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 111 lenders originated 1,617 FHA loans during 2023. The total origination value was $390,465,000, with an average FHA loan value of $241,475.

    Grand Rapids FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Grand Rapids averaged 7.17% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Grand Rapids's average FHA mortgage closing costs are $6,982.

    The average rate for the prior week (2024-04-12) was 6.76% and one month ago for the week of 2024-03-15, the average rate was 6.73%.

    The average rate one year ago was 6.46%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.26%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 222 6.23% $10,222
    UNITED WHOLESALE MORTGAGE, LLC 181 6.43% $11,419
    Neighborhood Loans, Inc. 122 6.92% $11,392
    LAKE MICHIGAN CREDIT UNION 71 6.61% $8,276
    MORTGAGE 1 INCORPORATED 48 6.78% $11,967
    SUCCESS MORTGAGE PARTNERS, INC. 45 6.90% $13,040
    FIRST COMMUNITY MORTGAGE, INC. 45 6.60% $10,950
    Fifth Third Bank 36 6.49% $6,164
    NEWREZ LLC 32 6.61% $10,125
    Mr. Cooper ( Nationstar Mortgage ) 30 6.08% $13,742
    VAN DYK MORTGAGE CORPORATION 28 6.97% $8,122
    Northpointe Bank 28 6.75% $11,667
    Carrington Mortgage Services, LLC 26 6.25% $12,157
    Flagstar Bank, FSB 26 6.82% $9,584
    The Huntington National Bank 25 6.92% $8,494
    HOMESTAR FINANCIAL CORPORATION 23 6.82% $8,061
    Mercantile Bank of Michigan 22 6.81% $7,848
    MMS MORTGAGE SERVICES, LTD. 22 6.70% $7,377
    GUILD MORTGAGE COMPANY 20 6.86% $10,224
    CROSSCOUNTRY MORTGAGE, LLC 20 6.64% $10,005
    NORTHERN MORTGAGE SERVICES, LLC 19 6.69% $10,498
    UNION HOME MORTGAGE CORP. 19 6.89% $10,995
    LOANDEPOT.COM, LLC 18 6.54% $12,603
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 17 6.74% $9,316
    GSF Mortgage Corporation 15 6.38% $8,957
    PENNYMAC LOAN SERVICES, LLC 14 6.43% $10,552
    FREEDOM MORTGAGE CORPORATION 14 6.90% $13,747
    CHURCHILL MORTGAGE CORPORATION 14 6.71% $11,033
    BROKER SOLUTIONS, INC. 14 6.93% $10,433
    Horizon Bank 12 6.46% $9,538
    Independent Bank 12 6.94% $6,550
    MUTUAL OF OMAHA MORTGAGE, INC. 12 6.52% $13,090
    UNITED 11 6.75% $9,830
    Preston Home Loans Inc 10 7.44% $9,835
    CARDINAL FINANCIAL 10 6.80% $12,957
    AMERICAN PACIFIC MORTGAGE CORPORATION 10 6.80% $11,510
    LAKEVIEW LOAN SERVICING, LLC 10 5.98% $10,679
    MICHIGAN FIRST CREDIT UNION 9 6.86% $7,626
    TOP FLITE FINANCIAL, INC. 8 6.75% $15,059
    AMERISAVE MORTGAGE CORPORATION 7 6.23% $12,727
    GUARANTEED RATE, INC. 6 6.63% $8,595
    RUOFF MORTGAGE COMPANY, INC. 6 7.04% $6,857
    The Dart Bank 6 6.98% $10,795
    T2 FINANCIAL LLC 6 6.85% $9,081
    JPMorgan Chase Bank 6 7.17% $6,633
    Paramount Residential Mortgage Group, Inc. 6 6.77% $10,853
    PHH Mortgage Corporation 5 6.80% $11,867
    Platinum Home Mortgage Corporation 5 6.08% $14,329
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 7.02% $10,024
    ACADEMY MORTGAGE CORPORATION 5 6.98% $9,646
    BM Real Estate Services, Inc. 5 6.95% $10,893
    TOWNE MORTGAGE COMPANY 4 6.44% $13,264
    J. VIRGIL, INC. 4 7.34% $8,878
    CONTOUR MORTGAGE CORPORATION 4 6.63% $12,445
    AMERICAN FINANCIAL RESOURCES, INC. 4 6.75% $10,546
    MICHIGAN MUTUAL, INC. 4 6.69% $10,850
    PLANET HOME LENDING, LLC 4 6.31% $7,578
    GVC MORTGAGE, INC. 3 6.96% $10,263
    AMERICAN FINANCING CORPORATION 3 6.71% $11,091
    AmeriHome Mortgage Company, LLC 3 6.50% $9,476
    CALIBER HOME LOANS, INC. 3 6.25% $8,436
    EMM LOANS LLC 3 5.71% $11,255
    NATIONS DIRECT MORTGAGE, LLC 3 7.42% $11,066
    Nations Lending Corporation 3 6.25% $9,745
    Plains Commerce Bank 3 7.13% $13,757
    STOCKTON MORTGAGE CORPORATION 3 6.50% $8,254
    SUN WEST MORTGAGE COMPANY, INC. 3 6.92% $16,110
    The Federal Savings Bank 3 6.58% $13,444
    The Loan Store, Inc. 2 7.06% $14,922
    ROSS MORTGAGE CORPORATION 2 6.06% $10,165
    Old National Bank 2 6.44% $8,792
    MID AMERICA MORTGAGE, INC. 2 7.31% $5,363
    Bank of America 2 6.19% $3,800
    Comerica Bank 2 6.75% $7,440
    VILLAGE CAPITAL MORTGAGE 2 6.13% $10,561
    LIBERTY HOME MORTGAGE CORPORATION 2 7.13% $12,492
    CMG MORTGAGE, INC. 2 6.44% $9,199
    FIRST STATE MORTGAGE SERVICES, LLC 1 6.13% $9,633
    First State Bank 1 7.38% $11,327
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 6.38% $7,119
    First Merchants Bank 1 5.75% $8,902
    FIRST COLONY MORTGAGE CORPORATION 1 7.25% $11,162
    PLAZA HOME MORTGAGE, INC. 1 6.63% $10,642
    EVERETT FINANCIAL, INC. 1 7.63% $10,263
    Prosperity Home Mortgage, LLC 1 6.63% $11,647
    Equity Prime Mortgage LLC 1 7.13% $7,884
    RELIANCE FIRST CAPITAL, LLC 1 6.88% $13,643
    Residential Mortgage Solutions, Inc. 1 6.13% $11,246
    ROYAL UNITED MORTGAGE LLC 1 7.25% $9,744
    DRAPER AND KRAMER MORTGAGE CORP. 1 6.63% $10,240
    STAUNTON FINANCIAL, INC. 1 6.99% $10,506
    LEGEND LENDING CORPORATION 1 7.13% $18,210
    Dakota Community Bank & Trust 1 5.75% $10,042
    SUMMIT FUNDING, INC. 1 7.25% $14,682
    AMERICAN FINANCIAL NETWORK, INC. 1 6.75% $14,054
    COMPASS MORTGAGE, INC. 1 7.13% $8,901
    Century Mortgage Company DBA Century Lending Company 1 6.25% $21,082
    BECKAM FUNDING CORP. 1 8.25% $13,874
    MEMBER FIRST MORTGAGE, LLC 1 7.13% $10,477
    MORTGAGE CENTER L.C 1 7.25% $6,710
    Mortgage Research Center, LLC 1 6.25% $15,591
    M&T Bank 1 6.13% $8,097
    U.S. Bank 1 7.25% $5,065
    Barrington Bank & Trust Company, N.A. 1 7.25% $9,609
    LEADERONE FINANCIAL CORPORATION 1 6.75% $12,040
    Lakeview Community Capital, LLC 1 5.75% $9,232
    Honor Credit Union 1 6.75% $8,488
    HOMESIDE FINANCIAL, LLC 1 7.12% $17,971
    OCMBC, INC. 1 7.75% $11,713
    ON Q FINANCIAL, INC. 1 7.13% $12,959
    GUARANTEED RATE AFFINITY, LLC 1 7.38% $8,468

    The top Grand Rapids FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 222 FHA loans originated. Their average total fees are $10,222, which is $1,197 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Grand Rapids FHA lenders (with over 10 loans originated) are Fifth Third Bank ($6,164), Independent Bank ($6,550), MMS MORTGAGE SERVICES, LTD. ($7,377), Mercantile Bank of Michigan ($7,848) and HOMESTAR FINANCIAL CORPORATION ($8,061).

    The lowest rate Grand Rapids FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC (5.98%), Mr. Cooper ( Nationstar Mortgage ) (6.08%), QUICKEN LOANS, LLC (6.23%), Carrington Mortgage Services, LLC (6.25%) and GSF Mortgage Corporation (6.38%).

    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%) $313,883 (-15.0%) 0.94 1,851
    2018-02-01 $261,150 (-3.8%) $327,854 (-13.2%) 0.95 1,689
    2018-03-01 $269,900 (-4.5%) $339,467 (-13.0%) 0.95 1,674
    2018-04-01 $279,125 (-0.3%) $352,556 (-4.6%) 0.95 1,730
    2018-05-01 $279,900 (5.8%) $353,645 (4.2%) 0.93 1,911
    2018-06-01 $279,900 (10.9%) $352,457 (8.6%) 0.93 2,226
    2018-07-01 $277,225 (11.4%) $346,003 (9.3%) 0.93 2,388
    2018-08-01 $269,900 (11.3%) $340,488 (10.3%) 0.90 2,709
    2018-09-01 $269,900 (12.5%) $336,615 (9.6%) 0.91 2,771
    2018-10-01 $272,400 (11.2%) $340,327 (10.2%) 0.92 2,747
    2018-11-01 $269,900 (12.5%) $335,381 (9.3%) 0.91 2,658
    2018-12-01 $274,900 (14.5%) $332,657 (8.8%) 0.95 2,406
    2019-01-01 $274,950 (8.9%) $330,189 (5.2%) 0.95 2,137
    2019-02-01 $279,950 (7.2%) $337,216 (2.9%) 0.95 1,962
    2019-03-01 $286,429 (6.1%) $351,273 (3.5%) 0.94 1,956
    2019-04-01 $296,538 (6.2%) $369,896 (4.9%) 0.94 2,031
    2019-05-01 $294,850 (5.3%) $371,465 (5.0%) 0.92 2,154
    2019-06-01 $291,900 (4.3%) $369,610 (4.9%) 0.91 2,377
    2019-07-01 $291,325 (5.1%) $365,757 (5.7%) 0.91 2,588
    2019-08-01 $284,459 (5.4%) $358,828 (5.4%) 0.90 2,678
    2019-09-01 $276,298 (2.4%) $350,040 (4.0%) 0.88 2,790
    2019-10-01 $269,925 (-0.9%) $343,915 (1.1%) 0.87 2,846
    2019-11-01 $274,000 (1.5%) $345,181 (2.9%) 0.90 2,598
    2019-12-01 $274,900 (0.0%) $343,858 (3.4%) 0.92 2,268
    2020-01-01 $282,400 (2.7%) $346,209 (4.9%) 0.94 1,953
    2020-02-01 $299,900 (7.1%) $371,266 (10.1%) 0.98 1,802
    2020-03-01 $299,900 (4.7%) $374,572 (6.6%) 0.94 1,744
    2020-04-01 $309,000 (4.2%) $381,101 (3.0%) 0.97 1,750
    2020-05-01 $315,000 (6.8%) $396,837 (6.8%) 0.96 1,943
    2020-06-01 $314,900 (7.9%) $408,646 (10.6%) 0.93 1,786
    2020-07-01 $310,100 (6.4%) $405,192 (10.8%) 0.90 1,677
    2020-08-01 $309,000 (8.6%) $398,176 (11.0%) 0.89 1,604
    2020-09-01 $304,450 (10.2%) $400,458 (14.4%) 0.87 1,461
    2020-10-01 $292,068 (8.2%) $386,971 (12.5%) 0.84 1,457
    2020-11-01 $299,400 (9.3%) $393,605 (14.0%) 0.88 1,320
    2020-12-01 $299,950 (9.1%) $395,258 (15.0%) 0.89 1,100
    2021-01-01 $306,500 (8.5%) $395,560 (14.3%) 0.91 904
    2021-02-01 $314,950 (5.0%) $415,283 (11.9%) 0.92 769
    2021-03-01 $315,425 (5.2%) $414,350 (10.6%) 0.89 762
    2021-04-01 $309,950 (0.3%) $424,437 (11.4%) 0.84 708
    2021-05-01 $310,000 (-1.6%) $435,413 (9.7%) 0.82 742
    2021-06-01 $317,225 (0.7%) $435,628 (6.6%) 0.84 901
    2021-07-01 $307,500 (-0.8%) $438,244 (8.2%) 0.81 1,034
    2021-08-01 $307,400 (-0.5%) $436,790 (9.7%) 0.82 1,110
    2021-09-01 $307,975 (1.2%) $424,954 (6.1%) 0.82 1,140
    2021-10-01 $309,900 (6.1%) $416,010 (7.5%) 0.83 1,117
    2021-11-01 $315,000 (5.2%) $425,675 (8.2%) 0.84 978
    2021-12-01 $310,850 (3.6%) $424,196 (7.3%) 0.84 781
    2022-01-01 $332,000 (8.3%) $449,643 (13.7%) 0.90 608
    2022-02-01 $347,175 (10.2%) $452,737 (9.0%) 0.90 540
    2022-03-01 $342,450 (8.6%) $450,795 (8.8%) 0.86 597
    2022-04-01 $350,000 (12.9%) $451,517 (6.4%) 0.83 653
    2022-05-01 $362,450 (16.9%) $462,923 (6.3%) 0.83 899
    2022-06-01 $375,000 (18.2%) $463,534 (6.4%) 0.84 1,168
    2022-07-01 $375,000 (22.0%) $463,277 (5.7%) 0.84 1,396
    2022-08-01 $377,450 (22.8%) $465,647 (6.6%) 0.87 1,435
    2022-09-01 $364,900 (18.5%) $453,735 (6.8%) 0.85 1,429
    2022-10-01 $355,000 (14.6%) $446,272 (7.3%) 0.84 1,435
    2022-11-01 $359,900 (14.3%) $438,737 (3.1%) 0.87 1,404
    2022-12-01 $364,400 (17.2%) $435,654 (2.7%) 0.90 1,168
    2023-01-01 $373,600 (12.5%) $454,880 (1.2%) 0.93 1,000
    2023-02-01 $399,175 (15.0%) $485,024 (7.1%) 0.96 868
    2023-03-01 $399,875 (16.8%) $503,127 (11.6%) 0.94 825
    2023-04-01 $410,320 (17.2%) $516,568 (14.4%) 0.95 857
    2023-05-01 $412,400 (13.8%) $521,916 (12.7%) 0.94 915
    2023-06-01 $419,900 (12.0%) $533,855 (15.2%) 0.94 993
    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
    2023-09-01 $399,000 (9.4%) $506,038 (11.5%) 0.93 1,298
    2023-10-01 $389,975 (9.9%) $506,991 (13.6%) 0.92 1,405
    2023-11-01 $389,950 (8.4%) $506,427 (15.4%) 0.93 1,269
    2023-12-01 $394,950 (8.4%) $509,980 (17.1%) 0.96 1,077
    2024-01-01 $403,500 (8.0%) $531,715 (16.9%) 0.99 924
    2024-02-01 $415,000 (4.0%) $546,920 (12.8%) 1.00 855
    2024-03-01 $419,880 (5.0%) $549,484 (9.2%) 0.99 878
    Grand Rapids's median listing price for 2024-03-01 was $419,880, a difference of $20,005 (5.0%) versus the prior year and $4,880 versus the prior month.

    Grand Rapids's median listing price comes in at 99% of the national average.

    Grand Rapids's average listing price for 2024-03-01 was $549,484, a difference of $46,357 (9.2%) versus the prior year and $2,564 versus the prior month.

    For the 2024-03-01 period, Grand Rapids had 878 MLS listings, a difference of 23 listings (3%) versus the prior month and 53 listings (6%) 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 2,085 sqft
    2018-05-01 26 days 2,114 sqft
    2018-06-01 29 days 2,106 sqft
    2018-07-01 33 days 2,131 sqft
    2018-08-01 33 days 2,079 sqft
    2018-09-01 40 days 2,050 sqft
    2018-10-01 45 days 2,053 sqft
    2018-11-01 51 days 2,040 sqft
    2018-12-01 64 days 2,025 sqft
    2019-01-01 72 days 1,992 sqft
    2019-02-01 70 days 2,015 sqft
    2019-03-01 49 days 2,036 sqft
    2019-04-01 36 days 2,068 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 38 days 2,056 sqft
    2019-10-01 41 days 2,031 sqft
    2019-11-01 51 days 2,005 sqft
    2019-12-01 64 days 1,961 sqft
    2020-01-01 70 days 1,951 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 2,073 sqft
    2020-06-01 39 days 2,065 sqft
    2020-07-01 44 days 2,059 sqft
    2020-08-01 42 days 2,058 sqft
    2020-09-01 41 days 2,036 sqft
    2020-10-01 40 days 1,957 sqft
    2020-11-01 43 days 1,919 sqft
    2020-12-01 54 days 1,889 sqft
    2021-01-01 58 days 1,870 sqft
    2021-02-01 38 days 1,899 sqft
    2021-03-01 35 days 1,914 sqft
    2021-04-01 32 days 1,936 sqft
    2021-05-01 31 days 1,944 sqft
    2021-06-01 27 days 1,967 sqft
    2021-07-01 32 days 1,966 sqft
    2021-08-01 31 days 1,942 sqft
    2021-09-01 35 days 1,923 sqft
    2021-10-01 36 days 1,871 sqft
    2021-11-01 39 days 1,874 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 2,012 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 1,974 sqft
    2023-02-01 50 days 2,014 sqft
    2023-03-01 43 days 2,032 sqft
    2023-04-01 38 days 2,092 sqft
    2023-05-01 33 days 2,080 sqft
    2023-06-01 32 days 2,105 sqft
    2023-07-01 33 days 2,092 sqft
    2023-08-01 34 days 2,053 sqft
    2023-09-01 37 days 2,028 sqft
    2023-10-01 40 days 1,978 sqft
    2023-11-01 44 days 1,966 sqft
    2023-12-01 53 days 1,984 sqft
    2024-01-01 60 days 2,000 sqft
    2024-02-01 51 days 1,974 sqft
    2024-03-01 36 days 2,011 sqft
    Grand Rapids's median listing age (time on market) for 2024-03-01 was 36 days. This is -16% shorter than the same period one year ago.

    Grand Rapids's median square footage for active listings during the 2024-03-01 period was 2,011 sqft. One year prior, the average listing was 2,032 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).