Greeley FHA Loan Rates, Closing Costs & Stats

GREELEY, CO

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.

Greeley's 141 lenders originated 2,094 FHA loans during 2022. The total origination value was $782,410,000, with an average FHA loan value of $373,644.

Greeley FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Greeley averaged -0.36% for the week of 2024-02-23, compared to the national average (all FHA variants) of 0% for the same period.

Greeley's average FHA mortgage closing costs are $10,042.

The average rate for the prior week (2024-02-16) was 5.88% and one month ago for the week of 2024-01-19, the average rate was 5.92%.

The average rate one year ago was 5.68%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.85%.

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

Greeley 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 Greeley level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
AMERICAN FINANCING CORPORATION 139 4.36% $13,031
UNITED WHOLESALE MORTGAGE, LLC 136 4.76% $12,973
DHI MORTGAGE COMPANY, LTD. 95 4.33% $13,762
LOANDEPOT.COM, LLC 93 4.88% $14,253
PRIMARY RESIDENTIAL MORTGAGE, INC. 92 4.80% $13,573
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 85 5.11% $14,242
QUICKEN LOANS, LLC 84 4.18% $13,409
UNIVERSAL LENDING CORPORATION 53 5.22% $13,938
VAN DYK MORTGAGE CORPORATION 51 5.56% $12,202
CROSSCOUNTRY MORTGAGE, LLC 49 5.27% $14,754
HOME POINT FINANCIAL CORPORATION 44 3.97% $11,991
CORNERSTONE HOME LENDING, INC. 42 4.57% $12,704
CALIBER HOME LOANS, INC. 41 4.52% $13,463
GUILD MORTGAGE COMPANY 40 4.98% $14,355
BROKER SOLUTIONS, INC. 40 5.32% $14,441
Gateway First Bank 38 5.29% $12,218
CHERRY CREEK MORTGAGE, LLC 34 4.87% $5,577
MEGASTAR FINANCIAL CORP. 28 4.98% $12,598
FREEDOM MORTGAGE CORPORATION 26 4.33% $11,564
Paramount Residential Mortgage Group, Inc. 25 5.06% $14,803
NFM, INC. 22 5.17% $15,432
Bank of Colorado 21 5.30% $13,191
ACADEMY MORTGAGE CORPORATION 20 5.27% $14,271
Loan Simple, Inc. 17 4.69% $12,774
NEWREZ LLC 17 4.23% $12,358
EVERETT FINANCIAL, INC. 15 5.32% $8,876
Amerifirst Financial, Inc. 15 4.62% $12,297
Mr. Cooper ( Nationstar Mortgage ) 15 3.83% $17,316
S1L, Inc. 14 4.80% $15,450
LAKEVIEW LOAN SERVICING, LLC 14 3.80% $9,530
HOMEAMERICAN MORTGAGE CORPORATION 14 4.33% $9,024
PENNYMAC LOAN SERVICES, LLC 13 4.25% $14,745
TOWNE MORTGAGE COMPANY 13 4.30% $10,553
Nations Lending Corporation 12 5.14% $13,151
Financial Funding Solutions, Inc. 11 4.84% $12,306
PLANET HOME LENDING, LLC 11 4.63% $13,728
First National Bank of Omaha 11 4.73% $12,216
HOME MORTGAGE ALLIANCE, LLC 10 4.56% $14,479
AMERISAVE MORTGAGE CORPORATION 10 4.33% $12,977
MOVEMENT MORTGAGE, LLC 10 5.06% $13,820
PRIMELENDING, A PLAINSCAPITAL COMPANY 9 5.31% $15,206
Northpointe Bank 9 4.47% $13,426
NOVA FINANCIAL & INVESTMENT CORPORATION 9 4.76% $4,906
AMERICAN PACIFIC MORTGAGE CORPORATION 9 4.44% $13,500
CMG MORTGAGE, INC. 8 4.39% $12,715
Carrington Mortgage Services, LLC 8 5.86% $12,624
CITYWIDE HOME LOANS, LLC 8 5.80% $13,354
Equity Prime Mortgage LLC 7 4.89% $15,314
EAGLE HOME MORTGAGE, LLC 7 4.71% $13,800
SUMMIT FUNDING, INC. 7 5.11% $14,885
CARDINAL FINANCIAL 7 4.82% $14,792
V.I.P. MORTGAGE, INC. 6 5.31% $11,809
Elevations Credit Union 6 4.50% $15,669
SECURITYNATIONAL MORTGAGE COMPANY 6 4.92% $13,191
GROUP MORTGAGE, LLC 6 4.17% $13,200
Lakeview Community Capital, LLC 6 2.73% $7,054
PLAZA HOME MORTGAGE, INC. 6 5.19% $17,020
LOANPAL, LLC 6 3.69% $15,721
Bank of England 5 5.18% $13,862
NBH Bank 5 5.00% $8,953
MORTGAGE SOLUTIONS OF COLORADO, LLC 5 5.00% $17,240
LADERA LENDING, INC. 5 5.70% $15,610
Century Mortgage Company DBA Century Lending Company 5 4.60% $16,750
SOUTHWEST FUNDING, LP 5 5.73% $13,349
SUN WEST MORTGAGE COMPANY, INC. 4 4.53% $15,622
AMCAP MORTGAGE, LTD. 4 5.47% $15,305
Ent Credit Union 4 4.78% $7,955
FINANCE OF AMERICA MORTGAGE LLC 4 5.25% $11,883
First Western Trust Bank 4 4.41% $9,900
GUARANTEED RATE, INC. 4 4.98% $13,259
HOMEBRIDGE FINANCIAL SERVICES, INC. 4 4.81% $13,858
MUTUAL OF OMAHA MORTGAGE, INC. 4 4.91% $19,237
NETWORK CAPITAL FUNDING CORPORATION 4 4.19% $17,961
Plains Commerce Bank 4 4.90% $14,091
Flagstar Bank, FSB 3 4.25% $11,193
Independent Bank 3 5.33% $11,688
IDEAL HOME LOANS LLC 3 4.38% $13,944
M2 Lending Solutions, LLC 3 5.25% $11,013
First Guaranty Mortgage Corporation 3 4.00% $9,683
FIRST CENTENNIAL MORTGAGE CORPORATION 3 4.88% $9,587
Commerce Home Mortgage, Inc. 3 4.75% $10,712
BOKF 3 5.33% $12,486
BAY EQUITY LLC 3 6.00% $14,314
ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 5.50% $13,311
T2 FINANCIAL LLC 3 5.92% $15,950
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 4.08% $11,696
American Mortgage & Equity Consultants, Inc. 3 3.83% $11,664
U.S. Bank 3 4.66% $11,011
Franklin Loan Corporation 2 5.44% $19,260
First Home Bank 2 5.25% $15,579
HOMESIDE FINANCIAL, LLC 2 3.81% $15,782
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 4.50% $11,917
Network Funding, L.P. 2 5.88% $15,242
ARC HOME LLC 2 4.38% $7,181
MICHIGAN MUTUAL, INC. 2 5.87% $10,098
JLB CORPORATION 2 4.63% $14,750
Hometown Equity Mortgage, LLC 2 5.50% $14,362
GENEVA FINANCIAL, LLC 2 5.81% $14,228
OCMBC, INC. 1 6.38% $13,048
EMBRACE HOME LOANS, INC. 1 4.63% $18,691
Peak Financial 1 6.63% $9,831
DRAPER AND KRAMER MORTGAGE CORP. 1 4.75% $11,306
Wyndham Capital Mortgage, Inc. 1 4.00% $13,521
AMERICAN FINANCIAL RESOURCES, INC. 1 5.75% $20,333
Colten Mortgage, LLC 1 4.38% $12,678
PREMIA MORTGAGE, LLC 1 4.75% $6,090
BROOKHOLLOW MORTGAGE SERVICES, LTD 1 4.25% $16,047
VERITAS FUNDING, LLC 1 5.13% $16,980
BECKAM FUNDING CORP. 1 5.25% $18,570
RANLIFE, INC. 1 6.25% $17,807
RELIANCE FIRST CAPITAL, LLC 1 5.50% $12,014
RESIDENTIAL BANCORP 1 3.49% $18,317
BAYSHORE MORTGAGE FUNDING, LLC 1 5.88% $13,785
VILLAGE CAPITAL MORTGAGE 1 4.38% $18,397
AXIA FINANCIAL, LLC 1 5.38% $12,666
SOUTHWEST STAGE FUNDING, LLC 1 5.25% $13,657
Strong Home Mortgage, LLC 1 4.25% $8,047
Summit Mortgage Corporation 1 4.13% $9,692
Sunflower Bank 1 6.00% $13,491
Wallick & Volk, Inc. 1 3.63% $7,642
The Federal Savings Bank 1 5.75% $12,027
THRIVE MORTGAGE, LLC 1 5.50% $9,896
TOP FLITE FINANCIAL, INC. 1 4.25% $17,695
AMERIFIRST FINANCIAL CORPORATION 1 5.25% $9,937
UNITED MORTGAGE CORP 1 4.75% $15,462
LEADERONE FINANCIAL CORPORATION 1 3.63% $6,987
HOMESPIRE MORTGAGE CORPORATION 1 4.00% $11,085
INSPIRE HOME LOANS INC. 1 4.99% $14,261
GUARANTY HOME MORTGAGE CORPORATION 1 5.50% $15,494
MID AMERICA MORTGAGE, INC. 1 5.88% $3,137
Glacier Bank 1 5.13% $14,051
Adams Bank & Trust 1 6.25% $10,687
Waterstone Mortgage Corporation 1 3.13% $13,955
JPMorgan Chase Bank 1 6.25% $12,550
First Option Mortgage, LLC 1 6.50% $13,871
Neighborhood Loans, Inc. 1 5.00% $16,039
NEST HOME LENDING, LLC 1 5.25% $16,594
Willamette Valley Bank 1 5.50% $13,158
JET HOMELOANS, LLC 1 5.00% $22,787
FirstBank 1 4.63% $8,085
OAKTREE FUNDING CORP. 1 4.38% $21,979

The top Greeley FHA lender as defined by loan originations is AMERICAN FINANCING CORPORATION, with 139 FHA loans originated. Their average total fees are $13,031, which is $58 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Greeley FHA lenders (with over 10 loans originated) are CHERRY CREEK MORTGAGE, LLC ($5,577), EVERETT FINANCIAL, INC. ($8,876), HOMEAMERICAN MORTGAGE CORPORATION ($9,024), LAKEVIEW LOAN SERVICING, LLC ($9,530) and TOWNE MORTGAGE COMPANY ($10,553).

The lowest rate Greeley FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC (3.80%), Mr. Cooper ( Nationstar Mortgage ) (3.83%), HOME POINT FINANCIAL CORPORATION (3.97%), QUICKEN LOANS, LLC (4.18%) and NEWREZ LLC (4.23%).

Greeley FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
GREELEY, CO WELD 2022 $483,000 $618,300 $747,400 $928,850
GREELEY, CO WELD 2023 $555,450 $711,050 $859,500 $1,068,200

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Greeley (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 $399,950 (9.3%) $462,104 (5.3%) 1.48 697
2018-02-01 $400,000 (5.4%) $472,890 (4.5%) 1.45 673
2018-03-01 $406,041 (7.6%) $476,242 (5.0%) 1.42 669
2018-04-01 $399,950 (3.0%) $472,330 (2.4%) 1.36 683
2018-05-01 $409,975 (3.2%) $490,916 (4.0%) 1.37 681
2018-06-01 $409,000 (2.5%) $487,772 (4.8%) 1.36 752
2018-07-01 $398,855 (2.3%) $488,633 (6.7%) 1.33 803
2018-08-01 $395,056 (0.0%) $474,132 (1.4%) 1.32 869
2018-09-01 $395,000 (-1.2%) $466,386 (-0.5%) 1.33 966
2018-10-01 $389,975 (-3.3%) $465,074 (-1.6%) 1.32 1,041
2018-11-01 $396,000 (-0.9%) $466,735 (-0.5%) 1.34 1,024
2018-12-01 $398,495 (-0.3%) $469,296 (0.7%) 1.37 928
2019-01-01 $395,104 (-1.3%) $473,477 (2.5%) 1.37 863
2019-02-01 $393,500 (-1.7%) $469,445 (-0.7%) 1.33 855
2019-03-01 $406,386 (-0.4%) $475,290 (-0.2%) 1.33 895
2019-04-01 $411,361 (2.9%) $479,445 (1.5%) 1.31 961
2019-05-01 $412,200 (0.5%) $477,500 (-2.7%) 1.29 990
2019-06-01 $409,900 (0.1%) $472,627 (-3.1%) 1.28 1,105
2019-07-01 $400,000 (0.3%) $462,963 (-5.3%) 1.25 1,161
2019-08-01 $399,900 (1.2%) $463,264 (-2.3%) 1.27 1,183
2019-09-01 $399,900 (1.2%) $464,072 (-0.5%) 1.28 1,174
2019-10-01 $399,875 (2.5%) $464,596 (-0.1%) 1.29 1,157
2019-11-01 $402,250 (1.5%) $471,820 (1.1%) 1.32 1,076
2019-12-01 $404,904 (1.6%) $478,880 (2.0%) 1.35 950
2020-01-01 $417,225 (5.5%) $498,128 (5.2%) 1.39 780
2020-02-01 $425,000 (7.9%) $503,700 (7.3%) 1.39 687
2020-03-01 $437,013 (7.5%) $508,974 (7.1%) 1.37 713
2020-04-01 $425,000 (3.3%) $501,433 (4.6%) 1.33 854
2020-05-01 $425,000 (3.1%) $501,748 (5.1%) 1.29 965
2020-06-01 $424,903 (3.7%) $504,842 (6.8%) 1.25 929
2020-07-01 $431,825 (8.1%) $513,437 (10.9%) 1.25 841
2020-08-01 $424,579 (6.2%) $512,270 (10.6%) 1.22 820
2020-09-01 $426,175 (6.4%) $516,394 (11.3%) 1.22 786
2020-10-01 $429,725 (7.3%) $518,186 (11.5%) 1.23 685
2020-11-01 $428,823 (6.6%) $521,891 (10.6%) 1.25 638
2020-12-01 $424,975 (4.9%) $519,953 (8.6%) 1.26 543
2021-01-01 $442,522 (6.2%) $552,102 (10.8%) 1.32 456
2021-02-01 $456,520 (7.3%) $580,546 (15.3%) 1.33 388
2021-03-01 $462,276 (5.7%) $582,681 (14.5%) 1.31 383
2021-04-01 $474,625 (11.7%) $592,535 (18.2%) 1.28 370
2021-05-01 $475,000 (11.8%) $571,683 (13.9%) 1.26 355
2021-06-01 $486,250 (14.6%) $576,137 (14.1%) 1.28 375
2021-07-01 $485,000 (12.2%) $580,371 (13.0%) 1.28 449
2021-08-01 $499,995 (17.7%) $589,574 (15.1%) 1.33 452
2021-09-01 $494,348 (16.1%) $609,558 (18.0%) 1.32 460
2021-10-01 $498,000 (16.0%) $632,268 (22.0%) 1.33 463
2021-11-01 $490,388 (14.4%) $627,021 (20.1%) 1.31 426
2021-12-01 $453,755 (6.9%) $563,842 (8.4%) 1.23 763
2022-01-01 $499,950 (12.9%) $657,478 (19.1%) 1.35 286
2022-02-01 $505,000 (10.8%) $699,308 (20.5%) 1.31 273
2022-03-01 $518,400 (12.9%) $678,983 (16.5%) 1.30 302
2022-04-01 $539,950 (12.9%) $694,062 (17.1%) 1.29 311
2022-05-01 $543,125 (13.6%) $700,373 (22.5%) 1.24 448
2022-06-01 $550,000 (12.9%) $685,478 (19.0%) 1.22 648
2022-07-01 $545,000 (12.4%) $677,201 (16.7%) 1.23 877
2022-08-01 $531,500 (6.4%) $670,568 (13.7%) 1.23 919
2022-09-01 $523,095 (5.9%) $658,267 (8.0%) 1.22 927
2022-10-01 $514,883 (3.2%) $645,087 (2.0%) 1.21 909
2022-11-01 $515,000 (4.5%) $630,578 (0.6%) 1.24 919
2022-12-01 $514,900 (12.3%) $632,311 (12.1%) 1.27 758
2023-01-01 $519,475 (3.3%) $631,152 (-4.0%) 1.29 679
2023-02-01 $518,908 (2.4%) $638,648 (-8.7%) 1.25 597
2023-03-01 $527,450 (1.1%) $650,815 (-4.2%) 1.24 595
2023-04-01 $540,000 (0.8%) $675,661 (-2.7%) 1.26 656
2023-05-01 $540,045 (0.1%) $679,066 (-3.0%) 1.22 720
2023-06-01 $541,950 (-1.5%) $676,695 (-1.3%) 1.22 797
2023-07-01 $540,000 (-0.9%) $653,877 (-3.4%) 1.23 892
2023-08-01 $533,650 (0.3%) $657,414 (-2.0%) 1.23 925
2023-09-01 $530,000 (1.3%) $637,597 (-3.1%) 1.23 916
2023-10-01 $519,950 (1.3%) $634,295 (-1.7%) 1.22 971
2023-11-01 $513,325 (0.2%) $634,299 (0.6%) 1.22 971
2023-12-01 $515,000 (0.0%) $646,962 (2.3%) 1.26 832
Greeley's median listing price for 2023-12-01 was $515,000, a difference of $100 (0.0%) versus the prior year and $1,675 versus the prior month.

Greeley's median listing price comes in at 126% of the national average.

Greeley's average listing price for 2023-12-01 was $646,962, a difference of $14,651 (2.3%) versus the prior year and $12,663 versus the prior month.

For the 2023-12-01 period, Greeley had 832 MLS listings, a difference of -139 listings (-14%) versus the prior month and 74 listings (10%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Greeley (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 67 days 3,109 sqft
2018-02-01 52 days 3,099 sqft
2018-03-01 36 days 3,082 sqft
2018-04-01 32 days 2,995 sqft
2018-05-01 33 days 3,087 sqft
2018-06-01 34 days 3,012 sqft
2018-07-01 36 days 2,961 sqft
2018-08-01 33 days 2,922 sqft
2018-09-01 37 days 2,928 sqft
2018-10-01 40 days 2,890 sqft
2018-11-01 49 days 2,911 sqft
2018-12-01 58 days 2,893 sqft
2019-01-01 57 days 2,842 sqft
2019-02-01 39 days 2,832 sqft
2019-03-01 38 days 2,872 sqft
2019-04-01 38 days 2,922 sqft
2019-05-01 38 days 2,906 sqft
2019-06-01 37 days 2,876 sqft
2019-07-01 41 days 2,833 sqft
2019-08-01 42 days 2,814 sqft
2019-09-01 43 days 2,810 sqft
2019-10-01 44 days 2,810 sqft
2019-11-01 49 days 2,851 sqft
2019-12-01 56 days 2,837 sqft
2020-01-01 65 days 2,910 sqft
2020-02-01 44 days 2,994 sqft
2020-03-01 31 days 3,031 sqft
2020-04-01 35 days 2,909 sqft
2020-05-01 40 days 2,873 sqft
2020-06-01 37 days 2,840 sqft
2020-07-01 37 days 2,915 sqft
2020-08-01 35 days 2,836 sqft
2020-09-01 37 days 2,713 sqft
2020-10-01 37 days 2,735 sqft
2020-11-01 42 days 2,659 sqft
2020-12-01 52 days 2,634 sqft
2021-01-01 64 days 2,687 sqft
2021-02-01 36 days 2,741 sqft
2021-03-01 25 days 2,680 sqft
2021-04-01 27 days 2,671 sqft
2021-05-01 25 days 2,681 sqft
2021-06-01 26 days 2,583 sqft
2021-07-01 26 days 2,570 sqft
2021-08-01 31 days 2,597 sqft
2021-09-01 35 days 2,519 sqft
2021-10-01 35 days 2,561 sqft
2021-11-01 37 days 2,544 sqft
2021-12-01 40 days 2,493 sqft
2022-01-01 38 days 2,496 sqft
2022-02-01 31 days 2,576 sqft
2022-03-01 22 days 2,591 sqft
2022-04-01 21 days 2,707 sqft
2022-05-01 18 days 2,763 sqft
2022-06-01 21 days 2,807 sqft
2022-07-01 27 days 2,761 sqft
2022-08-01 35 days 2,630 sqft
2022-09-01 40 days 2,590 sqft
2022-10-01 44 days 2,560 sqft
2022-11-01 46 days 2,559 sqft
2022-12-01 61 days 2,564 sqft
2023-01-01 70 days 2,574 sqft
2023-02-01 51 days 2,577 sqft
2023-03-01 39 days 2,646 sqft
2023-04-01 31 days 2,651 sqft
2023-05-01 33 days 2,764 sqft
2023-06-01 38 days 2,739 sqft
2023-07-01 38 days 2,745 sqft
2023-08-01 41 days 2,715 sqft
2023-09-01 44 days 2,653 sqft
2023-10-01 43 days 2,559 sqft
2023-11-01 47 days 2,558 sqft
2023-12-01 63 days 2,546 sqft
Greeley's median listing age (time on market) for 2023-12-01 was 63 days. This is 2% longer than the same period one year ago.

Greeley's median square footage for active listings during the 2023-12-01 period was 2,546 sqft. One year prior, the average listing was 2,564 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).