Hickory FHA Loan Rates, Closing Costs & Stats

HICKORY-LENOIR-MORGANTON, NC

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.

Hickory's 137 lenders originated 1,164 FHA loans during 2022. The total origination value was $223,970,000, with an average FHA loan value of $192,414.

Hickory FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Hickory averaged -0.56% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

Hickory's average FHA mortgage closing costs are $6,706.

The average rate for the prior week (2023-11-17) was 6.74% and one month ago for the week of 2023-10-20, the average rate was 6.84%.

The average rate one year ago was 5.77%.

For refis of the same type during the week of 2023-11-24, the average rate was -1.7%.

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

Hickory 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 Hickory level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 152 4.50% $8,629
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 110 4.96% $10,033
CROSSCOUNTRY MORTGAGE, LLC 84 5.33% $8,902
CARDINAL FINANCIAL 70 4.97% $10,910
MOVEMENT MORTGAGE, LLC 53 4.63% $7,697
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 44 5.26% $8,334
UNITED WHOLESALE MORTGAGE, LLC 29 5.07% $8,635
LOANDEPOT.COM, LLC 25 4.52% $8,562
AMERIFIRST FINANCIAL CORPORATION 21 5.25% $9,126
FREEDOM MORTGAGE CORPORATION 20 4.89% $10,143
AMERISAVE MORTGAGE CORPORATION 19 5.14% $10,180
BROKER SOLUTIONS, INC. 18 4.95% $10,361
PENNYMAC LOAN SERVICES, LLC 18 4.24% $10,099
INSPIRE HOME LOANS INC. 17 4.57% $8,881
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 15 5.38% $9,324
CIS Financial Services, Inc. 14 5.50% $8,888
HOMESIDE FINANCIAL, LLC 12 5.58% $7,983
Carrington Mortgage Services, LLC 12 5.38% $9,864
LAKEVIEW LOAN SERVICING, LLC 11 4.31% $5,996
Mr. Cooper ( Nationstar Mortgage ) 10 4.90% $9,117
Alcova Mortgage LLC 10 5.60% $7,917
RELIANCE FIRST CAPITAL, LLC 9 4.92% $8,083
HOMEBRIDGE FINANCIAL SERVICES, INC. 9 4.76% $8,172
NEWREZ LLC 8 4.88% $7,366
Nations Lending Corporation 8 5.59% $9,824
Mortgage Research Center, LLC 8 5.17% $4,638
Truist 8 5.04% $5,798
GENEVA FINANCIAL, LLC 7 5.23% $9,323
HOME POINT FINANCIAL CORPORATION 7 4.30% $7,382
PRIMELENDING, A PLAINSCAPITAL COMPANY 7 5.50% $9,554
AMERICAN PACIFIC MORTGAGE CORPORATION 7 5.50% $8,492
First Heritage Mortgage, LLC 6 5.33% $10,502
Flagstar Bank, FSB 6 5.33% $10,525
HOMESTAR FINANCIAL CORPORATION 6 4.56% $8,088
MCLEAN MORTGAGE CORPORATION 6 4.83% $7,690
GUARANTEED RATE, INC. 6 6.02% $10,805
PRIMARY RESIDENTIAL MORTGAGE, INC. 6 5.67% $10,577
T2 FINANCIAL LLC 5 5.65% $11,296
INTERCOASTAL MORTGAGE COMPANY 5 4.73% $8,237
LOANPAL, LLC 5 4.75% $11,055
Renasant Bank 5 5.03% $9,283
Equity Prime Mortgage LLC 5 5.25% $8,346
CALIBER HOME LOANS, INC. 5 5.13% $6,831
Hometown Lenders, Inc. 4 5.34% $12,121
TOP FLITE FINANCIAL, INC. 4 4.22% $12,935
Wells Fargo Bank 4 4.13% $9,864
Citizens Bank 4 5.16% $8,150
First Federal Bank 3 4.50% $5,943
VILLAGE CAPITAL MORTGAGE 3 4.41% $2,306
POLARIS HOME FUNDING CORP. 3 5.67% $9,464
GoPrime Mortgage, Inc. 3 5.96% $7,350
PLANET HOME LENDING, LLC 3 3.13% $4,480
TOWNE MORTGAGE COMPANY 3 4.75% $8,024
GUILD MORTGAGE COMPANY 3 4.96% $8,475
Ameris Bank 3 4.33% $10,763
AMERICAN FINANCING CORPORATION 3 3.96% $9,748
American Security Mortgage Corp. 3 5.25% $7,648
SeaTrust Mortgage Company 3 6.00% $7,794
C & F Mortgage Corporation 3 4.63% $9,057
First Guaranty Mortgage Corporation 3 4.83% $8,586
THRIVE MORTGAGE, LLC 3 5.21% $8,681
CALCON MUTUAL MORTGAGE LLC 2 4.56% $9,198
Allen Tate Mortgage Partners, LLC 2 5.81% $10,161
AMERICAN FINANCIAL RESOURCES, INC. 2 3.44% $6,642
Amerifirst Financial, Inc. 2 4.25% $5,405
Bank of America 2 3.25% $6,086
Century Mortgage Company DBA Century Lending Company 2 5.93% $8,979
CHURCHILL MORTGAGE CORPORATION 2 4.19% $6,175
DHI MORTGAGE COMPANY, LTD. 2 4.63% $6,963
EMBRACE HOME LOANS, INC. 2 5.37% $7,022
EVERETT FINANCIAL, INC. 2 4.38% $7,182
FINANCE OF AMERICA MORTGAGE LLC 2 3.38% $8,071
LAND HOME FINANCIAL SERVICES, INC. 2 4.00% $7,167
MID AMERICA MORTGAGE, INC. 2 5.56% $2,780
MLD MORTGAGE INC. 2 4.94% $11,369
Northpointe Bank 2 5.75% $8,697
PHH Mortgage Corporation 2 4.31% $7,598
PREMIER LENDING, INC. 2 6.19% $10,570
Prosperity Home Mortgage, LLC 2 5.62% $10,727
RAPID MORTGAGE COMPANY 2 6.13% $13,046
RUOFF MORTGAGE COMPANY, INC. 2 3.94% $5,270
Shamrock Home Loans, Inc. 2 4.19% $8,818
Uwharrie Bank 2 5.44% $6,455
Wyndham Capital Mortgage, Inc. 2 4.06% $6,390
NATIONWIDE MORTGAGE BANKERS, INC. 1 3.63% $7,867
Hometown Equity Mortgage, LLC 1 7.38% $13,096
NFM, INC. 1 3.88% $13,873
NORTHERN MORTGAGE SERVICES, LLC 1 3.00% $6,021
United Fidelity Funding Corp. 1 7.00% $13,777
NTFN, INC. 1 5.13% $8,165
OCEANSIDE MORTGAGE COMPANY 1 4.88% $6,941
ON Q FINANCIAL, INC. 1 5.75% $9,437
Paramount Bank 1 5.63% $10,388
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 5.13% $8,411
AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 5.00% $11,176
GSF Mortgage Corporation 1 5.63% $13,407
PNC Bank 1 5.00% $6,404
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 4.63% $7,978
PREMIA MORTGAGE, LLC 1 6.25% $4,705
U.S. Bank 1 6.75% $9,090
GMFS LLC 1 5.25% $7,947
FLAT BRANCH MORTGAGE, INC. 1 3.63% $10,351
Princeton Mortgage Corporation 1 4.25% $10,938
ALLIED MORTGAGE GROUP, INC. 1 4.38% $11,620
Fifth Third Bank 1 4.88% $8,997
VANDERBILT MORTGAGE AND FINANCE, INC. 1 4.25% $10,322
FIDELITY BANK 1 6.13% $8,368
EMM LOANS LLC 1 5.88% $9,787
ROYAL UNITED MORTGAGE LLC 1 5.25% $9,924
Alpha Mortgage Corporation 1 5.63% $9,782
DIRECT MORTGAGE LOANS, LLC 1 5.38% $8,029
Waterstone Mortgage Corporation 1 5.63% $9,841
SOUTHERN TRUST MORTGAGE, LLC 1 6.75% $11,326
STOCKTON MORTGAGE CORPORATION 1 5.25% $10,719
SUMMIT FUNDING, INC. 1 5.25% $8,236
SUN WEST MORTGAGE COMPANY, INC. 1 4.75% $6,955
CORNERSTONE HOME LENDING, INC. 1 5.25% $7,568
TD Bank 1 5.25% $8,362
The Federal Savings Bank 1 5.25% $8,359
The Huntington National Bank 1 4.63% $8,755
CONTOUR MORTGAGE CORPORATION 1 2.63% $12,498
TJC Mortgage, Inc. 1 4.63% $11,938
CERTAINTY HOME LOANS, LLC 1 5.50% $8,522
Towne Bank 1 5.25% $7,729
CAPITAL CENTER, L.L.C. 1 2.88% $2,598
Bank of England 1 5.25% $10,909
Magnolia Bank 1 3.63% $10,021
UNION HOME MORTGAGE CORP. 1 5.75% $5,611
United Bank 1 6.25% $9,633
MORIA DEVELOPMENT, INC. 1 3.63% $6,961
Lakeview Community Capital, LLC 1 3.63% $3,047
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.25% $11,008
LADERA LENDING, INC. 1 4.25% $12,609
KELLER MORTGAGE, LLC 1 3.25% $4,870
M&T Bank 1 3.00% $9,253
MUTUAL OF OMAHA MORTGAGE, INC. 1 4.50% $11,298
JLB CORPORATION 1 3.25% $7,610

The top Hickory FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 152 FHA loans originated. Their average total fees are $8,629, which is $1,404 lower than the next largest lender, ATLANTIC BAY MORTGAGE GROUP, L.L.C..

The lowest fee Hickory FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($5,996), MOVEMENT MORTGAGE, LLC ($7,697), Alcova Mortgage LLC ($7,917), HOMESIDE FINANCIAL, LLC ($7,983) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($8,334).

The lowest rate Hickory FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (4.24%), LAKEVIEW LOAN SERVICING, LLC (4.31%), QUICKEN LOANS, LLC (4.50%), LOANDEPOT.COM, LLC (4.52%) and INSPIRE HOME LOANS INC. (4.57%).

Hickory FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
HICKORY-LENOIR-MORGANTON, NC ALEXANDER 2022 $420,680 $538,650 $651,050 $809,150
HICKORY-LENOIR-MORGANTON, NC BURKE 2022 $420,680 $538,650 $651,050 $809,150
HICKORY-LENOIR-MORGANTON, NC CALDWELL 2022 $420,680 $538,650 $651,050 $809,150
HICKORY-LENOIR-MORGANTON, NC CATAWBA 2022 $420,680 $538,650 $651,050 $809,150
HICKORY-LENOIR-MORGANTON, NC ALEXANDER 2023 $472,030 $604,400 $730,525 $907,900
HICKORY-LENOIR-MORGANTON, NC BURKE 2023 $472,030 $604,400 $730,525 $907,900
HICKORY-LENOIR-MORGANTON, NC CALDWELL 2023 $472,030 $604,400 $730,525 $907,900
HICKORY-LENOIR-MORGANTON, NC CATAWBA 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Hickory (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 $229,250 (27.4%) $314,546 (18.8%) 0.85 1,032
2018-02-01 $232,175 (25.8%) $322,146 (18.8%) 0.84 1,095
2018-03-01 $247,198 (28.7%) $342,946 (23.3%) 0.87 1,058
2018-04-01 $253,680 (23.8%) $349,065 (22.0%) 0.86 1,116
2018-05-01 $257,400 (19.8%) $353,484 (21.3%) 0.86 1,110
2018-06-01 $259,900 (19.5%) $359,066 (18.1%) 0.87 1,119
2018-07-01 $251,950 (14.6%) $353,646 (14.4%) 0.84 1,196
2018-08-01 $249,500 (10.9%) $355,552 (16.1%) 0.84 1,221
2018-09-01 $239,900 (6.6%) $341,633 (9.7%) 0.81 1,264
2018-10-01 $241,150 (6.3%) $338,343 (7.8%) 0.82 1,269
2018-11-01 $249,000 (6.0%) $341,370 (7.2%) 0.84 1,202
2018-12-01 $249,000 (6.0%) $340,450 (7.4%) 0.86 1,141
2019-01-01 $249,950 (9.0%) $346,136 (10.0%) 0.86 1,001
2019-02-01 $251,768 (8.4%) $342,304 (6.3%) 0.85 984
2019-03-01 $268,086 (8.5%) $357,528 (4.3%) 0.88 923
2019-04-01 $281,950 (11.1%) $377,789 (8.2%) 0.90 866
2019-05-01 $299,575 (16.4%) $392,105 (10.9%) 0.94 860
2019-06-01 $299,700 (15.3%) $398,534 (11.0%) 0.94 871
2019-07-01 $299,000 (18.7%) $395,075 (11.7%) 0.94 886
2019-08-01 $296,382 (18.8%) $392,608 (10.4%) 0.94 873
2019-09-01 $291,105 (21.3%) $386,320 (13.1%) 0.93 850
2019-10-01 $281,000 (16.5%) $378,602 (11.9%) 0.91 841
2019-11-01 $269,900 (8.4%) $365,466 (7.1%) 0.88 836
2019-12-01 $274,300 (10.2%) $368,974 (8.4%) 0.91 774
2020-01-01 $267,419 (7.0%) $371,821 (7.4%) 0.89 699
2020-02-01 $260,000 (3.3%) $370,128 (8.1%) 0.85 683
2020-03-01 $259,950 (-3.0%) $361,819 (1.2%) 0.81 676
2020-04-01 $264,900 (-6.1%) $358,474 (-5.1%) 0.83 669
2020-05-01 $269,900 (-9.9%) $374,733 (-4.4%) 0.82 589
2020-06-01 $279,675 (-6.7%) $391,134 (-1.9%) 0.82 528
2020-07-01 $299,500 (0.2%) $398,104 (0.8%) 0.87 490
2020-08-01 $310,000 (4.6%) $407,588 (3.8%) 0.89 443
2020-09-01 $299,450 (2.9%) $409,055 (5.9%) 0.86 513
2020-10-01 $309,900 (10.3%) $414,818 (9.6%) 0.89 423
2020-11-01 $299,950 (11.1%) $417,739 (14.3%) 0.88 436
2020-12-01 $294,450 (7.4%) $412,184 (11.7%) 0.88 410
2021-01-01 $285,000 (6.6%) $421,896 (13.5%) 0.85 364
2021-02-01 $259,950 (0.0%) $414,522 (12.0%) 0.76 322
2021-03-01 $264,500 (1.8%) $414,660 (14.6%) 0.75 287
2021-04-01 $264,700 (-0.1%) $416,582 (16.2%) 0.72 281
2021-05-01 $264,950 (-1.8%) $433,273 (15.6%) 0.70 297
2021-06-01 $267,750 (-4.3%) $428,482 (9.6%) 0.70 342
2021-07-01 $275,000 (-8.2%) $410,979 (3.2%) 0.73 393
2021-08-01 $271,625 (-12.4%) $391,920 (-3.8%) 0.72 403
2021-09-01 $272,450 (-9.0%) $399,234 (-2.4%) 0.73 405
2021-10-01 $269,900 (-12.9%) $403,974 (-2.6%) 0.72 373
2021-11-01 $281,950 (-6.0%) $407,753 (-2.4%) 0.75 356
2021-12-01 $274,950 (-6.6%) $417,807 (1.4%) 0.75 311
2022-01-01 $296,700 (4.1%) $438,397 (3.9%) 0.80 253
2022-02-01 $294,350 (13.2%) $427,885 (3.2%) 0.77 233
2022-03-01 $310,450 (17.4%) $432,407 (4.3%) 0.78 254
2022-04-01 $300,000 (13.3%) $450,281 (8.1%) 0.72 249
2022-05-01 $317,450 (19.8%) $485,308 (12.0%) 0.73 335
2022-06-01 $326,750 (22.0%) $481,784 (12.4%) 0.73 383
2022-07-01 $339,900 (23.6%) $476,122 (15.9%) 0.77 465
2022-08-01 $346,895 (27.7%) $478,304 (22.0%) 0.80 504
2022-09-01 $339,900 (24.8%) $482,860 (21.0%) 0.79 502
2022-10-01 $339,900 (25.9%) $477,720 (18.3%) 0.80 520
2022-11-01 $341,248 (21.0%) $468,311 (14.9%) 0.82 574
2022-12-01 $329,900 (20.0%) $466,320 (11.6%) 0.81 529
2023-01-01 $343,395 (15.7%) $475,266 (8.4%) 0.85 483
2023-02-01 $349,925 (18.9%) $480,465 (12.3%) 0.85 436
2023-03-01 $349,675 (12.6%) $486,667 (12.6%) 0.82 440
2023-04-01 $369,900 (23.3%) $509,681 (13.2%) 0.86 448
2023-05-01 $376,495 (18.6%) $523,870 (8.0%) 0.85 488
2023-06-01 $385,000 (17.8%) $525,487 (9.1%) 0.87 481
2023-07-01 $373,540 (9.9%) $514,800 (8.1%) 0.85 497
2023-08-01 $369,900 (6.6%) $504,256 (5.4%) 0.85 552
2023-09-01 $360,000 (5.9%) $506,685 (4.9%) 0.84 590
2023-10-01 $349,950 (3.0%) $505,553 (5.8%) 0.82 601
Hickory's median listing price for 2023-10-01 was $349,950, a difference of $10,050 (3.0%) versus the prior year and $-10,050 versus the prior month.

Hickory's median listing price comes in at 82% of the national average.

Hickory's average listing price for 2023-10-01 was $505,553, a difference of $27,833 (5.8%) versus the prior year and $-1,132 versus the prior month.

For the 2023-10-01 period, Hickory had 601 MLS listings, a difference of 11 listings (2%) versus the prior month and 81 listings (16%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Hickory (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 104 days 2,084 sqft
2018-02-01 86 days 2,073 sqft
2018-03-01 73 days 2,113 sqft
2018-04-01 62 days 2,142 sqft
2018-05-01 61 days 2,180 sqft
2018-06-01 64 days 2,109 sqft
2018-07-01 65 days 2,093 sqft
2018-08-01 67 days 2,105 sqft
2018-09-01 73 days 2,032 sqft
2018-10-01 80 days 2,083 sqft
2018-11-01 87 days 2,070 sqft
2018-12-01 95 days 2,052 sqft
2019-01-01 96 days 2,062 sqft
2019-02-01 92 days 2,010 sqft
2019-03-01 79 days 2,125 sqft
2019-04-01 71 days 2,211 sqft
2019-05-01 65 days 2,281 sqft
2019-06-01 64 days 2,353 sqft
2019-07-01 64 days 2,298 sqft
2019-08-01 62 days 2,269 sqft
2019-09-01 65 days 2,247 sqft
2019-10-01 66 days 2,203 sqft
2019-11-01 65 days 2,123 sqft
2019-12-01 74 days 2,110 sqft
2020-01-01 84 days 2,106 sqft
2020-02-01 73 days 2,071 sqft
2020-03-01 55 days 2,045 sqft
2020-04-01 54 days 2,041 sqft
2020-05-01 60 days 2,073 sqft
2020-06-01 60 days 2,105 sqft
2020-07-01 52 days 2,191 sqft
2020-08-01 44 days 2,177 sqft
2020-09-01 38 days 2,110 sqft
2020-10-01 43 days 2,202 sqft
2020-11-01 44 days 2,182 sqft
2020-12-01 50 days 2,080 sqft
2021-01-01 58 days 1,964 sqft
2021-02-01 48 days 1,926 sqft
2021-03-01 41 days 1,893 sqft
2021-04-01 36 days 1,918 sqft
2021-05-01 29 days 1,874 sqft
2021-06-01 29 days 1,827 sqft
2021-07-01 29 days 1,870 sqft
2021-08-01 33 days 1,903 sqft
2021-09-01 39 days 1,893 sqft
2021-10-01 37 days 1,828 sqft
2021-11-01 40 days 1,897 sqft
2021-12-01 42 days 1,809 sqft
2022-01-01 46 days 1,904 sqft
2022-02-01 34 days 1,876 sqft
2022-03-01 27 days 1,902 sqft
2022-04-01 26 days 1,808 sqft
2022-05-01 27 days 1,802 sqft
2022-06-01 33 days 1,902 sqft
2022-07-01 32 days 1,934 sqft
2022-08-01 41 days 1,976 sqft
2022-09-01 43 days 1,969 sqft
2022-10-01 48 days 1,970 sqft
2022-11-01 47 days 1,996 sqft
2022-12-01 57 days 1,927 sqft
2023-01-01 71 days 1,915 sqft
2023-02-01 69 days 1,887 sqft
2023-03-01 43 days 1,884 sqft
2023-04-01 44 days 1,998 sqft
2023-05-01 40 days 2,042 sqft
2023-06-01 44 days 2,038 sqft
2023-07-01 43 days 1,980 sqft
2023-08-01 41 days 1,978 sqft
2023-09-01 44 days 1,933 sqft
2023-10-01 46 days 1,816 sqft
Hickory's median listing age (time on market) for 2023-10-01 was 46 days. This is -5% shorter than the same period one year ago.

Hickory's median square footage for active listings during the 2023-10-01 period was 1,816 sqft. One year prior, the average listing was 1,970 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).