2 6.25% $16,235
Trustmark National Bank 2 6.63% $10,272
UNION HOME MORTGAGE CORP. 2 5.63% $20,453
MID AMERICA MORTGAGE, INC. 1 7.13% $9,008
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 5.75% $18,712
MORTGAGE ONE OF THE SOUTH, INC. 1 6.50% $6,617
Mortgage Research Center, LLC 1 7.63% $14,818
Community Bank of Mississippi 1 7.00% $16,383
CMG MORTGAGE, INC. 1 6.75% $9,085
Citizens Bank 1 6.88% $7,103
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $17,426
TJC Mortgage, Inc. 1 6.50% $15,321
CIS Financial Services, Inc. 1 6.00% $13,943
AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.50% $12,882
CHURCHILL MORTGAGE CORPORATION 1 8.25% $13,198
CERTAINTY HOME LOANS, LLC 1 5.00% $18,065
TOTAL MORTGAGE SERVICES, LLC 1 5.63% $16,480
NOVA FINANCIAL & INVESTMENT CORPORATION 1 7.13% $6,715
Truist 1 6.60% $11,233
ACADEMY MORTGAGE CORPORATION 1 6.63% $9,036
PANORAMA MORTGAGE GROUP, LLC 1 6.75% $23,804
1ST SIGNATURE LENDING, LLC 1 6.75% $16,059
Century Mortgage Company DBA Century Lending Company 1 5.38% $23,590
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.88% $7,192
American Mortgage & Equity Consultants, Inc. 1 4.75% $10,010
AMERICAN FINANCIAL NETWORK, INC. 1 7.50% $16,792
PNC Bank 1 6.25% $8,627
PREMIER MORTGAGE RESOURCES, L.L.C. 1 7.13% $12,059
Presidential Bank, FSB 1 7.13% $16,282
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.75% $13,479
CBM Mortgage, Inc. 1 7.63% $11,314
CANOPY MORTGAGE, LLC 1 5.63% $15,567
CALIBER HOME LOANS, INC. 1 5.75% $12,273
BNC National Bank 1 5.13% $16,720
ROYAL UNITED MORTGAGE LLC 1 5.75% $25,262
U.S. Bank 1 6.13% $9,580
ServisFirst Bank 1 6.75% $12,859
SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 5.75% $8,689
US MORTGAGE CORPORATION 1 5.75% $9,331
STOCKTON MORTGAGE CORPORATION 1 7.50% $7,988
Bank of America 1 6.88% $17,485
SWBC MORTGAGE CORPORATION 1 6.13% $7,600
Synovus Bank 1 6.75% $8,075
VAN DYK MORTGAGE CORPORATION 1 6.13% $7,923
GARDNER FINANCIAL SERVICES, LTD. 1 7.00% $10,643
Goldwater Bank, N.A. 1 6.63% $14,284
First Option Mortgage, LLC 1 7.63% $9,267
FIRST COMMUNITY MORTGAGE, INC. 1 7.63% $10,450
EVERETT FINANCIAL, INC. 1 6.38% $12,683
ENDEAVOR CAPITAL, LLC. 1 6.75% $20,990
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 7.50% $13,070
THE MORTGAGE FIRM, INC. 1 7.00% $12,075
Hometown Equity Mortgage, LLC 1 7.13% $11,766
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 6.13% $23,976
Ixonia Bank 1 8.50% $13,343
Keystone Funding, Inc. 1 6.63% $11,313
LIBERTY HOME MORTGAGE CORPORATION 1 6.75% $19,273
CORNERSTONE HOME LENDING, INC. 1 7.00% $7,666
THE MORTGAGE LINK, INC. 1 8.25% $27,138
Loan Simple, Inc. 1 7.63% $14,671
MICHIGAN MUTUAL, INC. 1 5.13% $17,510

The top Crestview FHA lender as defined by loan originations is BROKER SOLUTIONS, INC., with 109 FHA loans originated. Their average total fees are $10,816, which is $1,877 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Crestview FHA lenders (with over 10 loans originated) are INSPIRE HOME LOANS INC. ($9,111), DHI MORTGAGE COMPANY, LTD. ($9,508), NEWREZ LLC ($10,293), EAGLE HOME MORTGAGE, LLC ($10,365) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($10,717).

The lowest rate Crestview FHA lenders (with over 10 loans originated) are EAGLE HOME MORTGAGE, LLC (5.29%), DHI MORTGAGE COMPANY, LTD. (5.38%), INSPIRE HOME LOANS INC. (5.89%), CARDINAL FINANCIAL (6.06%) and QUICKEN LOANS, LLC (6.15%).

Crestview FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL OKALOOSA 2022 $539,350 $690,450 $834,600 $1,037,200
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL WALTON 2022 $539,350 $690,450 $834,600 $1,037,200
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL OKALOOSA 2023 $603,750 $772,900 $934,250 $1,161,050
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL WALTON 2023 $603,750 $772,900 $934,250 $1,161,050

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Crestview (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 $398,500 (4.2%) $729,543 (0.0%) 1.48 3,256
2018-02-01 $399,000 (1.7%) $717,782 (-3.0%) 1.45 3,313
2018-03-01 $399,000 (0.0%) $730,276 (-2.0%) 1.40 3,401
2018-04-01 $399,250 (1.1%) $735,377 (0.1%) 1.35 3,472
2018-05-01 $399,450 (0.4%) $737,944 (-0.2%) 1.33 3,477
2018-06-01 $399,999 (0.0%) $736,346 (-1.2%) 1.33 3,541
2018-07-01 $399,000 (-1.0%) $728,970 (-3.1%) 1.33 3,580
2018-08-01 $397,000 (-5.0%) $735,618 (-3.1%) 1.33 3,529
2018-09-01 $399,000 (-2.7%) $725,507 (-3.4%) 1.34 3,537
2018-10-01 $399,450 (-0.6%) $732,231 (-1.5%) 1.35 3,494
2018-11-01 $399,000 (-0.1%) $728,089 (-0.8%) 1.35 3,440
2018-12-01 $417,000 (4.4%) $754,393 (2.3%) 1.44 3,327
2019-01-01 $422,399 (6.0%) $758,325 (4.0%) 1.46 3,184
2019-02-01 $427,500 (7.1%) $771,619 (7.5%) 1.44 3,182
2019-03-01 $450,086 (12.8%) $793,481 (8.7%) 1.47 3,245
2019-04-01 $469,100 (17.5%) $818,991 (11.4%) 1.49 3,323
2019-05-01 $474,950 (18.9%) $843,541 (14.3%) 1.48 3,287
2019-06-01 $477,767 (19.4%) $843,547 (14.6%) 1.49 3,264
2019-07-01 $482,138 (20.8%) $860,762 (18.1%) 1.51 3,221
2019-08-01 $489,034 (23.2%) $873,717 (18.8%) 1.55 3,195
2019-09-01 $495,160 (24.1%) $881,502 (21.5%) 1.58 3,183
2019-10-01 $499,963 (25.2%) $887,141 (21.2%) 1.61 3,173
2019-11-01 $500,000 (25.3%) $885,588 (21.6%) 1.64 3,096
2019-12-01 $499,900 (19.9%) $883,288 (17.1%) 1.67 2,961
2020-01-01 $505,000 (19.6%) $880,533 (16.1%) 1.69 2,800
2020-02-01 $525,000 (22.8%) $901,590 (16.8%) 1.72 2,718
2020-03-01 $530,146 (17.8%) $905,035 (14.1%) 1.66 2,890
2020-04-01 $519,875 (10.8%) $874,087 (6.7%) 1.63 3,121
2020-05-01 $525,000 (10.5%) $881,975 (4.6%) 1.60 3,118
2020-06-01 $499,950 (4.6%) $895,456 (6.2%) 1.47 2,716
2020-07-01 $508,000 (5.4%) $929,291 (8.0%) 1.47 2,460
2020-08-01 $499,000 (2.0%) $941,820 (7.8%) 1.43 2,245
2020-09-01 $497,975 (0.6%) $940,559 (6.7%) 1.43 2,068
2020-10-01 $489,900 (-2.0%) $968,458 (9.2%) 1.40 1,927
2020-11-01 $479,000 (-4.2%) $970,847 (9.6%) 1.40 1,859
2020-12-01 $473,978 (-5.2%) $980,210 (11.0%) 1.41 1,678
2021-01-01 $468,900 (-7.2%) $993,524 (12.8%) 1.40 1,453
2021-02-01 $473,393 (-9.8%) $1,016,333 (12.7%) 1.38 1,174
2021-03-01 $499,000 (-5.9%) $1,055,618 (16.6%) 1.42 1,029
2021-04-01 $565,000 (8.7%) $1,121,784 (28.3%) 1.53 983
2021-05-01 $619,500 (18.0%) $1,162,236 (31.8%) 1.65 1,023
2021-06-01 $599,450 (19.9%) $1,153,952 (28.9%) 1.58 1,182
2021-07-01 $599,900 (18.1%) $1,143,037 (23.0%) 1.58 1,449
2021-08-01 $599,950 (20.2%) $1,128,583 (19.8%) 1.60 1,649
2021-09-01 $609,963 (22.5%) $1,144,800 (21.7%) 1.63 1,683
2021-10-01 $599,900 (22.5%) $1,141,658 (17.9%) 1.60 1,614
2021-11-01 $607,450 (26.8%) $1,143,031 (17.7%) 1.62 1,500
2021-12-01 $601,275 (26.9%) $1,150,481 (17.4%) 1.63 1,295
2022-01-01 $599,909 (27.9%) $1,204,534 (21.2%) 1.62 1,060
2022-02-01 $604,725 (27.7%) $1,268,593 (24.8%) 1.57 859
2022-03-01 $620,799 (24.4%) $1,301,722 (23.3%) 1.55 930
2022-04-01 $646,485 (14.4%) $1,347,231 (20.1%) 1.54 1,163
2022-05-01 $649,500 (4.8%) $1,341,620 (15.4%) 1.48 1,521
2022-06-01 $685,800 (14.4%) $1,390,186 (20.5%) 1.53 1,878
2022-07-01 $689,950 (15.0%) $1,394,484 (22.0%) 1.55 2,339
2022-08-01 $667,125 (11.2%) $1,360,971 (20.6%) 1.54 2,496
2022-09-01 $662,500 (8.6%) $1,327,859 (16.0%) 1.55 2,593
2022-10-01 $669,000 (11.5%) $1,320,969 (15.7%) 1.57 2,683
2022-11-01 $648,475 (6.8%) $1,293,765 (13.2%) 1.56 2,736
2022-12-01 $639,900 (6.4%) $1,294,220 (12.5%) 1.58 2,615
2023-01-01 $627,450 (4.6%) $1,271,837 (5.6%) 1.55 2,520
2023-02-01 $632,200 (4.5%) $1,288,481 (1.6%) 1.53 2,468
2023-03-01 $667,450 (7.5%) $1,349,862 (3.7%) 1.57 2,432
2023-04-01 $699,500 (8.2%) $1,405,742 (4.3%) 1.63 2,470
2023-05-01 $719,450 (10.8%) $1,449,095 (8.0%) 1.63 2,546
2023-06-01 $725,000 (5.7%) $1,450,078 (4.3%) 1.63 2,663
2023-07-01 $725,000 (5.1%) $1,429,656 (2.5%) 1.65 2,827
2023-08-01 $719,800 (7.9%) $1,417,101 (4.1%) 1.65 2,941
2023-09-01 $689,500 (4.1%) $1,358,512 (2.3%) 1.61 3,193
2023-10-01 $677,000 (1.2%) $1,319,775 (-0.1%) 1.59 3,330
2023-11-01 $649,450 (0.2%) $1,291,771 (-0.2%) 1.55 3,465
2023-12-01 $639,250 (-0.1%) $1,282,633 (-0.9%) 1.56 3,411
2024-01-01 $637,000 (1.5%) $1,277,571 (0.5%) 1.56 3,379
2024-02-01 $642,350 (1.6%) $1,276,889 (-0.9%) 1.55 3,476
2024-03-01 $644,000 (-3.5%) $1,279,910 (-5.2%) 1.52 3,848
2024-04-01 $647,450 (-7.4%) $1,281,343 (-8.9%) 1.51 4,060
2024-05-01 $649,450 (-9.7%) $1,266,781 (-12.6%) 1.47 4,185
2024-06-01 $649,000 (-10.5%) $1,275,588 (-12.0%) 1.46 4,381
Crestview's median listing price for 2024-06-01 was $649,000, a difference of $-76,000 (-10.5%) versus the prior year and $-450 versus the prior month.

Crestview's median listing price comes in at 146% of the national average.

Crestview's average listing price for 2024-06-01 was $1,275,588, a difference of $-174,490 (-12.0%) versus the prior year and $8,807 versus the prior month.

For the 2024-06-01 period, Crestview had 4,381 MLS listings, a difference of 196 listings (5%) versus the prior month and 1,718 listings (65%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Crestview (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 102 days 1,965 sqft
2018-02-01 94 days 1,969 sqft
2018-03-01 72 days 1,979 sqft
2018-04-01 67 days 1,978 sqft
2018-05-01 68 days 1,999 sqft
2018-06-01 72 days 2,000 sqft
2018-07-01 78 days 1,978 sqft
2018-08-01 84 days 1,970 sqft
2018-09-01 85 days 1,958 sqft
2018-10-01 89 days 1,933 sqft
2018-11-01 89 days 1,920 sqft
2018-12-01 96 days 1,922 sqft
2019-01-01 101 days 1,923 sqft
2019-02-01 98 days 1,945 sqft
2019-03-01 84 days 1,963 sqft
2019-04-01 69 days 1,980 sqft
2019-05-01 67 days 2,011 sqft
2019-06-01 72 days 1,981 sqft
2019-07-01 76 days 1,978 sqft
2019-08-01 78 days 1,985 sqft
2019-09-01 78 days 2,002 sqft
2019-10-01 79 days 2,012 sqft
2019-11-01 81 days 2,004 sqft
2019-12-01 88 days 2,000 sqft
2020-01-01 93 days 2,005 sqft
2020-02-01 92 days 2,005 sqft
2020-03-01 65 days 2,015 sqft
2020-04-01 65 days 2,008 sqft
2020-05-01 74 days 1,991 sqft
2020-06-01 79 days 1,960 sqft
2020-07-01 61 days 1,980 sqft
2020-08-01 56 days 1,943 sqft
2020-09-01 53 days 1,940 sqft
2020-10-01 56 days 1,904 sqft
2020-11-01 53 days 1,919 sqft
2020-12-01 59 days 1,894 sqft
2021-01-01 64 days 1,920 sqft
2021-02-01 43 days 1,881 sqft
2021-03-01 29 days 1,933 sqft
2021-04-01 22 days 1,957 sqft
2021-05-01 21 days 1,985 sqft
2021-06-01 23 days 1,923 sqft
2021-07-01 27 days 1,927 sqft
2021-08-01 33 days 1,907 sqft
2021-09-01 38 days 1,891 sqft
2021-10-01 45 days 1,870 sqft
2021-11-01 51 days 1,923 sqft
2021-12-01 57 days 1,928 sqft
2022-01-01 61 days 1,933 sqft
2022-02-01 43 days 1,933 sqft
2022-03-01 34 days 1,975 sqft
2022-04-01 33 days 1,999 sqft
2022-05-01 32 days 2,012 sqft
2022-06-01 36 days 2,018 sqft
2022-07-01 42 days 2,008 sqft
2022-08-01 52 days 1,998 sqft
2022-09-01 59 days 2,004 sqft
2022-10-01 64 days 2,010 sqft
2022-11-01 72 days 1,984 sqft
2022-12-01 80 days 1,982 sqft
2023-01-01 85 days 1,984 sqft
2023-02-01 78 days 1,961 sqft
2023-03-01 64 days 1,987 sqft
2023-04-01 59 days 2,000 sqft
2023-05-01 59 days 1,970 sqft
2023-06-01 60 days 1,947 sqft
2023-07-01 63 days 1,952 sqft
2023-08-01 67 days 1,941 sqft
2023-09-01 65 days 1,900 sqft
2023-10-01 66 days 1,865 sqft
2023-11-01 71 days 1,862 sqft
2023-12-01 79 days 1,837 sqft
2024-01-01 87 days 1,830 sqft
2024-02-01 87 days 1,828 sqft
2024-03-01 66 days 1,823 sqft
2024-04-01 65 days 1,826 sqft
2024-05-01 67 days 1,824 sqft
2024-06-01 71 days 1,828 sqft
Crestview's median listing age (time on market) for 2024-06-01 was 71 days. This is 18% longer than the same period one year ago.

Crestview's median square footage for active listings during the 2024-06-01 period was 1,828 sqft. One year prior, the average listing was 1,947 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).