Grand Rapids FHA Loan Rates, Closing Costs & Stats

GRAND RAPIDS-KENTWOOD, 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.

    Grand Rapids's 123 lenders originated 2,097 FHA loans during 2022. The total origination value was $519,035,000, with an average FHA loan value of $247,513.

    Grand Rapids FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Grand Rapids averaged 6.74% for the week of 2023-09-15, compared to the national average (all FHA variants) of 6.991% for the same period.

    Grand Rapids's average FHA mortgage closing costs are $6,591.

    The average rate for the prior week (2023-09-08) was 6.76% and one month ago for the week of 2023-08-11, the average rate was 6.42%.

    The average rate one year ago was 5.62%.

    For refis of the same type during the week of 2023-09-15, the average rate was 6.03%.

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

    Grand Rapids 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 Grand Rapids level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 187 4.59% $9,060
    UNITED WHOLESALE MORTGAGE, LLC 181 4.95% $8,995
    Neighborhood Loans, Inc. 176 5.57% $9,005
    LAKE MICHIGAN CREDIT UNION 81 5.00% $7,911
    MORTGAGE 1 INCORPORATED 67 5.35% $10,599
    VAN DYK MORTGAGE CORPORATION 58 5.21% $7,634
    SUCCESS MORTGAGE PARTNERS, INC. 52 5.02% $10,860
    The Huntington National Bank 50 4.99% $6,527
    CALIBER HOME LOANS, INC. 45 4.71% $7,676
    PRIMELENDING, A PLAINSCAPITAL COMPANY 42 4.68% $8,897
    INLANTA MORTGAGE, INC. 41 5.41% $8,175
    Flagstar Bank, FSB 40 4.82% $7,986
    Fifth Third Bank 40 4.75% $6,167
    Hometown Lenders, Inc. 37 5.12% $11,712
    NORTHERN MORTGAGE SERVICES, LLC 35 5.02% $8,571
    LOANDEPOT.COM, LLC 34 4.89% $9,873
    UNION HOME MORTGAGE CORP. 33 5.24% $9,381
    Mr. Cooper ( Nationstar Mortgage ) 30 4.33% $9,878
    FINANCE OF AMERICA MORTGAGE LLC 30 5.27% $10,185
    TOP FLITE FINANCIAL, INC. 24 5.11% $13,844
    CROSSCOUNTRY MORTGAGE, LLC 22 5.59% $10,430
    CHURCHILL MORTGAGE CORPORATION 22 5.33% $11,121
    Carrington Mortgage Services, LLC 21 5.17% $11,384
    FREEDOM MORTGAGE CORPORATION 21 4.93% $7,422
    PENNYMAC LOAN SERVICES, LLC 19 3.97% $8,136
    Northpointe Bank 18 5.00% $7,508
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 18 5.59% $8,591
    AMERISAVE MORTGAGE CORPORATION 18 4.47% $9,759
    RUOFF MORTGAGE COMPANY, INC. 16 5.16% $6,862
    BROKER SOLUTIONS, INC. 16 4.57% $8,732
    MUTUAL OF OMAHA MORTGAGE, INC. 16 4.89% $11,098
    NEWREZ LLC 16 5.14% $9,017
    LAKEVIEW LOAN SERVICING, LLC 16 4.13% $5,852
    FIRST COMMUNITY MORTGAGE, INC. 16 6.19% $11,867
    MMS MORTGAGE SERVICES, LTD. 15 4.78% $5,873
    HAMILTON HOME LOANS, INC. 15 5.34% $8,757
    T2 FINANCIAL LLC 14 5.61% $10,797
    UNITED 14 5.41% $11,765
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 14 5.18% $8,990
    Ixonia Bank 14 4.48% $7,802
    STOCKTON MORTGAGE CORPORATION 13 5.19% $11,202
    AMERIFIRST FINANCIAL CORPORATION 12 5.33% $9,370
    CARDINAL FINANCIAL 12 4.82% $8,884
    Mercantile Bank of Michigan 12 5.06% $7,775
    GUARANTEED RATE, INC. 11 4.84% $8,029
    GVC MORTGAGE, INC. 11 5.56% $9,478
    Lakeview Community Capital, LLC 10 4.25% $5,474
    EVERETT FINANCIAL, INC. 9 6.42% $6,469
    HOMEBRIDGE FINANCIAL SERVICES, INC. 8 4.26% $8,435
    MICHIGAN MUTUAL, INC. 8 4.81% $7,409
    Independent Bank 8 5.20% $6,548
    TOWNE MORTGAGE COMPANY 7 4.63% $7,008
    HOME POINT FINANCIAL CORPORATION 7 4.32% $8,116
    JPMorgan Chase Bank 7 4.34% $5,532
    VILLAGE CAPITAL MORTGAGE 6 3.83% $4,267
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 5.10% $7,690
    Equity Prime Mortgage LLC 6 6.00% $7,864
    MICHIGAN FIRST CREDIT UNION 6 4.85% $7,144
    BLG HOLDINGS, INC. 6 5.40% $8,910
    HOMESIDE FINANCIAL, LLC 6 5.69% $9,270
    AMERICAN FINANCIAL RESOURCES, INC. 5 5.45% $7,374
    The Dart Bank 4 6.22% $11,977
    ACADEMY MORTGAGE CORPORATION 4 5.91% $7,722
    The Federal Savings Bank 4 4.09% $10,967
    RELIANCE FIRST CAPITAL, LLC 4 4.06% $11,142
    CONTOUR MORTGAGE CORPORATION 4 5.63% $10,022
    Preston Home Loans Inc 4 6.69% $10,183
    PLAZA HOME MORTGAGE, INC. 4 5.56% $7,859
    Nations Lending Corporation 4 5.59% $12,207
    ENVOY MORTGAGE, LTD 4 5.47% $8,584
    Old National Bank 4 4.72% $9,312
    GSF Mortgage Corporation 3 6.58% $8,845
    AmeriHome Mortgage Company, LLC 3 4.25% $8,980
    Austin Capital Bank SSB 3 6.29% $9,736
    POLARIS HOME FUNDING CORP. 3 3.50% $8,051
    ARC HOME LLC 3 4.83% $10,541
    Platinum Home Mortgage Corporation 3 4.92% $12,869
    J. VIRGIL, INC. 3 4.83% $9,576
    LIBERTY HOME MORTGAGE CORPORATION 3 5.42% $12,865
    NATIONS DIRECT MORTGAGE, LLC 3 4.71% $12,528
    AMERICAN FINANCING CORPORATION 3 4.58% $9,512
    MEMBER FIRST MORTGAGE, LLC 3 5.00% $8,794
    Citizens Bank 3 5.42% $7,620
    First Savings Bank 3 3.96% $14,675
    PLANET HOME LENDING, LLC 3 3.67% $7,390
    MID AMERICA MORTGAGE, INC. 3 4.71% $5,795
    ZILLOW HOME LOANS, LLC 2 3.19% $7,602
    Bank of America 2 2.88% $9,611
    DAS Acquisition Company, LLC 2 5.13% $9,289
    FIRST HERITAGE FINANCIAL, LLC 2 6.25% $7,282
    MORIA DEVELOPMENT, INC. 2 5.69% $11,851
    Mortgage Research Center, LLC 2 5.44% $6,027
    NEW DAY FINANCIAL, LLC 2 3.43% $6,848
    Peoples Bank 2 4.63% $13,556
    Wells Fargo Bank 2 5.38% $6,723
    PNC Bank 1 5.13% $4,918
    Paramount Residential Mortgage Group, Inc. 1 4.63% $9,078
    OCEANSIDE MORTGAGE COMPANY 1 3.63% $2,826
    NETWORK CAPITAL FUNDING CORPORATION 1 4.25% $7,964
    M&T Bank 1 5.75% $7,067
    Magnolia Bank 1 6.75% $14,104
    LOANPAL, LLC 1 4.63% $12,847
    SOVEREIGN LENDING GROUP INCORPORATED 1 4.99% $9,743
    LAND HOME FINANCIAL SERVICES, INC. 1 3.25% $8,456
    KELLER MORTGAGE, LLC 1 5.63% $6,003
    SUN WEST MORTGAGE COMPANY, INC. 1 4.25% $6,950
    HOMESTEAD FUNDING CORP. 1 5.13% $3,378
    Texana Bank 1 4.63% $9,232
    HOMESTAR FINANCIAL CORPORATION 1 6.50% $8,421
    First Guaranty Mortgage Corporation 1 4.75% $6,549
    EMM LOANS LLC 1 4.88% $12,207
    EMBRACE HOME LOANS, INC. 1 3.88% $9,024
    DRAPER AND KRAMER MORTGAGE CORP. 1 5.00% $8,904
    COMPASS MORTGAGE, INC. 1 3.13% $5,328
    ChoiceOne Bank 1 4.25% $6,691
    UNITED MORTGAGE CORP 1 3.50% $6,357
    Century Mortgage Company DBA Century Lending Company 1 3.13% $6,060
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 5.13% $6,141
    BETTER MORTGAGE CORPORATION 1 2.50% $13,691
    BELEM SERVICING LLC 1 3.75% $10,165
    Barrington Bank & Trust Company, N.A. 1 6.25% $6,463
    Wyndham Capital Mortgage, Inc. 1 3.63% $7,980
    PLUS RELOCATION MORTGAGE, LLC 1 5.25% $11,810

    The top Grand Rapids FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 187 FHA loans originated. Their average total fees are $9,060, which is $64 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Grand Rapids FHA lenders (with over 10 loans originated) are Lakeview Community Capital, LLC ($5,474), LAKEVIEW LOAN SERVICING, LLC ($5,852), MMS MORTGAGE SERVICES, LTD. ($5,873), Fifth Third Bank ($6,167) and The Huntington National Bank ($6,527).

    The lowest rate Grand Rapids FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.97%), LAKEVIEW LOAN SERVICING, LLC (4.13%), Lakeview Community Capital, LLC (4.25%), Mr. Cooper ( Nationstar Mortgage ) (4.33%) and AMERISAVE MORTGAGE CORPORATION (4.47%).

    Grand Rapids FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    GRAND RAPIDS-KENTWOOD, MI IONIA 2022 $420,680 $538,650 $651,050 $809,150
    GRAND RAPIDS-KENTWOOD, MI KENT 2022 $420,680 $538,650 $651,050 $809,150
    GRAND RAPIDS-KENTWOOD, MI MONTCALM 2022 $420,680 $538,650 $651,050 $809,150
    GRAND RAPIDS-KENTWOOD, MI OTTAWA 2022 $420,680 $538,650 $651,050 $809,150
    GRAND RAPIDS-KENTWOOD, MI IONIA 2023 $472,030 $604,400 $730,525 $907,900
    GRAND RAPIDS-KENTWOOD, MI KENT 2023 $472,030 $604,400 $730,525 $907,900
    GRAND RAPIDS-KENTWOOD, MI MONTCALM 2023 $472,030 $604,400 $730,525 $907,900
    GRAND RAPIDS-KENTWOOD, MI OTTAWA 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Grand Rapids (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 $252,400 (-1.5%) $313,937 (-14.9%) 0.94 1,849
    2018-02-01 $261,150 (-3.8%) $327,838 (-13.1%) 0.95 1,689
    2018-03-01 $269,900 (-4.5%) $339,520 (-13.0%) 0.95 1,671
    2018-04-01 $279,125 (-0.3%) $352,579 (-4.4%) 0.95 1,729
    2018-05-01 $279,900 (5.8%) $353,481 (4.3%) 0.93 1,909
    2018-06-01 $279,900 (10.9%) $352,517 (8.7%) 0.93 2,226
    2018-07-01 $277,250 (11.4%) $346,190 (9.4%) 0.93 2,387
    2018-08-01 $269,900 (11.3%) $340,680 (10.4%) 0.90 2,708
    2018-09-01 $269,900 (12.5%) $336,858 (9.7%) 0.91 2,767
    2018-10-01 $272,425 (11.2%) $340,388 (10.2%) 0.92 2,741
    2018-11-01 $269,900 (12.5%) $335,424 (9.3%) 0.91 2,653
    2018-12-01 $274,900 (14.5%) $332,643 (8.8%) 0.95 2,404
    2019-01-01 $274,950 (8.9%) $330,185 (5.2%) 0.95 2,135
    2019-02-01 $279,950 (7.2%) $337,224 (2.9%) 0.95 1,960
    2019-03-01 $286,429 (6.1%) $351,373 (3.5%) 0.94 1,952
    2019-04-01 $296,500 (6.2%) $370,032 (5.0%) 0.94 2,030
    2019-05-01 $294,900 (5.4%) $371,638 (5.1%) 0.92 2,153
    2019-06-01 $291,900 (4.3%) $369,724 (4.9%) 0.91 2,375
    2019-07-01 $290,925 (4.9%) $365,864 (5.7%) 0.91 2,586
    2019-08-01 $284,445 (5.4%) $358,880 (5.3%) 0.90 2,676
    2019-09-01 $276,264 (2.4%) $350,012 (3.9%) 0.88 2,787
    2019-10-01 $269,900 (-0.9%) $343,806 (1.0%) 0.87 2,843
    2019-11-01 $274,000 (1.5%) $345,034 (2.9%) 0.90 2,597
    2019-12-01 $274,900 (0.0%) $343,704 (3.3%) 0.92 2,267
    2020-01-01 $282,400 (2.7%) $346,033 (4.8%) 0.94 1,952
    2020-02-01 $299,900 (7.1%) $371,065 (10.0%) 0.98 1,801
    2020-03-01 $299,900 (4.7%) $374,477 (6.6%) 0.94 1,743
    2020-04-01 $309,000 (4.2%) $380,893 (2.9%) 0.97 1,749
    2020-05-01 $315,000 (6.8%) $398,132 (7.1%) 0.96 1,944
    2020-06-01 $314,950 (7.9%) $410,161 (10.9%) 0.93 1,789
    2020-07-01 $310,450 (6.7%) $406,712 (11.2%) 0.90 1,679
    2020-08-01 $309,000 (8.6%) $399,822 (11.4%) 0.89 1,606
    2020-09-01 $304,450 (10.2%) $402,155 (14.9%) 0.87 1,463
    2020-10-01 $294,135 (9.0%) $388,214 (12.9%) 0.84 1,456
    2020-11-01 $299,400 (9.3%) $395,018 (14.5%) 0.88 1,320
    2020-12-01 $299,950 (9.1%) $397,105 (15.5%) 0.89 1,100
    2021-01-01 $304,900 (8.0%) $397,717 (14.9%) 0.91 900
    2021-02-01 $314,950 (5.0%) $416,800 (12.3%) 0.92 766
    2021-03-01 $312,450 (4.2%) $415,840 (11.1%) 0.89 758
    2021-04-01 $309,950 (0.3%) $424,674 (11.5%) 0.84 705
    2021-05-01 $310,000 (-1.6%) $435,642 (9.4%) 0.82 739
    2021-06-01 $316,975 (0.6%) $435,538 (6.2%) 0.83 898
    2021-07-01 $307,000 (-1.1%) $438,295 (7.8%) 0.81 1,033
    2021-08-01 $307,400 (-0.5%) $436,714 (9.2%) 0.82 1,109
    2021-09-01 $307,500 (1.0%) $424,793 (5.6%) 0.82 1,138
    2021-10-01 $308,000 (4.7%) $415,747 (7.1%) 0.82 1,115
    2021-11-01 $314,950 (5.2%) $425,926 (7.8%) 0.84 975
    2021-12-01 $310,188 (3.4%) $423,869 (6.7%) 0.84 779
    2022-01-01 $332,000 (8.9%) $449,273 (13.0%) 0.90 607
    2022-02-01 $346,950 (10.2%) $452,318 (8.5%) 0.90 539
    2022-03-01 $342,450 (9.6%) $450,685 (8.4%) 0.86 596
    2022-04-01 $349,950 (12.9%) $451,418 (6.3%) 0.83 652
    2022-05-01 $362,450 (16.9%) $462,861 (6.3%) 0.83 898
    2022-06-01 $375,000 (18.3%) $463,534 (6.4%) 0.84 1,168
    2022-07-01 $375,000 (22.2%) $463,277 (5.7%) 0.84 1,396
    2022-08-01 $377,450 (22.8%) $465,651 (6.6%) 0.87 1,436
    2022-09-01 $364,900 (18.7%) $453,749 (6.8%) 0.85 1,430
    2022-10-01 $355,000 (15.3%) $446,291 (7.4%) 0.84 1,436
    2022-11-01 $359,900 (14.3%) $438,756 (3.0%) 0.87 1,405
    2022-12-01 $364,900 (17.6%) $435,574 (2.8%) 0.90 1,170
    2023-01-01 $374,900 (12.9%) $454,885 (1.3%) 0.93 1,001
    2023-02-01 $399,450 (15.1%) $484,943 (7.2%) 0.96 870
    2023-03-01 $399,850 (16.8%) $503,018 (11.6%) 0.94 826
    2023-04-01 $410,000 (17.2%) $516,179 (14.4%) 0.95 857
    2023-05-01 $412,400 (13.8%) $521,910 (12.8%) 0.93 915
    2023-06-01 $419,900 (12.0%) $533,677 (15.1%) 0.94 994
    2023-07-01 $414,088 (10.4%) $535,608 (15.6%) 0.94 1,066
    2023-08-01 $399,900 (6.0%) $522,685 (12.3%) 0.92 1,212
    Grand Rapids's median listing price for 2023-08-01 was $399,900, a difference of $22,450 (6.0%) versus the prior year and $-14,188 versus the prior month.

    Grand Rapids's median listing price comes in at 92% of the national average.

    Grand Rapids's average listing price for 2023-08-01 was $522,685, a difference of $57,034 (12.3%) versus the prior year and $-12,923 versus the prior month.

    For the 2023-08-01 period, Grand Rapids had 1,212 MLS listings, a difference of 146 listings (14%) versus the prior month and -224 listings (-16%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Grand Rapids (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 72 days 2,036 sqft
    2018-02-01 59 days 2,040 sqft
    2018-03-01 37 days 2,061 sqft
    2018-04-01 33 days 2,084 sqft
    2018-05-01 26 days 2,113 sqft
    2018-06-01 29 days 2,106 sqft
    2018-07-01 33 days 2,131 sqft
    2018-08-01 33 days 2,077 sqft
    2018-09-01 40 days 2,050 sqft
    2018-10-01 45 days 2,051 sqft
    2018-11-01 51 days 2,040 sqft
    2018-12-01 64 days 2,021 sqft
    2019-01-01 72 days 1,989 sqft
    2019-02-01 70 days 2,010 sqft
    2019-03-01 50 days 2,032 sqft
    2019-04-01 36 days 2,067 sqft
    2019-05-01 29 days 2,083 sqft
    2019-06-01 31 days 2,104 sqft
    2019-07-01 35 days 2,114 sqft
    2019-08-01 38 days 2,092 sqft
    2019-09-01 39 days 2,056 sqft
    2019-10-01 41 days 2,031 sqft
    2019-11-01 51 days 2,004 sqft
    2019-12-01 64 days 1,958 sqft
    2020-01-01 70 days 1,950 sqft
    2020-02-01 62 days 2,008 sqft
    2020-03-01 44 days 2,027 sqft
    2020-04-01 52 days 2,048 sqft
    2020-05-01 57 days 2,074 sqft
    2020-06-01 39 days 2,066 sqft
    2020-07-01 44 days 2,059 sqft
    2020-08-01 42 days 2,058 sqft
    2020-09-01 41 days 2,037 sqft
    2020-10-01 40 days 1,958 sqft
    2020-11-01 43 days 1,921 sqft
    2020-12-01 54 days 1,893 sqft
    2021-01-01 58 days 1,870 sqft
    2021-02-01 38 days 1,899 sqft
    2021-03-01 35 days 1,915 sqft
    2021-04-01 32 days 1,931 sqft
    2021-05-01 31 days 1,944 sqft
    2021-06-01 27 days 1,969 sqft
    2021-07-01 32 days 1,968 sqft
    2021-08-01 31 days 1,944 sqft
    2021-09-01 35 days 1,923 sqft
    2021-10-01 36 days 1,871 sqft
    2021-11-01 39 days 1,873 sqft
    2021-12-01 46 days 1,846 sqft
    2022-01-01 52 days 1,874 sqft
    2022-02-01 35 days 1,881 sqft
    2022-03-01 30 days 1,874 sqft
    2022-04-01 25 days 1,948 sqft
    2022-05-01 20 days 1,998 sqft
    2022-06-01 23 days 2,028 sqft
    2022-07-01 30 days 2,060 sqft
    2022-08-01 34 days 2,058 sqft
    2022-09-01 38 days 2,011 sqft
    2022-10-01 38 days 2,007 sqft
    2022-11-01 42 days 1,974 sqft
    2022-12-01 57 days 1,961 sqft
    2023-01-01 63 days 1,975 sqft
    2023-02-01 50 days 2,017 sqft
    2023-03-01 43 days 2,033 sqft
    2023-04-01 38 days 2,092 sqft
    2023-05-01 33 days 2,080 sqft
    2023-06-01 32 days 2,107 sqft
    2023-07-01 33 days 2,092 sqft
    2023-08-01 34 days 2,053 sqft
    Grand Rapids's median listing age (time on market) for 2023-08-01 was 34 days. This is -1% shorter than the same period one year ago.

    Grand Rapids's median square footage for active listings during the 2023-08-01 period was 2,053 sqft. One year prior, the average listing was 2,058 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).