Gainesville FHA Loan Rates, Closing Costs & Stats

GAINESVILLE, FL

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.

Gainesville's 111 lenders originated 804 FHA loans during 2023. The total origination value was $211,880,000, with an average FHA loan value of $263,532.

Gainesville FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Gainesville averaged 6% for the week of 2024-10-04, compared to the national average (all FHA variants) of 5.885% for the same period.

Gainesville's average FHA mortgage closing costs are $8,535.

The average rate for the prior week (2024-09-27) was 5.8% and one month ago for the week of 2024-08-30, the average rate was 6.05%.

The average rate one year ago was 6.99%.

For refis of the same type during the week of 2024-10-04, the average rate was 6.13%.

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

Gainesville 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 Gainesville level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 108 6.40% $11,766
QUICKEN LOANS, LLC 68 6.12% $10,981
DHI MORTGAGE COMPANY, LTD. 50 5.33% $9,890
AMERICAN FINANCIAL NETWORK, INC. 41 6.76% $13,949
Ameris Bank 32 6.21% $10,504
THE MORTGAGE FIRM, INC. 25 6.77% $10,661
Mortgage Lenders Investment Trading Corporation 23 6.97% $10,624
FBC MORTGAGE, LLC 18 6.15% $10,305
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 18 6.85% $12,349
EAGLE HOME MORTGAGE, LLC 17 4.65% $10,397
Paramount Residential Mortgage Group, Inc. 15 6.53% $11,275
FREEDOM MORTGAGE CORPORATION 14 6.95% $14,872
Advisors Mortgage Group, L.L.C. 14 6.10% $11,325
UNION HOME MORTGAGE CORP. 13 6.68% $12,019
MOVEMENT MORTGAGE, LLC 12 6.60% $11,982
CARDINAL FINANCIAL 12 6.54% $14,213
CROSSCOUNTRY MORTGAGE, LLC 11 6.81% $10,854
PENNYMAC LOAN SERVICES, LLC 10 6.22% $9,383
LOANDEPOT.COM, LLC 8 6.50% $9,420
Mr. Cooper ( Nationstar Mortgage ) 8 6.02% $17,778
AMERICAN FINANCIAL RESOURCES, INC. 7 6.63% $8,496
EVERETT FINANCIAL, INC. 6 7.10% $10,757
BROKER SOLUTIONS, INC. 5 6.35% $12,126
LOANPAL, LLC 5 5.45% $14,077
SUN WEST MORTGAGE COMPANY, INC. 5 6.80% $7,589
Prosperity Home Mortgage, LLC 5 7.02% $9,857
NEWREZ LLC 5 6.60% $9,696
Equity Prime Mortgage LLC 5 7.10% $10,111
MUTUAL OF OMAHA MORTGAGE, INC. 5 6.98% $12,699
Ixonia Bank 4 6.13% $15,236
GUARANTEED RATE, INC. 4 7.23% $14,589
PRIMARY RESIDENTIAL MORTGAGE, INC. 4 7.59% $12,672
LAKEVIEW LOAN SERVICING, LLC 4 5.75% $14,241
Carrington Mortgage Services, LLC 4 6.13% $15,114
Nations Lending Corporation 3 5.92% $6,493
CMG MORTGAGE, INC. 3 5.54% $18,363
PLANET HOME LENDING, LLC 3 5.71% $10,261
ACADEMY MORTGAGE CORPORATION 3 7.17% $12,177
AMERISAVE MORTGAGE CORPORATION 3 6.04% $12,572
Regions Bank 3 5.92% $11,904
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 7.25% $10,395
AMERICAN BANCSHARES MORTGAGE 3 6.88% $9,092
LEADERONE FINANCIAL CORPORATION 2 6.50% $18,838
AMERICAN PACIFIC MORTGAGE CORPORATION 2 7.25% $12,340
Bank of England 2 7.38% $10,559
CALCON MUTUAL MORTGAGE LLC 2 7.50% $16,867
CONTOUR MORTGAGE CORPORATION 2 6.94% $16,143
EMBRACE HOME LOANS, INC. 2 6.25% $13,046
First Federal Bank 2 5.38% $9,734
First Horizon Bank 2 6.25% $13,108
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 7.38% $5,608
Goldwater Bank, N.A. 2 6.25% $10,061
JPMorgan Chase Bank 2 5.87% $5,946
ROYAL UNITED MORTGAGE LLC 2 7.25% $16,299
South State Bank 2 6.38% $7,854
STOCKTON MORTGAGE CORPORATION 2 6.63% $8,893
SUCCESS MORTGAGE PARTNERS, INC. 2 5.94% $9,071
The Federal Savings Bank 2 6.25% $18,626
TOP FLITE FINANCIAL, INC. 2 7.00% $11,592
Truist 2 6.43% $6,234
VILLAGE CAPITAL MORTGAGE 2 6.07% $11,792
VYSTAR 2 6.94% $7,798
MILEND, INC. 1 7.13% $16,539
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.50% $14,779
Mortgage Research Center, LLC 1 7.63% $6,000
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.38% $9,478
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 7.13% $20,638
GSF Mortgage Corporation 1 7.00% $14,239
Gateway First Bank 1 6.13% $7,657
NATIONS DIRECT MORTGAGE, LLC 1 5.75% $15,338
First Savings Bank 1 6.63% $11,034
NATIONWIDE MORTGAGE BANKERS, INC. 1 6.63% $11,695
DELMAR FINANCIAL COMPANY 1 7.00% $9,682
NFM, INC. 1 7.63% $8,918
Northpointe Bank 1 7.63% $8,669
OCMBC, INC. 1 6.13% $14,484
DAS Acquisition Company, LLC 1 7.25% $8,741
PARK SQUARE HOME MORTGAGE, LLC 1 6.75% $6,004
CHURCHILL MORTGAGE CORPORATION 1 7.13% $6,873
PHH Mortgage Corporation 1 6.50% $10,699
Plains Commerce Bank 1 7.75% $9,790
Century Mortgage Company DBA Century Lending Company 1 7.75% $10,198
Capital City Home Loans, LLC 1 6.50% $9,811
CANOPY MORTGAGE, LLC 1 7.75% $13,852
Quaint Oak Mortgage, LLC 1 6.25% $7,013
BELEM SERVICING LLC 1 7.13% $9,697
Barrington Bank & Trust Company, N.A. 1 6.13% $11,920
RELIANCE FIRST CAPITAL, LLC 1 7.25% $12,089
Renasant Bank 1 6.25% $8,309
RESIDENTIAL HOME MORTGAGE CORPORATION 1 5.50% $14,873
Waterstone Mortgage Corporation 1 6.13% $16,357
Seacoast National Bank 1 7.75% $13,511
American Security Mortgage Corp. 1 7.25% $8,735
SOVEREIGN LENDING GROUP INCORPORATED 1 7.50% $16,276
AMERICAN FINANCING CORPORATION 1 5.50% $14,251
Strong Home Mortgage, LLC 1 5.38% $7,223
VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.88% $12,766
AXIA FINANCIAL, LLC 1 7.50% $9,935
WATSON MORTGAGE CORP. 1 6.63% $10,180
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 6.25% $21,407
ZILLOW HOME LOANS, LLC 1 5.63% $8,345
TruHome Solutions, LLC 1 6.63% $10,805
LAKE MICHIGAN CREDIT UNION 1 6.50% $8,762
LAND HOME FINANCIAL SERVICES, INC. 1 6.50% $11,915
Hometown Equity Mortgage, LLC 1 6.75% $23,787
LIBERTY HOME MORTGAGE CORPORATION 1 7.13% $15,356
HOMESTAR FINANCIAL CORPORATION 1 7.00% $21,995
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.75% $16,045
MICHIGAN MUTUAL, INC. 1 7.13% $21,423
MID AMERICA MORTGAGE, INC. 1 7.63% $12,950
Mid-Continent Funding, Inc. 1 6.50% $17,593

The top Gainesville FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 108 FHA loans originated. Their average total fees are $11,766, which is $785 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Gainesville FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC ($9,383), DHI MORTGAGE COMPANY, LTD. ($9,890), FBC MORTGAGE, LLC ($10,305), EAGLE HOME MORTGAGE, LLC ($10,397) and Ameris Bank ($10,504).

The lowest rate Gainesville FHA lenders (with over 10 loans originated) are EAGLE HOME MORTGAGE, LLC (4.65%), DHI MORTGAGE COMPANY, LTD. (5.33%), Advisors Mortgage Group, L.L.C. (6.10%), QUICKEN LOANS, LLC (6.12%) and FBC MORTGAGE, LLC (6.15%).

Gainesville FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
GAINESVILLE, FL ALACHUA 2022 $420,680 $538,650 $651,050 $809,150
GAINESVILLE, FL GILCHRIST 2022 $420,680 $538,650 $651,050 $809,150
GAINESVILLE, FL LEVY 2022 $420,680 $538,650 $651,050 $809,150
GAINESVILLE, FL ALACHUA 2023 $472,030 $604,400 $730,525 $907,900
GAINESVILLE, FL GILCHRIST 2023 $472,030 $604,400 $730,525 $907,900
GAINESVILLE, FL LEVY 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Gainesville (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 $239,900 (14.9%) $307,693 (12.3%) 0.89 1,053
2018-02-01 $242,015 (13.1%) $310,046 (12.4%) 0.88 1,089
2018-03-01 $245,000 (8.9%) $304,465 (8.2%) 0.86 1,142
2018-04-01 $245,350 (9.0%) $307,275 (8.0%) 0.83 1,206
2018-05-01 $249,700 (8.6%) $310,001 (7.6%) 0.83 1,201
2018-06-01 $245,900 (7.0%) $308,983 (8.8%) 0.82 1,249
2018-07-01 $246,450 (7.2%) $306,579 (6.4%) 0.82 1,293
2018-08-01 $244,950 (6.9%) $304,051 (5.7%) 0.82 1,298
2018-09-01 $244,900 (6.5%) $304,582 (5.0%) 0.82 1,258
2018-10-01 $244,900 (7.5%) $306,860 (7.2%) 0.83 1,230
2018-11-01 $239,895 (4.6%) $303,104 (2.8%) 0.81 1,207
2018-12-01 $239,900 (1.5%) $301,904 (1.2%) 0.83 1,158
2019-01-01 $244,950 (2.1%) $307,179 (-0.2%) 0.85 1,150
2019-02-01 $249,900 (3.3%) $313,668 (1.2%) 0.84 1,173
2019-03-01 $251,571 (2.7%) $312,477 (2.6%) 0.82 1,198
2019-04-01 $257,000 (4.8%) $403,697 (31.4%) 0.82 1,219
2019-05-01 $264,630 (6.0%) $496,961 (60.3%) 0.83 1,216
2019-06-01 $264,998 (7.8%) $329,202 (6.5%) 0.83 1,196
2019-07-01 $267,948 (8.7%) $330,363 (7.8%) 0.84 1,155
2019-08-01 $265,791 (8.5%) $327,812 (7.8%) 0.84 1,161
2019-09-01 $262,477 (7.2%) $322,792 (6.0%) 0.84 1,167
2019-10-01 $264,068 (7.8%) $319,445 (4.1%) 0.85 1,149
2019-11-01 $269,000 (12.1%) $320,150 (5.6%) 0.88 1,054
2019-12-01 $265,000 (10.5%) $317,436 (5.1%) 0.88 1,040
2020-01-01 $270,950 (10.6%) $322,753 (5.1%) 0.91 984
2020-02-01 $274,300 (9.8%) $326,401 (4.1%) 0.90 1,017
2020-03-01 $280,000 (11.3%) $329,391 (5.4%) 0.88 1,091
2020-04-01 $279,950 (8.9%) $328,536 (-18.6%) 0.88 1,109
2020-05-01 $288,500 (9.0%) $348,313 (-29.9%) 0.88 1,021
2020-06-01 $289,975 (9.4%) $356,819 (8.4%) 0.85 904
2020-07-01 $287,745 (7.4%) $354,532 (7.3%) 0.83 910
2020-08-01 $279,900 (5.3%) $348,268 (6.2%) 0.80 882
2020-09-01 $279,495 (6.5%) $350,448 (8.6%) 0.80 856
2020-10-01 $277,950 (5.3%) $348,168 (9.0%) 0.80 827
2020-11-01 $262,450 (-2.4%) $347,288 (8.5%) 0.77 821
2020-12-01 $254,250 (-4.1%) $345,872 (9.0%) 0.76 769
2021-01-01 $259,900 (-4.1%) $345,890 (7.2%) 0.78 696
2021-02-01 $262,798 (-4.2%) $346,582 (6.2%) 0.77 593
2021-03-01 $265,000 (-5.4%) $362,585 (10.1%) 0.75 516
2021-04-01 $289,900 (3.6%) $398,757 (21.4%) 0.78 483
2021-05-01 $290,000 (0.5%) $390,063 (12.0%) 0.77 495
2021-06-01 $290,850 (0.3%) $391,409 (9.7%) 0.77 528
2021-07-01 $280,000 (-2.7%) $390,835 (10.2%) 0.74 594
2021-08-01 $286,995 (2.5%) $393,981 (13.1%) 0.77 664
2021-09-01 $284,945 (2.0%) $400,910 (14.4%) 0.76 679
2021-10-01 $299,000 (7.6%) $415,372 (19.3%) 0.80 617
2021-11-01 $301,995 (15.1%) $414,590 (19.4%) 0.81 557
2021-12-01 $308,444 (21.3%) $434,848 (25.7%) 0.84 474
2022-01-01 $315,000 (21.2%) $427,092 (23.5%) 0.85 398
2022-02-01 $335,000 (27.5%) $435,894 (25.8%) 0.87 376
2022-03-01 $338,663 (27.8%) $441,243 (21.7%) 0.85 382
2022-04-01 $353,995 (22.1%) $480,656 (20.5%) 0.84 377
2022-05-01 $374,500 (29.1%) $484,005 (24.1%) 0.86 445
2022-06-01 $377,000 (29.6%) $474,173 (21.2%) 0.84 591
2022-07-01 $365,000 (30.4%) $460,839 (17.9%) 0.82 714
2022-08-01 $357,300 (24.5%) $458,129 (16.3%) 0.83 742
2022-09-01 $354,675 (24.5%) $449,750 (12.2%) 0.83 775
2022-10-01 $348,250 (16.5%) $437,048 (5.2%) 0.82 798
2022-11-01 $344,950 (14.2%) $434,773 (4.9%) 0.83 785
2022-12-01 $349,900 (13.4%) $445,534 (2.5%) 0.86 744
2023-01-01 $354,500 (12.5%) $452,678 (6.0%) 0.88 657
2023-02-01 $372,450 (11.2%) $456,990 (4.8%) 0.90 637
2023-03-01 $371,250 (9.6%) $466,100 (5.6%) 0.88 633
2023-04-01 $370,000 (4.5%) $476,416 (-0.9%) 0.86 663
2023-05-01 $396,000 (5.7%) $500,615 (3.4%) 0.90 615
2023-06-01 $389,950 (3.4%) $494,195 (4.2%) 0.88 645
2023-07-01 $380,000 (4.1%) $484,321 (5.1%) 0.86 678
2023-08-01 $369,999 (3.6%) $472,125 (3.1%) 0.85 716
2023-09-01 $368,950 (4.0%) $458,518 (2.0%) 0.86 761
2023-10-01 $349,500 (0.4%) $444,332 (1.7%) 0.82 858
2023-11-01 $349,950 (1.5%) $441,530 (1.6%) 0.83 895
2023-12-01 $349,900 (0.0%) $435,032 (-2.4%) 0.85 930
2024-01-01 $349,950 (-1.3%) $436,851 (-3.5%) 0.85 924
2024-02-01 $350,000 (-6.0%) $440,685 (-3.6%) 0.84 962
2024-03-01 $349,000 (-6.0%) $433,924 (-6.9%) 0.82 1,054
2024-04-01 $349,500 (-5.5%) $431,875 (-9.4%) 0.81 1,103
2024-05-01 $362,300 (-8.5%) $444,474 (-11.2%) 0.82 1,106
2024-06-01 $365,000 (-6.4%) $438,687 (-11.2%) 0.82 1,189
2024-07-01 $362,300 (-4.7%) $434,181 (-10.4%) 0.83 1,198
2024-08-01 $358,900 (-3.0%) $435,731 (-7.7%) 0.83 1,178
2024-09-01 $349,950 (-5.2%) $436,325 (-4.8%) 0.00 1,221
Gainesville's median listing price for 2024-09-01 was $349,950, a difference of $-19,000 (-5.2%) versus the prior year and $-8,950 versus the prior month.

Gainesville's median listing price comes in at 0% of the national average.

Gainesville's average listing price for 2024-09-01 was $436,325, a difference of $-22,193 (-4.8%) versus the prior year and $594 versus the prior month.

For the 2024-09-01 period, Gainesville had 1,221 MLS listings, a difference of 43 listings (4%) versus the prior month and 460 listings (60%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Gainesville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 94 days 1,775 sqft
2018-02-01 80 days 1,779 sqft
2018-03-01 54 days 1,792 sqft
2018-04-01 52 days 1,805 sqft
2018-05-01 53 days 1,821 sqft
2018-06-01 56 days 1,798 sqft
2018-07-01 62 days 1,790 sqft
2018-08-01 68 days 1,790 sqft
2018-09-01 79 days 1,782 sqft
2018-10-01 80 days 1,785 sqft
2018-11-01 83 days 1,745 sqft
2018-12-01 85 days 1,759 sqft
2019-01-01 85 days 1,765 sqft
2019-02-01 77 days 1,798 sqft
2019-03-01 65 days 1,775 sqft
2019-04-01 54 days 1,790 sqft
2019-05-01 55 days 1,819 sqft
2019-06-01 61 days 1,840 sqft
2019-07-01 70 days 1,856 sqft
2019-08-01 72 days 1,837 sqft
2019-09-01 73 days 1,817 sqft
2019-10-01 74 days 1,824 sqft
2019-11-01 82 days 1,825 sqft
2019-12-01 86 days 1,798 sqft
2020-01-01 85 days 1,804 sqft
2020-02-01 68 days 1,790 sqft
2020-03-01 51 days 1,803 sqft
2020-04-01 58 days 1,813 sqft
2020-05-01 72 days 1,835 sqft
2020-06-01 87 days 1,827 sqft
2020-07-01 60 days 1,779 sqft
2020-08-01 65 days 1,712 sqft
2020-09-01 75 days 1,700 sqft
2020-10-01 78 days 1,700 sqft
2020-11-01 69 days 1,669 sqft
2020-12-01 74 days 1,640 sqft
2021-01-01 78 days 1,663 sqft
2021-02-01 67 days 1,620 sqft
2021-03-01 45 days 1,624 sqft
2021-04-01 40 days 1,685 sqft
2021-05-01 36 days 1,685 sqft
2021-06-01 38 days 1,653 sqft
2021-07-01 42 days 1,658 sqft
2021-08-01 43 days 1,663 sqft
2021-09-01 46 days 1,631 sqft
2021-10-01 55 days 1,662 sqft
2021-11-01 59 days 1,657 sqft
2021-12-01 72 days 1,611 sqft
2022-01-01 65 days 1,608 sqft
2022-02-01 38 days 1,602 sqft
2022-03-01 38 days 1,657 sqft
2022-04-01 38 days 1,734 sqft
2022-05-01 33 days 1,771 sqft
2022-06-01 35 days 1,803 sqft
2022-07-01 39 days 1,773 sqft
2022-08-01 51 days 1,736 sqft
2022-09-01 54 days 1,744 sqft
2022-10-01 59 days 1,711 sqft
2022-11-01 66 days 1,702 sqft
2022-12-01 71 days 1,707 sqft
2023-01-01 71 days 1,708 sqft
2023-02-01 65 days 1,730 sqft
2023-03-01 49 days 1,722 sqft
2023-04-01 45 days 1,750 sqft
2023-05-01 48 days 1,774 sqft
2023-06-01 45 days 1,776 sqft
2023-07-01 48 days 1,774 sqft
2023-08-01 50 days 1,758 sqft
2023-09-01 52 days 1,759 sqft
2023-10-01 55 days 1,700 sqft
2023-11-01 58 days 1,664 sqft
2023-12-01 66 days 1,664 sqft
2024-01-01 75 days 1,657 sqft
2024-02-01 69 days 1,664 sqft
2024-03-01 60 days 1,647 sqft
2024-04-01 57 days 1,626 sqft
2024-05-01 58 days 1,665 sqft
2024-06-01 58 days 1,677 sqft
2024-07-01 62 days 1,647 sqft
2024-08-01 72 days 1,635 sqft
2024-09-01 0 days 1,626 sqft
Gainesville's median listing age (time on market) for 2024-09-01 was 0 days. This is -100% shorter than the same period one year ago.

Gainesville's median square footage for active listings during the 2024-09-01 period was 1,626 sqft. One year prior, the average listing was 1,759 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).