Dayton FHA Loan Rates, Closing Costs & Stats

DAYTON-KETTERING, OH

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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.

    Dayton's 154 lenders originated 2,488 FHA loans during 2022. The total origination value was $425,830,000, with an average FHA loan value of $171,154.

    Dayton FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Dayton averaged 6.5% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    Dayton's average FHA mortgage closing costs are $6,033.

    The average rate for the prior week (2023-05-19) was 6.27% and one month ago for the week of 2023-04-21, the average rate was 5.91%.

    The average rate one year ago was 5.03%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.43%.

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

    Dayton 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 Dayton level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 306 4.65% $7,814
    DAS Acquisition Company, LLC 183 5.33% $8,740
    CALIBER HOME LOANS, INC. 115 4.91% $6,810
    THRIVE MORTGAGE, LLC 102 5.38% $7,857
    Union Savings Bank 88 4.73% $5,971
    PRIMELENDING, A PLAINSCAPITAL COMPANY 86 5.26% $8,382
    WRIGHT-PATT CREDIT UNION, INC. 84 4.99% $5,585
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 82 5.89% $8,165
    LOANDEPOT.COM, LLC 78 5.23% $7,804
    The Huntington National Bank 74 5.23% $7,371
    MOVEMENT MORTGAGE, LLC 64 5.04% $8,255
    UNITED WHOLESALE MORTGAGE, LLC 57 5.00% $8,812
    CROSSCOUNTRY MORTGAGE, LLC 46 5.97% $7,915
    Mr. Cooper ( Nationstar Mortgage ) 36 4.65% $9,497
    NVR Mortgage Finance, Inc. 33 4.28% $13,096
    FREEDOM MORTGAGE CORPORATION 31 5.24% $8,394
    T2 FINANCIAL LLC 28 5.37% $10,476
    PENNYMAC LOAN SERVICES, LLC 27 4.18% $6,253
    Fifth Third Bank 26 4.69% $4,973
    NFM, INC. 26 5.61% $7,840
    Carrington Mortgage Services, LLC 25 5.36% $9,585
    AMERISAVE MORTGAGE CORPORATION 25 4.92% $9,456
    UNION HOME MORTGAGE CORP. 25 5.54% $8,131
    BROKER SOLUTIONS, INC. 22 5.38% $9,938
    RUOFF MORTGAGE COMPANY, INC. 21 5.40% $6,216
    VAN DYK MORTGAGE CORPORATION 21 5.23% $6,827
    VICTORY MORTGAGE, L.L.C. 20 4.80% $9,872
    JPMorgan Chase Bank 20 5.27% $5,397
    U.S. Bank 19 4.48% $6,038
    Nations Lending Corporation 19 5.40% $7,985
    POLARIS HOME FUNDING CORP. 19 4.98% $9,588
    Gateway First Bank 18 5.68% $6,267
    Bank of England 18 5.03% $9,388
    EQUITY RESOURCES, INC. 18 4.94% $5,753
    Equity Prime Mortgage LLC 17 5.16% $8,338
    PRIMARY RESIDENTIAL MORTGAGE, INC. 15 6.01% $7,829
    Paramount Residential Mortgage Group, Inc. 15 5.26% $8,514
    Mortgage Research Center, LLC 15 5.24% $6,205
    GUARANTEED RATE, INC. 14 4.97% $8,877
    NEWREZ LLC 14 5.47% $6,805
    LAKEVIEW LOAN SERVICING, LLC 14 4.22% $4,609
    AMERICAN MORTGAGE SERVICE COMPANY 13 5.44% $7,635
    PNC Bank 12 4.85% $4,957
    CARDINAL FINANCIAL 12 4.95% $9,296
    LIBERTY HOME MORTGAGE CORPORATION 11 5.42% $6,938
    GUILD MORTGAGE COMPANY 11 5.28% $9,683
    VILLAGE CAPITAL MORTGAGE 10 3.79% $3,642
    NORTHERN MORTGAGE SERVICES, LLC 10 4.90% $5,907
    HOMESIDE FINANCIAL, LLC 10 5.21% $7,347
    NATIONS RELIABLE LENDING, LLC 9 6.01% $9,808
    American Midwest Mortgage Corporation 8 4.94% $8,411
    ARC HOME LLC 8 4.94% $8,391
    MORIA DEVELOPMENT, INC. 8 5.83% $8,936
    RELIANCE FIRST CAPITAL, LLC 8 5.27% $8,190
    TOP FLITE FINANCIAL, INC. 8 6.00% $10,516
    EVERETT FINANCIAL, INC. 7 5.48% $5,478
    Flagstar Bank, FSB 6 5.23% $8,689
    MORTGAGE 1 INCORPORATED 6 5.58% $8,754
    Ixonia Bank 6 5.64% $7,900
    RAPID MORTGAGE COMPANY 5 5.90% $8,036
    GENEVA FINANCIAL, LLC 5 6.25% $7,141
    DHI MORTGAGE COMPANY, LTD. 5 4.42% $8,830
    CHURCHILL MORTGAGE CORPORATION 4 5.53% $8,684
    MUTUAL OF OMAHA MORTGAGE, INC. 4 5.25% $7,960
    1st National Bank 4 4.28% $4,949
    CMG MORTGAGE, INC. 4 5.03% $7,954
    THE EQUITABLE MORTGAGE CORPORATION 4 4.25% $5,306
    STOCKTON MORTGAGE CORPORATION 4 4.94% $10,190
    HOME POINT FINANCIAL CORPORATION 4 4.65% $7,530
    Hometown Lenders, Inc. 4 6.00% $9,406
    KeyBank 4 5.66% $9,390
    First Financial Bank 4 6.16% $7,021
    BAYSHORE MORTGAGE FUNDING, LLC 4 5.72% $8,025
    FIRST COMMUNITY MORTGAGE, INC. 4 6.38% $7,153
    PLAZA HOME MORTGAGE, INC. 4 6.09% $10,794
    Plains Commerce Bank 4 6.19% $10,965
    The Park National Bank 3 6.38% $7,586
    US MORTGAGE CORPORATION 3 6.17% $7,822
    LEADERONE FINANCIAL CORPORATION 3 5.25% $7,387
    NETWORK CAPITAL FUNDING CORPORATION 3 5.08% $9,165
    DIRECT MORTGAGE LOANS, LLC 3 3.75% $8,064
    LOANPAL, LLC 3 4.00% $7,984
    GUARANTEED RATE AFFINITY, LLC 3 6.00% $7,484
    MID AMERICA MORTGAGE, INC. 3 5.25% $5,524
    Citizens Bank 3 4.50% $9,781
    INSPIRE HOME LOANS INC. 3 4.88% $8,633
    RiverHills Bank 3 5.38% $7,284
    SOUTHWEST FUNDING, LP 3 7.00% $8,617
    AMERICAN FINANCING CORPORATION 3 4.66% $8,102
    KELLER MORTGAGE, LLC 3 4.58% $6,290
    NEW DAY FINANCIAL, LLC 3 4.33% $8,599
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.44% $8,012
    GUARANTY HOME MORTGAGE CORPORATION 2 4.50% $7,102
    J. VIRGIL, INC. 2 5.38% $7,170
    ENVOY MORTGAGE, LTD 2 5.13% $5,165
    ENDEAVOR CAPITAL, LLC. 2 5.25% $8,369
    Mercantile Bank of Michigan 2 5.13% $5,964
    M&T Bank 2 3.81% $9,342
    MYCUMORTGAGE, LLC 2 4.31% $4,472
    NATIONS DIRECT MORTGAGE, LLC 2 4.13% $10,681
    Civista Bank 2 4.44% $5,092
    Northpointe Bank 2 4.81% $12,483
    PLANET HOME LENDING, LLC 2 3.56% $6,137
    Barrington Bank & Trust Company, N.A. 2 5.19% $6,178
    ROYAL UNITED MORTGAGE LLC 2 4.13% $11,038
    SUN WEST MORTGAGE COMPANY, INC. 2 4.94% $7,242
    AmRes Corporation 2 4.94% $7,500
    The Union Bank Company 2 3.88% $7,408
    TOWNE MORTGAGE COMPANY 2 4.31% $5,685
    First Guaranty Mortgage Corporation 2 3.56% $8,050
    WEST PENN FINANCIAL SERVICE CENTER, INC. 2 5.25% $7,022
    First Horizon Bank 1 4.38% $7,472
    M/I FINANCIAL, LLC 1 4.00% $11,482
    CALCON MUTUAL MORTGAGE LLC 1 5.63% $6,800
    EMBRACE HOME LOANS, INC. 1 5.75% $7,977
    BAY EQUITY LLC 1 6.75% $11,698
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 5.75% $10,365
    Prosperity Home Mortgage, LLC 1 5.99% $6,528
    Bank of America 1 4.88% $5,457
    Lakeview Community Capital, LLC 1 3.63% $5,768
    Regions Bank 1 6.25% $7,704
    Integrity Home Mortgage Corp 1 3.75% $6,444
    RESIDENTIAL BANCORP. 1 5.25% $8,482
    Hometown Equity Mortgage, LLC 1 4.25% $7,751
    AMCAP MORTGAGE, LTD. 1 6.75% $6,634
    Evolve Bank & Trust 1 5.63% $4,558
    SIBCY CLINE MORTGAGE SERVICES, INC. 1 6.88% $7,521
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.25% $9,623
    Heritage Bank 1 4.38% $6,382
    SUCCESS MORTGAGE PARTNERS, INC. 1 5.13% $9,189
    ALLIED MORTGAGE GROUP, INC. 1 6.13% $10,670
    ACADEMY MORTGAGE CORPORATION 1 6.13% $5,393
    HAMILTON HOME LOANS, INC. 1 5.63% $7,984
    The Federal Savings Bank 1 3.75% $13,706
    AMERIFIRST FINANCIAL CORPORATION 1 5.75% $13,654
    FBC MORTGAGE, LLC 1 5.63% $10,577
    Wells Fargo Bank 1 4.50% $8,200
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.63% $8,296
    First Commonwealth Bank 1 4.99% $6,185
    ZILLOW HOME LOANS, LLC 1 4.50% $11,376
    1ST SIGNATURE LENDING, LLC 1 3.38% $9,503
    GSF Mortgage Corporation 1 3.13% $7,577
    UNITED MORTGAGE CORP. 1 4.75% $9,250
    COMPASS MORTGAGE, INC. 1 3.88% $6,516
    First United Bank and Trust Company 1 4.50% $12,071
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.25% $7,826
    NORWICH COMMERCIAL GROUP, INC. 1 5.25% $7,002
    NP, Inc. 1 6.88% $6,194
    NTFN, INC. 1 7.13% $5,851
    CONTOUR MORTGAGE CORPORATION 1 6.13% $17,070
    Cincinnati Federal 1 5.13% $6,288
    DEVELOPER'S MORTGAGE COMPANY 1 5.50% $11,700
    PENTAGON FEDERAL CREDIT UNION 1 5.50% $9,044
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.13% $17,070

    The top Dayton FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 306 FHA loans originated. Their average total fees are $7,814, which is $926 lower than the next largest lender, DAS Acquisition Company, LLC.

    The lowest fee Dayton FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($3,642), LAKEVIEW LOAN SERVICING, LLC ($4,609), PNC Bank ($4,957), Fifth Third Bank ($4,973) and JPMorgan Chase Bank ($5,397).

    The lowest rate Dayton FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE (3.79%), PENNYMAC LOAN SERVICES, LLC (4.18%), LAKEVIEW LOAN SERVICING, LLC (4.22%), NVR Mortgage Finance, Inc. (4.28%) and U.S. Bank (4.48%).

    Dayton FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    DAYTON-KETTERING, OH GREENE 2022 $420,680 $538,650 $651,050 $809,150
    DAYTON-KETTERING, OH MIAMI 2022 $420,680 $538,650 $651,050 $809,150
    DAYTON-KETTERING, OH MONTGOMERY 2022 $420,680 $538,650 $651,050 $809,150
    DAYTON-KETTERING, OH GREENE 2023 $472,030 $604,400 $730,525 $907,900
    DAYTON-KETTERING, OH MIAMI 2023 $472,030 $604,400 $730,525 $907,900
    DAYTON-KETTERING, OH MONTGOMERY 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Dayton (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 $127,900 (11.3%) $184,514 (9.6%) 0.47 2,363
    2018-02-01 $132,398 (15.2%) $190,297 (12.7%) 0.48 2,205
    2018-03-01 $139,500 (21.4%) $197,479 (14.0%) 0.48 2,099
    2018-04-01 $139,900 (16.7%) $198,972 (9.1%) 0.47 2,095
    2018-05-01 $144,950 (17.6%) $207,840 (13.2%) 0.48 2,130
    2018-06-01 $154,900 (22.5%) $213,319 (13.7%) 0.52 2,311
    2018-07-01 $159,450 (11.9%) $216,067 (9.9%) 0.53 2,435
    2018-08-01 $157,750 (12.3%) $214,234 (8.9%) 0.53 2,606
    2018-09-01 $149,900 (7.2%) $206,009 (4.8%) 0.50 2,783
    2018-10-01 $147,450 (2.2%) $202,919 (3.4%) 0.49 2,876
    2018-11-01 $148,700 (8.2%) $201,445 (3.9%) 0.50 2,823
    2018-12-01 $146,900 (13.1%) $197,932 (6.3%) 0.50 2,633
    2019-01-01 $145,500 (13.8%) $197,165 (6.9%) 0.50 2,235
    2019-02-01 $146,450 (10.6%) $204,554 (7.5%) 0.49 2,024
    2019-03-01 $151,429 (8.6%) $206,206 (4.4%) 0.49 2,230
    2019-04-01 $154,950 (10.8%) $205,434 (3.3%) 0.49 2,513
    2019-05-01 $158,925 (9.6%) $208,411 (0.3%) 0.49 2,527
    2019-06-01 $165,000 (6.5%) $220,231 (3.2%) 0.51 2,022
    2019-07-01 $175,950 (10.4%) $225,261 (4.3%) 0.55 2,169
    2019-08-01 $174,000 (10.3%) $228,771 (6.8%) 0.55 2,141
    2019-09-01 $169,950 (13.4%) $229,739 (11.5%) 0.54 2,126
    2019-10-01 $171,445 (16.3%) $228,540 (12.6%) 0.55 2,242
    2019-11-01 $169,000 (13.7%) $226,391 (12.4%) 0.55 2,174
    2019-12-01 $162,200 (10.4%) $224,889 (13.6%) 0.54 1,908
    2020-01-01 $161,450 (11.0%) $223,184 (13.2%) 0.54 1,677
    2020-02-01 $169,900 (16.0%) $228,584 (11.8%) 0.55 1,442
    2020-03-01 $187,400 (23.8%) $242,074 (17.4%) 0.59 1,496
    2020-04-01 $192,325 (24.1%) $241,444 (17.5%) 0.60 1,423
    2020-05-01 $198,000 (24.6%) $252,227 (21.0%) 0.60 1,271
    2020-06-01 $207,445 (25.7%) $254,780 (15.7%) 0.61 1,157
    2020-07-01 $200,950 (14.2%) $253,519 (12.5%) 0.58 1,137
    2020-08-01 $199,900 (14.9%) $254,779 (11.4%) 0.57 1,141
    2020-09-01 $209,900 (23.5%) $258,208 (12.4%) 0.60 1,183
    2020-10-01 $199,969 (16.6%) $257,858 (12.8%) 0.57 1,227
    2020-11-01 $189,950 (12.4%) $252,261 (11.4%) 0.54 1,205
    2020-12-01 $185,450 (14.3%) $249,327 (10.9%) 0.54 1,062
    2021-01-01 $194,900 (20.7%) $247,295 (10.8%) 0.57 831
    2021-02-01 $195,000 (14.8%) $264,451 (15.7%) 0.56 601
    2021-03-01 $182,400 (-2.7%) $272,152 (12.4%) 0.51 609
    2021-04-01 $183,900 (-4.4%) $276,076 (14.3%) 0.49 600
    2021-05-01 $195,000 (-1.5%) $285,115 (13.0%) 0.51 632
    2021-06-01 $199,500 (-3.8%) $282,182 (10.8%) 0.52 801
    2021-07-01 $212,900 (6.0%) $287,155 (13.3%) 0.55 934
    2021-08-01 $214,950 (7.5%) $288,253 (13.1%) 0.57 1,135
    2021-09-01 $207,400 (-1.2%) $287,809 (11.5%) 0.55 1,149
    2021-10-01 $199,000 (-0.5%) $268,495 (4.1%) 0.52 1,147
    2021-11-01 $189,000 (-0.5%) $269,152 (6.7%) 0.50 998
    2021-12-01 $188,700 (1.8%) $272,894 (9.5%) 0.50 905
    2022-01-01 $180,000 (-7.6%) $269,908 (9.1%) 0.48 699
    2022-02-01 $197,450 (1.3%) $286,116 (8.2%) 0.50 506
    2022-03-01 $214,900 (17.8%) $294,997 (8.4%) 0.53 532
    2022-04-01 $214,900 (16.9%) $274,174 (-0.7%) 0.51 742
    2022-05-01 $217,450 (11.5%) $290,618 (1.9%) 0.49 929
    2022-06-01 $227,450 (14.0%) $298,630 (5.8%) 0.51 1,081
    2022-07-01 $227,500 (6.9%) $292,982 (2.0%) 0.51 1,260
    2022-08-01 $227,000 (5.6%) $288,637 (0.1%) 0.52 1,310
    Dayton's median listing price for 2022-08-01 was $227,000, a difference of $12,050 (5.6%) versus the prior year and $-500 versus the prior month.

    Dayton's median listing price comes in at 52% of the national average.

    Dayton's average listing price for 2022-08-01 was $288,637, a difference of $384 (0.1%) versus the prior year and $-4,345 versus the prior month.

    For the 2022-08-01 period, Dayton had 1,310 MLS listings, a difference of 50 listings (4%) versus the prior month and 175 listings (15%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Dayton (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 76 days 1,493 sqft
    2018-02-01 68 days 1,535 sqft
    2018-03-01 50 days 1,635 sqft
    2018-04-01 45 days 1,640 sqft
    2018-05-01 42 days 1,666 sqft
    2018-06-01 44 days 1,680 sqft
    2018-07-01 44 days 1,713 sqft
    2018-08-01 46 days 1,708 sqft
    2018-09-01 49 days 1,664 sqft
    2018-10-01 52 days 1,644 sqft
    2018-11-01 56 days 1,639 sqft
    2018-12-01 65 days 1,602 sqft
    2019-01-01 74 days 1,598 sqft
    2019-02-01 72 days 1,588 sqft
    2019-03-01 53 days 1,630 sqft
    2019-04-01 41 days 1,664 sqft
    2019-05-01 37 days 1,668 sqft
    2019-06-01 39 days 1,705 sqft
    2019-07-01 41 days 1,768 sqft
    2019-08-01 46 days 1,749 sqft
    2019-09-01 49 days 1,717 sqft
    2019-10-01 46 days 1,693 sqft
    2019-11-01 52 days 1,680 sqft
    2019-12-01 61 days 1,668 sqft
    2020-01-01 65 days 1,631 sqft
    2020-02-01 56 days 1,637 sqft
    2020-03-01 40 days 1,694 sqft
    2020-04-01 47 days 1,701 sqft
    2020-05-01 60 days 1,730 sqft
    2020-06-01 50 days 1,777 sqft
    2020-07-01 40 days 1,765 sqft
    2020-08-01 35 days 1,762 sqft
    2020-09-01 36 days 1,776 sqft
    2020-10-01 33 days 1,762 sqft
    2020-11-01 38 days 1,704 sqft
    2020-12-01 50 days 1,655 sqft
    2021-01-01 58 days 1,568 sqft
    2021-02-01 54 days 1,541 sqft
    2021-03-01 37 days 1,524 sqft
    2021-04-01 32 days 1,569 sqft
    2021-05-01 28 days 1,516 sqft
    2021-06-01 24 days 1,607 sqft
    2021-07-01 24 days 1,691 sqft
    2021-08-01 25 days 1,622 sqft
    2021-09-01 31 days 1,574 sqft
    2021-10-01 35 days 1,559 sqft
    2021-11-01 40 days 1,533 sqft
    2021-12-01 43 days 1,488 sqft
    2022-01-01 49 days 1,448 sqft
    2022-02-01 46 days 1,499 sqft
    2022-03-01 28 days 1,580 sqft
    2022-04-01 28 days 1,510 sqft
    2022-05-01 29 days 1,557 sqft
    2022-06-01 27 days 1,613 sqft
    2022-07-01 30 days 1,624 sqft
    2022-08-01 36 days 1,665 sqft
    Dayton's median listing age (time on market) for 2022-08-01 was 36 days. This is 47% longer than the same period one year ago.

    Dayton's median square footage for active listings during the 2022-08-01 period was 1,665 sqft. One year prior, the average listing was 1,622 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).