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 137 lenders originated 1,792 FHA loans during 2023. The total origination value was $709,490,000, with an average FHA loan value of $395,921.

Greeley FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Greeley averaged -0.22% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

Greeley's average FHA mortgage closing costs are $10,553.

The average rate for the prior week (2024-11-22) was 6.37% and one month ago for the week of 2024-10-25, the average rate was 5.75%.

The average rate one year ago was 6.84%.

For refis of the same type during the week of 2024-11-29, the average rate was 0.08%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 204 6.03% $16,203
DHI MORTGAGE COMPANY, LTD. 130 5.30% $16,302
CROSSCOUNTRY MORTGAGE, LLC 97 6.71% $15,208
QUICKEN LOANS, LLC 78 6.06% $15,615
LOANDEPOT.COM, LLC 76 6.52% $14,083
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 75 6.67% $15,796
AMERICAN FINANCING CORPORATION 56 6.47% $15,796
UNIVERSAL LENDING CORPORATION 47 6.62% $13,847
VAN DYK MORTGAGE CORPORATION 46 6.80% $11,127
PRIMARY RESIDENTIAL MORTGAGE, INC. 44 6.83% $13,509
Bank of Colorado 36 6.42% $15,008
GUILD MORTGAGE COMPANY 35 6.79% $15,293
BROKER SOLUTIONS, INC. 35 6.58% $15,657
CORNERSTONE HOME LENDING, INC. 31 6.59% $14,207
Loan Simple, Inc. 30 7.06% $14,304
Paramount Residential Mortgage Group, Inc. 27 6.51% $15,283
EAGLE HOME MORTGAGE, LLC 23 4.78% $12,330
Ixonia Bank 22 6.90% $14,884
HOMEAMERICAN MORTGAGE CORPORATION 22 5.33% $9,109
V.I.P. MORTGAGE, INC. 19 6.53% $15,456
CMG MORTGAGE, INC. 18 5.81% $20,157
MEGASTAR FINANCIAL CORP. 17 6.29% $14,271
GUARANTEED RATE, INC. 15 6.32% $15,150
INSPIRE HOME LOANS INC. 14 5.30% $12,207
MOVEMENT MORTGAGE, LLC 13 6.57% $15,067
EVERETT FINANCIAL, INC. 12 6.77% $15,347
GROUP MORTGAGE, LLC 11 6.22% $15,530
MUTUAL OF OMAHA MORTGAGE, INC. 10 6.11% $13,888
ACADEMY MORTGAGE CORPORATION 10 6.41% $15,525
First National Bank of Omaha 10 6.50% $11,916
NOVA FINANCIAL & INVESTMENT CORPORATION 10 6.44% $11,133
CARDINAL FINANCIAL 8 6.50% $14,865
Nations Lending Corporation 8 6.69% $12,557
S1L, Inc. 8 6.61% $14,406
NEWREZ LLC 8 6.34% $13,497
Elevations Credit Union 8 6.73% $12,727
NFM, INC. 7 6.50% $14,713
American Mortgage & Equity Consultants, Inc. 7 5.84% $14,827
TOWNE MORTGAGE COMPANY 7 5.78% $16,059
Northpointe Bank 7 6.59% $15,418
Plains Commerce Bank 6 6.15% $15,213
Bank of England 6 6.60% $15,759
SUMMIT FUNDING, INC. 6 6.71% $14,698
PLANET HOME LENDING, LLC 6 6.00% $13,742
HOMESIDE FINANCIAL, LLC 6 7.25% $14,803
NBH Bank 6 6.69% $10,312
FREEDOM MORTGAGE CORPORATION 6 6.54% $20,339
MORTGAGE SOLUTIONS OF COLORADO, LLC 6 6.52% $17,061
KBHS HOME LOANS, LLC 5 5.73% $13,650
OCMBC, INC. 5 7.28% $17,990
PLAZA HOME MORTGAGE, INC. 5 6.65% $17,332
BAY EQUITY LLC 5 6.50% $15,322
AMERISAVE MORTGAGE CORPORATION 5 6.13% $22,141
Ent Credit Union 5 5.90% $11,195
Mr. Cooper ( Nationstar Mortgage ) 4 6.00% $20,684
AMERICAN FINANCIAL RESOURCES, INC. 4 6.66% $15,200
AMERICAN PACIFIC MORTGAGE CORPORATION 4 6.97% $14,358
CALIBER HOME LOANS, INC. 4 6.47% $16,972
Century Mortgage Company DBA Century Lending Company 4 6.75% $13,767
LOANPAL, LLC 4 5.88% $13,674
PRIMELENDING, A PLAINSCAPITAL COMPANY 4 6.88% $18,029
U.S. Bank 4 6.91% $15,691
SUN WEST MORTGAGE COMPANY, INC. 3 6.00% $20,218
Equity Prime Mortgage LLC 3 6.67% $17,286
NEST HOME LENDING, LLC 3 5.62% $23,801
First Western Trust Bank 3 5.83% $14,038
THRIVE MORTGAGE, LLC 3 6.04% $21,859
Carrington Mortgage Services, LLC 3 6.21% $25,334
AMCAP MORTGAGE, LTD. 3 6.79% $21,813
ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 6.63% $13,137
VILLAGE CAPITAL MORTGAGE 3 6.42% $5,863
LEADERONE FINANCIAL CORPORATION 3 6.54% $15,964
FirstBank 3 6.83% $8,948
Flagstar Bank, FSB 3 6.00% $11,089
LAND HOME FINANCIAL SERVICES, INC. 2 7.19% $18,343
Independent Bank 2 6.69% $18,602
GENEVA FINANCIAL, LLC 2 6.50% $15,991
EMM LOANS LLC 2 5.88% $13,909
RESIDENTIAL BANCORP 2 7.06% $10,219
SECURITYNATIONAL MORTGAGE COMPANY 2 6.06% $16,632
Sunflower Bank 2 6.68% $13,762
ON Q FINANCIAL, INC. 2 5.24% $13,940
GUARANTEED RATE AFFINITY, LLC 2 6.11% $13,028
BNC National Bank 2 5.69% $11,255
PENNYMAC LOAN SERVICES, LLC 2 6.44% $13,599
PHH Mortgage Corporation 2 6.81% $14,287
CHERRY CREEK MORTGAGE, LLC 2 6.31% $884
AMERICAN FINANCIAL NETWORK, INC. 2 7.69% $19,113
Zions Bank 2 6.44% $11,322
PACIFIC RESIDENTIAL MORTGAGE, LLC 1 6.63% $20,053
CHURCHILL MORTGAGE CORPORATION 1 6.38% $14,722
CASTLE & COOKE MORTGAGE, LLC 1 6.75% $14,200
BROOKHOLLOW MORTGAGE SERVICES, LTD 1 6.63% $27,052
ZILLOW HOME LOANS, LLC 1 6.13% $10,040
Prosperity Home Mortgage, LLC 1 6.38% $19,844
Arvest Bank 1 5.50% $13,583
SeaTrust Mortgage Company 1 7.00% $10,562
Summit Mortgage Corporation 1 6.75% $11,468
T2 FINANCIAL LLC 1 6.75% $17,175
The Federal Savings Bank 1 6.63% $15,364
TJC Mortgage, Inc. 1 5.25% $22,387
TOP FLITE FINANCIAL, INC. 1 6.75% $31,708
AmeriHome Mortgage Company, LLC 1 6.13% $16,439
UMB Bank 1 7.00% $14,115
United Fidelity Funding Corp. 1 5.75% $24,347
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 1 6.75% $24,853
US MORTGAGE CORPORATION 1 6.00% $22,689
VERITAS FUNDING, LLC 1 5.13% $25,959
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.63% $5,431
INTELLILOAN, INC. 1 6.50% $24,833
INTEGRITY MORTGAGE & FINANCIAL INCORPORATED 1 6.63% $15,553
INTERNATIONAL CITY MORTGAGE, INC. 1 5.75% $10,789
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.75% $14,175
JET HOMELOANS, LLC 1 5.75% $12,741
JLB CORPORATION 1 6.25% $10,338
JPMorgan Chase Bank 1 7.49% $15,008
GUARANTY HOME MORTGAGE CORPORATION 1 6.75% $13,348
Keystone Funding, Inc. 1 6.13% $11,148
Lakeview Community Capital, LLC 1 6.63% $19,651
LAKEVIEW LOAN SERVICING, LLC 1 6.99% $15,221
ALLIED MORTGAGE GROUP, INC. 1 6.75% $10,761
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 7.75% $23,082
MANN FINANCIAL INC. 1 7.63% $9,073
MASON MCDUFFIE MORTGAGE CORPORATION 1 7.00% $18,844
MEMBER FIRST MORTGAGE, LLC 1 4.88% $14,028
Midwest Mortgage Associates Corporation 1 6.63% $5,527
Gateway First Bank 1 5.75% $10,785
MOUNTAIN WEST FINANCIAL, INC. 1 6.50% $17,340
NATIONS DIRECT MORTGAGE, LLC 1 6.50% $13,166
NATIONS RELIABLE LENDING, LLC 1 7.13% $16,260
Network Funding, L.P. 1 6.50% $16,514
DRAPER AND KRAMER MORTGAGE CORP. 1 7.25% $13,678
DIRECT MORTGAGE, CORP. 1 6.75% $15,520
NMSI, INC. 1 5.50% $24,625
DAS Acquisition Company, LLC 1 6.63% $19,430
Core Bank 1 6.13% $11,053
CITYWIDE HOME LOANS, LLC 1 7.50% $12,627

The top Greeley FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 204 FHA loans originated. Their average total fees are $16,203, which is $99 lower than the next largest lender, DHI MORTGAGE COMPANY, LTD..

The lowest fee Greeley FHA lenders (with over 10 loans originated) are HOMEAMERICAN MORTGAGE CORPORATION ($9,109), VAN DYK MORTGAGE CORPORATION ($11,127), NOVA FINANCIAL & INVESTMENT CORPORATION ($11,133), First National Bank of Omaha ($11,916) and INSPIRE HOME LOANS INC. ($12,207).

The lowest rate Greeley FHA lenders (with over 10 loans originated) are EAGLE HOME MORTGAGE, LLC (4.78%), DHI MORTGAGE COMPANY, LTD. (5.30%), INSPIRE HOME LOANS INC. (5.30%), HOMEAMERICAN MORTGAGE CORPORATION (5.33%) and CMG MORTGAGE, INC. (5.81%).

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 (9.2%) $462,104 (5.3%) 1.48 697
2018-02-01 $400,000 (5.3%) $472,890 (4.5%) 1.45 673
2018-03-01 $406,041 (7.2%) $476,242 (5.0%) 1.42 669
2018-04-01 $399,950 (3.1%) $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 (2.4%) $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 (-0.1%) $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 (-1.0%) $466,735 (-0.5%) 1.34 1,024
2018-12-01 $398,495 (-0.4%) $469,296 (0.7%) 1.37 928
2019-01-01 $395,104 (-1.2%) $473,477 (2.5%) 1.37 863
2019-02-01 $393,500 (-1.6%) $469,445 (-0.7%) 1.33 855
2019-03-01 $406,386 (0.1%) $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 (0.2%) $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 (1.6%) $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 (5.6%) $498,128 (5.2%) 1.39 780
2020-02-01 $425,000 (8.0%) $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 (8.0%) $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 (6.6%) $516,394 (11.3%) 1.22 786
2020-10-01 $429,725 (7.5%) $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 (5.0%) $519,953 (8.6%) 1.26 543
2021-01-01 $442,522 (6.1%) $552,102 (10.8%) 1.32 456
2021-02-01 $456,520 (7.4%) $580,546 (15.3%) 1.33 388
2021-03-01 $462,276 (5.8%) $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 (14.4%) $576,137 (14.1%) 1.28 375
2021-07-01 $485,000 (12.3%) $580,371 (13.0%) 1.28 449
2021-08-01 $499,995 (17.8%) $589,574 (15.1%) 1.33 452
2021-09-01 $494,348 (16.0%) $609,558 (18.0%) 1.32 460
2021-10-01 $498,000 (15.9%) $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 (6.8%) $563,842 (8.4%) 1.23 763
2022-01-01 $499,950 (13.0%) $657,478 (19.1%) 1.35 286
2022-02-01 $505,000 (10.6%) $699,308 (20.5%) 1.31 273
2022-03-01 $518,400 (12.1%) $678,983 (16.5%) 1.30 302
2022-04-01 $539,950 (13.8%) $694,062 (17.1%) 1.29 311
2022-05-01 $543,125 (14.3%) $700,373 (22.5%) 1.24 448
2022-06-01 $550,000 (13.1%) $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 (6.3%) $670,568 (13.7%) 1.23 919
2022-09-01 $523,095 (5.8%) $658,267 (8.0%) 1.22 927
2022-10-01 $514,883 (3.4%) $645,087 (2.0%) 1.21 909
2022-11-01 $515,000 (5.0%) $630,578 (0.6%) 1.24 919
2022-12-01 $514,900 (13.5%) $632,311 (12.1%) 1.27 758
2023-01-01 $519,475 (3.9%) $631,152 (-4.0%) 1.29 679
2023-02-01 $518,908 (2.8%) $638,648 (-8.7%) 1.25 597
2023-03-01 $527,450 (1.8%) $650,815 (-4.2%) 1.24 595
2023-04-01 $540,000 (0.0%) $675,661 (-2.7%) 1.26 656
2023-05-01 $540,045 (-0.6%) $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 (0.4%) $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 (1.0%) $634,295 (-1.7%) 1.22 971
2023-11-01 $513,325 (-0.3%) $634,299 (0.6%) 1.22 971
2023-12-01 $515,000 (0.0%) $646,962 (2.3%) 1.26 832
2024-01-01 $519,975 (0.1%) $666,488 (5.6%) 1.27 730
2024-02-01 $524,334 (1.1%) $690,549 (8.1%) 1.26 776
2024-03-01 $532,400 (0.9%) $697,685 (7.2%) 1.25 830
2024-04-01 $540,565 (0.1%) $703,608 (4.1%) 1.26 829
2024-05-01 $554,118 (2.6%) $733,463 (8.0%) 1.25 898
2024-06-01 $550,000 (1.5%) $730,023 (7.9%) 1.24 1,025
2024-07-01 $542,725 (0.5%) $694,274 (6.2%) 1.24 1,068
2024-08-01 $539,000 (1.0%) $679,862 (3.4%) 1.25 1,127
2024-09-01 $537,500 (1.4%) $676,629 (6.1%) 1.26 1,154
2024-10-01 $536,950 (3.3%) $674,860 (6.4%) 1.26 1,201
Greeley's median listing price for 2024-10-01 was $536,950, a difference of $17,000 (3.3%) versus the prior year and $-550 versus the prior month.

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

Greeley's average listing price for 2024-10-01 was $674,860, a difference of $40,565 (6.4%) versus the prior year and $-1,769 versus the prior month.

For the 2024-10-01 period, Greeley had 1,201 MLS listings, a difference of 47 listings (4%) versus the prior month and 230 listings (24%) 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
2024-01-01 69 days 2,558 sqft
2024-02-01 42 days 2,593 sqft
2024-03-01 38 days 2,576 sqft
2024-04-01 43 days 2,606 sqft
2024-05-01 32 days 2,638 sqft
2024-06-01 35 days 2,617 sqft
2024-07-01 43 days 2,572 sqft
2024-08-01 44 days 2,581 sqft
2024-09-01 46 days 2,602 sqft
2024-10-01 50 days 2,633 sqft
Greeley's median listing age (time on market) for 2024-10-01 was 50 days. This is 15% longer than the same period one year ago.

Greeley's median square footage for active listings during the 2024-10-01 period was 2,633 sqft. One year prior, the average listing was 2,559 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).