Flint FHA Loan Rates, Closing Costs & Stats

FLINT, MI

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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.

    Flint's 107 lenders originated 1,307 FHA loans during 2024. The total origination value was $244,395,000, with an average FHA loan value of $186,989.

    Flint FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Flint averaged 7.02% for the week of 2025-05-23, compared to the national average (all FHA variants) of 6.612% for the same period.

    Flint's average FHA mortgage closing costs are $6,585.

    The average rate for the prior week (2025-05-16) was 6.86% and one month ago for the week of 2025-04-18, the average rate was 6.78%.

    The average rate one year ago was 6.95%.

    For refis of the same type during the week of 2025-05-23, the average rate was 6.81%.

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

    Flint 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 Flint level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Preston Home Loans Inc 184 6.70% $7,985
    QUICKEN LOANS, LLC 165 6.44% $9,297
    UNITED WHOLESALE MORTGAGE, LLC 109 6.18% $10,753
    J. VIRGIL, INC. 100 6.72% $7,975
    BLG HOLDINGS, INC. 40 6.85% $9,573
    DAS Acquisition Company, LLC 32 7.09% $8,199
    MORTGAGE 1 INCORPORATED 27 6.74% $9,456
    Dort Financial Credit Union 26 6.69% $4,948
    Flagstar Bank, FSB 23 6.61% $6,946
    BROKER SOLUTIONS, INC. 22 7.06% $9,200
    ROSS MORTGAGE CORPORATION 19 6.63% $7,055
    CROSSCOUNTRY MORTGAGE, LLC 18 6.72% $8,802
    NEWREZ LLC 18 6.61% $7,833
    INSPIRE HOME LOANS INC. 15 5.62% $10,680
    PENNYMAC LOAN SERVICES, LLC 15 6.28% $8,244
    Equity Prime Mortgage LLC 14 7.48% $8,961
    The Huntington National Bank 14 6.78% $5,615
    FREEDOM MORTGAGE CORPORATION 14 6.33% $10,292
    SUCCESS MORTGAGE PARTNERS, INC. 13 6.74% $7,804
    Mr. Cooper ( Nationstar Mortgage ) 12 6.65% $10,213
    TOWNE MORTGAGE COMPANY 12 6.60% $7,722
    First State Bank 12 6.86% $8,133
    Prosperity Home Mortgage, LLC 11 6.02% $8,376
    GUARANTEED RATE, INC. 11 6.73% $8,013
    Carrington Mortgage Services, LLC 9 6.25% $11,379
    STAUNTON FINANCIAL, INC. 9 6.49% $8,009
    LOANPAL, LLC 9 5.90% $11,388
    MICHIGAN MUTUAL, INC. 9 6.92% $8,614
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 9 6.75% $9,343
    GUILD MORTGAGE COMPANY 9 6.80% $9,334
    UNION HOME MORTGAGE CORP. 8 6.94% $10,426
    VILLAGE CAPITAL MORTGAGE 7 6.71% $5,776
    PLANET HOME LENDING, LLC 7 6.20% $5,720
    AMERICAN FINANCIAL NETWORK, INC. 7 6.95% $11,559
    PLAZA HOME MORTGAGE, INC. 7 6.93% $7,041
    CALCON MUTUAL MORTGAGE LLC 7 6.45% $8,513
    MOVEMENT MORTGAGE, LLC 7 6.84% $7,804
    MUTUAL OF OMAHA MORTGAGE, INC. 6 6.73% $10,192
    LAKE MICHIGAN CREDIT UNION 6 6.46% $6,709
    LOANDEPOT.COM, LLC 6 5.93% $11,083
    MID AMERICA MORTGAGE, INC. 6 7.42% $5,840
    ZILLOW HOME LOANS, LLC 4 6.84% $7,774
    AMERICAN FINANCIAL RESOURCES, INC. 4 7.09% $7,345
    AMERICAN FINANCING CORPORATION 4 6.03% $12,128
    AMERISAVE MORTGAGE CORPORATION 4 6.25% $9,809
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 6.25% $5,889
    FIRST COMMUNITY MORTGAGE, INC. 4 6.72% $6,785
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 4 6.91% $7,829
    LAKEVIEW LOAN SERVICING, LLC 4 6.59% $8,030
    The Dart Bank 4 6.63% $8,092
    MYCUMORTGAGE, LLC 3 7.21% $6,420
    MICHIGAN FIRST CREDIT UNION 3 7.17% $7,283
    HOMESIDE FINANCIAL, LLC 3 7.04% $9,698
    FINANCIAL PLUS CREDIT UNION 3 6.08% $8,117
    RUOFF MORTGAGE COMPANY, INC. 3 6.88% $5,949
    SOUTHWEST FUNDING, LP 3 7.75% $5,844
    Mortgage Research Center, LLC 3 6.42% $7,740
    Plains Commerce Bank 3 6.25% $5,499
    First Merchants Bank 2 6.25% $11,227
    THE MORTGAGE LINK, INC. 2 6.63% $10,210
    AmeriHome Mortgage Company, LLC 2 6.43% $8,496
    U.S. Bank 2 6.06% $6,492
    VAN DYK MORTGAGE CORPORATION 2 6.69% $8,777
    PREMIA MORTGAGE, LLC 2 6.56% $6,104
    CMG MORTGAGE, INC. 2 6.31% $16,847
    DELMAR FINANCIAL COMPANY 2 6.69% $5,934
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 6.75% $13,838
    ROYAL UNITED MORTGAGE LLC 2 7.31% $7,197
    CARDINAL FINANCIAL 2 6.63% $8,218
    Mercantile Bank of Michigan 2 6.19% $7,217
    OCMBC, INC. 2 6.69% $6,820
    Paramount Residential Mortgage Group, Inc. 2 6.50% $11,688
    EVERETT FINANCIAL, INC. 2 6.63% $12,471
    BM Real Estate Services, Inc. 1 5.50% $8,055
    Sunflower Bank 1 6.63% $6,424
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.25% $9,094
    BETTER MORTGAGE CORPORATION 1 6.00% $9,992
    The Loan Store, Inc. 1 6.99% $5,684
    TOP FLITE FINANCIAL, INC. 1 7.25% $16,090
    Barrington Bank & Trust Company, N.A. 1 5.75% $5,490
    Bank of England 1 5.75% $11,238
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.25% $5,861
    JPMorgan Chase Bank 1 6.25% $4,673
    LIBERTY HOME MORTGAGE CORPORATION 1 6.25% $10,875
    V.I.P. MORTGAGE, INC. 1 6.75% $7,586
    JMAC LENDING, INC. 1 5.75% $11,790
    Independent Bank 1 6.87% $5,667
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 6.75% $10,238
    MICHIGAN SCHOOLS AND GOVERNMENT 1 5.88% $8,028
    MILEND, INC. 1 6.25% $13,694
    MORTGAGE CENTER L.C 1 6.38% $9,153
    FIRST COLONY MORTGAGE CORPORATION 1 5.50% $8,939
    M&T Bank 1 7.50% $5,290
    FBC MORTGAGE, LLC 1 6.63% $11,739
    NATIONS DIRECT MORTGAGE, LLC 1 7.25% $9,403
    Nations Lending Corporation 1 6.25% $14,437
    NBKC BANK 1 6.00% $8,793
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.38% $10,363
    NFM, INC. 1 7.63% $10,288
    Northpointe Bank 1 5.63% $14,404
    PHH Mortgage Corporation 1 6.13% $5,247
    EQUITY RESOURCES, INC. 1 6.63% $6,029
    EMM LOANS LLC 1 5.75% $20,973
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 6.99% $5,138
    Citizens Bank 1 5.75% $11,639
    CHURCHILL MORTGAGE CORPORATION 1 5.75% $18,308
    STOCKTON MORTGAGE CORPORATION 1 7.75% $7,607

    The top Flint FHA lender as defined by loan originations is Preston Home Loans Inc, with 184 FHA loans originated. Their average total fees are $7,985, which is $1,312 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Flint FHA lenders (with over 10 loans originated) are Dort Financial Credit Union ($4,948), The Huntington National Bank ($5,615), Flagstar Bank, FSB ($6,946), ROSS MORTGAGE CORPORATION ($7,055) and TOWNE MORTGAGE COMPANY ($7,722).

    The lowest rate Flint FHA lenders (with over 10 loans originated) are INSPIRE HOME LOANS INC. (5.62%), Prosperity Home Mortgage, LLC (6.02%), UNITED WHOLESALE MORTGAGE, LLC (6.18%), PENNYMAC LOAN SERVICES, LLC (6.28%) and FREEDOM MORTGAGE CORPORATION (6.33%).

    Flint FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Flint (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 $139,900 (16.7%) $190,980 (15.3%) 0.52 1,038
    2018-02-01 $148,700 (19.1%) $196,393 (16.1%) 0.54 972
    2018-03-01 $154,950 (24.0%) $203,516 (15.5%) 0.54 947
    2018-04-01 $167,450 (28.9%) $214,496 (15.4%) 0.57 957
    2018-05-01 $169,400 (21.1%) $217,028 (12.7%) 0.57 1,062
    2018-06-01 $169,400 (14.7%) $213,100 (8.5%) 0.56 1,124
    2018-07-01 $169,450 (13.0%) $210,973 (7.8%) 0.57 1,191
    2018-08-01 $165,500 (10.4%) $208,614 (7.5%) 0.55 1,346
    2018-09-01 $162,500 (8.4%) $206,408 (6.7%) 0.55 1,420
    2018-10-01 $159,000 (1.7%) $201,037 (1.4%) 0.54 1,415
    2018-11-01 $151,450 (1.0%) $195,462 (0.1%) 0.51 1,395
    2018-12-01 $144,900 (3.6%) $189,331 (-0.1%) 0.50 1,327
    2019-01-01 $144,400 (3.2%) $188,563 (-1.3%) 0.50 1,211
    2019-02-01 $148,150 (-0.4%) $191,966 (-2.3%) 0.50 1,108
    2019-03-01 $156,371 (0.9%) $202,158 (-0.7%) 0.51 1,060
    2019-04-01 $165,000 (-1.5%) $216,039 (0.7%) 0.52 1,020
    2019-05-01 $179,900 (6.2%) $227,924 (5.0%) 0.56 1,046
    2019-06-01 $179,900 (6.2%) $226,126 (6.1%) 0.56 1,187
    2019-07-01 $182,400 (7.6%) $228,361 (8.2%) 0.57 1,253
    2019-08-01 $180,809 (9.3%) $222,868 (6.8%) 0.57 1,292
    2019-09-01 $174,673 (7.5%) $213,651 (3.5%) 0.56 1,357
    2019-10-01 $169,450 (6.6%) $206,148 (2.5%) 0.55 1,404
    2019-11-01 $169,695 (12.1%) $210,201 (7.5%) 0.56 1,296
    2019-12-01 $165,245 (14.0%) $211,969 (12.0%) 0.55 1,197
    2020-01-01 $165,700 (14.8%) $214,832 (13.9%) 0.55 1,085
    2020-02-01 $168,950 (14.0%) $216,158 (12.6%) 0.55 1,005
    2020-03-01 $179,900 (15.1%) $225,460 (11.5%) 0.56 945
    2020-04-01 $182,240 (10.5%) $225,979 (4.6%) 0.57 876
    2020-05-01 $189,850 (5.5%) $233,125 (2.3%) 0.58 870
    2020-06-01 $197,375 (9.7%) $250,995 (11.0%) 0.58 762
    2020-07-01 $199,900 (9.6%) $261,541 (14.5%) 0.58 689
    2020-08-01 $209,900 (16.1%) $274,751 (23.3%) 0.60 667
    2020-09-01 $204,975 (17.4%) $268,386 (25.6%) 0.59 650
    2020-10-01 $199,900 (18.0%) $260,928 (26.6%) 0.57 626
    2020-11-01 $199,900 (17.8%) $262,430 (24.9%) 0.58 570
    2020-12-01 $189,950 (15.0%) $260,205 (22.8%) 0.56 526
    2021-01-01 $179,990 (8.6%) $258,324 (20.3%) 0.54 469
    2021-02-01 $175,000 (3.6%) $271,362 (25.5%) 0.51 405
    2021-03-01 $179,900 (0.0%) $261,576 (16.0%) 0.51 426
    2021-04-01 $179,900 (-1.3%) $260,140 (15.1%) 0.49 465
    2021-05-01 $185,000 (-2.6%) $255,205 (9.5%) 0.49 506
    2021-06-01 $192,500 (-2.5%) $257,043 (2.4%) 0.51 591
    2021-07-01 $199,900 (0.0%) $269,783 (3.2%) 0.53 651
    2021-08-01 $209,925 (0.0%) $264,262 (-3.8%) 0.56 735
    2021-09-01 $189,800 (-7.4%) $248,279 (-7.5%) 0.51 765
    2021-10-01 $189,900 (-5.0%) $252,047 (-3.4%) 0.51 789
    2021-11-01 $176,450 (-11.7%) $245,392 (-6.5%) 0.47 734
    2021-12-01 $174,900 (-7.9%) $244,484 (-6.0%) 0.47 656
    2022-01-01 $172,400 (-4.2%) $241,668 (-6.5%) 0.47 598
    2022-02-01 $175,950 (0.5%) $258,750 (-4.7%) 0.46 539
    2022-03-01 $199,950 (11.2%) $262,465 (0.3%) 0.50 553
    2022-04-01 $214,950 (19.5%) $267,178 (2.7%) 0.51 575
    2022-05-01 $219,900 (18.9%) $276,155 (8.2%) 0.50 645
    2022-06-01 $234,975 (22.1%) $287,652 (11.9%) 0.52 726
    2022-07-01 $220,000 (10.1%) $275,275 (2.0%) 0.50 959
    2022-08-01 $219,900 (4.8%) $266,990 (1.0%) 0.51 1,025
    2022-09-01 $214,900 (13.2%) $266,044 (7.2%) 0.50 1,007
    2022-10-01 $209,900 (10.5%) $259,385 (2.9%) 0.49 1,046
    2022-11-01 $198,475 (12.5%) $251,224 (2.4%) 0.48 1,049
    2022-12-01 $185,000 (5.8%) $244,001 (-0.2%) 0.46 947
    2023-01-01 $181,950 (5.5%) $247,261 (2.3%) 0.45 821
    2023-02-01 $189,338 (7.6%) $257,628 (-0.4%) 0.46 746
    2023-03-01 $181,975 (-9.0%) $253,016 (-3.6%) 0.43 662
    2023-04-01 $184,250 (-14.3%) $258,197 (-3.4%) 0.43 614
    2023-05-01 $184,675 (-16.0%) $258,683 (-6.3%) 0.42 637
    2023-06-01 $179,450 (-23.6%) $261,576 (-9.1%) 0.40 649
    2023-07-01 $206,200 (-6.3%) $268,414 (-2.5%) 0.47 654
    2023-08-01 $209,925 (-4.5%) $260,099 (-2.6%) 0.48 742
    2023-09-01 $199,900 (-7.0%) $254,818 (-4.2%) 0.47 794
    2023-10-01 $192,000 (-8.5%) $252,667 (-2.6%) 0.45 829
    2023-11-01 $199,900 (0.7%) $254,377 (1.3%) 0.48 827
    2023-12-01 $198,900 (7.5%) $249,611 (2.3%) 0.49 804
    2024-01-01 $192,425 (5.8%) $251,190 (1.6%) 0.47 711
    2024-02-01 $194,900 (2.9%) $255,432 (-0.9%) 0.47 648
    2024-03-01 $189,997 (4.4%) $253,860 (0.3%) 0.45 635
    2024-04-01 $202,500 (9.9%) $258,529 (0.1%) 0.47 645
    2024-05-01 $199,950 (8.3%) $264,769 (2.4%) 0.45 716
    2024-06-01 $199,900 (11.4%) $256,941 (-1.8%) 0.45 801
    2024-07-01 $199,500 (-3.3%) $259,088 (-3.5%) 0.46 851
    2024-08-01 $200,000 (-4.7%) $254,484 (-2.2%) 0.47 897
    2024-09-01 $192,425 (-3.7%) $237,906 (-6.6%) 0.45 928
    2024-10-01 $184,950 (-3.7%) $228,770 (-9.5%) 0.44 962
    2024-11-01 $174,900 (-12.5%) $224,443 (-11.8%) 0.42 1,040
    2024-12-01 $159,900 (-19.6%) $222,615 (-10.8%) 0.40 983
    2025-01-01 $157,198 (-18.3%) $217,411 (-13.5%) 0.39 880
    2025-02-01 $149,400 (-23.4%) $210,170 (-17.7%) 0.36 815
    2025-03-01 $149,900 (-21.1%) $221,243 (-12.9%) 0.35 775
    2025-04-01 $159,475 (-21.3%) $242,588 (-6.2%) 0.37 762
    Flint's median listing price for 2025-04-01 was $159,475, a difference of $-43,025 (-21.3%) versus the prior year and $9,575 versus the prior month.

    Flint's median listing price comes in at 37% of the national average.

    Flint's average listing price for 2025-04-01 was $242,588, a difference of $-15,941 (-6.2%) versus the prior year and $21,345 versus the prior month.

    For the 2025-04-01 period, Flint had 762 MLS listings, a difference of -13 listings (-2%) versus the prior month and 117 listings (18%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Flint (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 74 days 1,511 sqft
    2018-02-01 67 days 1,551 sqft
    2018-03-01 60 days 1,566 sqft
    2018-04-01 48 days 1,614 sqft
    2018-05-01 39 days 1,624 sqft
    2018-06-01 38 days 1,601 sqft
    2018-07-01 43 days 1,608 sqft
    2018-08-01 40 days 1,606 sqft
    2018-09-01 47 days 1,600 sqft
    2018-10-01 51 days 1,586 sqft
    2018-11-01 55 days 1,550 sqft
    2018-12-01 63 days 1,501 sqft
    2019-01-01 73 days 1,499 sqft
    2019-02-01 69 days 1,500 sqft
    2019-03-01 56 days 1,540 sqft
    2019-04-01 46 days 1,576 sqft
    2019-05-01 43 days 1,601 sqft
    2019-06-01 38 days 1,614 sqft
    2019-07-01 43 days 1,627 sqft
    2019-08-01 46 days 1,613 sqft
    2019-09-01 49 days 1,593 sqft
    2019-10-01 51 days 1,569 sqft
    2019-11-01 59 days 1,561 sqft
    2019-12-01 67 days 1,579 sqft
    2020-01-01 79 days 1,599 sqft
    2020-02-01 72 days 1,600 sqft
    2020-03-01 53 days 1,621 sqft
    2020-04-01 67 days 1,623 sqft
    2020-05-01 72 days 1,618 sqft
    2020-06-01 40 days 1,676 sqft
    2020-07-01 39 days 1,708 sqft
    2020-08-01 33 days 1,766 sqft
    2020-09-01 32 days 1,700 sqft
    2020-10-01 31 days 1,691 sqft
    2020-11-01 39 days 1,692 sqft
    2020-12-01 45 days 1,603 sqft
    2021-01-01 41 days 1,521 sqft
    2021-02-01 34 days 1,457 sqft
    2021-03-01 30 days 1,465 sqft
    2021-04-01 25 days 1,462 sqft
    2021-05-01 26 days 1,481 sqft
    2021-06-01 26 days 1,500 sqft
    2021-07-01 25 days 1,576 sqft
    2021-08-01 29 days 1,494 sqft
    2021-09-01 33 days 1,448 sqft
    2021-10-01 36 days 1,478 sqft
    2021-11-01 45 days 1,419 sqft
    2021-12-01 51 days 1,422 sqft
    2022-01-01 52 days 1,418 sqft
    2022-02-01 41 days 1,434 sqft
    2022-03-01 29 days 1,451 sqft
    2022-04-01 32 days 1,451 sqft
    2022-05-01 31 days 1,495 sqft
    2022-06-01 31 days 1,537 sqft
    2022-07-01 29 days 1,536 sqft
    2022-08-01 39 days 1,546 sqft
    2022-09-01 46 days 1,544 sqft
    2022-10-01 45 days 1,516 sqft
    2022-11-01 48 days 1,469 sqft
    2022-12-01 59 days 1,420 sqft
    2023-01-01 68 days 1,400 sqft
    2023-02-01 65 days 1,428 sqft
    2023-03-01 50 days 1,395 sqft
    2023-04-01 40 days 1,400 sqft
    2023-05-01 31 days 1,435 sqft
    2023-06-01 33 days 1,406 sqft
    2023-07-01 37 days 1,450 sqft
    2023-08-01 35 days 1,450 sqft
    2023-09-01 44 days 1,450 sqft
    2023-10-01 43 days 1,425 sqft
    2023-11-01 45 days 1,424 sqft
    2023-12-01 53 days 1,376 sqft
    2024-01-01 61 days 1,343 sqft
    2024-02-01 59 days 1,341 sqft
    2024-03-01 53 days 1,347 sqft
    2024-04-01 46 days 1,421 sqft
    2024-05-01 38 days 1,385 sqft
    2024-06-01 40 days 1,390 sqft
    2024-07-01 41 days 1,379 sqft
    2024-08-01 43 days 1,400 sqft
    2024-09-01 45 days 1,362 sqft
    2024-10-01 48 days 1,347 sqft
    2024-11-01 52 days 1,320 sqft
    2024-12-01 58 days 1,284 sqft
    2025-01-01 66 days 1,280 sqft
    2025-02-01 73 days 1,266 sqft
    2025-03-01 58 days 1,262 sqft
    2025-04-01 52 days 1,274 sqft
    Flint's median listing age (time on market) for 2025-04-01 was 52 days. This is 14% longer than the same period one year ago.

    Flint's median square footage for active listings during the 2025-04-01 period was 1,274 sqft. One year prior, the average listing was 1,421 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).