Hartford FHA Loan Rates, Closing Costs & Stats

HARTFORD-EAST HARTFORD-MIDDLETOWN, CT

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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.

    Hartford's 151 lenders originated 3,404 FHA loans during 2022. The total origination value was $856,000,000, with an average FHA loan value of $251,469.

    Hartford FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Hartford averaged 6.1% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    Hartford's average FHA mortgage closing costs are $7,970.

    The average rate for the prior week (2023-05-19) was 6.17% and one month ago for the week of 2023-04-21, the average rate was 6.11%.

    The average rate one year ago was 5.13%.

    For refis of the same type during the week of 2023-05-26, the average rate was 4.81%.

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

    Hartford 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 Hartford level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    FIRST WORLD MORTGAGE CORPORATION 335 4.92% $10,239
    QUICKEN LOANS, LLC 280 4.56% $10,207
    UNITED WHOLESALE MORTGAGE, LLC 148 5.02% $9,960
    MOVEMENT MORTGAGE, LLC 141 4.97% $10,461
    LOANDEPOT.COM, LLC 126 4.62% $10,636
    TOTAL MORTGAGE SERVICES, LLC 115 5.09% $10,597
    NORWICH COMMERCIAL GROUP, INC. 113 4.91% $10,493
    CALIBER HOME LOANS, INC. 113 4.59% $9,864
    GUARANTEED RATE, INC. 98 4.73% $9,793
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 97 5.17% $10,471
    HOME POINT FINANCIAL CORPORATION 78 4.26% $10,890
    FREEDOM MORTGAGE CORPORATION 78 4.76% $10,466
    CROSSCOUNTRY MORTGAGE, LLC 76 4.99% $11,098
    PLAZA HOME MORTGAGE, INC. 66 4.84% $11,017
    HOMEBRIDGE FINANCIAL SERVICES, INC. 57 4.81% $11,156
    Citizens Bank 56 4.20% $9,246
    GUARANTEED RATE AFFINITY, LLC 49 4.89% $9,815
    PENNYMAC LOAN SERVICES, LLC 48 4.23% $9,595
    Prosperity Home Mortgage, LLC 48 4.50% $9,375
    AMERISAVE MORTGAGE CORPORATION 46 4.30% $11,847
    Mr. Cooper ( Nationstar Mortgage ) 44 4.38% $10,744
    Paramount Residential Mortgage Group, Inc. 38 4.96% $11,434
    Carrington Mortgage Services, LLC 38 5.14% $10,813
    BAY EQUITY LLC 37 4.56% $10,013
    NEWREZ LLC 37 4.83% $9,495
    Flagstar Bank, FSB 35 4.77% $9,643
    ENVOY MORTGAGE, LTD 35 4.95% $10,964
    LAKEVIEW LOAN SERVICING, LLC 31 3.57% $6,324
    GUILD MORTGAGE COMPANY 31 5.10% $9,402
    BROKER SOLUTIONS, INC. 28 4.70% $10,838
    CARDINAL FINANCIAL 26 4.76% $12,896
    FINANCE OF AMERICA MORTGAGE LLC 25 4.47% $11,676
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 24 5.30% $11,090
    EVERETT FINANCIAL, INC. 23 5.65% $7,084
    LEADERONE FINANCIAL CORPORATION 23 5.17% $9,640
    NORTHPOINT MORTGAGE, INC. 23 4.70% $10,028
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 20 5.20% $10,885
    WILLIAM RAVEIS MORTGAGE, LLC 19 4.58% $8,525
    EMBRACE HOME LOANS, INC. 19 4.37% $10,123
    Bank of England 17 5.15% $13,092
    Mortgage Network, Inc. 16 5.00% $11,372
    Bank of America 16 3.57% $6,364
    ALLIED MORTGAGE GROUP, INC. 16 4.40% $9,805
    INTERSTATE HOME LOAN CENTER, INC. 15 4.58% $11,410
    PROVINCE MORTGAGE ASSOCIATES, INC. 15 5.43% $9,282
    PANORAMA MORTGAGE GROUP, LLC 14 5.29% $13,926
    Equity Prime Mortgage LLC 14 5.21% $11,642
    Evolve Bank & Trust 13 5.01% $11,146
    RELIANCE FIRST CAPITAL, LLC 12 4.79% $11,430
    ACADEMY MORTGAGE CORPORATION 12 4.83% $12,588
    Lakeview Community Capital, LLC 11 4.01% $7,502
    First Home Bank 10 5.29% $12,121
    MUTUAL OF OMAHA MORTGAGE, INC. 10 4.70% $13,148
    M&T Bank 10 4.48% $8,438
    MORTGAGE EQUITY PARTNERS LLC 9 5.33% $11,345
    PRIMELENDING, A PLAINSCAPITAL COMPANY 9 4.92% $10,497
    PRIMARY RESIDENTIAL MORTGAGE, INC. 8 4.88% $11,581
    HOMESIDE FINANCIAL, LLC 8 4.67% $11,059
    Mortgage Research Center, LLC 8 4.80% $8,416
    PLANET HOME LENDING, LLC 8 5.90% $10,960
    EMM LOANS LLC 7 4.79% $12,476
    Nations Lending Corporation 7 5.50% $9,343
    Liberty Bank 7 4.27% $6,845
    Semper Home Loans, Inc. 6 5.21% $13,985
    VILLAGE CAPITAL MORTGAGE 6 3.75% $4,432
    Plains Commerce Bank 6 6.48% $13,487
    Wells Fargo Bank 6 4.13% $9,246
    INLAND BANK & TRUST 6 5.33% $12,281
    SUN WEST MORTGAGE COMPANY, INC. 5 4.88% $12,183
    First Federal Bank 5 5.30% $12,416
    CONTOUR MORTGAGE CORPORATION 5 4.28% $12,093
    AmRes Corporation 5 4.93% $11,435
    HOMESTEAD FUNDING CORP. 5 5.05% $8,894
    CMG MORTGAGE, INC. 5 4.83% $10,153
    East Coast Capital Corp. 5 4.90% $13,824
    The Federal Savings Bank 5 4.65% $14,274
    JPMorgan Chase Bank 4 5.25% $9,091
    UNITED MORTGAGE CORP. 4 3.72% $9,837
    Waterstone Mortgage Corporation 4 5.88% $14,190
    FIRST ALLIANCE HOME MORTGAGE, LLC 4 5.41% $12,605
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 4 4.78% $16,936
    NFM, INC. 4 3.88% $9,835
    NORTHERN MORTGAGE SERVICES, LLC 4 6.13% $10,094
    Wyndham Capital Mortgage, Inc. 3 5.79% $11,007
    HOMESPIRE MORTGAGE CORPORATION 3 4.46% $12,785
    Hometown Equity Mortgage, LLC 3 3.83% $11,868
    People's United Bank 3 2.88% $9,197
    Barrington Bank & Trust Company, N.A. 3 5.50% $10,284
    ARC HOME LLC 3 3.87% $10,645
    KeyBank 3 4.38% $10,716
    AmeriHome Mortgage Company, LLC 3 4.25% $8,583
    EQUITY RESOURCES, INC. 3 4.75% $9,098
    PNC Bank 2 5.63% $8,903
    Northpointe Bank 2 4.13% $8,039
    Santander Bank, N.A. 2 3.25% $7,439
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.00% $10,924
    CASTLE & COOKE MORTGAGE, LLC 2 4.00% $10,534
    Residential Mortgage Solutions, Inc. 2 4.81% $11,009
    GSF Mortgage Corporation 2 5.06% $9,277
    GENEVA FINANCIAL, LLC 2 5.75% $16,112
    AMERICAN FINANCING CORPORATION 2 5.00% $12,419
    BEST CAPITAL FUNDING 2 5.00% $12,848
    PHH Mortgage Corporation 2 4.06% $9,099
    AMERICAN EAGLE FINANCIAL CREDIT UNION 2 5.50% $9,793
    First Guaranty Mortgage Corporation 2 3.06% $10,370
    Princeton Mortgage Corporation 2 5.00% $9,747
    Magnolia Bank 2 5.00% $13,296
    FM Home Loans, LLC 2 3.81% $9,382
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 5.69% $12,104
    U.S. Bank 2 4.81% $7,137
    UNITED NORTHERN MORTGAGE BANKERS LIMITED 2 4.94% $18,241
    Thomaston Savings Bank 2 5.19% $8,210
    Shamrock Home Loans, Inc. 2 5.75% $14,792
    NBKC BANK 2 4.56% $8,305
    AMERICAN FINANCIAL RESOURCES, INC. 2 3.75% $13,283
    CHURCHILL MORTGAGE CORPORATION 1 3.75% $9,771
    FIRST HOME MORTGAGE CORPORATION 1 3.63% $9,449
    First Internet Bank of Indiana 1 3.88% $17,808
    FIRST MORTGAGE COMPANY, INC. 1 6.75% $9,016
    BNC National Bank 1 4.75% $10,966
    BETTER MORTGAGE CORPORATION 1 5.63% $13,843
    BAYCOAST MORTGAGE COMPANY, LLC 1 5.25% $7,424
    ZILLOW HOME LOANS, LLC 1 5.25% $9,921
    HARBORONE MORTGAGE, LLC 1 5.13% $9,974
    HOMESTAR FINANCIAL CORPORATION 1 4.75% $8,910
    Hometown Lenders, Inc. 1 5.63% $14,792
    HOMEXPRESS MORTGAGE CORP. 1 3.88% $12,323
    JERSEY MORTGAGE COMPANY OF NEW JERSEY, INC. 1 5.13% $8,970
    ABSOLUTE HOME MORTGAGE CORPORATION 1 5.13% $12,565
    Leader Bank 1 2.75% $7,147
    LENDING CAPITAL GROUP Inc 1 4.75% $11,000
    LOANPAL, LLC 1 4.63% $16,956
    MEMBERS MORTGAGE COMPANY, INC. 1 5.00% $9,036
    MID AMERICA MORTGAGE, INC. 1 7.25% $8,428
    NATIONWIDE MORTGAGE BANKERS, INC. 1 7.13% $15,296
    OCMBC, INC. 1 6.25% $18,924
    Paramount Bank 1 5.25% $10,624
    Peoples Bank 1 5.13% $15,157
    PREMIA MORTGAGE, LLC 1 5.13% $6,517
    AMCAP MORTGAGE, LTD. 1 3.88% $13,049
    RADIUS FINANCIAL GROUP INC. 1 4.75% $9,921
    RESIDENTIAL BANCORP. 1 4.13% $13,702
    SECURITYNATIONAL MORTGAGE COMPANY 1 7.25% $7,989
    Servion, Inc. 1 4.63% $13,592
    TD Bank 1 3.00% $5,642
    The Union Bank Company 1 4.75% $11,319
    The Washington Trust Company, of Westerly 1 3.25% $8,776
    UNION HOME MORTGAGE CORP. 1 6.50% $6,045
    WALL STREET MORTGAGE BANKERS, LTD. 1 4.63% $17,239
    Webster Bank 1 2.75% $7,278
    Chelsea Groton Bank 1 6.25% $5,691

    The top Hartford FHA lender as defined by loan originations is FIRST WORLD MORTGAGE CORPORATION, with 335 FHA loans originated. Their average total fees are $10,239, which is $32 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Hartford FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($6,324), Bank of America ($6,364), EVERETT FINANCIAL, INC. ($7,084), Lakeview Community Capital, LLC ($7,502) and M&T Bank ($8,438).

    The lowest rate Hartford FHA lenders (with over 10 loans originated) are Bank of America (3.57%), LAKEVIEW LOAN SERVICING, LLC (3.57%), Lakeview Community Capital, LLC (4.01%), Citizens Bank (4.20%) and PENNYMAC LOAN SERVICES, LLC (4.23%).

    Hartford FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT HARTFORD 2022 $420,680 $538,650 $651,050 $809,150
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT MIDDLESEX 2022 $420,680 $538,650 $651,050 $809,150
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT TOLLAND 2022 $420,680 $538,650 $651,050 $809,150
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT HARTFORD 2023 $472,030 $604,400 $730,525 $907,900
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT MIDDLESEX 2023 $472,030 $604,400 $730,525 $907,900
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT TOLLAND 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Hartford (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 $269,125 (3.7%) $350,270 (4.8%) 1.00 4,054
    2018-02-01 $268,250 (1.3%) $349,208 (2.9%) 0.98 3,981
    2018-03-01 $284,900 (4.7%) $356,531 (-0.7%) 1.00 4,186
    2018-04-01 $289,450 (5.3%) $361,838 (-0.3%) 0.98 4,374
    2018-05-01 $288,800 (2.3%) $362,479 (-0.5%) 0.96 4,809
    2018-06-01 $289,900 (1.3%) $364,263 (-0.9%) 0.97 5,133
    2018-07-01 $287,157 (2.6%) $357,794 (-3.0%) 0.96 5,449
    2018-08-01 $284,250 (1.7%) $353,174 (-3.3%) 0.95 5,444
    2018-09-01 $279,900 (0.0%) $349,494 (-2.9%) 0.94 5,532
    2018-10-01 $279,900 (1.8%) $351,026 (-1.3%) 0.95 5,450
    2018-11-01 $279,900 (1.8%) $352,435 (-0.5%) 0.95 5,186
    2018-12-01 $274,900 (1.9%) $353,265 (0.2%) 0.95 4,664
    2019-01-01 $274,588 (2.0%) $351,044 (0.2%) 0.95 4,163
    2019-02-01 $279,900 (4.3%) $355,454 (1.8%) 0.95 4,031
    2019-03-01 $289,900 (1.8%) $362,759 (1.8%) 0.97 3,924
    2019-04-01 $296,950 (2.6%) $368,322 (1.8%) 0.94 4,143
    2019-05-01 $299,900 (3.8%) $372,559 (2.8%) 0.94 4,467
    2019-06-01 $304,900 (5.2%) $372,159 (2.2%) 0.95 4,723
    2019-07-01 $299,450 (4.3%) $367,244 (2.6%) 0.94 4,895
    2019-08-01 $299,900 (5.5%) $365,751 (3.6%) 0.94 4,872
    2019-09-01 $299,900 (7.2%) $370,181 (5.9%) 0.95 4,574
    2019-10-01 $299,000 (6.8%) $360,721 (2.8%) 0.96 4,836
    2019-11-01 $290,000 (3.6%) $358,723 (1.8%) 0.95 4,410
    2019-12-01 $289,900 (5.5%) $358,106 (1.4%) 0.97 3,818
    2020-01-01 $285,000 (3.8%) $353,011 (0.6%) 0.95 3,319
    2020-02-01 $289,900 (3.6%) $359,217 (1.1%) 0.95 3,142
    2020-03-01 $307,138 (6.0%) $375,832 (3.6%) 0.96 3,116
    2020-04-01 $309,900 (4.4%) $378,161 (2.7%) 0.97 2,998
    2020-05-01 $324,900 (8.3%) $389,755 (4.6%) 0.99 2,862
    2020-06-01 $332,400 (9.0%) $408,916 (9.9%) 0.98 2,729
    2020-07-01 $343,975 (14.9%) $423,465 (15.3%) 1.00 2,501
    2020-08-01 $345,000 (15.0%) $431,049 (17.9%) 0.99 2,339
    2020-09-01 $339,900 (13.3%) $434,079 (17.3%) 0.97 2,355
    2020-10-01 $339,900 (13.7%) $437,089 (21.2%) 0.97 2,366
    2020-11-01 $339,900 (17.2%) $440,014 (22.7%) 0.99 2,225
    2020-12-01 $340,000 (17.3%) $447,365 (24.9%) 1.01 1,919
    2021-01-01 $343,727 (20.6%) $453,182 (28.4%) 1.03 1,526
    2021-02-01 $352,450 (21.6%) $473,755 (31.9%) 1.02 1,265
    2021-03-01 $354,100 (15.3%) $479,744 (27.7%) 1.00 1,272
    2021-04-01 $359,900 (16.1%) $476,323 (26.0%) 0.97 1,319
    2021-05-01 $349,900 (7.7%) $464,554 (19.2%) 0.93 1,401
    2021-06-01 $342,450 (3.0%) $461,676 (12.9%) 0.90 1,608
    2021-07-01 $335,000 (-2.6%) $451,669 (6.7%) 0.88 1,825
    2021-08-01 $329,900 (-4.4%) $437,229 (1.4%) 0.88 1,919
    2021-09-01 $331,675 (-2.4%) $435,081 (0.2%) 0.88 1,868
    2021-10-01 $329,900 (-2.9%) $434,077 (-0.7%) 0.88 1,802
    2021-11-01 $337,225 (-0.8%) $447,622 (1.7%) 0.90 1,499
    2021-12-01 $345,350 (1.6%) $460,466 (2.9%) 0.94 1,216
    2022-01-01 $349,900 (1.8%) $468,276 (3.3%) 0.95 992
    2022-02-01 $362,425 (2.8%) $478,934 (1.1%) 0.94 870
    2022-03-01 $349,950 (-1.2%) $466,921 (-2.7%) 0.88 901
    2022-04-01 $349,900 (-2.8%) $462,121 (-3.0%) 0.83 1,029
    2022-05-01 $362,450 (3.6%) $474,518 (2.2%) 0.83 1,192
    2022-06-01 $370,000 (8.0%) $481,078 (4.2%) 0.82 1,360
    2022-07-01 $379,000 (13.1%) $487,092 (7.8%) 0.86 1,525
    2022-08-01 $373,675 (13.3%) $488,528 (11.7%) 0.86 1,461
    2022-09-01 $372,475 (12.3%) $497,157 (14.3%) 0.87 1,336
    2022-10-01 $375,000 (13.7%) $507,641 (17.0%) 0.88 1,336
    2022-11-01 $372,400 (10.4%) $508,994 (13.7%) 0.89 1,263
    2022-12-01 $365,000 (5.7%) $515,700 (12.0%) 0.90 1,059
    2023-01-01 $372,500 (6.5%) $525,972 (12.3%) 0.92 851
    2023-02-01 $396,400 (9.4%) $558,024 (16.5%) 0.96 794
    2023-03-01 $402,900 (15.1%) $576,485 (23.5%) 0.95 748
    2023-04-01 $399,900 (14.3%) $568,051 (22.9%) 0.93 839
    Hartford's median listing price for 2023-04-01 was $399,900, a difference of $50,000 (14.3%) versus the prior year and $-3,000 versus the prior month.

    Hartford's median listing price comes in at 93% of the national average.

    Hartford's average listing price for 2023-04-01 was $568,051, a difference of $105,930 (22.9%) versus the prior year and $-8,434 versus the prior month.

    For the 2023-04-01 period, Hartford had 839 MLS listings, a difference of 91 listings (12%) versus the prior month and -190 listings (-18%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Hartford (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 92 days 1,748 sqft
    2018-02-01 87 days 1,738 sqft
    2018-03-01 63 days 1,800 sqft
    2018-04-01 57 days 1,821 sqft
    2018-05-01 52 days 1,826 sqft
    2018-06-01 53 days 1,843 sqft
    2018-07-01 58 days 1,825 sqft
    2018-08-01 65 days 1,803 sqft
    2018-09-01 71 days 1,800 sqft
    2018-10-01 75 days 1,800 sqft
    2018-11-01 77 days 1,800 sqft
    2018-12-01 86 days 1,782 sqft
    2019-01-01 95 days 1,783 sqft
    2019-02-01 95 days 1,800 sqft
    2019-03-01 69 days 1,800 sqft
    2019-04-01 52 days 1,823 sqft
    2019-05-01 47 days 1,916 sqft
    2019-06-01 50 days 2,002 sqft
    2019-07-01 58 days 1,994 sqft
    2019-08-01 70 days 1,992 sqft
    2019-09-01 76 days 2,006 sqft
    2019-10-01 68 days 1,997 sqft
    2019-11-01 71 days 1,992 sqft
    2019-12-01 83 days 1,968 sqft
    2020-01-01 88 days 1,914 sqft
    2020-02-01 80 days 1,938 sqft
    2020-03-01 54 days 2,008 sqft
    2020-04-01 62 days 2,002 sqft
    2020-05-01 70 days 2,036 sqft
    2020-06-01 55 days 2,082 sqft
    2020-07-01 49 days 2,108 sqft
    2020-08-01 46 days 2,100 sqft
    2020-09-01 43 days 2,039 sqft
    2020-10-01 40 days 2,007 sqft
    2020-11-01 48 days 1,980 sqft
    2020-12-01 62 days 1,991 sqft
    2021-01-01 67 days 1,975 sqft
    2021-02-01 58 days 1,978 sqft
    2021-03-01 38 days 1,954 sqft
    2021-04-01 28 days 1,988 sqft
    2021-05-01 23 days 1,957 sqft
    2021-06-01 24 days 1,916 sqft
    2021-07-01 30 days 1,893 sqft
    2021-08-01 31 days 1,745 sqft
    2021-09-01 39 days 1,739 sqft
    2021-10-01 37 days 1,704 sqft
    2021-11-01 46 days 1,739 sqft
    2021-12-01 55 days 1,732 sqft
    2022-01-01 68 days 1,774 sqft
    2022-02-01 42 days 1,773 sqft
    2022-03-01 26 days 1,733 sqft
    2022-04-01 16 days 1,702 sqft
    2022-05-01 16 days 1,749 sqft
    2022-06-01 18 days 1,788 sqft
    2022-07-01 25 days 1,792 sqft
    2022-08-01 35 days 1,928 sqft
    2022-09-01 39 days 1,955 sqft
    2022-10-01 35 days 1,966 sqft
    2022-11-01 45 days 1,936 sqft
    2022-12-01 59 days 1,918 sqft
    2023-01-01 63 days 1,899 sqft
    2023-02-01 40 days 1,974 sqft
    2023-03-01 36 days 1,968 sqft
    2023-04-01 24 days 1,984 sqft
    Hartford's median listing age (time on market) for 2023-04-01 was 24 days. This is 50% longer than the same period one year ago.

    Hartford's median square footage for active listings during the 2023-04-01 period was 1,984 sqft. One year prior, the average listing was 1,702 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).