Greensboro FHA Loans

GREENSBORO-HIGH POINT, NC

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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.

    Greensboro's 179 lenders originated 3,138 FHA loans during 2021. The total origination value was $621,870,000, with an average FHA loan value of $198,174.

    Greensboro FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Greensboro averaged 5.36% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

    The average rate for the prior week (2022-05-06) was 5.29% and one month ago for the week of 2022-04-08, the average rate was 5.16%.

    The average rate one year ago was 2.97%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.13%.

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

    Greensboro FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Greensboro level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 442 2.75% $5,760
    MOVEMENT MORTGAGE, LLC 204 3.11% $6,662
    FREEDOM MORTGAGE CORPORATION 118 2.88% $5,018
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 117 3.21% $7,025
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 105 3.44% $7,504
    PENNYMAC LOAN SERVICES, LLC 82 2.96% $4,423
    DHI MORTGAGE COMPANY, LTD. 82 2.74% $7,374
    Ameris Bank 81 3.06% $7,237
    LAKEVIEW LOAN SERVICING, LLC 71 3.06% $4,098
    LOANDEPOT.COM, LLC 67 3.52% $7,268
    CALIBER HOME LOANS, INC. 63 3.22% $6,454
    Mr. Cooper ( Nationstar Mortgage ) 59 3.25% $3,910
    Lakeview Community Capital, LLC 42 2.99% $4,165
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 41 3.44% $8,424
    Alcova Mortgage LLC 40 3.11% $6,080
    GUARANTEED RATE, INC. 39 3.01% $7,460
    CROSSCOUNTRY MORTGAGE, LLC 36 3.17% $8,115
    INSPIRE HOME LOANS INC. 35 3.28% $6,991
    NEWREZ LLC 34 3.05% $5,111
    VILLAGE CAPITAL & INVESTMENT LLC 34 3.05% $2,360
    HOMESIDE FINANCIAL, LLC 32 3.12% $6,769
    Wolfe Financial, Inc 30 3.24% $7,169
    HAMILTON HOME LOANS, INC. 28 3.07% $7,248
    CERTAINTY HOME LOANS, LLC 28 3.36% $7,756
    RESIDENTIAL MORTGAGE SERVICES, INC. 27 3.18% $6,309
    UNION HOME MORTGAGE CORP. 27 3.28% $7,535
    Prosperity Home Mortgage, LLC 26 3.23% $7,113
    NFM, INC. 25 3.51% $7,279
    EQUITY RESOURCES, INC. 23 2.93% $6,154
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 23 3.04% $6,972
    Carrington Mortgage Services, LLC 20 3.43% $7,269
    BROKER SOLUTIONS, INC. 20 3.21% $7,111
    UNITED WHOLESALE MORTGAGE, LLC 19 2.79% $7,137
    Bank of America 18 2.65% $3,703
    TOWNE MORTGAGE COMPANY 18 3.52% $7,165
    MORTGAGE FINANCIAL GROUP, INC. 17 2.83% $8,257
    Blue Ridge Bank 17 3.29% $7,162
    Nations Lending Corporation 16 3.47% $7,704
    Allen Tate Mortgage Partners, LLC 16 2.99% $6,717
    HOMEBRIDGE FINANCIAL SERVICES, INC. 16 2.69% $5,742
    AMERISAVE MORTGAGE CORPORATION 14 3.13% $7,099
    AmeriHome Mortgage Company, LLC 13 2.97% $4,268
    Truist Bank 12 2.97% $6,573
    PLANET HOME LENDING, LLC 12 2.77% $4,163
    PRIMARY RESIDENTIAL MORTGAGE, INC. 12 3.76% $7,166
    MORTGAGE SOLUTIONS OF COLORADO, LLC 11 3.73% $6,807
    HOMESTAR FINANCIAL CORPORATION 11 2.98% $5,407
    VANDERBILT MORTGAGE AND FINANCE, INC. 11 2.95% $8,699
    AMERIFIRST FINANCIAL CORPORATION 11 3.64% $7,076
    ALLIED MORTGAGE GROUP, INC. 11 3.23% $7,362
    Wells Fargo Bank 10 3.34% $6,443
    Bank of England 10 3.39% $9,569
    KELLER MORTGAGE, LLC 9 2.88% $6,052
    AmRes Corporation 9 3.38% $7,086
    Hometown Lenders, Inc. 9 3.47% $8,419
    HOME POINT FINANCIAL CORPORATION 9 2.65% $5,628
    MCLEAN MORTGAGE CORPORATION 9 3.13% $6,440
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 9 3.00% $7,598
    CORNERSTONE HOME LENDING, INC. 9 3.39% $6,932
    AMERICAN FINANCIAL RESOURCES, INC. 8 3.02% $8,388
    RELIANCE FIRST CAPITAL, LLC 8 2.86% $9,137
    GUILD MORTGAGE COMPANY 7 3.04% $7,213
    SUN WEST MORTGAGE COMPANY, INC. 7 3.16% $7,429
    PLAZA HOME MORTGAGE, INC. 7 2.89% $6,631
    Renasant Bank 7 2.84% $8,011
    Barrington Bank & Trust Company, N.A. 6 3.02% $6,593
    Alpha Mortgage Corporation 6 3.17% $7,292
    Citizens Bank 6 2.56% $7,059
    Victorian Finance, LLC 6 3.02% $6,210
    AMERICAN FINANCIAL NETWORK, INC. 6 2.90% $6,939
    FINANCE OF AMERICA MORTGAGE LLC 6 3.31% $6,491
    First-Citizens Bank & Trust Company 6 2.98% $6,603
    AMERICAN FINANCING CORPORATION 6 2.94% $7,511
    Mortgage Research Center, LLC 5 3.28% $5,326
    Paramount Residential Mortgage Group, Inc. 5 3.63% $8,272
    INTERCOASTAL MORTGAGE COMPANY 5 3.05% $6,289
    PANORAMA MORTGAGE GROUP, LLC 4 3.53% $8,626
    The Fidelity Bank 4 2.84% $8,154
    InterContinental Capital Group, Inc 4 2.75% $6,538
    RAPID MORTGAGE COMPANY 4 3.13% $7,673
    OCEANSIDE MORTGAGE COMPANY 4 3.00% $2,185
    Towne Bank 4 2.94% $7,050
    Manufacturers and Traders Trust Company 3 3.29% $5,740
    CMG MORTGAGE, INC. 3 3.00% $9,735
    Truliant Federal Credit Union 3 2.79% $5,785
    Flagstar Bank, FSB 3 2.79% $5,877
    CAPITAL CENTER, L.L.C. 3 2.79% $4,304
    First National Bank of Pennsylvania 3 2.54% $7,211
    First Heritage Mortgage, LLC 3 3.21% $7,668
    SOVEREIGN LENDING GROUP INCORPORATED 3 3.25% $6,212
    LOANPAL, LLC 3 2.92% $7,561
    The Federal Savings Bank 3 2.67% $10,542
    MORIA DEVELOPMENT, INC. 3 3.42% $9,363
    Northpointe Bank 3 2.96% $6,269
    TOP FLITE FINANCIAL, INC. 3 3.25% $11,044
    ZILLOW HOME LOANS, LLC 2 2.56% $7,515
    AMCAP MORTGAGE, LTD. 2 3.13% $6,555
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 3.50% $7,915
    ANGEL OAK HOME LOANS LLC 2 3.25% $7,288
    Austin Capital Bank SSB 2 4.31% $6,898
    Bethpage Federal Credit Union 2 3.06% $2,942
    EMM LOANS LLC 2 2.63% $10,150
    Equity Prime Mortgage LLC 2 3.50% $8,982
    First Guaranty Mortgage Corporation 2 2.88% $3,979
    First Home Bank 2 3.06% $9,228
    First Horizon Bank 2 2.88% $7,749
    Florida Capital Bank 2 2.63% $7,259
    Gateway First Bank 2 3.50% $5,669
    GENEVA FINANCIAL, LLC 2 3.13% $7,765
    GUARANTEED RATE AFFINITY, LLC 2 2.63% $7,805
    LEADERONE FINANCIAL CORPORATION 2 3.31% $7,746
    MIDLAND MORTGAGE CORPORATION 2 3.56% $8,704
    MUTUAL OF OMAHA MORTGAGE, INC. 2 2.94% $7,784
    PNC Bank 2 3.00% $5,034
    RADIUS FINANCIAL GROUP INC. 2 3.06% $6,315
    ROYAL UNITED MORTGAGE LLC 2 3.31% $10,268
    STEARNS LENDING, LLC 2 3.13% $6,700
    SUCCESS MORTGAGE PARTNERS, INC. 2 3.31% $6,582
    UNITED SECURITY FINANCIAL CORP 2 2.69% $5,142
    VAN DYK MORTGAGE CORPORATION 2 3.25% $4,138
    MID AMERICA MORTGAGE, INC. 1 3.50% $2,076
    OCMBC, INC. 1 4.25% $6,915
    Magnolia Bank 1 3.50% $5,133
    Low VA Rates, LLC 1 2.75% $4,149
    LIBERTY HOME MORTGAGE CORPORATION 1 3.25% $8,839
    Peoples Bank 1 3.25% $3,991
    PHH Mortgage Corporation 1 3.13% $3,469
    Pinnacle Bank 1 3.25% $4,930
    LENOX FINANCIAL MORTGAGE CORPORATION 1 3.25% $8,057
    LENDUS, LLC 1 3.25% $10,295
    1ST SIGNATURE LENDING, LLC 1 3.25% $7,952
    PREMIER LENDING, INC. 1 3.25% $9,366
    LAND HOME FINANCIAL SERVICES, INC. 1 3.50% $6,550
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.38% $7,178
    Princeton Mortgage Corporation 1 3.13% $7,067
    JPMorgan Chase Bank 1 2.63% $9,977
    JET DIRECT FUNDING CORP 1 2.50% $6,400
    BAYSHORE MORTGAGE FUNDING, LLC 1 2.88% $6,913
    HOMESPIRE MORTGAGE CORPORATION 1 3.75% $8,776
    HALLMARK HOME MORTGAGE, LLC 1 3.25% $9,614
    GoPrime Mortgage, Inc. 1 4.38% $6,672
    RESIDENTIAL HOME FUNDING CORP. 1 3.25% $9,434
    First Mortgage Solutions, LLC 1 2.38% $6,504
    Residential Mortgage Solutions, Inc. 1 2.88% $10,299
    RESOURCE FINANCIAL SERVICES, INC. 1 2.75% $7,136
    ARC HOME LLC 1 3.25% $18,282
    SeaTrust Mortgage Company 1 3.13% $9,128
    Servion, Inc. 1 2.75% $6,341
    Shamrock Home Loans, Inc. 1 3.75% $11,968
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 4.38% $7,420
    Southern First Bank 1 3.13% $6,718
    SOUTHERN TRUST MORTGAGE, LLC 1 3.75% $6,603
    FAMILY FIRST FUNDING LLC 1 3.13% $5,797
    American Security Mortgage Corp. 1 2.63% $9,916
    Wilmington Savings Fund Society, FSB 1 3.00% $3,844
    Sunflower Bank 1 2.88% $8,153
    EVERETT FINANCIAL, INC. 1 3.13% $4,513
    The Central Trust Bank 1 3.25% $5,704
    EMBRACE HOME LOANS, INC. 1 2.50% $10,289
    DAS Acquisition Company, LLC 1 3.00% $5,675
    Credence Funding Corporation 1 3.25% $5,634
    Congressional Bank 1 2.88% $7,657
    Colten Mortgage, LLC 1 3.13% $8,603
    Towne Mortgage of the Carolinas, LLC 1 3.25% $7,590
    CLEARPATH LENDING 1 3.25% $4,510
    CityWorth Mortgage LLC 1 3.88% $7,041
    CALCON MUTUAL MORTGAGE LLC 1 3.25% $15,130
    ACADEMY MORTGAGE CORPORATION 1 3.00% $8,213
    BEST CAPITAL FUNDING 1 3.25% $5,676
    U.S. Bank 1 3.13% $5,647
    Uwharrie Bank 1 2.75% $5,812
    BELEM SERVICING LLC 1 2.88% $7,944
    NASA Federal Credit Union 1 2.50% $5,447
    NBKC BANK 1 3.00% $7,688
    Mortgage Lenders Investment Trading Corporation 1 3.25% $3,245
    MLD MORTGAGE INC. 1 3.25% $6,418
    MILEND, INC. 1 2.88% $4,897
    North State Bank 1 3.00% $7,852
    NP, Inc. 1 3.13% $7,322

    The top Greensboro FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 442 FHA loans originated. Their average total fees are $5,760, which is $902 lower than the next largest lender, MOVEMENT MORTGAGE, LLC.

    The lowest fee Greensboro FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($2,360), Bank of America ($3,703), Mr. Cooper ( Nationstar Mortgage ) ($3,910), LAKEVIEW LOAN SERVICING, LLC ($4,098) and PLANET HOME LENDING, LLC ($4,163).

    The lowest rate Greensboro FHA lenders (with over 10 loans originated) are Bank of America (2.65%), HOMEBRIDGE FINANCIAL SERVICES, INC. (2.69%), DHI MORTGAGE COMPANY, LTD. (2.74%), QUICKEN LOANS, LLC (2.75%) and PLANET HOME LENDING, LLC (2.77%).

    Greensboro FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    GREENSBORO-HIGH POINT, NC GUILFORD 2022 $420,680 $538,650 $651,050 $809,150
    GREENSBORO-HIGH POINT, NC RANDOLPH 2022 $420,680 $538,650 $651,050 $809,150
    GREENSBORO-HIGH POINT, NC ROCKINGHAM 2022 $420,680 $538,650 $651,050 $809,150

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Greensboro (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 $200,495 (14.3%) $302,846 (17.0%) 0.74 2,527
    2018-02-01 $211,950 (18.1%) $309,632 (14.9%) 0.76 2,449
    2018-03-01 $225,000 (20.0%) $317,926 (15.3%) 0.78 2,430
    2018-04-01 $242,440 (23.7%) $326,497 (14.8%) 0.81 2,400
    2018-05-01 $240,500 (15.4%) $327,174 (10.5%) 0.80 2,494
    2018-06-01 $239,900 (16.2%) $325,713 (9.7%) 0.80 2,579
    2018-07-01 $241,950 (21.0%) $324,205 (10.6%) 0.81 2,568
    2018-08-01 $242,450 (20.5%) $304,209 (4.1%) 0.81 2,229
    2018-09-01 $245,000 (17.2%) $305,716 (3.0%) 0.82 2,216
    2018-10-01 $247,450 (17.9%) $305,190 (1.8%) 0.83 2,218
    2018-11-01 $243,440 (20.2%) $301,108 (0.4%) 0.82 2,192
    2018-12-01 $239,990 (20.1%) $301,175 (1.8%) 0.82 2,094
    2019-01-01 $244,465 (21.9%) $306,779 (1.3%) 0.84 1,886
    2019-02-01 $250,000 (18.0%) $305,383 (-1.4%) 0.84 1,791
    2019-03-01 $263,243 (17.0%) $317,125 (-0.3%) 0.86 1,742
    2019-04-01 $268,900 (10.9%) $327,607 (0.3%) 0.85 1,736
    2019-05-01 $275,000 (14.4%) $331,275 (1.3%) 0.85 1,846
    2019-06-01 $266,935 (11.3%) $327,594 (0.6%) 0.82 1,951
    2019-07-01 $269,800 (11.5%) $327,636 (1.1%) 0.84 1,944
    2019-08-01 $266,254 (9.8%) $322,650 (6.1%) 0.84 1,933
    2019-09-01 $264,746 (8.1%) $321,646 (5.2%) 0.84 1,900
    2019-10-01 $264,591 (6.9%) $321,659 (5.4%) 0.84 1,982
    2019-11-01 $265,000 (8.9%) $323,303 (7.4%) 0.86 1,903
    2019-12-01 $266,900 (11.2%) $323,771 (7.5%) 0.89 1,675
    2020-01-01 $265,000 (8.4%) $322,033 (5.0%) 0.88 1,525
    2020-02-01 $265,000 (6.0%) $323,053 (5.8%) 0.86 1,405
    2020-03-01 $270,000 (2.6%) $333,720 (5.2%) 0.84 1,394
    2020-04-01 $260,000 (-3.3%) $330,777 (1.0%) 0.81 1,495
    2020-05-01 $284,990 (3.6%) $353,737 (6.8%) 0.86 1,439
    2020-06-01 $292,000 (9.4%) $374,633 (14.4%) 0.85 1,340
    2020-07-01 $298,250 (10.6%) $372,815 (13.8%) 0.85 1,199
    2020-08-01 $299,900 (12.6%) $376,512 (16.7%) 0.86 1,114
    2020-09-01 $297,759 (12.5%) $377,438 (17.4%) 0.85 1,019
    2020-10-01 $280,000 (5.8%) $365,318 (13.6%) 0.80 992
    2020-11-01 $276,900 (4.5%) $361,739 (11.9%) 0.79 928
    2020-12-01 $267,450 (0.2%) $359,580 (11.1%) 0.78 924
    2021-01-01 $274,999 (3.8%) $373,374 (15.9%) 0.81 721
    2021-02-01 $270,648 (2.1%) $366,721 (13.5%) 0.78 626
    2021-03-01 $261,508 (-3.2%) $357,584 (7.2%) 0.73 538
    2021-04-01 $257,400 (-1.0%) $354,486 (7.2%) 0.69 548
    2021-05-01 $250,000 (-12.3%) $341,313 (-3.5%) 0.66 585
    2021-06-01 $259,950 (-11.0%) $348,616 (-6.9%) 0.68 637
    2021-07-01 $254,950 (-14.5%) $347,762 (-6.7%) 0.66 681
    2021-08-01 $262,450 (-12.5%) $357,829 (-5.0%) 0.69 793
    2021-09-01 $262,745 (-11.8%) $354,480 (-6.1%) 0.69 860
    2021-10-01 $259,900 (-7.2%) $355,863 (-2.6%) 0.68 832
    2021-11-01 $268,750 (-2.9%) $356,922 (-1.3%) 0.71 776
    2021-12-01 $266,500 (-0.4%) $362,331 (0.8%) 0.71 655
    2022-01-01 $269,900 (-1.9%) $370,295 (-0.8%) 0.72 507
    2022-02-01 $271,950 (0.5%) $375,784 (2.5%) 0.69 426
    2022-03-01 $272,000 (4.0%) $379,491 (6.1%) 0.67 402
    2022-04-01 $295,000 (14.6%) $396,817 (11.9%) 0.69 427
    Greensboro's median listing price for 2022-04-01 was $295,000, a difference of $37,600 (14.6%) versus the prior year and $23,000 versus the prior month.

    Greensboro's median listing price comes in at 69% of the national average.

    Greensboro's average listing price for 2022-04-01 was $396,817, a difference of $42,331 (11.9%) versus the prior year and $17,326 versus the prior month.

    For the 2022-04-01 period, Greensboro had 427 MLS listings, a difference of 25 listings (6%) versus the prior month and -121 listings (-22%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Greensboro (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 105 days 1,796 sqft
    2018-02-01 108 days 2,069 sqft
    2018-03-01 92 days 2,130 sqft
    2018-04-01 74 days 2,279 sqft
    2018-05-01 68 days 2,271 sqft
    2018-06-01 66 days 2,269 sqft
    2018-07-01 74 days 2,271 sqft
    2018-08-01 70 days 2,238 sqft
    2018-09-01 72 days 2,225 sqft
    2018-10-01 71 days 2,203 sqft
    2018-11-01 74 days 2,178 sqft
    2018-12-01 82 days 2,158 sqft
    2019-01-01 93 days 2,193 sqft
    2019-02-01 84 days 2,220 sqft
    2019-03-01 66 days 2,164 sqft
    2019-04-01 57 days 2,144 sqft
    2019-05-01 55 days 2,203 sqft
    2019-06-01 57 days 2,200 sqft
    2019-07-01 60 days 2,130 sqft
    2019-08-01 63 days 2,184 sqft
    2019-09-01 65 days 2,296 sqft
    2019-10-01 58 days 2,131 sqft
    2019-11-01 65 days 2,104 sqft
    2019-12-01 78 days 2,348 sqft
    2020-01-01 86 days 2,116 sqft
    2020-02-01 82 days 2,086 sqft
    2020-03-01 54 days 2,038 sqft
    2020-04-01 53 days 2,025 sqft
    2020-05-01 64 days 2,086 sqft
    2020-06-01 61 days 2,068 sqft
    2020-07-01 61 days 2,153 sqft
    2020-08-01 52 days 2,205 sqft
    2020-09-01 55 days 2,426 sqft
    2020-10-01 40 days 2,060 sqft
    2020-11-01 48 days 2,093 sqft
    2020-12-01 51 days 2,041 sqft
    2021-01-01 61 days 1,903 sqft
    2021-02-01 55 days 1,874 sqft
    2021-03-01 46 days 1,985 sqft
    2021-04-01 40 days 2,106 sqft
    2021-05-01 38 days 2,213 sqft
    2021-06-01 36 days 1,878 sqft
    2021-07-01 35 days 1,887 sqft
    2021-08-01 36 days 1,727 sqft
    2021-09-01 36 days 2,058 sqft
    2021-10-01 43 days 2,319 sqft
    2021-11-01 45 days 2,330 sqft
    2021-12-01 50 days 2,148 sqft
    2022-01-01 58 days 1,642 sqft
    2022-02-01 49 days 1,608 sqft
    2022-03-01 40 days 1,560 sqft
    2022-04-01 33 days 1,627 sqft
    Greensboro's median listing age (time on market) for 2022-04-01 was 33 days. This is -16% shorter than the same period one year ago.

    Greensboro's median square footage for active listings during the 2022-04-01 period was 1,627 sqft. One year prior, the average listing was 2,106 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).