Fort Wayne FHA Loan Rates, Closing Costs & Stats

FORT WAYNE, IN

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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.

    Fort Wayne's 111 lenders originated 1,361 FHA loans during 2024. The total origination value was $296,685,000, with an average FHA loan value of $217,990.

    Fort Wayne FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Fort Wayne averaged 6.93% for the week of 2025-05-23, compared to the national average (all FHA variants) of 6.612% for the same period.

    Fort Wayne's average FHA mortgage closing costs are $6,035.

    The average rate for the prior week (2025-05-16) was 6.96% and one month ago for the week of 2025-04-18, the average rate was 6.89%.

    The average rate one year ago was 7.06%.

    For refis of the same type during the week of 2025-05-23, the average rate was 6.8%.

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

    Fort Wayne 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 Fort Wayne level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    RUOFF MORTGAGE COMPANY, INC. 187 6.78% $6,607
    QUICKEN LOANS, LLC 117 6.42% $10,158
    DHI MORTGAGE COMPANY, LTD. 112 5.01% $6,818
    GVC MORTGAGE, INC. 53 6.82% $9,739
    UNITED WHOLESALE MORTGAGE, LLC 52 6.09% $10,618
    HALLMARK HOME MORTGAGE, LLC 46 6.68% $9,393
    FREEDOM MORTGAGE CORPORATION 44 6.55% $10,677
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 38 6.75% $8,871
    GENEVA FINANCIAL, LLC 33 6.93% $8,853
    V.I.P. MORTGAGE, INC. 27 6.93% $9,756
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 26 6.84% $10,398
    LOANDEPOT.COM, LLC 26 6.67% $9,512
    HOMESIDE FINANCIAL, LLC 24 6.35% $8,570
    STOCKTON MORTGAGE CORPORATION 24 6.74% $8,242
    TEACHERS CREDIT UNION 20 5.97% $6,410
    PENNYMAC LOAN SERVICES, LLC 19 6.14% $10,117
    Fifth Third Bank 19 6.41% $6,863
    Flagstar Bank, FSB 18 6.32% $8,425
    POLARIS HOME FUNDING CORP. 17 6.60% $9,536
    Carrington Mortgage Services, LLC 16 6.13% $9,813
    NEWREZ LLC 16 6.19% $8,153
    Nations Lending Corporation 15 6.96% $10,475
    BROKER SOLUTIONS, INC. 14 6.86% $11,166
    CROSSCOUNTRY MORTGAGE, LLC 14 5.95% $10,779
    Union Savings Bank 14 6.27% $7,255
    MOVEMENT MORTGAGE, LLC 12 6.91% $10,568
    First Merchants Bank 11 6.57% $6,258
    AmRes Corporation 10 6.60% $10,539
    LOANPAL, LLC 10 5.76% $10,135
    AMERICAN FINANCING CORPORATION 10 5.35% $11,759
    VAN DYK MORTGAGE CORPORATION 10 7.21% $5,474
    Mr. Cooper ( Nationstar Mortgage ) 10 6.66% $12,269
    MICHIGAN MUTUAL, INC. 7 6.61% $8,208
    Blue Ridge Bank 7 6.41% $5,870
    JPMorgan Chase Bank 7 6.68% $5,768
    PNC Bank 6 6.50% $6,476
    MUTUAL OF OMAHA MORTGAGE, INC. 6 6.15% $13,401
    AmeriHome Mortgage Company, LLC 6 6.46% $7,711
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 6 6.56% $12,464
    CARDINAL FINANCIAL 6 6.96% $8,924
    The Huntington National Bank 5 6.45% $6,610
    PLANET HOME LENDING, LLC 5 6.40% $4,417
    PRIMARY RESIDENTIAL MORTGAGE, INC. 5 6.95% $6,828
    Old National Bank 5 6.13% $6,591
    AMERICAN FINANCIAL NETWORK, INC. 5 6.25% $13,249
    PLAZA HOME MORTGAGE, INC. 5 6.45% $8,992
    ZILLOW HOME LOANS, LLC 4 6.44% $9,319
    Equity Prime Mortgage LLC 4 7.00% $10,364
    Notre Dame Federal Credit Union Corporation 4 6.44% $7,607
    UNION HOME MORTGAGE CORP. 4 6.94% $7,292
    SOUTHWEST FUNDING, LP 4 7.38% $8,290
    AMERISAVE MORTGAGE CORPORATION 4 6.41% $12,259
    Mortgage Research Center, LLC 3 7.46% $3,532
    LAKEVIEW LOAN SERVICING, LLC 3 6.58% $9,559
    1st Source Bank 3 7.46% $7,122
    Prosperity Home Mortgage, LLC 3 5.75% $11,276
    TOWNE MORTGAGE COMPANY 2 7.00% $7,960
    GUILD MORTGAGE COMPANY 2 7.00% $6,635
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.62% $7,675
    NEW DAY FINANCIAL, LLC 2 7.68% $3,800
    GUARANTEED RATE AFFINITY, LLC 2 6.56% $7,849
    JLB CORPORATION 2 6.25% $7,129
    ROYAL UNITED MORTGAGE LLC 2 6.38% $12,809
    M&T Bank 2 6.63% $7,194
    Mortgage Assurance Inc. 2 6.25% $8,970
    GUARANTEED RATE, INC. 2 5.75% $12,411
    EQUITY RESOURCES, INC. 2 6.31% $5,652
    The State Bank and Trust Company 2 6.63% $6,403
    SUN WEST MORTGAGE COMPANY, INC. 1 5.75% $14,633
    Truist 1 5.50% $5,800
    American Mortgage Bank, LLC 1 6.63% $7,733
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.13% $16,062
    University Bank 1 4.99% $11,788
    VILLAGE CAPITAL MORTGAGE 1 6.50% $7,449
    ALLIED MORTGAGE GROUP, INC. 1 6.00% $8,840
    Waterstone Mortgage Corporation 1 7.25% $8,106
    Wells Fargo Bank 1 6.88% $7,606
    First Federal Bank of the Midwest 1 6.13% $5,024
    First International Bank & Trust 1 6.50% $4,110
    First Federal Bank 1 5.75% $7,475
    Guardian Savings Bank, A Federal Savings Bank 1 6.88% $5,997
    FIRST COMMUNITY MORTGAGE, INC. 1 7.13% $7,162
    FBC MORTGAGE, LLC 1 4.75% $10,853
    Ixonia Bank 1 7.75% $13,055
    Lakeview Community Capital, LLC 1 5.75% $8,894
    LIBERTY HOME MORTGAGE CORPORATION 1 6.50% $20,958
    ENVOY MORTGAGE, LTD 1 6.75% $9,593
    Loan Simple, Inc. 1 6.63% $10,521
    MEMBER FIRST MORTGAGE, LLC 1 6.25% $6,725
    MID AMERICA MORTGAGE, INC. 1 6.88% $3,996
    MJW Financial LLC 1 6.00% $5,935
    MORTGAGE MASTERS OF INDIANA, INC. 1 6.63% $6,782
    ENDEAVOR CAPITAL, LLC. 1 5.75% $10,550
    CMG MORTGAGE, INC. 1 7.13% $9,160
    CIBC Bank USA 1 6.75% $5,856
    Century Mortgage Company DBA Century Lending Company 1 6.63% $13,575
    NFM, INC. 1 5.63% $6,140
    Northwest Bank 1 6.38% $5,418
    OCEANSIDE MORTGAGE COMPANY 1 6.75% $2,105
    OCMBC, INC. 1 7.75% $10,490
    PHH Mortgage Corporation 1 7.13% $8,525
    POINT Mortgage 1 6.50% $11,320
    Bank of England 1 7.25% $6,629
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.88% $9,822
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.25% $4,047
    Regions Bank 1 6.75% $4,890
    RELIANCE FIRST CAPITAL, LLC 1 7.75% $9,504
    SeaTrust Mortgage Company 1 6.25% $9,844
    SENTE MORTGAGE, INC. 1 6.63% $10,861
    Servion, Inc. 1 7.13% $7,893
    SIRVA MORTGAGE, INC. 1 6.38% $7,773

    The top Fort Wayne FHA lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with 187 FHA loans originated. Their average total fees are $6,607, which is $3,551 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Fort Wayne FHA lenders (with over 10 loans originated) are VAN DYK MORTGAGE CORPORATION ($5,474), First Merchants Bank ($6,258), TEACHERS CREDIT UNION ($6,410), RUOFF MORTGAGE COMPANY, INC. ($6,607) and DHI MORTGAGE COMPANY, LTD. ($6,818).

    The lowest rate Fort Wayne FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.01%), AMERICAN FINANCING CORPORATION (5.35%), LOANPAL, LLC (5.76%), CROSSCOUNTRY MORTGAGE, LLC (5.95%) and TEACHERS CREDIT UNION (5.97%).

    Fort Wayne FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    FORT WAYNE, IN ALLEN 2022 $420,680 $538,650 $651,050 $809,150
    FORT WAYNE, IN WHITLEY 2022 $420,680 $538,650 $651,050 $809,150
    FORT WAYNE, IN ALLEN 2023 $472,030 $604,400 $730,525 $907,900
    FORT WAYNE, IN WHITLEY 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Fort Wayne (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 $169,925 (21.5%) $239,831 (6.7%) 0.63 929
    2018-02-01 $179,700 (20.2%) $249,833 (6.0%) 0.65 881
    2018-03-01 $188,945 (7.0%) $267,664 (4.9%) 0.66 787
    2018-04-01 $195,860 (8.9%) $280,885 (7.5%) 0.66 757
    2018-05-01 $191,610 (3.5%) $275,924 (6.0%) 0.64 840
    2018-06-01 $197,780 (9.5%) $277,999 (11.0%) 0.66 868
    2018-07-01 $198,850 (10.5%) $277,885 (10.5%) 0.66 974
    2018-08-01 $191,410 (8.7%) $264,755 (3.0%) 0.64 1,040
    2018-09-01 $189,900 (8.5%) $259,757 (-0.2%) 0.64 1,104
    2018-10-01 $186,200 (8.3%) $257,791 (-1.3%) 0.63 1,104
    2018-11-01 $181,201 (6.9%) $254,146 (-0.9%) 0.61 1,085
    2018-12-01 $179,900 (9.1%) $255,345 (9.2%) 0.62 937
    2019-01-01 $182,425 (7.4%) $258,037 (7.6%) 0.63 840
    2019-02-01 $199,900 (11.2%) $275,111 (10.1%) 0.68 731
    2019-03-01 $217,814 (15.3%) $277,496 (3.7%) 0.71 645
    2019-04-01 $232,764 (18.8%) $276,440 (-1.6%) 0.74 554
    2019-05-01 $232,400 (21.3%) $282,528 (2.4%) 0.73 574
    2019-06-01 $229,900 (16.2%) $281,271 (1.2%) 0.72 663
    2019-07-01 $227,450 (14.4%) $280,234 (0.9%) 0.71 734
    2019-08-01 $218,155 (14.0%) $277,987 (5.0%) 0.69 791
    2019-09-01 $207,886 (9.5%) $269,243 (3.7%) 0.67 882
    2019-10-01 $199,550 (7.2%) $261,113 (1.3%) 0.64 951
    2019-11-01 $194,900 (7.6%) $254,947 (0.3%) 0.64 926
    2019-12-01 $199,604 (11.0%) $256,682 (0.5%) 0.67 825
    2020-01-01 $199,900 (9.6%) $256,126 (-0.7%) 0.67 700
    2020-02-01 $227,950 (14.0%) $286,124 (4.0%) 0.75 575
    2020-03-01 $246,400 (13.1%) $294,602 (6.2%) 0.77 562
    2020-04-01 $237,400 (2.0%) $286,777 (3.7%) 0.74 575
    2020-05-01 $235,000 (1.1%) $283,506 (0.4%) 0.71 573
    2020-06-01 $238,207 (3.6%) $286,970 (2.0%) 0.70 490
    2020-07-01 $234,900 (3.3%) $298,599 (6.6%) 0.68 494
    2020-08-01 $234,900 (7.7%) $298,620 (7.4%) 0.67 486
    2020-09-01 $220,650 (6.1%) $277,972 (3.2%) 0.63 500
    2020-10-01 $216,750 (8.6%) $281,665 (7.9%) 0.62 453
    2020-11-01 $220,000 (12.9%) $283,393 (11.2%) 0.64 425
    2020-12-01 $219,450 (9.9%) $281,197 (9.6%) 0.65 355
    2021-01-01 $216,450 (8.3%) $279,691 (9.2%) 0.65 303
    2021-02-01 $230,900 (1.3%) $291,929 (2.0%) 0.67 264
    2021-03-01 $232,769 (-5.5%) $279,760 (-5.0%) 0.66 244
    2021-04-01 $246,395 (3.8%) $298,949 (4.2%) 0.67 210
    2021-05-01 $249,450 (6.2%) $305,809 (7.9%) 0.66 218
    2021-06-01 $230,450 (-3.3%) $301,382 (5.0%) 0.61 263
    2021-07-01 $245,000 (4.3%) $330,569 (10.7%) 0.65 312
    2021-08-01 $239,675 (2.0%) $306,321 (2.6%) 0.64 387
    2021-09-01 $229,791 (4.1%) $294,959 (6.1%) 0.61 396
    2021-10-01 $222,450 (2.6%) $284,734 (1.1%) 0.59 388
    2021-11-01 $229,916 (4.5%) $291,324 (2.8%) 0.61 385
    2021-12-01 $231,441 (5.5%) $289,296 (2.9%) 0.63 356
    2022-01-01 $249,900 (15.5%) $303,809 (8.6%) 0.68 265
    2022-02-01 $289,573 (25.4%) $327,391 (12.2%) 0.75 244
    2022-03-01 $260,623 (12.0%) $306,946 (9.7%) 0.65 237
    2022-04-01 $273,450 (11.0%) $313,422 (4.8%) 0.65 255
    2022-05-01 $278,225 (11.5%) $313,281 (2.4%) 0.64 334
    2022-06-01 $284,950 (23.7%) $317,595 (5.4%) 0.63 427
    2022-07-01 $289,000 (18.0%) $328,940 (-0.5%) 0.65 489
    2022-08-01 $295,625 (23.3%) $330,735 (8.0%) 0.68 489
    2022-09-01 $299,900 (30.5%) $334,910 (13.5%) 0.70 517
    2022-10-01 $299,900 (34.8%) $336,867 (18.3%) 0.71 600
    2022-11-01 $287,900 (25.2%) $331,893 (13.9%) 0.69 612
    2022-12-01 $284,900 (23.1%) $325,741 (12.6%) 0.70 552
    2023-01-01 $309,949 (24.0%) $347,742 (14.5%) 0.77 454
    2023-02-01 $319,400 (10.3%) $366,645 (12.0%) 0.77 397
    2023-03-01 $344,450 (32.2%) $401,734 (30.9%) 0.81 366
    2023-04-01 $339,900 (24.3%) $391,479 (24.9%) 0.79 430
    2023-05-01 $348,150 (25.1%) $402,499 (28.5%) 0.79 450
    2023-06-01 $349,675 (22.7%) $406,878 (28.1%) 0.79 515
    2023-07-01 $349,900 (21.1%) $405,552 (23.3%) 0.80 552
    2023-08-01 $326,700 (10.5%) $385,415 (16.5%) 0.75 613
    2023-09-01 $309,900 (3.3%) $377,386 (12.7%) 0.72 646
    2023-10-01 $299,900 (0.0%) $365,079 (8.4%) 0.71 735
    2023-11-01 $304,925 (5.9%) $360,475 (8.6%) 0.73 741
    2023-12-01 $299,900 (5.3%) $355,002 (9.0%) 0.73 702
    2024-01-01 $308,650 (-0.4%) $363,522 (4.5%) 0.75 595
    2024-02-01 $314,175 (-1.6%) $369,620 (0.8%) 0.76 514
    2024-03-01 $321,788 (-6.6%) $385,213 (-4.1%) 0.76 505
    2024-04-01 $321,400 (-5.4%) $390,870 (-0.2%) 0.75 511
    2024-05-01 $332,450 (-4.5%) $402,838 (0.1%) 0.76 581
    2024-06-01 $320,250 (-8.4%) $383,651 (-5.7%) 0.73 662
    2024-07-01 $309,950 (-11.4%) $371,022 (-8.5%) 0.71 755
    2024-08-01 $310,000 (-5.1%) $365,915 (-5.1%) 0.72 781
    2024-09-01 $301,225 (-2.8%) $363,390 (-3.7%) 0.71 800
    2024-10-01 $299,450 (-0.2%) $352,090 (-3.6%) 0.70 870
    2024-11-01 $289,900 (-4.9%) $347,252 (-3.7%) 0.70 900
    2024-12-01 $284,975 (-5.0%) $343,860 (-3.1%) 0.71 831
    2025-01-01 $289,950 (-6.1%) $343,169 (-5.6%) 0.72 764
    2025-02-01 $304,950 (-2.9%) $347,977 (-5.9%) 0.74 705
    2025-03-01 $309,900 (-3.7%) $359,110 (-6.8%) 0.73 705
    2025-04-01 $322,175 (0.2%) $369,942 (-5.4%) 0.75 739
    Fort Wayne's median listing price for 2025-04-01 was $322,175, a difference of $775 (0.2%) versus the prior year and $12,275 versus the prior month.

    Fort Wayne's median listing price comes in at 75% of the national average.

    Fort Wayne's average listing price for 2025-04-01 was $369,942, a difference of $-20,928 (-5.4%) versus the prior year and $10,832 versus the prior month.

    For the 2025-04-01 period, Fort Wayne had 739 MLS listings, a difference of 34 listings (5%) versus the prior month and 228 listings (45%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Fort Wayne (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 68 days 1,854 sqft
    2018-02-01 58 days 1,882 sqft
    2018-03-01 47 days 1,956 sqft
    2018-04-01 42 days 1,997 sqft
    2018-05-01 31 days 1,969 sqft
    2018-06-01 31 days 2,060 sqft
    2018-07-01 32 days 2,058 sqft
    2018-08-01 35 days 1,963 sqft
    2018-09-01 39 days 1,956 sqft
    2018-10-01 41 days 1,960 sqft
    2018-11-01 46 days 1,951 sqft
    2018-12-01 59 days 1,931 sqft
    2019-01-01 64 days 1,914 sqft
    2019-02-01 60 days 1,902 sqft
    2019-03-01 49 days 1,904 sqft
    2019-04-01 44 days 1,914 sqft
    2019-05-01 30 days 2,019 sqft
    2019-06-01 30 days 2,024 sqft
    2019-07-01 31 days 1,980 sqft
    2019-08-01 33 days 1,959 sqft
    2019-09-01 37 days 1,931 sqft
    2019-10-01 40 days 1,912 sqft
    2019-11-01 40 days 1,903 sqft
    2019-12-01 49 days 1,905 sqft
    2020-01-01 58 days 1,906 sqft
    2020-02-01 58 days 1,979 sqft
    2020-03-01 34 days 1,991 sqft
    2020-04-01 40 days 1,936 sqft
    2020-05-01 40 days 1,963 sqft
    2020-06-01 38 days 1,960 sqft
    2020-07-01 35 days 1,960 sqft
    2020-08-01 31 days 1,968 sqft
    2020-09-01 30 days 1,902 sqft
    2020-10-01 33 days 1,910 sqft
    2020-11-01 33 days 1,918 sqft
    2020-12-01 39 days 1,863 sqft
    2021-01-01 39 days 1,818 sqft
    2021-02-01 37 days 1,779 sqft
    2021-03-01 27 days 1,788 sqft
    2021-04-01 24 days 1,845 sqft
    2021-05-01 14 days 1,900 sqft
    2021-06-01 10 days 1,871 sqft
    2021-07-01 16 days 1,924 sqft
    2021-08-01 21 days 1,867 sqft
    2021-09-01 24 days 1,830 sqft
    2021-10-01 26 days 1,843 sqft
    2021-11-01 27 days 1,799 sqft
    2021-12-01 34 days 1,739 sqft
    2022-01-01 39 days 1,797 sqft
    2022-02-01 22 days 1,814 sqft
    2022-03-01 25 days 1,775 sqft
    2022-04-01 16 days 1,802 sqft
    2022-05-01 14 days 1,865 sqft
    2022-06-01 19 days 1,935 sqft
    2022-07-01 24 days 1,983 sqft
    2022-08-01 25 days 1,923 sqft
    2022-09-01 25 days 1,960 sqft
    2022-10-01 29 days 1,911 sqft
    2022-11-01 38 days 1,853 sqft
    2022-12-01 57 days 1,832 sqft
    2023-01-01 68 days 1,832 sqft
    2023-02-01 58 days 1,864 sqft
    2023-03-01 45 days 1,942 sqft
    2023-04-01 29 days 1,897 sqft
    2023-05-01 30 days 1,920 sqft
    2023-06-01 31 days 2,003 sqft
    2023-07-01 32 days 2,034 sqft
    2023-08-01 34 days 1,990 sqft
    2023-09-01 36 days 1,954 sqft
    2023-10-01 37 days 1,944 sqft
    2023-11-01 40 days 1,926 sqft
    2023-12-01 50 days 1,885 sqft
    2024-01-01 57 days 1,907 sqft
    2024-02-01 47 days 1,899 sqft
    2024-03-01 38 days 1,938 sqft
    2024-04-01 39 days 1,920 sqft
    2024-05-01 30 days 1,934 sqft
    2024-06-01 36 days 1,890 sqft
    2024-07-01 37 days 1,841 sqft
    2024-08-01 38 days 1,880 sqft
    2024-09-01 39 days 1,884 sqft
    2024-10-01 37 days 1,842 sqft
    2024-11-01 46 days 1,829 sqft
    2024-12-01 51 days 1,806 sqft
    2025-01-01 59 days 1,819 sqft
    2025-02-01 58 days 1,806 sqft
    2025-03-01 45 days 1,800 sqft
    2025-04-01 39 days 1,846 sqft
    Fort Wayne's median listing age (time on market) for 2025-04-01 was 39 days. This is 1% longer than the same period one year ago.

    Fort Wayne's median square footage for active listings during the 2025-04-01 period was 1,846 sqft. One year prior, the average listing was 1,920 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).