Grand Rapids FHA Loan Rates, Closing Costs & Stats

GRAND RAPIDS-KENTWOOD, MI

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 6.55% for the week of 2024-03-15, compared to the national average (all FHA variants) of 6.596% for the same period.

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

The average rate for the prior week (2024-03-08) was 6.55% and one month ago for the week of 2024-02-09, the average rate was 6.17%.

The average rate one year ago was 6.24%.

For refis of the same type during the week of 2024-03-15, the average rate was 5.23%.

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%) $313,883 (-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
Grand Rapids's median listing price for 2024-01-01 was $403,500, a difference of $29,900 (8.0%) versus the prior year and $8,550 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 2024-01-01 was $531,715, a difference of $76,835 (16.9%) versus the prior year and $21,735 versus the prior month.

For the 2024-01-01 period, Grand Rapids had 924 MLS listings, a difference of -153 listings (-14%) versus the prior month and -76 listings (-8%) 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
Grand Rapids's median listing age (time on market) for 2024-01-01 was 60 days. This is -5% shorter than the same period one year ago.

Grand Rapids's median square footage for active listings during the 2024-01-01 period was 2,000 sqft. One year prior, the average listing was 1,974 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).