Durham FHA Loan Rates, Closing Costs & Stats

DURHAM-CHAPEL HILL, NC

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.

Durham's 154 lenders originated 1,533 FHA loans during 2021. The total origination value was $349,915,000, with an average FHA loan value of $228,255.

Durham FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Durham averaged 6.45% for the week of 2023-03-17, compared to the national average (all FHA variants) of 6.45% for the same period.

Durham's average FHA mortgage closing costs are $7,020.

The average rate for the prior week (2023-03-10) was 6.69% and one month ago for the week of 2023-02-10, the average rate was 6.21%.

The average rate one year ago was 4.39%.

For refis of the same type during the week of 2023-03-17, the average rate was 6.29%.

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

Durham 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 Durham level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
QUICKEN LOANS, LLC 213 2.65% $6,991
Mr. Cooper ( Nationstar Mortgage ) 49 3.22% $4,399
PENNYMAC LOAN SERVICES, LLC 44 2.85% $5,435
FREEDOM MORTGAGE CORPORATION 43 2.81% $5,185
LAKEVIEW LOAN SERVICING, LLC 39 2.91% $4,808
BROKER SOLUTIONS, INC. 37 3.13% $8,323
CALIBER HOME LOANS, INC. 32 3.06% $7,641
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 30 3.28% $7,864
MOVEMENT MORTGAGE, LLC 29 3.11% $8,541
VILLAGE CAPITAL MORTGAGE 25 3.00% $2,707
NVR Mortgage Finance, Inc. 25 3.02% $10,206
NEWREZ LLC 21 2.96% $5,218
DHI MORTGAGE COMPANY, LTD. 19 2.63% $8,834
UNION HOME MORTGAGE CORP. 19 3.01% $8,095
Lakeview Community Capital, LLC 19 2.89% $4,568
Carrington Mortgage Services, LLC 19 3.47% $8,770
HOMEBRIDGE FINANCIAL SERVICES, INC. 17 2.70% $5,971
First Guaranty Mortgage Corporation 17 3.04% $6,466
Alcova Mortgage LLC 14 3.04% $6,417
UNITED WHOLESALE MORTGAGE, LLC 13 2.71% $6,532
Prosperity Home Mortgage, LLC 13 3.10% $7,589
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 13 2.98% $9,112
Ameris Bank 13 3.12% $8,034
Victorian Finance, LLC 13 2.84% $7,349
Corporate Investors Mortgage Group, Inc. 12 2.78% $8,111
LOANDEPOT.COM, LLC 12 3.17% $8,137
Hometown Lenders, Inc. 12 3.63% $7,656
GoPrime Mortgage, Inc. 11 3.30% $8,693
PRIMELENDING, A PLAINSCAPITAL COMPANY 11 3.28% $10,365
HOME POINT FINANCIAL CORPORATION 11 2.72% $6,292
EAGLE HOME MORTGAGE, LLC 10 3.13% $6,666
CORNERSTONE HOME LENDING, INC. 10 3.31% $8,524
CMG MORTGAGE, INC. 10 3.69% $8,807
RAPID MORTGAGE COMPANY 9 2.99% $8,184
NFM, INC. 9 3.29% $8,359
Atlantic Coast Mortgage, LLC 8 3.16% $7,049
AmeriHome Mortgage Company, LLC 8 2.92% $4,390
CROSSCOUNTRY MORTGAGE, LLC 8 2.98% $7,719
American Security Mortgage Corp. 8 2.84% $8,316
MORTGAGE SOLUTIONS OF COLORADO, LLC 8 3.92% $9,500
AMERISAVE MORTGAGE CORPORATION 8 2.98% $9,418
PULTE MORTGAGE LLC 7 3.18% $6,318
ANGEL OAK HOME LOANS LLC 7 3.16% $8,686
Truist 7 2.73% $8,127
North State Bank 7 2.95% $6,717
INSPIRE HOME LOANS INC. 7 3.23% $6,924
EQUITY RESOURCES, INC. 7 3.30% $7,857
InterContinental Capital Group, Inc 7 2.36% $7,917
First Heritage Mortgage, LLC 7 3.09% $9,016
Blue Ridge Bank 7 3.25% $8,971
AMERICAN FINANCIAL NETWORK, INC. 7 2.98% $11,896
Nations Lending Corporation 6 3.54% $9,492
CALCON MUTUAL MORTGAGE LLC 6 3.77% $9,178
HOMESIDE FINANCIAL, LLC 6 3.06% $7,564
KBHS HOME LOANS, LLC 6 3.62% $9,120
United Community Bank 5 3.05% $9,898
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 5 3.20% $9,270
RELIANCE FIRST CAPITAL, LLC 5 3.05% $7,758
Shamrock Home Loans, Inc. 5 3.30% $8,847
SOUTHERN TRUST MORTGAGE, LLC 5 3.13% $8,030
The Central Trust Bank 5 3.15% $9,339
PANORAMA MORTGAGE GROUP, LLC 5 3.28% $7,922
MUTUAL OF OMAHA MORTGAGE, INC. 4 3.00% $9,864
Towne Bank 4 2.69% $9,114
PLANET HOME LENDING, LLC 4 2.91% $5,957
Paramount Residential Mortgage Group, Inc. 4 3.69% $10,835
GUARANTEED RATE, INC. 4 2.78% $8,703
South Pacific Financial Corporation 4 2.72% $10,499
SUN WEST MORTGAGE COMPANY, INC. 4 2.81% $7,365
AMERIFIRST FINANCIAL CORPORATION 4 2.75% $8,671
RESIDENTIAL MORTGAGE SERVICES, INC. 3 2.96% $10,448
AMERICAN FINANCING CORPORATION 3 3.25% $6,392
T2 FINANCIAL LLC 3 3.38% $10,090
GUILD MORTGAGE COMPANY 3 3.04% $12,160
PHH Mortgage Corporation 3 3.17% $6,463
The Federal Savings Bank 3 2.75% $8,845
The Fidelity Bank 3 3.33% $7,759
HOMESPIRE MORTGAGE CORPORATION 3 3.13% $6,477
UNITED SECURITY FINANCIAL CORP 3 2.88% $5,079
VANDERBILT MORTGAGE AND FINANCE, INC. 3 3.38% $7,976
Austin Capital Bank SSB 3 3.63% $10,752
M/I FINANCIAL, LLC 3 3.00% $9,812
GENEVA FINANCIAL, LLC 2 3.44% $11,505
AMCAP MORTGAGE, LTD. 2 3.06% $6,105
AMERICAN FINANCIAL RESOURCES, INC. 2 2.75% $9,410
Barrington Bank & Trust Company, N.A. 2 3.69% $5,276
CERTAINTY HOME LOANS, LLC 2 3.50% $10,268
EMBRACE HOME LOANS, INC. 2 3.49% $7,462
Equity Prime Mortgage LLC 2 4.56% $14,949
1ST SIGNATURE LENDING, LLC 2 3.38% $8,663
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 3.00% $8,305
INTERCOASTAL MORTGAGE COMPANY 2 2.56% $6,888
LOANPAL, LLC 2 3.00% $10,413
MIDLAND MORTGAGE CORPORATION 2 3.56% $6,177
Northpointe Bank 2 3.06% $10,188
NTFN, INC. 2 2.63% $6,900
OCEANSIDE MORTGAGE COMPANY 2 3.00% $2,383
PLAZA HOME MORTGAGE, INC. 2 2.31% $7,050
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 3.88% $7,430
Sierra Pacific Mortgage Company, Inc. 2 3.00% $7,799
Towne Mortgage of the Carolinas, LLC 2 2.81% $8,572
Bank of England 1 3.88% $6,683
OVM FINANCIAL, INC. 1 2.75% $6,453
JPMorgan Chase Bank 1 2.75% $5,568
HOMESTAR FINANCIAL CORPORATION 1 2.75% $3,378
Home Loan Investment Bank, F.S.B. 1 2.25% $8,599
HAMILTON HOME LOANS, INC. 1 3.25% $6,389
GSF Mortgage Corporation 1 2.63% $7,067
Bank of America 1 3.25% $10,974
PNC Bank 1 2.88% $5,156
POLARIS HOME FUNDING CORP. 1 3.50% $11,689
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 4.63% $7,417
Goldwater Bank, N.A. 1 3.63% $6,078
Princeton Mortgage Corporation 1 2.50% $6,485
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 2.63% $7,550
Flagstar Bank, FSB 1 3.09% $4,939
First Savings Bank 1 3.75% $7,646
RADIUS FINANCIAL GROUP INC. 1 3.25% $5,040
First Home Bank 1 2.63% $14,893
FIRST COMMUNITY MORTGAGE, INC. 1 2.50% $10,931
Renasant Bank 1 3.00% $13,835
RESIDENTIAL HOME FUNDING CORP. 1 3.38% $14,090
First-Citizens Bank & Trust Company 1 2.50% $7,813
RESOURCE FINANCIAL SERVICES, INC. 1 3.25% $7,927
ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 3.38% $4,895
ROYAL UNITED MORTGAGE LLC 1 2.63% $6,477
FINANCE OF AMERICA MORTGAGE LLC 1 3.25% $6,697
ACADEMY MORTGAGE CORPORATION 1 2.88% $10,401
FBC MORTGAGE, LLC 1 2.75% $8,302
DATA MORTGAGE, INC. 1 3.38% $5,218
SOUTHPOINT FINANCIAL SERVICES, INC. 1 2.75% $13,695
SOVEREIGN LENDING GROUP INCORPORATED 1 2.25% $10,957
STEARNS LENDING, LLC 1 2.88% $4,760
Sunflower Bank 1 3.49% $9,185
Credence Funding Corporation 1 2.63% $7,522
CONTOUR MORTGAGE CORPORATION 1 2.38% $9,994
Colten Mortgage, LLC 1 3.00% $8,765
Colonial Savings, F.A. 1 3.00% $4,779
CLEARPATH LENDING 1 3.00% $3,502
The Huntington National Bank 1 3.13% $7,365
THE MORTGAGE FIRM, INC. 1 3.00% $11,041
The Union Bank Company 1 2.38% $8,109
CHURCHILL MORTGAGE CORPORATION 1 3.13% $11,916
ZILLOW HOME LOANS, LLC 1 2.88% $6,235
Chickasaw Community Bank 1 2.88% $10,241
CAPITAL CENTER, L.L.C. 1 2.63% $7,228
CANOPY MORTGAGE, LLC 1 2.25% $14,263
M&T Bank 1 3.25% $7,075
Mortgage Research Center, LLC 1 2.75% $7,782
MILEND, INC. 1 2.38% $9,451
UNITED NORTHERN MORTGAGE BANKERS LIMITED 1 3.50% $11,042
LIBERTY HOME MORTGAGE CORPORATION 1 4.25% $6,207
BETTER MORTGAGE CORPORATION 1 3.38% $5,877
LENOX FINANCIAL MORTGAGE CORPORATION 1 2.75% $12,269

The top Durham FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 213 FHA loans originated. Their average total fees are $6,991, which is $2,592 higher than the next largest lender, Mr. Cooper ( Nationstar Mortgage ).

The lowest fee Durham FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($2,707), Mr. Cooper ( Nationstar Mortgage ) ($4,399), Lakeview Community Capital, LLC ($4,568), LAKEVIEW LOAN SERVICING, LLC ($4,808) and FREEDOM MORTGAGE CORPORATION ($5,185).

The lowest rate Durham FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (2.63%), QUICKEN LOANS, LLC (2.65%), HOMEBRIDGE FINANCIAL SERVICES, INC. (2.70%), UNITED WHOLESALE MORTGAGE, LLC (2.71%) and HOME POINT FINANCIAL CORPORATION (2.72%).

Durham FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
DURHAM-CHAPEL HILL, NC CHATHAM 2022 $506,000 $647,750 $783,000 $973,100
DURHAM-CHAPEL HILL, NC DURHAM 2022 $506,000 $647,750 $783,000 $973,100
DURHAM-CHAPEL HILL, NC GRANVILLE 2022 $506,000 $647,750 $783,000 $973,100
DURHAM-CHAPEL HILL, NC ORANGE 2022 $506,000 $647,750 $783,000 $973,100
DURHAM-CHAPEL HILL, NC PERSON 2022 $506,000 $647,750 $783,000 $973,100

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Durham (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 $377,532 (10.1%) $476,276 (13.4%) 1.40 1,369
2018-02-01 $392,588 (11.6%) $487,332 (13.7%) 1.43 1,336
2018-03-01 $395,000 (7.6%) $487,595 (10.4%) 1.39 1,508
2018-04-01 $399,950 (5.2%) $500,921 (8.7%) 1.36 1,563
2018-05-01 $399,415 (2.6%) $510,173 (8.9%) 1.33 1,627
2018-06-01 $390,000 (0.1%) $501,438 (7.0%) 1.30 1,698
2018-07-01 $384,700 (-0.1%) $486,423 (3.2%) 1.28 1,793
2018-08-01 $380,020 (-0.5%) $480,476 (2.6%) 1.27 1,824
2018-09-01 $379,700 (-0.3%) $480,632 (1.6%) 1.27 1,870
2018-10-01 $378,611 (-0.1%) $478,565 (1.4%) 1.28 1,900
2018-11-01 $375,000 (-1.3%) $473,202 (0.1%) 1.27 1,826
2018-12-01 $374,000 (-0.3%) $470,997 (-1.0%) 1.29 1,682
2019-01-01 $360,120 (-4.6%) $460,393 (-3.3%) 1.24 1,534
2019-02-01 $375,000 (-4.5%) $473,152 (-2.9%) 1.27 1,484
2019-03-01 $387,720 (-1.8%) $488,255 (0.1%) 1.27 1,586
2019-04-01 $400,000 (0.0%) $499,408 (-0.3%) 1.27 1,687
2019-05-01 $399,650 (0.1%) $493,043 (-3.4%) 1.25 1,746
2019-06-01 $399,900 (2.5%) $485,810 (-3.1%) 1.25 1,873
2019-07-01 $397,000 (3.2%) $474,669 (-2.4%) 1.24 1,937
2019-08-01 $382,727 (0.7%) $464,977 (-3.2%) 1.21 1,985
2019-09-01 $375,568 (-1.1%) $459,089 (-4.5%) 1.20 2,013
2019-10-01 $369,995 (-2.3%) $453,720 (-5.2%) 1.19 2,028
2019-11-01 $373,865 (-0.3%) $453,904 (-4.1%) 1.23 1,914
2019-12-01 $379,769 (1.5%) $456,347 (-3.1%) 1.27 1,702
2020-01-01 $386,325 (7.3%) $461,127 (0.2%) 1.29 1,504
2020-02-01 $399,000 (6.4%) $474,379 (0.3%) 1.30 1,403
2020-03-01 $415,900 (7.3%) $497,560 (1.9%) 1.30 1,421
2020-04-01 $395,000 (-1.3%) $476,631 (-4.6%) 1.24 1,462
2020-05-01 $399,000 (-0.2%) $478,299 (-3.0%) 1.21 1,471
2020-06-01 $416,225 (4.1%) $503,466 (3.6%) 1.22 1,358
2020-07-01 $417,713 (5.2%) $507,183 (6.9%) 1.21 1,290
2020-08-01 $419,900 (9.7%) $511,656 (10.0%) 1.20 1,219
2020-09-01 $418,845 (11.5%) $526,682 (14.7%) 1.20 1,121
2020-10-01 $415,000 (12.2%) $540,514 (19.1%) 1.19 1,067
2020-11-01 $407,000 (8.9%) $536,685 (18.2%) 1.19 1,032
2020-12-01 $411,581 (8.4%) $549,717 (20.5%) 1.22 917
2021-01-01 $399,900 (3.5%) $538,911 (16.9%) 1.19 784
2021-02-01 $411,950 (3.3%) $564,052 (18.9%) 1.20 618
2021-03-01 $427,350 (2.8%) $568,363 (14.2%) 1.21 579
2021-04-01 $453,518 (14.8%) $611,076 (28.2%) 1.23 512
2021-05-01 $440,000 (10.3%) $593,181 (24.0%) 1.16 483
2021-06-01 $440,375 (5.8%) $603,385 (19.9%) 1.16 528
2021-07-01 $442,974 (6.1%) $594,948 (17.3%) 1.17 593
2021-08-01 $445,713 (6.2%) $587,493 (14.8%) 1.18 626
2021-09-01 $449,950 (7.4%) $589,751 (12.0%) 1.20 669
2021-10-01 $466,760 (12.5%) $609,343 (12.7%) 1.24 674
2021-11-01 $450,000 (10.6%) $598,485 (11.5%) 1.20 620
2021-12-01 $460,450 (11.9%) $609,959 (11.0%) 1.25 564
2022-01-01 $459,500 (14.9%) $633,140 (17.5%) 1.24 479
2022-02-01 $474,450 (15.2%) $650,055 (15.3%) 1.23 376
2022-03-01 $478,000 (11.9%) $685,468 (20.6%) 1.20 399
2022-04-01 $485,000 (6.9%) $672,593 (10.1%) 1.16 438
2022-05-01 $494,000 (12.3%) $689,581 (16.3%) 1.13 613
2022-06-01 $497,450 (13.0%) $667,739 (10.7%) 1.11 808
2022-07-01 $499,900 (12.9%) $659,927 (10.9%) 1.12 989
2022-08-01 $495,000 (11.1%) $655,039 (11.5%) 1.14 1,103
2022-09-01 $461,500 (2.6%) $620,653 (5.2%) 1.08 1,226
2022-10-01 $464,198 (-0.6%) $637,175 (4.6%) 1.09 1,326
2022-11-01 $465,500 (3.4%) $652,563 (9.0%) 1.12 1,269
2022-12-01 $460,000 (-0.1%) $655,239 (7.4%) 1.14 1,138
2023-01-01 $467,450 (1.7%) $666,415 (5.3%) 1.15 967
2023-02-01 $489,000 (3.1%) $700,614 (7.8%) 1.18 903
Durham's median listing price for 2023-02-01 was $489,000, a difference of $14,550 (3.1%) versus the prior year and $21,550 versus the prior month.

Durham's median listing price comes in at 118% of the national average.

Durham's average listing price for 2023-02-01 was $700,614, a difference of $50,559 (7.8%) versus the prior year and $34,199 versus the prior month.

For the 2023-02-01 period, Durham had 903 MLS listings, a difference of -64 listings (-7%) versus the prior month and 527 listings (140%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Durham (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 94 days 2,463 sqft
2018-02-01 82 days 2,472 sqft
2018-03-01 50 days 2,468 sqft
2018-04-01 52 days 2,504 sqft
2018-05-01 54 days 2,484 sqft
2018-06-01 56 days 2,446 sqft
2018-07-01 59 days 2,433 sqft
2018-08-01 60 days 2,401 sqft
2018-09-01 72 days 2,376 sqft
2018-10-01 74 days 2,361 sqft
2018-11-01 80 days 2,327 sqft
2018-12-01 88 days 2,302 sqft
2019-01-01 93 days 2,245 sqft
2019-02-01 85 days 2,304 sqft
2019-03-01 66 days 2,364 sqft
2019-04-01 51 days 2,423 sqft
2019-05-01 51 days 2,414 sqft
2019-06-01 53 days 2,371 sqft
2019-07-01 59 days 2,306 sqft
2019-08-01 62 days 2,258 sqft
2019-09-01 65 days 2,258 sqft
2019-10-01 69 days 2,256 sqft
2019-11-01 73 days 2,275 sqft
2019-12-01 84 days 2,237 sqft
2020-01-01 90 days 2,208 sqft
2020-02-01 80 days 2,243 sqft
2020-03-01 53 days 2,340 sqft
2020-04-01 53 days 2,208 sqft
2020-05-01 60 days 2,207 sqft
2020-06-01 63 days 2,315 sqft
2020-07-01 58 days 2,307 sqft
2020-08-01 56 days 2,286 sqft
2020-09-01 57 days 2,342 sqft
2020-10-01 57 days 2,277 sqft
2020-11-01 54 days 2,250 sqft
2020-12-01 58 days 2,226 sqft
2021-01-01 64 days 2,178 sqft
2021-02-01 47 days 2,188 sqft
2021-03-01 29 days 2,156 sqft
2021-04-01 30 days 2,223 sqft
2021-05-01 22 days 2,122 sqft
2021-06-01 18 days 2,071 sqft
2021-07-01 24 days 2,059 sqft
2021-08-01 29 days 2,085 sqft
2021-09-01 30 days 2,046 sqft
2021-10-01 30 days 2,120 sqft
2021-11-01 33 days 1,992 sqft
2021-12-01 42 days 1,935 sqft
2022-01-01 58 days 1,904 sqft
2022-02-01 44 days 1,902 sqft
2022-03-01 19 days 1,986 sqft
2022-04-01 16 days 2,017 sqft
2022-05-01 16 days 2,016 sqft
2022-06-01 19 days 2,037 sqft
2022-07-01 25 days 2,063 sqft
2022-08-01 34 days 2,084 sqft
2022-09-01 45 days 2,062 sqft
2022-10-01 50 days 2,094 sqft
2022-11-01 60 days 2,093 sqft
2022-12-01 71 days 2,091 sqft
2023-01-01 78 days 2,073 sqft
2023-02-01 67 days 2,135 sqft
Durham's median listing age (time on market) for 2023-02-01 was 67 days. This is 54% longer than the same period one year ago.

Durham's median square footage for active listings during the 2023-02-01 period was 2,135 sqft. One year prior, the average listing was 1,902 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).