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 969 FHA loans during 2023. The total origination value was $286,585,000, with an average FHA loan value of $295,753.

    Dover FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Dover averaged 5.97% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Dover's average FHA mortgage closing costs are $9,373.

    The average rate for the prior week (2024-12-06) was 6.04% and one month ago for the week of 2024-11-08, the average rate was 6.5%.

    The average rate one year ago was 6.92%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.63%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 61 6.26% $13,231
    PIKE CREEK MORTGAGE SERVICES, INC. 59 6.76% $12,240
    Meridian Bank Corporation 46 6.78% $13,036
    NVR Mortgage Finance, Inc. 43 5.88% $16,852
    NFM, INC. 42 6.59% $13,765
    DHI MORTGAGE COMPANY, LTD. 39 5.61% $9,790
    TIDEWATER MORTGAGE SERVICES, INC. 31 6.63% $13,157
    GUILD MORTGAGE COMPANY 30 6.68% $13,480
    Keystone Funding, Inc. 29 6.66% $13,563
    Ixonia Bank 29 6.48% $14,134
    CARDINAL FINANCIAL 26 7.09% $14,845
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 26 6.82% $14,908
    LOANDEPOT.COM, LLC 26 6.36% $14,454
    Evolve Bank & Trust 23 6.84% $12,768
    PRIMARY RESIDENTIAL MORTGAGE, INC. 21 6.76% $14,055
    UNITED WHOLESALE MORTGAGE, LLC 21 6.07% $13,121
    CROSSCOUNTRY MORTGAGE, LLC 17 7.01% $13,808
    Northpointe Bank 16 5.97% $12,624
    MOVEMENT MORTGAGE, LLC 16 6.47% $13,061
    NATION ONE MORTGAGE CORPORATION 12 7.26% $14,798
    PENNYMAC LOAN SERVICES, LLC 12 6.40% $16,057
    NEWREZ LLC 11 6.75% $14,860
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 10 6.49% $13,406
    HOMESIDE FINANCIAL, LLC 10 6.74% $12,492
    EVERETT FINANCIAL, INC. 10 7.15% $9,400
    FREEDOM MORTGAGE CORPORATION 9 6.97% $12,828
    Mr. Cooper ( Nationstar Mortgage ) 9 5.99% $18,852
    BROKER SOLUTIONS, INC. 9 6.83% $13,062
    Prosperity Home Mortgage, LLC 9 6.59% $11,606
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 6.92% $11,942
    Carrington Mortgage Services, LLC 8 6.45% $15,697
    Equity Prime Mortgage LLC 7 6.98% $18,137
    AMERISAVE MORTGAGE CORPORATION 7 6.23% $15,051
    LAKEVIEW LOAN SERVICING, LLC 6 5.73% $13,900
    EMBRACE HOME LOANS, INC. 6 6.50% $13,505
    Nations Lending Corporation 6 6.54% $10,534
    GUARANTEED RATE AFFINITY, LLC 6 6.65% $14,582
    PLAZA HOME MORTGAGE, INC. 5 6.45% $18,435
    ABSOLUTE HOME MORTGAGE CORPORATION 5 7.75% $11,064
    Waterstone Mortgage Corporation 5 6.98% $12,442
    AMERICAN FINANCIAL NETWORK, INC. 5 6.88% $15,730
    CALIBER HOME LOANS, INC. 5 6.00% $10,110
    EMM LOANS LLC 4 6.38% $14,442
    ALLIED MORTGAGE GROUP, INC. 4 6.47% $13,692
    BAY EQUITY LLC 4 6.66% $16,267
    MUTUAL OF OMAHA MORTGAGE, INC. 4 6.50% $20,794
    Wilmington Savings Fund Society, FSB 3 6.67% $11,418
    Acre Mortgage and Financial Inc 3 6.17% $13,326
    BAYSHORE MORTGAGE FUNDING, LLC 3 6.96% $15,187
    Capital Bank 3 6.42% $11,740
    GUARANTEED RATE, INC. 3 6.50% $14,582
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.63% $13,000
    LOANPAL, LLC 3 5.67% $21,133
    Mortgage Research Center, LLC 3 5.92% $13,655
    NATIONWIDE MORTGAGE BANKERS, INC. 3 7.21% $17,156
    SUN WEST MORTGAGE COMPANY, INC. 3 6.79% $14,342
    Towne Bank 3 6.46% $10,896
    First Citizens Community Bank 2 6.88% $12,292
    The Federal Savings Bank 2 6.25% $21,289
    PENTAGON FEDERAL CREDIT UNION 2 5.56% $6,966
    CMG MORTGAGE, INC. 2 6.00% $13,052
    NORWICH COMMERCIAL GROUP, INC. 2 6.00% $15,459
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 2 6.75% $11,319
    GSF Mortgage Corporation 2 6.81% $17,604
    SUCCESS MORTGAGE PARTNERS, INC. 2 6.06% $16,008
    M&T Bank 2 7.13% $10,918
    Huntingdon Valley Bank 2 5.88% $11,190
    FIRST COMMUNITY MORTGAGE, INC. 2 6.13% $17,117
    Paramount Residential Mortgage Group, Inc. 2 6.94% $15,956
    Paramount Bank 1 5.63% $21,125
    Financial Freedom Mortgage, LLC 1 6.63% $17,721
    PHH Mortgage Corporation 1 6.13% $12,351
    FIDELITY DIRECT MORTGAGE, LLC 1 6.88% $13,013
    Plains Commerce Bank 1 7.00% $10,515
    EAGLE HOME MORTGAGE, LLC 1 6.25% $11,635
    Presidential Bank, FSB 1 6.25% $11,677
    DIRECT MORTGAGE LOANS, LLC 1 6.49% $13,246
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $8,920
    Cornerstone First Mortgage, Inc 1 6.99% $22,593
    RELIANCE FIRST CAPITAL, LLC 1 6.50% $19,483
    STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED 1 6.50% $4,632
    SUMMIT FUNDING, INC. 1 6.13% $23,620
    Summit Mortgage Corporation 1 6.49% $17,144
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.63% $14,141
    T2 FINANCIAL LLC 1 7.25% $20,972
    TD Bank 1 6.13% $6,417
    Atlantic Coast Mortgage, LLC 1 5.13% $7,046
    TOTAL MORTGAGE SERVICES, LLC 1 6.13% $15,205
    AmeriHome Mortgage Company, LLC 1 5.88% $23,542
    US MORTGAGE CORPORATION 1 6.63% $11,693
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.00% $12,732
    MCLEAN MORTGAGE CORPORATION 1 5.75% $13,383
    MDE Home Loans, LLC 1 6.75% $20,831
    Magnolia Bank 1 6.25% $11,747
    VAN DYK MORTGAGE CORPORATION 1 6.88% $5,770
    Mid Penn Bank 1 5.25% $8,626
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $15,970
    LIBERTY HOME MORTGAGE CORPORATION 1 7.63% $24,781
    LENDING CAPITAL GROUP Inc 1 6.50% $11,516
    NATIONS DIRECT MORTGAGE, LLC 1 7.13% $15,311
    Fulton Bank 1 6.38% $11,296
    VILLAGE CAPITAL MORTGAGE 1 6.49% $2,285
    NEW DAY FINANCIAL, LLC 1 7.50% $6,825
    Flagstar Bank, FSB 1 6.25% $7,906
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 7.00% $20,117
    OCEANSIDE MORTGAGE COMPANY 1 6.50% $6,468
    PANORAMA MORTGAGE GROUP, LLC 1 6.63% $26,674

    The top Dover FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 61 FHA loans originated. Their average total fees are $13,231, which is $991 higher than the next largest lender, PIKE CREEK MORTGAGE SERVICES, INC..

    The lowest fee Dover FHA lenders (with over 10 loans originated) are EVERETT FINANCIAL, INC. ($9,400), DHI MORTGAGE COMPANY, LTD. ($9,790), PIKE CREEK MORTGAGE SERVICES, INC. ($12,240), HOMESIDE FINANCIAL, LLC ($12,492) and Northpointe Bank ($12,624).

    The lowest rate Dover FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.61%), NVR Mortgage Finance, Inc. (5.88%), Northpointe Bank (5.97%), UNITED WHOLESALE MORTGAGE, LLC (6.07%) and QUICKEN LOANS, LLC (6.26%).

    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 $244,700 (3.9%) $251,395 (6.0%) 0.89 811
    2018-03-01 $249,943 (4.2%) $255,908 (6.0%) 0.88 804
    2018-04-01 $252,450 (3.4%) $254,309 (2.8%) 0.86 857
    2018-05-01 $259,950 (6.2%) $263,966 (6.5%) 0.87 857
    2018-06-01 $259,900 (6.7%) $261,975 (5.9%) 0.87 937
    2018-07-01 $262,975 (7.9%) $264,502 (6.5%) 0.88 956
    2018-08-01 $259,948 (6.1%) $263,072 (4.5%) 0.87 970
    2018-09-01 $259,900 (6.3%) $261,929 (4.9%) 0.87 948
    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 (7.5%) $272,098 (8.2%) 0.89 697
    2019-03-01 $264,851 (6.0%) $276,112 (7.9%) 0.87 719
    2019-04-01 $267,161 (5.8%) $280,533 (10.3%) 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 (8.4%) 0.86 737
    2019-09-01 $272,014 (4.7%) $280,855 (7.2%) 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 $269,675 (3.7%) $270,796 (0.7%) 0.90 630
    2020-01-01 $273,400 (3.9%) $275,941 (2.1%) 0.91 589
    2020-02-01 $274,900 (4.6%) $273,572 (0.5%) 0.90 566
    2020-03-01 $277,900 (4.9%) $277,387 (0.5%) 0.87 546
    2020-04-01 $279,445 (4.6%) $282,164 (0.6%) 0.88 508
    2020-05-01 $277,500 (2.2%) $282,236 (-0.6%) 0.84 496
    2020-06-01 $284,823 (5.3%) $288,246 (1.0%) 0.84 463
    2020-07-01 $284,900 (5.5%) $292,629 (1.5%) 0.83 475
    2020-08-01 $295,000 (9.0%) $301,399 (5.7%) 0.85 420
    2020-09-01 $298,950 (9.9%) $308,329 (9.8%) 0.86 381
    2020-10-01 $299,900 (9.9%) $306,190 (10.2%) 0.86 375
    2020-11-01 $305,750 (13.3%) $314,441 (15.6%) 0.89 353
    2020-12-01 $307,900 (14.2%) $313,074 (15.6%) 0.92 330
    2021-01-01 $314,900 (15.2%) $322,801 (17.0%) 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 (25.2%) $360,630 (27.8%) 0.95 219
    2021-05-01 $342,450 (23.4%) $353,452 (25.2%) 0.91 195
    2021-06-01 $360,549 (26.6%) $370,707 (28.6%) 0.95 254
    2021-07-01 $360,000 (26.4%) $373,212 (27.5%) 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 (28.9%) 0.98 304
    2021-10-01 $367,900 (22.7%) $391,998 (28.0%) 0.98 307
    2021-11-01 $355,250 (16.2%) $394,882 (25.6%) 0.95 301
    2021-12-01 $366,950 (19.2%) $406,457 (29.8%) 0.99 277
    2022-01-01 $371,216 (17.9%) $418,314 (29.6%) 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 $398,572 (16.4%) $432,333 (22.3%) 0.91 295
    2022-06-01 $399,925 (10.9%) $427,203 (15.2%) 0.89 307
    2022-07-01 $400,000 (11.1%) $419,051 (12.3%) 0.90 345
    2022-08-01 $395,000 (6.2%) $415,987 (3.6%) 0.91 372
    2022-09-01 $390,000 (6.1%) $414,895 (4.4%) 0.91 355
    2022-10-01 $393,900 (7.1%) $415,506 (6.0%) 0.93 352
    2022-11-01 $381,250 (7.3%) $402,505 (1.9%) 0.92 397
    2022-12-01 $385,000 (4.9%) $404,352 (-0.5%) 0.95 356
    2023-01-01 $399,850 (7.7%) $408,780 (-2.3%) 0.99 334
    2023-02-01 $397,225 (0.1%) $406,563 (-7.2%) 0.96 328
    2023-03-01 $397,450 (-4.3%) $410,490 (-9.3%) 0.94 299
    2023-04-01 $407,500 (1.9%) $419,820 (-6.0%) 0.95 281
    2023-05-01 $417,225 (4.7%) $428,358 (-0.9%) 0.95 298
    2023-06-01 $418,200 (4.6%) $432,345 (1.2%) 0.94 308
    2023-07-01 $407,077 (1.8%) $428,567 (2.3%) 0.93 322
    2023-08-01 $417,769 (5.8%) $438,654 (5.5%) 0.96 315
    2023-09-01 $415,000 (6.4%) $433,127 (4.4%) 0.97 351
    2023-10-01 $417,450 (6.0%) $438,421 (5.5%) 0.98 381
    2023-11-01 $415,000 (8.9%) $441,807 (9.8%) 0.99 383
    2023-12-01 $409,250 (6.3%) $443,711 (9.7%) 1.00 385
    2024-01-01 $412,250 (3.1%) $432,711 (5.9%) 1.01 355
    2024-02-01 $417,875 (5.2%) $437,181 (7.5%) 1.01 364
    2024-03-01 $421,450 (6.0%) $442,171 (7.7%) 0.99 356
    2024-04-01 $426,400 (4.6%) $448,367 (6.8%) 0.99 354
    2024-05-01 $425,000 (1.9%) $446,093 (4.1%) 0.96 359
    2024-06-01 $422,900 (1.1%) $448,317 (3.7%) 0.95 393
    2024-07-01 $421,975 (3.7%) $449,159 (4.8%) 0.96 401
    2024-08-01 $415,000 (-0.7%) $448,962 (2.4%) 0.97 413
    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
    Dover's median listing price for 2024-11-01 was $399,900, a difference of $-15,100 (-3.6%) versus the prior year and $-8,100 versus the prior month.

    Dover's median listing price comes in at 96% of the national average.

    Dover's average listing price for 2024-11-01 was $436,626, a difference of $-5,181 (-1.2%) versus the prior year and $-6,913 versus the prior month.

    For the 2024-11-01 period, Dover had 487 MLS listings, a difference of 20 listings (4%) versus the prior month and 104 listings (27%) 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 1,889 sqft
    2018-02-01 88 days 1,884 sqft
    2018-03-01 67 days 1,914 sqft
    2018-04-01 63 days 1,908 sqft
    2018-05-01 61 days 1,998 sqft
    2018-06-01 64 days 2,001 sqft
    2018-07-01 66 days 2,011 sqft
    2018-08-01 69 days 1,987 sqft
    2018-09-01 75 days 1,958 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 1,892 sqft
    2019-02-01 102 days 1,910 sqft
    2019-03-01 85 days 1,960 sqft
    2019-04-01 65 days 2,003 sqft
    2019-05-01 59 days 1,961 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 84 days 1,936 sqft
    2020-01-01 82 days 1,917 sqft
    2020-02-01 64 days 1,903 sqft
    2020-03-01 52 days 1,911 sqft
    2020-04-01 59 days 1,947 sqft
    2020-05-01 60 days 1,960 sqft
    2020-06-01 48 days 1,970 sqft
    2020-07-01 38 days 2,018 sqft
    2020-08-01 41 days 2,029 sqft
    2020-09-01 53 days 1,960 sqft
    2020-10-01 54 days 1,962 sqft
    2020-11-01 51 days 1,980 sqft
    2020-12-01 55 days 2,023 sqft
    2021-01-01 63 days 2,002 sqft
    2021-02-01 43 days 2,037 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 2,194 sqft
    2021-09-01 29 days 2,131 sqft
    2021-10-01 36 days 2,117 sqft
    2021-11-01 45 days 2,068 sqft
    2021-12-01 53 days 2,088 sqft
    2022-01-01 60 days 2,149 sqft
    2022-02-01 49 days 2,195 sqft
    2022-03-01 31 days 2,217 sqft
    2022-04-01 35 days 2,200 sqft
    2022-05-01 31 days 2,076 sqft
    2022-06-01 38 days 2,138 sqft
    2022-07-01 37 days 2,180 sqft
    2022-08-01 36 days 2,115 sqft
    2022-09-01 50 days 2,098 sqft
    2022-10-01 52 days 2,011 sqft
    2022-11-01 43 days 1,988 sqft
    2022-12-01 57 days 2,001 sqft
    2023-01-01 63 days 2,040 sqft
    2023-02-01 50 days 1,994 sqft
    2023-03-01 50 days 2,011 sqft
    2023-04-01 40 days 2,010 sqft
    2023-05-01 32 days 2,014 sqft
    2023-06-01 38 days 2,044 sqft
    2023-07-01 43 days 2,000 sqft
    2023-08-01 50 days 2,046 sqft
    2023-09-01 45 days 2,026 sqft
    2023-10-01 49 days 2,067 sqft
    2023-11-01 51 days 2,021 sqft
    2023-12-01 58 days 2,000 sqft
    2024-01-01 68 days 2,003 sqft
    2024-02-01 64 days 2,080 sqft
    2024-03-01 51 days 2,100 sqft
    2024-04-01 44 days 2,088 sqft
    2024-05-01 41 days 2,100 sqft
    2024-06-01 44 days 2,026 sqft
    2024-07-01 50 days 2,018 sqft
    2024-08-01 49 days 1,990 sqft
    2024-09-01 45 days 1,982 sqft
    2024-10-01 44 days 1,978 sqft
    2024-11-01 49 days 1,963 sqft
    Dover's median listing age (time on market) for 2024-11-01 was 49 days. This is -3% shorter than the same period one year ago.

    Dover's median square footage for active listings during the 2024-11-01 period was 1,963 sqft. One year prior, the average listing was 2,021 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).