Gulfport FHA Loan Rates, Closing Costs & Stats

GULFPORT-BILOXI, MS

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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.

    Gulfport's 106 lenders originated 1,547 FHA loans during 2024. The total origination value was $330,245,000, with an average FHA loan value of $213,474.

    Gulfport FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Gulfport averaged 6.22% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    Gulfport's average FHA mortgage closing costs are $6,904.

    The average rate for the prior week (2025-03-28) was 6.41% and one month ago for the week of 2025-02-28, the average rate was 6.1%.

    The average rate one year ago was 6.42%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.2%.

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

    Gulfport 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 Gulfport level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    CMG MORTGAGE, INC. 151 6.52% $9,114
    KEESLER 137 5.56% $7,279
    QUICKEN LOANS, LLC 103 6.36% $9,658
    DHI MORTGAGE COMPANY, LTD. 96 5.03% $7,280
    CROSSCOUNTRY MORTGAGE, LLC 82 6.22% $10,049
    Trustmark National Bank 81 6.29% $7,531
    SWBC MORTGAGE CORPORATION 74 6.15% $7,608
    MORTGAGE SOLUTIONS OF COLORADO, LLC 68 6.50% $8,812
    DSLD MORTGAGE, LLC 53 6.00% $5,652
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 45 6.29% $9,442
    BROKER SOLUTIONS, INC. 40 6.90% $9,289
    TOWNE MORTGAGE COMPANY 27 6.44% $11,286
    DELMAR FINANCIAL COMPANY 26 6.31% $8,996
    FREEDOM MORTGAGE CORPORATION 25 6.63% $10,542
    Magnolia Bank 24 6.31% $9,751
    Regions Bank 24 6.22% $9,211
    UNITED WHOLESALE MORTGAGE, LLC 22 6.23% $9,524
    Flagstar Bank, FSB 21 6.08% $6,186
    BancorpSouth 19 6.28% $7,480
    AFFORDABLE MORTGAGE ADVISORS, LLC. 17 6.48% $8,679
    GMFS LLC 17 6.69% $7,666
    MUTUAL OF OMAHA MORTGAGE, INC. 14 6.32% $16,115
    LOANDEPOT.COM, LLC 14 6.46% $9,244
    Hancock Whitney Bank 12 6.26% $6,996
    Renasant Bank 11 6.37% $8,108
    PLANET HOME LENDING, LLC 11 6.57% $9,009
    PENNYMAC LOAN SERVICES, LLC 10 6.01% $7,826
    STOCKTON MORTGAGE CORPORATION 10 6.09% $9,785
    FBC MORTGAGE, LLC 9 5.10% $6,996
    FIRST COLONY MORTGAGE CORPORATION 9 6.53% $10,920
    CARDINAL FINANCIAL 8 6.56% $10,534
    Equity Prime Mortgage LLC 7 6.86% $9,739
    PRIMELENDING, A PLAINSCAPITAL COMPANY 7 7.02% $9,525
    Mortgage Research Center, LLC 7 6.78% $5,283
    Community Bank of Mississippi 6 6.03% $7,915
    EUSTIS AND AMERICAN MORTGAGE COMPANY 6 6.67% $10,091
    American Mortgage Bank, LLC 5 6.25% $7,864
    NEWREZ LLC 5 6.35% $10,623
    MOVEMENT MORTGAGE, LLC 5 6.45% $12,541
    The Loan Store, Inc. 5 6.38% $11,279
    LAKEVIEW LOAN SERVICING, LLC 5 6.30% $9,929
    Residential Acceptance Corporation 4 6.97% $10,869
    FIRST COMMUNITY MORTGAGE, INC. 4 6.75% $6,925
    Origin Bank 4 6.50% $6,761
    RELIANCE FIRST CAPITAL, LLC 3 6.33% $9,990
    ZILLOW HOME LOANS, LLC 3 6.58% $9,503
    MID AMERICA MORTGAGE, INC. 3 7.21% $5,670
    Princeton Mortgage Corporation 3 6.83% $8,883
    AmeriHome Mortgage Company, LLC 3 6.79% $6,480
    American Mortgage & Equity Consultants, Inc. 2 7.81% $11,249
    INTERLINC MORTGAGE SERVICES, LLC 2 7.13% $7,881
    GSF Mortgage Corporation 2 7.88% $14,569
    VILLAGE CAPITAL MORTGAGE 2 6.69% $5,249
    MORTGAGE INVESTORS GROUP, INC. 2 6.44% $6,803
    Mr. Cooper ( Nationstar Mortgage ) 2 6.25% $10,599
    AMERISAVE MORTGAGE CORPORATION 2 6.69% $10,873
    CANOPY MORTGAGE, LLC 2 6.25% $16,332
    Paramount Residential Mortgage Group, Inc. 2 7.44% $12,461
    Carrington Mortgage Services, LLC 2 6.38% $8,659
    Wells Fargo Bank 2 6.13% $8,062
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.44% $10,349
    EVERETT FINANCIAL, INC. 2 6.90% $8,940
    EMBRACE HOME LOANS, INC. 2 6.87% $9,919
    AMERICAN FINANCING CORPORATION 2 6.19% $11,926
    GUARANTEED RATE, INC. 2 6.50% $8,179
    Gulf Coast Bank and Trust Company 2 6.63% $8,931
    CHURCHILL MORTGAGE CORPORATION 1 6.63% $7,798
    Nations Lending Corporation 1 6.75% $10,550
    NBKC BANK 1 6.63% $5,808
    NEW DAY FINANCIAL, LLC 1 7.25% $2,856
    Towne Bank 1 7.63% $8,391
    OCEANSIDE MORTGAGE COMPANY 1 6.25% $2,249
    GENEVA FINANCIAL, LLC 1 6.13% $12,266
    Commerce Home Mortgage, Inc. 1 6.88% $14,577
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.63% $7,446
    PENTAGON FEDERAL CREDIT UNION 1 5.25% $17,118
    Pinnacle Bank 1 6.63% $12,429
    Plains Commerce Bank 1 6.88% $7,319
    First Federal Bank, A FSB 1 6.13% $8,696
    PLAZA HOME MORTGAGE, INC. 1 6.50% $9,495
    PNC Bank 1 5.88% $8,124
    Century Mortgage Company DBA Century Lending Company 1 6.25% $5,606
    Tyndall Federal Credit Union 1 6.50% $5,596
    CORNERSTONE HOME LENDING, INC. 1 7.63% $2,326
    UNION HOME MORTGAGE CORP. 1 5.75% $13,135
    Cornerstone First Mortgage, Inc 1 6.00% $15,078
    AMERICAN FINANCIAL NETWORK, INC. 1 7.25% $7,919
    EMM LOANS LLC 1 6.50% $12,077
    ROYAL UNITED MORTGAGE LLC 1 6.63% $11,736
    S1L, Inc. 1 7.75% $8,913
    GUARANTEED RATE AFFINITY, LLC 1 6.75% $6,699
    JPMorgan Chase Bank 1 6.75% $12,386
    Bank of England 1 6.50% $6,119
    Lakeview Community Capital, LLC 1 6.25% $10,581
    Home Federal Bank 1 6.50% $3,762
    LIBERTY HOME MORTGAGE CORPORATION 1 6.63% $13,157
    U.S. Bank 1 6.25% $10,687
    Assurance Financial Group, L.L.C. 1 7.25% $5,751
    Merchants & Marine Bank 1 6.75% $8,433
    Synovus Bank 1 6.25% $8,313
    T2 FINANCIAL LLC 1 7.25% $10,193
    Grand Bank for Savings, FSB 1 6.75% $9,524
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.13% $9,521
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.75% $11,485
    The Federal Savings Bank 1 6.63% $14,640
    M&T Bank 1 7.00% $11,070

    The top Gulfport FHA lender as defined by loan originations is CMG MORTGAGE, INC., with 151 FHA loans originated. Their average total fees are $9,114, which is $1,835 higher than the next largest lender, KEESLER.

    The lowest fee Gulfport FHA lenders (with over 10 loans originated) are DSLD MORTGAGE, LLC ($5,652), Flagstar Bank, FSB ($6,186), Hancock Whitney Bank ($6,996), KEESLER ($7,279) and DHI MORTGAGE COMPANY, LTD. ($7,280).

    The lowest rate Gulfport FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.03%), KEESLER (5.56%), DSLD MORTGAGE, LLC (6.00%), PENNYMAC LOAN SERVICES, LLC (6.01%) and Flagstar Bank, FSB (6.08%).

    Gulfport FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    GULFPORT-BILOXI, MS HANCOCK 2022 $420,680 $538,650 $651,050 $809,150
    GULFPORT-BILOXI, MS HARRISON 2022 $420,680 $538,650 $651,050 $809,150
    GULFPORT-BILOXI, MS JACKSON 2022 $420,680 $538,650 $651,050 $809,150
    GULFPORT-BILOXI, MS STONE 2022 $420,680 $538,650 $651,050 $809,150
    GULFPORT-BILOXI, MS HANCOCK 2023 $472,030 $604,400 $730,525 $907,900
    GULFPORT-BILOXI, MS HARRISON 2023 $472,030 $604,400 $730,525 $907,900
    GULFPORT-BILOXI, MS JACKSON 2023 $472,030 $604,400 $730,525 $907,900
    GULFPORT-BILOXI, MS STONE 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Gulfport (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 $179,000 (4.8%) $245,405 (5.0%) 0.66 2,026
    2018-02-01 $179,850 (4.1%) $242,101 (4.0%) 0.65 2,044
    2018-03-01 $186,900 (6.1%) $251,435 (6.6%) 0.66 2,087
    2018-04-01 $189,950 (5.9%) $256,140 (6.2%) 0.64 2,152
    2018-05-01 $195,475 (8.6%) $259,286 (7.2%) 0.65 2,145
    2018-06-01 $195,000 (5.5%) $262,835 (8.7%) 0.65 2,143
    2018-07-01 $194,950 (5.4%) $263,098 (8.0%) 0.65 2,109
    2018-08-01 $195,450 (7.2%) $260,073 (7.1%) 0.65 2,119
    2018-09-01 $197,500 (9.8%) $261,028 (7.4%) 0.66 2,130
    2018-10-01 $197,725 (10.5%) $258,922 (7.0%) 0.67 2,092
    2018-11-01 $190,813 (6.9%) $255,346 (5.7%) 0.65 2,107
    2018-12-01 $189,900 (6.5%) $250,887 (3.2%) 0.66 2,027
    2019-01-01 $189,950 (6.1%) $248,294 (1.2%) 0.66 1,999
    2019-02-01 $194,950 (8.4%) $252,469 (4.3%) 0.66 1,992
    2019-03-01 $195,450 (4.6%) $254,997 (1.4%) 0.64 1,996
    2019-04-01 $196,775 (3.6%) $257,035 (0.4%) 0.62 2,038
    2019-05-01 $204,375 (4.6%) $259,884 (0.2%) 0.64 2,061
    2019-06-01 $201,750 (3.5%) $258,712 (-1.6%) 0.63 2,169
    2019-07-01 $204,070 (4.7%) $261,336 (-0.7%) 0.64 2,203
    2019-08-01 $203,722 (4.2%) $263,158 (1.2%) 0.65 2,160
    2019-09-01 $201,806 (2.2%) $263,320 (0.9%) 0.65 2,098
    2019-10-01 $200,494 (1.4%) $263,428 (1.7%) 0.65 2,041
    2019-11-01 $199,900 (4.8%) $263,922 (3.4%) 0.66 2,009
    2019-12-01 $198,950 (4.8%) $260,169 (3.7%) 0.66 2,010
    2020-01-01 $198,450 (4.5%) $259,555 (4.5%) 0.66 1,858
    2020-02-01 $199,900 (2.5%) $259,363 (2.7%) 0.65 1,892
    2020-03-01 $208,950 (6.9%) $265,934 (4.3%) 0.66 1,888
    2020-04-01 $209,950 (6.7%) $265,607 (3.3%) 0.66 1,862
    2020-05-01 $215,000 (5.2%) $269,827 (3.8%) 0.65 1,685
    2020-06-01 $225,000 (11.5%) $279,844 (8.2%) 0.66 1,450
    2020-07-01 $233,505 (14.4%) $286,870 (9.8%) 0.68 1,344
    2020-08-01 $243,100 (19.3%) $294,779 (12.0%) 0.70 1,216
    2020-09-01 $246,770 (22.3%) $300,032 (13.9%) 0.71 1,158
    2020-10-01 $247,738 (23.6%) $296,993 (12.7%) 0.71 1,114
    2020-11-01 $238,900 (19.5%) $286,521 (8.6%) 0.70 1,098
    2020-12-01 $238,819 (20.0%) $286,023 (9.9%) 0.71 1,026
    2021-01-01 $239,000 (20.4%) $286,648 (10.4%) 0.71 924
    2021-02-01 $240,900 (20.5%) $297,496 (14.7%) 0.70 779
    2021-03-01 $233,950 (12.0%) $300,336 (12.9%) 0.66 750
    2021-04-01 $232,000 (10.5%) $315,325 (18.7%) 0.63 682
    2021-05-01 $234,900 (9.3%) $319,055 (18.2%) 0.62 684
    2021-06-01 $231,125 (2.7%) $327,543 (17.0%) 0.61 740
    2021-07-01 $239,000 (2.4%) $331,803 (15.7%) 0.63 837
    2021-08-01 $236,385 (-2.8%) $325,073 (10.3%) 0.63 890
    2021-09-01 $235,000 (-4.8%) $320,465 (6.8%) 0.63 912
    2021-10-01 $245,000 (-1.1%) $330,478 (11.3%) 0.65 869
    2021-11-01 $254,375 (6.5%) $341,770 (19.3%) 0.68 765
    2021-12-01 $256,213 (7.3%) $339,575 (18.7%) 0.69 728
    2022-01-01 $255,000 (6.7%) $350,187 (22.2%) 0.69 648
    2022-02-01 $269,475 (11.9%) $363,837 (22.3%) 0.70 619
    2022-03-01 $277,450 (18.6%) $358,218 (19.3%) 0.69 647
    2022-04-01 $293,900 (26.7%) $371,009 (17.7%) 0.70 700
    2022-05-01 $295,801 (25.9%) $375,197 (17.6%) 0.68 790
    2022-06-01 $297,000 (28.5%) $375,443 (14.6%) 0.66 913
    2022-07-01 $295,900 (23.8%) $368,732 (11.1%) 0.67 1,022
    2022-08-01 $289,950 (22.7%) $362,329 (11.5%) 0.67 1,107
    2022-09-01 $295,340 (25.7%) $360,217 (12.4%) 0.69 1,108
    2022-10-01 $297,500 (21.4%) $358,566 (8.5%) 0.70 1,142
    2022-11-01 $288,400 (13.4%) $354,748 (3.8%) 0.69 1,175
    2022-12-01 $279,950 (9.3%) $357,634 (5.3%) 0.69 1,106
    2023-01-01 $293,053 (14.9%) $364,710 (4.2%) 0.73 1,011
    2023-02-01 $299,178 (11.0%) $381,491 (4.9%) 0.72 983
    2023-03-01 $304,500 (9.8%) $391,521 (9.3%) 0.72 973
    2023-04-01 $315,900 (7.5%) $398,589 (7.4%) 0.73 943
    2023-05-01 $300,900 (1.7%) $392,960 (4.7%) 0.68 1,033
    2023-06-01 $297,738 (0.3%) $384,118 (2.3%) 0.67 1,103
    2023-07-01 $305,000 (3.1%) $385,308 (4.5%) 0.69 1,180
    2023-08-01 $304,950 (5.2%) $378,866 (4.6%) 0.70 1,222
    2023-09-01 $299,900 (1.5%) $371,804 (3.2%) 0.70 1,280
    2023-10-01 $289,725 (-2.6%) $360,943 (0.7%) 0.68 1,387
    2023-11-01 $295,000 (2.3%) $364,958 (2.9%) 0.70 1,500
    2023-12-01 $295,000 (5.4%) $362,112 (1.3%) 0.72 1,500
    2024-01-01 $289,238 (-1.3%) $360,407 (-1.2%) 0.71 1,483
    2024-02-01 $287,495 (-3.9%) $361,020 (-5.4%) 0.69 1,506
    2024-03-01 $289,000 (-5.1%) $365,795 (-6.6%) 0.68 1,581
    2024-04-01 $289,963 (-8.2%) $367,227 (-7.9%) 0.67 1,660
    2024-05-01 $293,462 (-2.5%) $368,275 (-6.3%) 0.67 1,782
    2024-06-01 $295,000 (-0.9%) $369,042 (-3.9%) 0.67 1,830
    2024-07-01 $293,000 (-3.9%) $367,915 (-4.5%) 0.67 1,867
    2024-08-01 $298,900 (-2.0%) $368,642 (-2.7%) 0.70 1,836
    2024-09-01 $299,000 (-0.3%) $372,122 (0.1%) 0.70 1,892
    2024-10-01 $299,000 (3.2%) $376,793 (4.4%) 0.70 1,890
    2024-11-01 $296,000 (0.3%) $373,845 (2.4%) 0.71 1,896
    2024-12-01 $296,000 (0.3%) $375,496 (3.7%) 0.74 1,787
    2025-01-01 $289,950 (0.3%) $369,991 (2.7%) 0.72 1,710
    2025-02-01 $290,450 (1.0%) $368,537 (2.1%) 0.71 1,758
    2025-03-01 $290,000 (0.4%) $370,678 (1.3%) 0.00 1,799
    Gulfport's median listing price for 2025-03-01 was $290,000, a difference of $1,000 (0.4%) versus the prior year and $-450 versus the prior month.

    Gulfport's median listing price comes in at 0% of the national average.

    Gulfport's average listing price for 2025-03-01 was $370,678, a difference of $4,883 (1.3%) versus the prior year and $2,141 versus the prior month.

    For the 2025-03-01 period, Gulfport had 1,799 MLS listings, a difference of 41 listings (2%) versus the prior month and 218 listings (14%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Gulfport (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 93 days 1,842 sqft
    2018-02-01 91 days 1,835 sqft
    2018-03-01 73 days 1,855 sqft
    2018-04-01 70 days 1,876 sqft
    2018-05-01 67 days 1,902 sqft
    2018-06-01 71 days 1,900 sqft
    2018-07-01 76 days 1,908 sqft
    2018-08-01 78 days 1,912 sqft
    2018-09-01 82 days 1,900 sqft
    2018-10-01 84 days 1,900 sqft
    2018-11-01 86 days 1,880 sqft
    2018-12-01 91 days 1,861 sqft
    2019-01-01 95 days 1,854 sqft
    2019-02-01 88 days 1,857 sqft
    2019-03-01 78 days 1,874 sqft
    2019-04-01 71 days 1,895 sqft
    2019-05-01 68 days 1,921 sqft
    2019-06-01 67 days 1,900 sqft
    2019-07-01 68 days 1,907 sqft
    2019-08-01 73 days 1,913 sqft
    2019-09-01 76 days 1,923 sqft
    2019-10-01 78 days 1,928 sqft
    2019-11-01 79 days 1,920 sqft
    2019-12-01 82 days 1,893 sqft
    2020-01-01 89 days 1,879 sqft
    2020-02-01 87 days 1,900 sqft
    2020-03-01 67 days 1,916 sqft
    2020-04-01 72 days 1,907 sqft
    2020-05-01 78 days 1,914 sqft
    2020-06-01 82 days 1,930 sqft
    2020-07-01 66 days 2,016 sqft
    2020-08-01 60 days 2,009 sqft
    2020-09-01 58 days 2,001 sqft
    2020-10-01 58 days 1,981 sqft
    2020-11-01 59 days 1,949 sqft
    2020-12-01 65 days 1,921 sqft
    2021-01-01 73 days 1,886 sqft
    2021-02-01 63 days 1,876 sqft
    2021-03-01 46 days 1,843 sqft
    2021-04-01 44 days 1,808 sqft
    2021-05-01 31 days 1,748 sqft
    2021-06-01 36 days 1,800 sqft
    2021-07-01 38 days 1,820 sqft
    2021-08-01 39 days 1,848 sqft
    2021-09-01 47 days 1,852 sqft
    2021-10-01 24 days 1,900 sqft
    2021-11-01 42 days 1,914 sqft
    2021-12-01 54 days 1,919 sqft
    2022-01-01 59 days 1,900 sqft
    2022-02-01 53 days 1,924 sqft
    2022-03-01 35 days 1,874 sqft
    2022-04-01 32 days 1,887 sqft
    2022-05-01 35 days 1,897 sqft
    2022-06-01 37 days 1,896 sqft
    2022-07-01 43 days 1,881 sqft
    2022-08-01 48 days 1,899 sqft
    2022-09-01 56 days 1,898 sqft
    2022-10-01 60 days 1,892 sqft
    2022-11-01 65 days 1,895 sqft
    2022-12-01 74 days 1,872 sqft
    2023-01-01 84 days 1,861 sqft
    2023-02-01 86 days 1,913 sqft
    2023-03-01 63 days 1,940 sqft
    2023-04-01 58 days 1,930 sqft
    2023-05-01 52 days 1,901 sqft
    2023-06-01 48 days 1,861 sqft
    2023-07-01 52 days 1,824 sqft
    2023-08-01 55 days 1,807 sqft
    2023-09-01 58 days 1,773 sqft
    2023-10-01 55 days 1,747 sqft
    2023-11-01 57 days 1,725 sqft
    2023-12-01 67 days 1,700 sqft
    2024-01-01 76 days 1,703 sqft
    2024-02-01 75 days 1,691 sqft
    2024-03-01 59 days 1,724 sqft
    2024-04-01 57 days 1,747 sqft
    2024-05-01 57 days 1,750 sqft
    2024-06-01 60 days 1,750 sqft
    2024-07-01 67 days 1,747 sqft
    2024-08-01 68 days 1,755 sqft
    2024-09-01 70 days 1,768 sqft
    2024-10-01 73 days 1,765 sqft
    2024-11-01 77 days 1,756 sqft
    2024-12-01 82 days 1,757 sqft
    2025-01-01 88 days 1,720 sqft
    2025-02-01 83 days 1,729 sqft
    2025-03-01 0 days 1,736 sqft
    Gulfport's median listing age (time on market) for 2025-03-01 was 0 days. This is -100% shorter than the same period one year ago.

    Gulfport's median square footage for active listings during the 2025-03-01 period was 1,736 sqft. One year prior, the average listing was 1,724 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).