El Paso FHA Loan Rates, Closing Costs & Stats

EL PASO, TX

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.

El Paso's 116 lenders originated 2,496 FHA loans during 2023. The total origination value was $594,510,000, with an average FHA loan value of $238,185.

El Paso FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in El Paso averaged 6.18% for the week of 2024-10-11, compared to the national average (all FHA variants) of 6.1% for the same period.

El Paso's average FHA mortgage closing costs are $7,380.

The average rate for the prior week (2024-10-04) was 5.8% and one month ago for the week of 2024-09-06, the average rate was 5.83%.

The average rate one year ago was 7.25%.

For refis of the same type during the week of 2024-10-11, the average rate was 6.1%.

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

El Paso 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 El Paso level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Commerce Home Mortgage, Inc. 240 6.69% $10,354
UNITED WHOLESALE MORTGAGE, LLC 187 6.30% $12,002
CARDINAL FINANCIAL 156 6.50% $12,652
Rocky Mountain Mortgage Company 149 6.42% $7,147
CADENCE LENDING GROUP, INC. 126 6.41% $13,299
First National Bank Texas 124 6.29% $9,721
PATRIOT MORTGAGE COMPANY 118 5.92% $11,186
MOVEMENT MORTGAGE, LLC 88 6.73% $11,945
CMG MORTGAGE, INC. 72 6.28% $14,009
QUICKEN LOANS, LLC 54 6.35% $10,486
AMERICAN PACIFIC MORTGAGE CORPORATION 53 6.44% $11,551
Sunflower Bank 46 6.22% $11,330
Town Square Mortgage & Investments, Inc. 39 6.59% $8,594
CROSSCOUNTRY MORTGAGE, LLC 39 6.45% $14,687
SECURITYNATIONAL MORTGAGE COMPANY 38 6.74% $11,751
THE MORTGAGE LINK, INC. 30 6.70% $12,721
City Bank 30 6.61% $12,394
Nations Lending Corporation 28 6.26% $8,374
Flagstar Bank, FSB 28 6.60% $10,144
BROKER SOLUTIONS, INC. 26 6.86% $10,364
Century Mortgage Company DBA Century Lending Company 25 6.40% $12,486
PLAZA HOME MORTGAGE, INC. 23 6.41% $13,150
EUSTIS AND AMERICAN MORTGAGE COMPANY 23 6.89% $8,602
Waterstone Mortgage Corporation 19 7.05% $11,894
MORTGAGE FINANCIAL SERVICES, LLC 19 6.97% $10,226
WILLOW BEND MORTGAGE COMPANY, LLC 18 6.60% $12,108
GUARANTEED RATE, INC. 18 6.13% $9,144
Plains Commerce Bank 17 6.97% $10,459
UNION HOME MORTGAGE CORP. 12 6.73% $10,996
AMCAP MORTGAGE, LTD. 11 6.65% $10,423
OCMBC, INC. 11 6.74% $10,306
GENEVA FINANCIAL, LLC 10 7.00% $13,466
Network Funding, L.P. 10 6.50% $10,704
SUMMIT FUNDING, INC. 10 6.93% $10,639
First Option Mortgage, LLC 10 6.25% $13,310
LOANDEPOT.COM, LLC 9 6.25% $11,352
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 5.85% $9,991
V.I.P. MORTGAGE, INC. 9 6.71% $10,634
FirstLight Federal Credit Union 8 6.01% $8,094
US MORTGAGE CORPORATION 7 7.20% $9,394
NEWREZ LLC 7 6.70% $8,170
Ixonia Bank 7 6.29% $10,674
EVERETT FINANCIAL, INC. 6 7.19% $12,597
Paramount Residential Mortgage Group, Inc. 6 6.94% $8,368
CALCON MUTUAL MORTGAGE LLC 6 6.00% $15,428
NOVA FINANCIAL & INVESTMENT CORPORATION 6 6.85% $8,031
FREEDOM MORTGAGE CORPORATION 5 7.18% $9,313
PENNYMAC LOAN SERVICES, LLC 5 6.40% $13,601
CASTLE & COOKE MORTGAGE, LLC 5 7.00% $12,750
AHL FUNDING 4 6.38% $10,934
ZILLOW HOME LOANS, LLC 4 6.19% $11,134
CHERRY CREEK MORTGAGE, LLC 4 6.69% $3,400
GUILD MORTGAGE COMPANY 4 6.38% $7,544
SeaTrust Mortgage Company 4 7.13% $9,791
PRIMELENDING, A PLAINSCAPITAL COMPANY 4 6.59% $11,050
PLANET HOME LENDING, LLC 4 5.88% $6,758
MANN FINANCIAL INC. 4 7.44% $10,349
JPMorgan Chase Bank 4 6.03% $5,603
Mortgage Research Center, LLC 3 6.71% $6,781
Encompass Lending Group, LP 3 7.08% $9,427
ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 6.71% $11,732
NFM, INC. 3 7.08% $11,844
AMERICAN FINANCIAL NETWORK, INC. 3 7.92% $11,638
VILLAGE CAPITAL MORTGAGE 3 6.25% $3,774
NATIONS DIRECT MORTGAGE, LLC 3 6.62% $9,869
AMERISAVE MORTGAGE CORPORATION 3 5.17% $15,868
DIRECTIONS EQUITY, LLC 2 5.56% $8,219
CHURCHILL MORTGAGE CORPORATION 2 6.94% $12,458
Citizens Bank of Las Cruces 2 6.81% $8,723
Carrington Mortgage Services, LLC 2 6.25% $11,567
Equity Prime Mortgage LLC 2 6.69% $12,272
Bank of England 2 6.69% $13,163
INTERLINC MORTGAGE SERVICES, LLC 2 7.44% $8,095
Loan Simple, Inc. 2 7.88% $12,611
MID AMERICA MORTGAGE, INC. 2 7.31% $7,281
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.13% $11,292
Princeton Mortgage Corporation 2 7.25% $16,456
SUN WEST MORTGAGE COMPANY, INC. 2 6.62% $8,434
TOWNE MORTGAGE COMPANY 2 7.19% $8,406
U.S. Bank 2 6.44% $6,533
LHM FINANCIAL CORPORATION 1 5.75% $10,125
LEADERONE FINANCIAL CORPORATION 1 6.25% $17,753
Ameris Bank 1 5.75% $10,499
KELLER MORTGAGE, LLC 1 5.88% $7,982
PENTAGON FEDERAL CREDIT UNION 1 5.75% $12,342
INTERCAP LENDING INC. 1 6.63% $7,510
Independent Bank 1 6.13% $6,348
ACADEMY MORTGAGE CORPORATION 1 6.25% $12,677
PNC Bank 1 6.50% $6,480
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 5.50% $12,423
Hometown Equity Mortgage, LLC 1 7.63% $12,745
BELEM SERVICING LLC 1 5.75% $10,048
HOMESPIRE MORTGAGE CORPORATION 1 7.25% $17,254
AmeriHome Mortgage Company, LLC 1 6.13% $7,025
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.75% $14,607
AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 6.25% $9,861
SFMC, LP 1 7.13% $13,862
Stride Bank 1 6.13% $9,417
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.75% $15,772
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.38% $15,173
Colonial Savings, F.A. 1 5.75% $15,322
Gateway First Bank 1 7.25% $13,084
TJC Mortgage, Inc. 1 6.50% $9,483
CANOPY MORTGAGE, LLC 1 7.63% $26,305
ALL WESTERN MORTGAGE, INC. 1 7.38% $12,100
BancorpSouth 1 6.88% $9,269
FIRST CENTENNIAL MORTGAGE CORPORATION 1 7.50% $8,671
UNIVERSITY Federal Credit Union 1 6.13% $12,703
Citizens Bank 1 6.00% $12,215
DHI MORTGAGE COMPANY, LTD. 1 5.75% $13,164
VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.50% $18,516
BECKAM FUNDING CORP. 1 7.25% $12,914
NETWORK CAPITAL FUNDING CORPORATION 1 5.63% $16,516
NBKC BANK 1 7.13% $7,672
Northpointe Bank 1 6.00% $15,014
Arvest Bank 1 7.00% $12,260

The top El Paso FHA lender as defined by loan originations is Commerce Home Mortgage, Inc., with 240 FHA loans originated. Their average total fees are $10,354, which is $1,648 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee El Paso FHA lenders (with over 10 loans originated) are Rocky Mountain Mortgage Company ($7,147), Nations Lending Corporation ($8,374), Town Square Mortgage & Investments, Inc. ($8,594), EUSTIS AND AMERICAN MORTGAGE COMPANY ($8,602) and GUARANTEED RATE, INC. ($9,144).

The lowest rate El Paso FHA lenders (with over 10 loans originated) are PATRIOT MORTGAGE COMPANY (5.92%), GUARANTEED RATE, INC. (6.13%), Sunflower Bank (6.22%), First Option Mortgage, LLC (6.25%) and Nations Lending Corporation (6.26%).

El Paso FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - El Paso (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 $167,950 (2.2%) $197,104 (-3.2%) 0.62 3,504
2018-02-01 $168,225 (2.0%) $196,667 (-3.7%) 0.61 3,531
2018-03-01 $169,775 (2.3%) $198,781 (-3.0%) 0.60 3,449
2018-04-01 $172,225 (3.8%) $200,788 (-3.6%) 0.58 3,259
2018-05-01 $173,488 (3.9%) $201,242 (-3.3%) 0.58 3,213
2018-06-01 $175,000 (4.2%) $203,328 (-4.6%) 0.58 3,162
2018-07-01 $176,475 (5.1%) $205,403 (-3.7%) 0.59 3,158
2018-08-01 $177,250 (5.5%) $204,217 (-3.5%) 0.59 3,066
2018-09-01 $177,388 (5.6%) $203,735 (-3.9%) 0.60 3,075
2018-10-01 $176,975 (5.5%) $202,710 (-3.2%) 0.60 3,188
2018-11-01 $178,475 (6.0%) $203,760 (-3.3%) 0.61 3,144
2018-12-01 $179,900 (6.8%) $206,745 (4.5%) 0.62 2,987
2019-01-01 $183,725 (9.4%) $208,978 (6.0%) 0.63 2,797
2019-02-01 $184,975 (10.0%) $210,193 (6.9%) 0.62 2,784
2019-03-01 $187,629 (10.5%) $214,423 (7.9%) 0.61 2,692
2019-04-01 $189,925 (10.3%) $218,853 (9.0%) 0.60 2,620
2019-05-01 $191,475 (10.4%) $221,680 (10.2%) 0.60 2,621
2019-06-01 $191,950 (9.7%) $222,335 (9.4%) 0.60 2,597
2019-07-01 $191,450 (8.5%) $222,094 (8.1%) 0.60 2,654
2019-08-01 $191,727 (8.2%) $223,539 (9.5%) 0.61 2,638
2019-09-01 $190,755 (7.5%) $224,757 (10.3%) 0.61 2,611
2019-10-01 $190,583 (7.7%) $226,490 (11.7%) 0.61 2,594
2019-11-01 $195,000 (9.3%) $228,928 (12.4%) 0.64 2,576
2019-12-01 $193,450 (7.5%) $226,399 (9.5%) 0.65 2,442
2020-01-01 $192,950 (5.0%) $226,825 (8.5%) 0.64 2,381
2020-02-01 $192,950 (4.3%) $228,575 (8.8%) 0.63 2,408
2020-03-01 $195,975 (4.5%) $230,152 (7.3%) 0.61 2,308
2020-04-01 $193,950 (2.1%) $228,213 (4.3%) 0.61 2,249
2020-05-01 $202,950 (6.0%) $233,740 (5.4%) 0.62 1,944
2020-06-01 $210,470 (9.7%) $243,421 (9.5%) 0.62 1,598
2020-07-01 $217,088 (13.4%) $245,834 (10.7%) 0.63 1,458
2020-08-01 $216,066 (12.7%) $248,534 (11.2%) 0.62 1,478
2020-09-01 $215,700 (13.1%) $251,572 (11.9%) 0.62 1,413
2020-10-01 $225,950 (18.6%) $256,073 (13.1%) 0.65 1,413
2020-11-01 $232,100 (19.0%) $262,264 (14.6%) 0.68 1,340
2020-12-01 $228,107 (17.9%) $261,980 (15.7%) 0.68 1,353
2021-01-01 $230,000 (19.2%) $267,421 (17.9%) 0.69 1,265
2021-02-01 $230,462 (19.4%) $269,435 (17.9%) 0.67 1,188
2021-03-01 $234,975 (19.9%) $267,420 (16.2%) 0.67 1,148
2021-04-01 $237,611 (22.5%) $268,856 (17.8%) 0.64 1,073
2021-05-01 $245,000 (20.7%) $277,518 (18.7%) 0.65 1,027
2021-06-01 $248,950 (18.3%) $287,782 (18.2%) 0.66 1,016
2021-07-01 $249,900 (15.1%) $285,176 (16.0%) 0.66 1,061
2021-08-01 $247,950 (14.8%) $284,989 (14.7%) 0.66 1,122
2021-09-01 $247,950 (15.0%) $286,008 (13.7%) 0.66 1,098
2021-10-01 $250,000 (10.6%) $292,552 (14.3%) 0.67 1,161
2021-11-01 $253,588 (9.3%) $293,015 (11.7%) 0.68 1,104
2021-12-01 $255,950 (12.2%) $300,425 (14.7%) 0.69 1,022
2022-01-01 $261,500 (13.7%) $306,624 (14.7%) 0.71 911
2022-02-01 $267,656 (16.1%) $310,205 (15.1%) 0.70 881
2022-03-01 $275,000 (17.0%) $317,585 (18.8%) 0.69 870
2022-04-01 $280,000 (17.8%) $320,751 (19.3%) 0.67 931
2022-05-01 $282,600 (15.4%) $329,216 (18.6%) 0.65 1,014
2022-06-01 $281,600 (13.1%) $332,242 (15.5%) 0.63 1,171
2022-07-01 $284,950 (14.0%) $333,165 (16.8%) 0.64 1,498
2022-08-01 $285,475 (15.1%) $329,146 (15.5%) 0.66 1,538
2022-09-01 $291,225 (17.5%) $334,289 (16.9%) 0.68 1,576
2022-10-01 $291,725 (16.7%) $333,290 (13.9%) 0.69 1,840
2022-11-01 $290,975 (14.7%) $328,828 (12.2%) 0.70 1,890
2022-12-01 $291,250 (13.8%) $329,155 (9.6%) 0.72 1,884
2023-01-01 $293,475 (12.2%) $333,079 (8.6%) 0.73 1,877
2023-02-01 $296,975 (11.0%) $336,712 (8.5%) 0.72 1,829
2023-03-01 $298,938 (8.7%) $342,437 (7.8%) 0.71 1,822
2023-04-01 $300,030 (7.2%) $350,990 (9.4%) 0.70 1,666
2023-05-01 $310,000 (9.7%) $355,655 (8.0%) 0.70 1,741
2023-06-01 $303,888 (7.9%) $352,426 (6.1%) 0.68 1,951
2023-07-01 $304,800 (7.0%) $352,381 (5.8%) 0.69 2,112
2023-08-01 $300,950 (5.4%) $352,679 (7.2%) 0.69 2,189
2023-09-01 $299,500 (2.8%) $352,175 (5.4%) 0.70 2,253
2023-10-01 $294,950 (1.1%) $348,420 (4.5%) 0.69 2,414
2023-11-01 $294,213 (1.1%) $345,927 (5.2%) 0.70 2,501
2023-12-01 $295,000 (1.3%) $344,035 (4.5%) 0.72 2,330
2024-01-01 $295,000 (0.5%) $339,830 (2.0%) 0.72 2,303
2024-02-01 $298,570 (0.5%) $340,766 (1.2%) 0.72 2,435
2024-03-01 $299,500 (0.2%) $345,633 (0.9%) 0.70 2,449
2024-04-01 $300,125 (0.0%) $350,940 (0.0%) 0.70 2,462
2024-05-01 $302,285 (-2.5%) $352,246 (-1.0%) 0.68 2,542
2024-06-01 $300,000 (-1.3%) $355,004 (0.7%) 0.67 2,638
2024-07-01 $299,995 (-1.6%) $351,920 (-0.1%) 0.69 2,604
2024-08-01 $299,995 (-0.3%) $351,649 (-0.3%) 0.70 2,552
2024-09-01 $298,125 (-0.5%) $349,048 (-0.9%) 0.70 2,555
El Paso's median listing price for 2024-09-01 was $298,125, a difference of $-1,375 (-0.5%) versus the prior year and $-1,870 versus the prior month.

El Paso's median listing price comes in at 70% of the national average.

El Paso's average listing price for 2024-09-01 was $349,048, a difference of $-3,127 (-0.9%) versus the prior year and $-2,601 versus the prior month.

For the 2024-09-01 period, El Paso had 2,555 MLS listings, a difference of 3 listings (0%) versus the prior month and 302 listings (13%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - El Paso (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 97 days 1,800 sqft
2018-02-01 100 days 1,800 sqft
2018-03-01 86 days 1,803 sqft
2018-04-01 79 days 1,823 sqft
2018-05-01 80 days 1,823 sqft
2018-06-01 80 days 1,843 sqft
2018-07-01 78 days 1,846 sqft
2018-08-01 71 days 1,859 sqft
2018-09-01 71 days 1,859 sqft
2018-10-01 66 days 1,856 sqft
2018-11-01 70 days 1,855 sqft
2018-12-01 73 days 1,852 sqft
2019-01-01 83 days 1,840 sqft
2019-02-01 74 days 1,841 sqft
2019-03-01 69 days 1,869 sqft
2019-04-01 67 days 1,888 sqft
2019-05-01 65 days 1,905 sqft
2019-06-01 64 days 1,913 sqft
2019-07-01 58 days 1,899 sqft
2019-08-01 60 days 1,908 sqft
2019-09-01 65 days 1,899 sqft
2019-10-01 67 days 1,900 sqft
2019-11-01 72 days 1,913 sqft
2019-12-01 79 days 1,892 sqft
2020-01-01 81 days 1,886 sqft
2020-02-01 70 days 1,874 sqft
2020-03-01 66 days 1,884 sqft
2020-04-01 76 days 1,855 sqft
2020-05-01 83 days 1,892 sqft
2020-06-01 76 days 1,903 sqft
2020-07-01 66 days 1,936 sqft
2020-08-01 57 days 1,952 sqft
2020-09-01 46 days 1,909 sqft
2020-10-01 54 days 1,937 sqft
2020-11-01 65 days 1,967 sqft
2020-12-01 68 days 1,954 sqft
2021-01-01 67 days 1,954 sqft
2021-02-01 50 days 1,916 sqft
2021-03-01 50 days 1,925 sqft
2021-04-01 56 days 1,913 sqft
2021-05-01 44 days 1,987 sqft
2021-06-01 42 days 1,987 sqft
2021-07-01 43 days 1,975 sqft
2021-08-01 38 days 1,932 sqft
2021-09-01 44 days 1,937 sqft
2021-10-01 45 days 1,960 sqft
2021-11-01 52 days 1,964 sqft
2021-12-01 65 days 1,959 sqft
2022-01-01 55 days 1,945 sqft
2022-02-01 33 days 1,936 sqft
2022-03-01 36 days 1,910 sqft
2022-04-01 37 days 1,938 sqft
2022-05-01 30 days 1,938 sqft
2022-06-01 34 days 1,930 sqft
2022-07-01 32 days 1,930 sqft
2022-08-01 48 days 1,930 sqft
2022-09-01 52 days 1,941 sqft
2022-10-01 52 days 1,954 sqft
2022-11-01 60 days 1,941 sqft
2022-12-01 68 days 1,941 sqft
2023-01-01 73 days 1,933 sqft
2023-02-01 67 days 1,935 sqft
2023-03-01 60 days 1,930 sqft
2023-04-01 54 days 1,941 sqft
2023-05-01 50 days 1,950 sqft
2023-06-01 53 days 1,941 sqft
2023-07-01 57 days 1,951 sqft
2023-08-01 63 days 1,951 sqft
2023-09-01 64 days 1,941 sqft
2023-10-01 61 days 1,914 sqft
2023-11-01 65 days 1,899 sqft
2023-12-01 74 days 1,894 sqft
2024-01-01 76 days 1,878 sqft
2024-02-01 67 days 1,884 sqft
2024-03-01 58 days 1,898 sqft
2024-04-01 57 days 1,894 sqft
2024-05-01 53 days 1,876 sqft
2024-06-01 58 days 1,876 sqft
2024-07-01 66 days 1,876 sqft
2024-08-01 71 days 1,873 sqft
2024-09-01 69 days 1,873 sqft
El Paso's median listing age (time on market) for 2024-09-01 was 69 days. This is 8% longer than the same period one year ago.

El Paso's median square footage for active listings during the 2024-09-01 period was 1,873 sqft. One year prior, the average listing was 1,941 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).