Dover FHA Loan Rates, Closing Costs & Stats

DOVER, DE

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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.

    Dover's 107 lenders originated 1,030 FHA loans during 2024. The total origination value was $347,920,000, with an average FHA loan value of $337,786.

    Dover FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Dover averaged 6.43% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    Dover's average FHA mortgage closing costs are $9,922.

    The average rate for the prior week (2025-03-28) was 6.23% and one month ago for the week of 2025-02-28, the average rate was 6.32%.

    The average rate one year ago was 6.43%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.06%.

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

    Dover 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 Dover level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    PIKE CREEK MORTGAGE SERVICES, INC. 75 6.21% $13,289
    Keystone Funding, Inc. 67 6.13% $13,792
    QUICKEN LOANS, LLC 60 6.29% $13,640
    Meridian Bank Corporation 49 6.06% $13,784
    NVR Mortgage Finance, Inc. 45 6.00% $14,561
    GUILD MORTGAGE COMPANY 42 6.19% $12,646
    UNITED WHOLESALE MORTGAGE, LLC 39 6.09% $15,989
    TIDEWATER MORTGAGE SERVICES, INC. 32 6.46% $11,583
    MOVEMENT MORTGAGE, LLC 30 6.07% $12,295
    PENNYMAC LOAN SERVICES, LLC 24 5.96% $12,091
    FREEDOM MORTGAGE CORPORATION 23 6.42% $14,645
    DHI MORTGAGE COMPANY, LTD. 23 5.49% $10,728
    NATION ONE MORTGAGE CORPORATION 22 6.11% $13,791
    PRIMARY RESIDENTIAL MORTGAGE, INC. 20 6.51% $9,511
    CROSSCOUNTRY MORTGAGE, LLC 20 6.35% $13,255
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 20 6.37% $17,578
    CARDINAL FINANCIAL 18 6.67% $14,207
    Evolve Bank & Trust 16 6.49% $12,638
    NEWREZ LLC 14 6.26% $14,944
    MICHIGAN MUTUAL, INC. 14 6.46% $11,622
    Prosperity Home Mortgage, LLC 12 6.57% $11,045
    MDE Home Loans, LLC 12 6.26% $16,857
    ALLIED MORTGAGE GROUP, INC. 11 6.11% $17,869
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 11 6.59% $10,649
    LOANDEPOT.COM, LLC 11 6.44% $15,011
    EAGLE HOME MORTGAGE, LLC 11 6.43% $14,878
    CMG MORTGAGE, INC. 11 6.27% $12,689
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 10 6.09% $15,498
    Mr. Cooper ( Nationstar Mortgage ) 10 6.60% $15,106
    Equity Prime Mortgage LLC 9 6.83% $18,277
    HOMESIDE FINANCIAL, LLC 9 6.60% $16,021
    BROKER SOLUTIONS, INC. 9 6.68% $14,217
    VILLAGE CAPITAL MORTGAGE 7 6.53% $5,396
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 6.17% $11,009
    American Mortgage & Equity Consultants, Inc. 6 6.04% $17,057
    EMBRACE HOME LOANS, INC. 6 5.94% $13,946
    Paramount Residential Mortgage Group, Inc. 5 6.78% $20,220
    LOANPAL, LLC 5 5.48% $17,222
    Century Mortgage Company DBA Century Lending Company 5 6.35% $13,403
    SUN WEST MORTGAGE COMPANY, INC. 5 6.00% $12,313
    GUARANTEED RATE, INC. 4 6.50% $14,175
    EMM LOANS LLC 4 6.34% $15,777
    Flagstar Bank, FSB 4 6.28% $11,506
    Wilmington Savings Fund Society, FSB 4 6.03% $8,231
    Mortgage Research Center, LLC 4 6.59% $10,091
    MUTUAL OF OMAHA MORTGAGE, INC. 4 6.28% $17,299
    AMERISAVE MORTGAGE CORPORATION 4 5.81% $22,372
    ABSOLUTE HOME MORTGAGE CORPORATION 4 6.22% $14,710
    Acre Mortgage and Financial Inc 4 6.81% $14,009
    NFM, INC. 4 6.88% $17,327
    ZILLOW HOME LOANS, LLC 3 5.67% $13,723
    Nations Lending Corporation 3 6.42% $8,566
    GUARANTEED RATE AFFINITY, LLC 3 6.79% $12,549
    FIRST COMMUNITY MORTGAGE, INC. 3 6.96% $12,837
    Carrington Mortgage Services, LLC 3 6.25% $18,378
    AMERICAN FINANCIAL RESOURCES, INC. 3 6.75% $10,969
    LAKEVIEW LOAN SERVICING, LLC 2 6.19% $11,291
    AMERICAN FINANCIAL NETWORK, INC. 2 6.19% $16,218
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.44% $14,637
    AmeriHome Mortgage Company, LLC 2 6.38% $10,275
    BAYSHORE MORTGAGE FUNDING, LLC 2 6.25% $16,040
    City Lending Inc. 2 7.88% $15,523
    DIRECT MORTGAGE LOANS, LLC 2 6.44% $14,433
    FIRST HOME MORTGAGE CORPORATION 2 6.19% $19,645
    Ixonia Bank 2 6.06% $12,556
    LIBERTY HOME MORTGAGE CORPORATION 2 7.06% $14,488
    MLD MORTGAGE INC. 2 6.19% $10,684
    NEW FED MORTGAGE, CORP. 2 5.75% $10,949
    Plains Commerce Bank 2 6.13% $14,651
    Shore United Bank 2 6.50% $10,128
    The Loan Store, Inc. 2 6.88% $11,796
    TruHome Solutions, LLC 2 6.31% $12,866
    BAY EQUITY LLC 1 5.25% $12,031
    JPMorgan Chase Bank 1 6.88% $8,031
    NEXERA HOLDING LLC 1 6.25% $10,208
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 5.25% $18,121
    NJ LENDERS CORP. 1 5.13% $13,947
    Northpointe Bank 1 6.25% $10,119
    Fulton Bank 1 6.25% $8,751
    OCEANSIDE MORTGAGE COMPANY 1 6.13% $3,650
    Old National Bank 1 5.75% $11,028
    FIRST SAVINGS MORTGAGE CORPORATION 1 8.25% $15,249
    Firstrust Savings Bank 1 6.25% $11,192
    PHH Mortgage Corporation 1 6.88% $11,236
    First Citizens Community Bank 1 6.63% $7,835
    Waterstone Mortgage Corporation 1 5.75% $12,501
    PLANET HOME LENDING, LLC 1 5.99% $5,014
    EVERETT FINANCIAL, INC. 1 6.63% $12,528
    ENVOY MORTGAGE, LTD 1 6.13% $13,447
    East Coast Capital Corp. 1 6.63% $12,222
    RELIANCE FIRST CAPITAL, LLC 1 5.75% $20,712
    Residential Mortgage Solutions, Inc. 1 6.50% $16,317
    Wells Fargo Bank 1 7.63% $5,332
    Commerce Home Mortgage, Inc. 1 6.13% $9,694
    Texana Bank 1 5.88% $25,726
    The Federal Savings Bank 1 5.38% $33,535
    Bank of America 1 6.75% $5,168
    CHURCHILL MORTGAGE CORPORATION 1 8.25% $14,634
    TOWNE MORTGAGE COMPANY 1 6.63% $16,070
    AMERICAN FINANCING CORPORATION 1 4.88% $20,622
    UNION HOME MORTGAGE CORP. 1 5.38% $16,039
    BOND STREET MORTGAGE, LLC 1 7.63% $14,438
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $10,825
    M&T Bank 1 6.00% $10,193
    Mortgage America, Inc. 1 6.63% $11,135
    MEMBER FIRST MORTGAGE, LLC 1 6.75% $5,393
    Magnolia Bank 1 6.50% $20,721

    The top Dover FHA lender as defined by loan originations is PIKE CREEK MORTGAGE SERVICES, INC., with 75 FHA loans originated. Their average total fees are $13,289, which is $503 lower than the next largest lender, Keystone Funding, Inc..

    The lowest fee Dover FHA lenders (with over 10 loans originated) are PRIMARY RESIDENTIAL MORTGAGE, INC. ($9,511), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($10,649), DHI MORTGAGE COMPANY, LTD. ($10,728), Prosperity Home Mortgage, LLC ($11,045) and TIDEWATER MORTGAGE SERVICES, INC. ($11,583).

    The lowest rate Dover FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.49%), PENNYMAC LOAN SERVICES, LLC (5.96%), NVR Mortgage Finance, Inc. (6.00%), Meridian Bank Corporation (6.06%) and MOVEMENT MORTGAGE, LLC (6.07%).

    Dover FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    DOVER, DE KENT 2022 $420,680 $538,650 $651,050 $809,150
    DOVER, DE KENT 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Dover (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 $241,425 (2.7%) $247,716 (3.8%) 0.90 837
    2018-02-01 $244,800 (4.0%) $251,399 (6.0%) 0.89 811
    2018-03-01 $249,943 (4.2%) $255,771 (5.9%) 0.88 805
    2018-04-01 $252,400 (3.3%) $254,186 (2.8%) 0.86 858
    2018-05-01 $259,948 (6.2%) $263,957 (6.5%) 0.87 857
    2018-06-01 $259,900 (6.7%) $261,968 (5.9%) 0.87 937
    2018-07-01 $262,950 (7.9%) $264,492 (6.5%) 0.88 956
    2018-08-01 $259,885 (6.1%) $262,945 (4.5%) 0.87 971
    2018-09-01 $259,900 (6.3%) $261,808 (4.9%) 0.87 947
    2018-10-01 $259,900 (7.9%) $262,898 (6.1%) 0.88 957
    2018-11-01 $263,650 (9.4%) $269,053 (8.4%) 0.89 916
    2018-12-01 $260,000 (8.3%) $268,827 (8.0%) 0.90 808
    2019-01-01 $263,050 (9.0%) $270,271 (9.1%) 0.91 727
    2019-02-01 $262,945 (7.4%) $272,098 (8.2%) 0.89 697
    2019-03-01 $264,851 (6.0%) $276,112 (8.0%) 0.87 719
    2019-04-01 $267,161 (5.9%) $280,533 (10.4%) 0.85 737
    2019-05-01 $271,623 (4.5%) $283,833 (7.5%) 0.85 743
    2019-06-01 $270,388 (4.0%) $285,474 (9.0%) 0.85 740
    2019-07-01 $269,938 (2.7%) $288,186 (9.0%) 0.85 744
    2019-08-01 $270,745 (4.2%) $285,245 (8.5%) 0.86 737
    2019-09-01 $272,014 (4.7%) $280,855 (7.3%) 0.87 714
    2019-10-01 $272,859 (5.0%) $277,929 (5.7%) 0.88 693
    2019-11-01 $269,900 (2.4%) $271,946 (1.1%) 0.88 678
    2019-12-01 $269,450 (3.6%) $270,743 (0.7%) 0.90 631
    2020-01-01 $273,400 (3.9%) $275,877 (2.1%) 0.91 590
    2020-02-01 $274,900 (4.6%) $273,509 (0.5%) 0.90 567
    2020-03-01 $277,900 (4.9%) $277,316 (0.4%) 0.87 547
    2020-04-01 $279,173 (4.5%) $282,077 (0.6%) 0.87 509
    2020-05-01 $277,700 (2.2%) $282,278 (-0.6%) 0.84 498
    2020-06-01 $284,750 (5.3%) $288,146 (0.9%) 0.84 464
    2020-07-01 $284,900 (5.5%) $292,521 (1.5%) 0.83 476
    2020-08-01 $294,950 (8.9%) $301,399 (5.7%) 0.85 420
    2020-09-01 $298,925 (9.9%) $307,916 (9.6%) 0.86 382
    2020-10-01 $299,900 (9.9%) $305,745 (10.0%) 0.86 376
    2020-11-01 $305,350 (13.1%) $313,948 (15.5%) 0.89 354
    2020-12-01 $307,650 (14.2%) $312,568 (15.5%) 0.91 331
    2021-01-01 $314,900 (15.2%) $322,118 (16.8%) 0.94 231
    2021-02-01 $318,663 (15.9%) $327,468 (19.7%) 0.93 232
    2021-03-01 $332,975 (19.8%) $346,952 (25.1%) 0.94 200
    2021-04-01 $349,950 (25.4%) $360,630 (27.9%) 0.95 219
    2021-05-01 $342,450 (23.3%) $353,452 (25.2%) 0.91 195
    2021-06-01 $360,549 (26.6%) $370,707 (28.7%) 0.95 254
    2021-07-01 $360,000 (26.4%) $373,212 (27.6%) 0.95 273
    2021-08-01 $371,900 (26.1%) $401,702 (33.3%) 0.99 301
    2021-09-01 $367,675 (23.0%) $397,364 (29.1%) 0.98 304
    2021-10-01 $367,900 (22.7%) $391,998 (28.2%) 0.98 307
    2021-11-01 $356,000 (16.6%) $394,874 (25.8%) 0.95 301
    2021-12-01 $366,950 (19.3%) $406,457 (30.0%) 0.99 277
    2022-01-01 $371,216 (17.9%) $418,314 (29.9%) 1.00 256
    2022-02-01 $396,998 (24.6%) $438,008 (33.8%) 1.03 240
    2022-03-01 $415,173 (24.7%) $452,559 (30.4%) 1.04 218
    2022-04-01 $399,900 (14.3%) $446,726 (23.9%) 0.95 220
    2022-05-01 $398,797 (16.5%) $432,822 (22.5%) 0.91 296
    2022-06-01 $399,950 (10.9%) $427,775 (15.4%) 0.89 308
    2022-07-01 $400,000 (11.1%) $419,604 (12.4%) 0.90 346
    2022-08-01 $395,000 (6.2%) $416,091 (3.6%) 0.91 372
    2022-09-01 $390,000 (6.1%) $414,895 (4.4%) 0.91 355
    2022-10-01 $395,000 (7.4%) $415,506 (6.0%) 0.93 352
    2022-11-01 $382,225 (7.4%) $402,683 (2.0%) 0.92 398
    2022-12-01 $385,000 (4.9%) $404,781 (-0.4%) 0.95 358
    2023-01-01 $399,850 (7.7%) $408,780 (-2.3%) 0.99 335
    2023-02-01 $397,450 (0.1%) $406,743 (-7.1%) 0.96 328
    2023-03-01 $397,675 (-4.2%) $410,896 (-9.2%) 0.94 298
    2023-04-01 $409,000 (2.3%) $419,820 (-6.0%) 0.95 281
    2023-05-01 $417,225 (4.6%) $428,358 (-1.0%) 0.95 298
    2023-06-01 $418,200 (4.6%) $432,345 (1.1%) 0.94 308
    2023-07-01 $409,513 (2.4%) $428,847 (2.2%) 0.93 323
    2023-08-01 $418,965 (6.1%) $438,902 (5.5%) 0.96 316
    2023-09-01 $415,000 (6.4%) $433,380 (4.5%) 0.97 351
    2023-10-01 $417,450 (5.7%) $438,421 (5.5%) 0.98 381
    2023-11-01 $415,000 (8.6%) $441,807 (9.7%) 0.99 383
    2023-12-01 $409,250 (6.3%) $443,711 (9.6%) 1.00 385
    2024-01-01 $412,250 (3.1%) $432,711 (5.9%) 1.01 355
    2024-02-01 $417,875 (5.1%) $437,181 (7.5%) 1.01 364
    2024-03-01 $421,450 (6.0%) $442,171 (7.6%) 0.99 356
    2024-04-01 $426,400 (4.3%) $448,367 (6.8%) 0.99 354
    2024-05-01 $424,950 (1.9%) $444,106 (3.7%) 0.97 360
    2024-06-01 $422,900 (1.1%) $447,714 (3.6%) 0.96 394
    2024-07-01 $422,600 (3.2%) $449,219 (4.8%) 0.97 402
    2024-08-01 $415,950 (-0.7%) $449,023 (2.3%) 0.97 414
    2024-09-01 $412,450 (-0.6%) $447,082 (3.2%) 0.97 439
    2024-10-01 $408,000 (-2.3%) $443,539 (1.2%) 0.96 467
    2024-11-01 $399,900 (-3.6%) $436,626 (-1.2%) 0.96 487
    2024-12-01 $399,925 (-2.3%) $438,473 (-1.2%) 0.99 474
    2025-01-01 $402,450 (-2.4%) $433,985 (0.3%) 1.00 464
    2025-02-01 $401,500 (-3.9%) $433,406 (-0.9%) 0.97 443
    2025-03-01 $399,900 (-5.1%) $440,624 (-0.4%) 0.00 430
    Dover's median listing price for 2025-03-01 was $399,900, a difference of $-21,550 (-5.1%) versus the prior year and $-1,600 versus the prior month.

    Dover's median listing price comes in at 0% of the national average.

    Dover's average listing price for 2025-03-01 was $440,624, a difference of $-1,547 (-0.4%) versus the prior year and $7,218 versus the prior month.

    For the 2025-03-01 period, Dover had 430 MLS listings, a difference of -13 listings (-3%) versus the prior month and 74 listings (21%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Dover (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 96 days 1,888 sqft
    2018-02-01 87 days 1,880 sqft
    2018-03-01 67 days 1,914 sqft
    2018-04-01 63 days 1,908 sqft
    2018-05-01 61 days 1,992 sqft
    2018-06-01 64 days 2,000 sqft
    2018-07-01 66 days 2,009 sqft
    2018-08-01 70 days 1,982 sqft
    2018-09-01 75 days 1,955 sqft
    2018-10-01 77 days 1,939 sqft
    2018-11-01 82 days 1,936 sqft
    2018-12-01 95 days 1,904 sqft
    2019-01-01 97 days 1,890 sqft
    2019-02-01 102 days 1,909 sqft
    2019-03-01 85 days 1,957 sqft
    2019-04-01 65 days 2,003 sqft
    2019-05-01 59 days 1,962 sqft
    2019-06-01 64 days 1,954 sqft
    2019-07-01 67 days 1,957 sqft
    2019-08-01 68 days 1,946 sqft
    2019-09-01 68 days 1,948 sqft
    2019-10-01 70 days 1,950 sqft
    2019-11-01 74 days 1,920 sqft
    2019-12-01 83 days 1,932 sqft
    2020-01-01 82 days 1,916 sqft
    2020-02-01 65 days 1,903 sqft
    2020-03-01 53 days 1,910 sqft
    2020-04-01 60 days 1,946 sqft
    2020-05-01 60 days 1,960 sqft
    2020-06-01 49 days 1,970 sqft
    2020-07-01 38 days 2,016 sqft
    2020-08-01 41 days 2,029 sqft
    2020-09-01 53 days 1,956 sqft
    2020-10-01 55 days 1,961 sqft
    2020-11-01 51 days 1,967 sqft
    2020-12-01 55 days 2,007 sqft
    2021-01-01 63 days 1,993 sqft
    2021-02-01 43 days 2,035 sqft
    2021-03-01 48 days 2,019 sqft
    2021-04-01 42 days 2,189 sqft
    2021-05-01 34 days 1,992 sqft
    2021-06-01 38 days 2,177 sqft
    2021-07-01 36 days 2,139 sqft
    2021-08-01 25 days 2,191 sqft
    2021-09-01 29 days 2,127 sqft
    2021-10-01 36 days 2,108 sqft
    2021-11-01 46 days 2,065 sqft
    2021-12-01 53 days 2,073 sqft
    2022-01-01 60 days 2,108 sqft
    2022-02-01 49 days 2,190 sqft
    2022-03-01 31 days 2,175 sqft
    2022-04-01 35 days 2,200 sqft
    2022-05-01 31 days 2,075 sqft
    2022-06-01 38 days 2,131 sqft
    2022-07-01 37 days 2,180 sqft
    2022-08-01 36 days 2,103 sqft
    2022-09-01 50 days 2,095 sqft
    2022-10-01 52 days 2,016 sqft
    2022-11-01 43 days 1,988 sqft
    2022-12-01 57 days 2,009 sqft
    2023-01-01 63 days 2,042 sqft
    2023-02-01 50 days 1,993 sqft
    2023-03-01 50 days 2,011 sqft
    2023-04-01 40 days 2,013 sqft
    2023-05-01 32 days 2,010 sqft
    2023-06-01 38 days 2,040 sqft
    2023-07-01 42 days 1,984 sqft
    2023-08-01 49 days 2,046 sqft
    2023-09-01 45 days 2,022 sqft
    2023-10-01 49 days 2,063 sqft
    2023-11-01 51 days 2,019 sqft
    2023-12-01 58 days 2,000 sqft
    2024-01-01 68 days 1,985 sqft
    2024-02-01 64 days 2,076 sqft
    2024-03-01 51 days 2,102 sqft
    2024-04-01 44 days 2,087 sqft
    2024-05-01 41 days 2,061 sqft
    2024-06-01 47 days 2,024 sqft
    2024-07-01 50 days 2,015 sqft
    2024-08-01 49 days 1,990 sqft
    2024-09-01 45 days 1,985 sqft
    2024-10-01 44 days 1,985 sqft
    2024-11-01 49 days 1,961 sqft
    2024-12-01 54 days 2,015 sqft
    2025-01-01 64 days 2,002 sqft
    2025-02-01 65 days 2,008 sqft
    2025-03-01 0 days 1,990 sqft
    Dover's median listing age (time on market) for 2025-03-01 was 0 days. This is -100% shorter than the same period one year ago.

    Dover's median square footage for active listings during the 2025-03-01 period was 1,990 sqft. One year prior, the average listing was 2,102 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).